Eaton Vance Ohio Municipal Income Trust
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-09153
Eaton Vance Ohio Municipal Income Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
November 30
Date of Fiscal Year End
November 30, 2010
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

(GRAPHICS)

 


 

 
IMPORTANT NOTICES
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (Privacy Policy) with respect to nonpublic personal information about its customers:
 
  •  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
  •  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
  •  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
  •  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc. Our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.
 
 
 
 
Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (“APS”) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if a Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.


 

Eaton Vance Municipal Income Trusts as of November 30, 2010
TABLE OF CONTENTS
         
Management’s Discussion of Fund Performance
    2  
 
       
Performance Information and Portfolio Composition
       
 
       
California Municipal Income Trust
    4  
Massachusetts Municipal Income Trust
    5  
Michigan Municipal Income Trust
    6  
New Jersey Municipal Income Trust
    7  
New York Municipal Income Trust
    8  
Ohio Municipal Income Trust
    9  
Pennsylvania Municipal Income Trust
    10  
 
       
Financial Statements
    11  
 
       
Federal Tax Information
    69  
 
       
Dividend Reinvestment Plan
    70  
 
       
Board of Trustees’ Contract Approval
    72  
 
       
Management and Organization
    75  

1


 

Eaton Vance Municipal Income Trusts as of November 30, 2010
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
Eaton Vance Municipal Income Trusts (the Trusts) are closed-end funds, traded on the NYSE Amex, which are designed to provide current income exempt from regular federal income tax and state personal income taxes. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
The U.S. economy continued its slow recovery during the fiscal year ending November 30, 2010, even as concerns about high unemployment and budget deficits provoked ongoing skittishness in the capital markets. The U.S. economy grew at an annualized rate of 3.7% in the first quarter of 2010, but slowed to 1.7% in the second quarter, according to the U.S. Department of Commerce. Third quarter GDP improved slightly to an annualized rate of 2.5%, although it was still too low to generate meaningful job growth.
Municipal bond performance was positive for the fiscal year, in spite of ongoing negative media attention on the tax-exempt sector. Solid performance resulted in part from continued investor concern about the strength of the economic recovery, benefiting investments such as higher-quality municipals and Treasuries. During July and August 2010, the market was bolstered by very light issuance and sustained demand, as well as a flight to quality, while in September 2010, investors took on more risk, helping the higher-yielding, lower-rated sectors of the market. As the period drew to a close, however, a significant technical dislocation occurred, in which strong supply met with weak demand, driving prices down (and yields up). Municipalities ramped up new issuance on concerns over the potential for higher yields in 2011 and uncertainty over the extension of the Build America Bond program.
Against this backdrop the Barclays Capital Municipal Bond Index (the Index)1—an unmanaged index of municipal bonds traded in the U.S.—gained 4.76% for the fiscal year ending November 30, 2010. Long-term bonds, represented by the Barclays Capital Long (22+) Municipal Bond Index—an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more—had the strongest performance, gaining 6.14% during the period. Intermediate-maturity bonds, represented by the 7-year segment of the Index, gained 5.51%, while shorter-maturity bonds in the 5-year segment of the Index returned 4.41%.
 
1   It is not possible to invest directly in an Index. The Indices’ total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.
Past performance is no guarantee of future results.
Management Discussion
During the year ending November 30, 2010, the Trusts outperformed the Index at net asset value (NAV), with the exception of Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust) and Eaton Vance Ohio Municipal Income Trust (Ohio Trust), which under-performed the Index at NAV. Overall, several factors contributed positively to the relative performance of the Trusts. The longer end of the yield curve outperformed during the period as investors sought higher yields. As a result, the Trusts’ longer duration positioning generally benefited their performance. This duration positioning was the biggest overall positive factor during the period. By and large, overweighted positions in revenue bonds were also helpful, as were overweight positions in BBB-rated issues. Holdings of zero-coupon and high-coupon bonds generally bolstered the Trusts’ performance relative to the Index as well.
The Trusts were hedged using a combination of Treasury futures and/or interest-rate swaps—an ongoing strategy that management has employed for many years that is designed to help mitigate volatility and interest-rate risk over time. During the second half of the fiscal year, the developing economic situation in Europe bolstered fixed-income markets, including the U.S. Treasury market. As a result, the Trusts’ hedges moderated their upside returns during the fiscal year. Looking specifically at the New Jersey and Ohio Trusts, security selection limited returns.
Management employed leverage in the Trusts, through which additional exposure to the municipal market was achieved. Leverage has the impact of magnifying a Trust’s exposure to its underlying investments in both up and down markets. During the year, the Trusts’ leverage generally helped their relative performance.
As we move ahead, we continue to focus on state and local government budget deficits, which likely peaked in 2010 or are expected to peak in early 2011. The decline in tax revenues appears to be reaching a bottom, with some municipalities realizing growth in tax receipts due to a combination of slim economic growth and an increase in actual tax rates. However, spending continues to grow faster than tax receipts despite deep spending cuts enacted by some government officials.

Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Trusts’ current or future investments and may change due to active management.

2


 

Eaton Vance Municipal Income Trusts as of November 30, 2010
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
We will continue to analyze any new developments and solutions that government leaders formulate to address their fiscal problems.
Effective February 19, 2010, Craig R. Brandon became the portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Adam A. Weigold became the portfolio manager of the New Jersey Trust. Mr. Brandon is a Vice President of Eaton Vance Management (EVM) and has been a portfolio manager of Eaton Vance municipal funds since 2004. Mr. Weigold is a Vice President of EVM and has been a portfolio manager of Eaton Vance municipal funds since 2007. In addition, Mr. Weigold has been a municipal credit analyst of EVM for more than five years.
A Note Regarding The Use Of Leverage
The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and, for certain Trusts, the use of residual interest bond (RIB) financing.1 Each Trust’s APS and RIB leverage percentage as of November 30, 2010, as applicable, is reflected on the Trust-specific pages following this letter. The leverage created by APS and RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of the common shares).
 
1   See Note 1H to the Financial Statements for more information on RIB investments.

3


 

Eaton Vance California Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     CEV
 
Average Annual Total Returns (by market price)
       
One Year
    9.25 %
Five Years
    4.04  
10 Years
    6.94  
Life of Trust (1/29/99)
    4.52  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    7.73 %
Five Years
    1.52  
10 Years
    5.64  
Life of Trust (1/29/99)
    4.52  
 
       
Premium/(Discount) to NAV
    0.08 %
 
       
Market Yields
       
Market Yield2
    7.15 %
Taxable-Equivalent Market Yield3
    12.30  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper California Municipal Debt Funds Classification (by net asset value)  
 
One Year
    7.47 %
Five Years
    2.84  
10 Years
    5.42  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
             
AAA  
 
    16.7 %
AA  
 
    36.6 %
A  
 
    29.5 %
BBB  
 
    9.7 %
Not Rated  
 
    7.5 %
Trust Statistics7
       
Number of Issues:
  102  
Average Maturity:
  21.5  years
Average Effective Maturity:
  14.5  years
Average Call Protection:
  7.2  years
Average Dollar Price:
89.73  
APS Leverage**:
  31.3 %
RIB Leverage**:
  12.8 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 23 and 13 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

4


 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     MMV
 
Average Annual Total Returns (by market price)
       
One Year
    12.38 %
Five Years
    4.47  
10 Years
    8.77  
Life of Trust (1/29/99)
    5.34  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    8.16 %
Five Years
    3.54  
10 Years
    7.03  
Life of Trust (1/29/99)
    5.22  
 
       
Premium/(Discount) to NAV
    1.38 %
 
       
Market Yields
       
Market Yield2
    6.48 %
Taxable-Equivalent Market Yield3
    10.53  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)  
 
One Year
    6.04 %
Five Years
    4.23  
10 Years
    5.85  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
             
AAA  
 
    6.3 %
AA  
 
    39.3 %
A  
 
    39.7 %
BBB  
 
    9.7 %
BB  
 
    1.3 %
Not Rated  
 
    3.7 %
Trust Statistics7
       
Number of Issues:
  64  
Average Maturity:
  25.5  years
Average Effective Maturity:
  16.8  years
Average Call Protection:
  9.4  years
Average Dollar Price:
96.31  
APS Leverage**:
  32.0 %
RIB Leverage**:
  7.8 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

5


 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     EMI
 
Average Annual Total Returns (by market price)
       
One Year
    12.36 %
Five Years
    3.70  
10 Years
    7.83  
Life of Trust (1/29/99)
    4.25  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    6.57 %
Five Years
    3.06  
10 Years
    6.10  
Life of Trust (1/29/99)
    4.80  
 
       
Premium/(Discount) to NAV
    -6.06 %
 
       
Market Yields
       
Market Yield2
    7.10 %
Taxable-Equivalent Market Yield3
    11.42  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Michigan Municipal Debt Funds Classification (by net asset value)  
 
One Year
    6.08 %
Five Years
    3.80  
10 Years
    5.91  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution6
By total investments
(PIE CHART)
Trust Statistics
       
Number of Issues:
  68  
Average Maturity:
  21.1  years
Average Effective Maturity:
  14.0  years
Average Call Protection:
  6.3  years
Average Dollar Price:
95.27  
APS Leverage*:
  39.1 %
 
*   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding, which is a form of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 5, 5 and 3 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

6


 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     EVJ
 
Average Annual Total Returns (by market price)
       
One Year
    3.10 %
Five Years
    5.19  
10 Years
    8.82  
Life of Trust (1/29/99)
    5.32  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    4.62 %
Five Years
    3.37  
10 Years
    6.83  
Life of Trust (1/29/99)
    5.15  
 
       
Premium/(Discount) to NAV
    1.96 %
 
       
Market Yields
       
Market Yield2
    7.01 %
Taxable-Equivalent Market Yield3
    11.85  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)  
 
One Year
    6.88 %
Five Years
    4.05  
10 Years
    5.82  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
             
AAA  
 
    10.5 %
AA  
 
    38.9 %
A  
 
    30.1 %
BBB  
 
    18.4 %
B  
 
    1.3 %
Not Rated  
 
    0.8 %
Trust Statistics7
       
Number of Issues:
  82  
Average Maturity:
  24.3  years
Average Effective Maturity:
  15.3  years
Average Call Protection:
  7.9  years
Average Dollar Price:
93.01  
APS Leverage**:
  30.5 %
RIB Leverage**:
  13.3 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 12, 11 and 6 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

7


 

Eaton Vance New York Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     EVY
 
Average Annual Total Returns (by market price)
       
One Year
    8.16 %
Five Years
    3.73  
10 Years
    8.75  
Life of Trust (1/29/99)
    5.28  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    8.48 %
Five Years
    2.46  
10 Years
    6.50  
Life of Trust (1/29/99)
    5.12  
 
       
Premium/(Discount) to NAV
    1.83 %
 
       
Market Yields
       
Market Yield2
    6.82 %
Taxable-Equivalent Market Yield3
    11.53  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper New York Municipal Debt Funds Classification (by net asset value)  
 
One Year
    7.28 %
Five Years
    3.46  
10 Years
    5.78  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
                 
AAA  
 
    14.0 %
AA  
 
    35.4 %
A  
 
    22.7 %
BBB  
 
    14.2 %
BB  
 
    3.5 %
B  
 
    1.9 %
CCC  
 
    0.9 %
Not Rated  
 
    7.4 %
Trust Statistics7
       
Number of Issues:
  96  
Average Maturity:
  23.8  years
Average Effective Maturity:
  15.3  years
Average Call Protection:
  8.1  years
Average Dollar Price:
94.14  
APS Leverage**:
  26.9 %
RIB Leverage**:
  16.3 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 20, 19 and 8 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

8


 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     EVO
 
Average Annual Total Returns (by market price)
       
One Year
    6.64 %
Five Years
    4.65  
10 Years
    7.90  
Life of Trust (1/29/99)
    5.05  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    3.96 %
Five Years
    3.20  
10 Years
    6.42  
Life of Trust (1/29/99)
    4.89  
 
       
Premium/(Discount) to NAV
    1.90 %
 
       
Market Yields
       
Market Yield2
    6.64 %
Taxable-Equivalent Market Yield3
    10.90  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)  
 
One Year
    6.04 %
Five Years
    4.23  
10 Years
    5.85  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
             
AAA  
 
    9.4 %
AA  
 
    56.8 %
A  
 
    19.2 %
BBB  
 
    9.9 %
B  
 
    1.1 %
Not Rated  
 
    3.6 %
Trust Statistics7
       
Number of Issues:
  78  
Average Maturity:
  22.2  years
Average Effective Maturity:
  14.3  years
Average Call Protection:
  8.7  years
Average Dollar Price:
94.38  
APS Leverage**:
  36.4 %
RIB Leverage**:
  3.7 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 39.06% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46 and 20 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

9


 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Performance1      
NYSE Amex Symbol     EVP
 
Average Annual Total Returns (by market price)
       
One Year
    5.57 %
Five Years
    3.25  
10 Years
    8.28  
Life of Trust (1/29/99)
    4.78  
 
       
Average Annual Total Returns (by net asset value)
       
One Year
    6.13 %
Five Years
    3.59  
10 Years
    6.48  
Life of Trust (1/29/99)
    5.05  
 
       
Premium/(Discount) to NAV
    -3.00 %
 
       
Market Yields
       
Market Yield2
    6.71 %
Taxable-Equivalent Market Yield3
    10.65  
Index Performance4 (Average Annual Total Returns)
                 
    Barclays Capital   Barclays Capital Long (22+)
    Municipal Bond Index   Municipal Bond Index
 
One Year
    4.76 %     6.14 %
Five Years
    4.67       3.70  
10 Years
    5.30       5.53  
Lipper Averages5 (Average Annual Total Returns)
         
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)  
 
One Year
    6.63 %
Five Years
    3.80  
10 Years
    5.67  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 11/30/10 is as follows:
             
AAA  
 
    3.9 %
AA  
 
    50.9 %
A  
 
    29.6 %
BBB  
 
    6.1 %
BB  
 
    0.8 %
CCC  
 
    2.1 %
CC  
 
    0.8 %
Not Rated  
 
    5.8 %
Trust Statistics7
       
Number of Issues:
  83  
Average Maturity:
  22.1  years
Average Effective Maturity:
  15.6  years
Average Call Protection:
  7.7  years
Average Dollar Price:
96.04  
APS Leverage**:
  35.4 %
RIB Leverage**:
  4.0 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 11/30/10 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes.
 
1   Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 9, 8 and 5 funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

10


 

Eaton Vance California Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 176.4%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 20.9%
 
$ 1,000     California Educational Facilities Authority, (California Institute of Technology), 5.00%, 11/1/39   $ 1,051,750      
  2,000     California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39     2,036,520      
  745     California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30     753,970      
  2,770     California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29     2,535,658      
  1,105     California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45     1,124,183      
  1,600     California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23     1,736,336      
  4,000     California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)     4,011,600      
  1,500     California Educational Facilities Authority, (Stanford University), 5.25%, 4/1/40     1,712,910      
  2,500     San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41     2,440,950      
  1,250     University of California, 5.25%, 5/15/39     1,295,300      
 
 
            $ 18,699,177      
 
 
 
 
Electric Utilities — 7.4%
 
$ 270     Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34   $ 294,994      
  2,275     Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27     2,291,699      
  1,020     Los Angeles Department of Water and Power, 5.25%, 7/1/38     1,057,709      
  1,500     Northern California Power Agency, 5.25%, 8/1/24     1,585,980      
  1,300     Vernon, Electric System Revenue, 5.125%, 8/1/21     1,340,196      
 
 
            $ 6,570,578      
 
 
 
 
General Obligations — 17.6%
 
$ 1,600     California, 5.50%, 11/1/35(2)   $ 1,618,832      
  750     California, 6.00%, 4/1/38     785,715      
  1,590     California, (AMT), 5.05%, 12/1/36     1,447,727      
  3,655     Palo Alto, (Election of 2008), 5.00%, 8/1/40     3,789,540      
  4,770     San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(3)     4,800,862      
  3,180     Santa Clara County, (Election of 2008), 5.00%, 8/1/39(3)(4)     3,268,754      
 
 
            $ 15,711,430      
 
 
 
Hospital — 29.0%
 
$ 1,000     California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32   $ 1,015,460      
  2,310     California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39     2,162,992      
  1,500     California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38     1,681,425      
  3,480     California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(3)     3,359,000      
  750     California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31     757,898      
  1,245     California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40     1,171,445      
  2,535     California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35     2,401,076      
  1,150     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34     1,081,495      
  1,350     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36     1,262,857      
  1,565     California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32     1,572,825      
  1,750     California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29     1,723,522      
  1,500     California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28     1,545,270      
  1,900     Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31     1,907,315      
  1,220     Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34     1,085,641      
  2,780     Washington Township Health Care District, 5.00%, 7/1/32     2,562,604      
  700     Washington Township Health Care District, 5.25%, 7/1/29     673,449      
 
 
            $ 25,964,274      
 
 
 
 
Housing — 1.2%
 
$ 699     Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29   $ 663,085      
  410     Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29     381,944      
 
 
            $ 1,045,029      
 
 
 
 
Industrial Development Revenue — 3.3%
 
$ 1,235     California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23   $ 1,247,486      
  2,000     California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46     1,727,740      
 
 
            $ 2,975,226      
 
 
 

 
See notes to financial statements

11


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Education — 4.4%
 
$ 495     California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35   $ 487,016      
  1,250     California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23     1,356,513      
  2,140     California State University, (AMBAC), 5.00%, 11/1/33     2,128,358      
 
 
            $ 3,971,887      
 
 
 
 
Insured-Electric Utilities — 6.4%
 
$ 2,500     California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16   $ 2,572,150      
  3,250     California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31     3,150,453      
 
 
            $ 5,722,603      
 
 
 
 
Insured-Escrowed / Prerefunded — 3.2%
 
$ 5,130     Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26   $ 2,818,319      
 
 
            $ 2,818,319      
 
 
 
 
Insured-General Obligations — 6.5%
 
$ 7,000     Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34   $ 1,527,470      
  4,825     Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35     978,607      
  7,995     Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25(5)     3,335,034      
 
 
            $ 5,841,111      
 
 
 
 
Insured-Hospital — 13.9%
 
$ 2,900     California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37   $ 2,905,858      
  750     California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(3)     743,580      
  3,750     California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(3)     3,770,657      
  5,000     California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(3)     4,988,650      
 
 
            $ 12,408,745      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 11.4%
 
$ 5,510     Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17   $ 4,263,858      
  2,000     Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27     2,426,620      
  3,500     San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(3)     3,522,505      
 
 
            $ 10,212,983      
 
 
 
 
Insured-Special Tax Revenue — 3.5%
 
$ 21,285     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 1,195,365      
  4,220     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     499,437      
  8,355     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     922,810      
  5,270     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     543,021      
 
 
            $ 3,160,633      
 
 
 
 
Insured-Transportation — 9.6%
 
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29   $ 1,411,150      
  8,000     Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31     1,966,160      
  740     Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3)     744,470      
  10,000     San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32     1,812,600      
  1,320     San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37     1,252,455      
  1,350     San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47     1,391,796      
 
 
            $ 8,578,631      
 
 
 
 
Insured-Water and Sewer — 5.8%
 
$ 1,725     East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32   $ 1,772,179      
  4,400     Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30     3,432,352      
 
 
            $ 5,204,531      
 
 
 
 
Other Revenue — 2.2%
 
$ 385     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32   $ 366,024      
  580     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37     540,612      

 
See notes to financial statements

12


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Other Revenue (continued)
 
                     
$ 980     Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37   $ 592,410      
  640     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     459,507      
 
 
            $ 1,958,553      
 
 
 
 
Senior Living / Life Care — 1.5%
 
$ 175     California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26   $ 154,222      
  700     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36     579,481      
  600     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41     643,212      
 
 
            $ 1,376,915      
 
 
 
 
Special Tax Revenue — 15.9%
 
$ 1,000     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 897,950      
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     226,227      
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     340,170      
  970     Corona Public Financing Authority, 5.80%, 9/1/20     950,833      
  200     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27     168,370      
  500     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36     396,840      
  1,590     Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27     1,575,340      
  895     Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25     895,680      
  420     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24     415,636      
  750     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29     731,663      
  2,245     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,278,787      
  930     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     941,597      
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,114,896      
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,190      
  490     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     479,578      
  250     Temecula Unified School District, 5.00%, 9/1/27     220,175      
  400     Temecula Unified School District, 5.00%, 9/1/37     334,476      
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     500,430      
  500     Tustin Community Facilities District, 6.00%, 9/1/37     488,240      
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23     966,760      
 
 
            $ 14,173,838      
 
 
 
 
Transportation — 7.6%
 
$ 2,000     Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31   $ 2,022,720      
  2,120     Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(3)(4)     2,108,107      
  1,500     Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30     1,530,420      
  1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30     1,100,584      
 
 
            $ 6,761,831      
 
 
 
 
Water and Sewer — 5.1%
 
$ 1,840     California Department of Water Resources, 5.00%, 12/1/29   $ 1,944,199      
  2,500     Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34     2,596,725      
 
 
            $ 4,540,924      
 
 
     
Total Tax-Exempt Investments — 176.4%
   
(identified cost $162,760,725)
  $ 157,697,218      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.9)%
  $ (49,977,422 )    
 
 
             
Other Assets, Less Liabilities — (20.5)%
  $ (18,324,677 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 89,395,119      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AGM - Assured Guaranty Municipal Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
CIFG - CIFG Assurance North America, Inc.
 
FGIC - Financial Guaranty Insurance Company
 
NPFG - National Public Finance Guaranty Corp.
 
RADIAN - Radian Group, Inc.

 
See notes to financial statements

13


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
 
The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 36.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.5% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) When-issued security.
 
(3) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(4) Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $1,401,861.
 
(5) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 
See notes to financial statements

14


 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 163.3%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 45.0%
 
$ 2,290     Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59   $ 2,352,563      
  600     Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33     603,402      
  1,240     Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35     1,267,280      
  1,500     Massachusetts Development Finance Agency, (Mount Holyoke College), 5.00%, 7/1/36     1,524,075      
  1,000     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     931,190      
  1,500     Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29     1,500,630      
  1,500     Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32     1,517,205      
  1,840     Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35     2,077,489      
  1,500     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     1,571,040      
  415     Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38     434,036      
  1,350     Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35     1,356,156      
  1,750     Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38     1,853,950      
 
 
            $ 16,989,016      
 
 
 
 
Electric Utilities — 7.4%
 
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30   $ 1,017,230      
  1,870     Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36     1,789,889      
 
 
            $ 2,807,119      
 
 
 
 
Escrowed / Prerefunded — 1.2%
 
$ 400     Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32   $ 446,352      
 
 
            $ 446,352      
 
 
 
 
General Obligations — 2.1%
 
$ 750     Newton, 5.00%, 4/1/36   $ 790,440      
 
 
            $ 790,440      
 
 
 
Hospital — 24.6%
 
$ 1,000     Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36   $ 1,039,760      
  400     Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31     404,088      
  500     Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39     513,715      
  1,135     Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37     1,138,337      
  885     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31     898,921      
  755     Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33     728,960      
  420     Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35     397,803      
  2,000     Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)     2,006,580      
  675     Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29     675,230      
  1,255     Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39     1,206,971      
  300     Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38     279,357      
 
 
            $ 9,289,722      
 
 
 
 
Housing — 14.4%
 
$ 2,100     Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48   $ 1,883,994      
  1,000     Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40     933,380      
  650     Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28     646,945      
  2,000     Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37     1,948,500      
 
 
            $ 5,412,819      
 
 
 
 
Industrial Development Revenue — 1.9%
 
$ 695     Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15   $ 696,181      
 
 
            $ 696,181      
 
 
 
 
Insured-Education — 11.1%
 
$ 1,000     Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39   $ 1,089,360      
  1,365     Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)     1,492,996      
  1,600     Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33     1,608,752      
 
 
            $ 4,191,108      
 
 
 

 
See notes to financial statements

15


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Electric Utilities — 1.5%
 
$ 570     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29   $ 582,232      
 
 
            $ 582,232      
 
 
 
 
Insured-General Obligations — 3.1%
 
$ 1,000     Massachusetts, (AMBAC), 5.50%, 8/1/30   $ 1,166,180      
 
 
            $ 1,166,180      
 
 
 
 
Insured-Hospital — 1.1%
 
$ 400     Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25   $ 402,144      
 
 
            $ 402,144      
 
 
 
 
Insured-Other Revenue — 3.5%
 
$ 1,225     Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42   $ 1,315,344      
 
 
            $ 1,315,344      
 
 
 
 
Insured-Special Tax Revenue — 13.7%
 
$ 1,450     Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,457,482      
  1,000     Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29     1,077,010      
  1,340     Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1)     1,369,386      
  7,595     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     426,535      
  2,525     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     298,834      
  3,005     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     331,903      
  1,905     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     196,291      
 
 
            $ 5,157,441      
 
 
 
 
Insured-Student Loan — 5.8%
 
$ 485     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30   $ 505,573      
  1,885     Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33     1,689,243      
 
 
            $ 2,194,816      
 
 
 
Insured-Transportation — 3.3%
 
$ 315     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32   $ 291,293      
  1,055     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38     968,617      
 
 
            $ 1,259,910      
 
 
 
 
Nursing Home — 1.4%
 
$ 535     Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29   $ 514,392      
 
 
            $ 514,392      
 
 
 
 
Other Revenue — 1.4%
 
$ 500     Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22   $ 537,535      
 
 
            $ 537,535      
 
 
 
 
Senior Living / Life Care — 5.7%
 
$ 250     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31   $ 212,732      
  1,500     Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29     1,374,585      
  125     Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30     124,333      
  140     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27     106,942      
  475     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41     330,101      
 
 
            $ 2,148,693      
 
 
 
 
Special Tax Revenue — 7.0%
 
$ 1,665     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31   $ 626,356      
  5,195     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34     1,602,190      
  75     Virgin Islands Public Finance Authority, 5.00%, 10/1/39     71,370      
  335     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     352,072      
 
 
            $ 2,651,988      
 
 
 
 
Transportation — 5.8%
 
$ 1,500     Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37   $ 1,507,545      
  670     Massachusetts Port Authority, 5.00%, 7/1/34     685,604      
 
 
            $ 2,193,149      
 
 
 

 
See notes to financial statements

16


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Water and Sewer — 2.3%
 
$ 1,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46   $ 881,450      
 
 
            $ 881,450      
 
 
     
Total Tax-Exempt Investments — 163.3%
   
(identified cost $62,327,100)
  $ 61,628,031      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.1)%
  $ (20,050,225 )    
 
 
             
Other Assets, Less Liabilities — (10.2)%
  $ (3,842,851 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 37,734,955      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
FGIC - Financial Guaranty Insurance Company
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 26.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.5% to 14.5% of total investments.
 
(1) Security represents the underlying municipal bond of an inverse floater (see Note 1H).

 
See notes to financial statements

17


 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 158.1%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 8.3%
 
$ 525     Grand Valley State University, 5.625%, 12/1/29   $ 546,803      
  525     Grand Valley State University, 5.75%, 12/1/34     542,183      
  200     Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35     186,426      
  500     Michigan State University, 5.00%, 2/15/40     516,930      
  460     Michigan State University, 5.00%, 2/15/44     473,478      
 
 
            $ 2,265,820      
 
 
 
 
Electric Utilities — 0.2%
 
$ 60     Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29   $ 60,062      
 
 
            $ 60,062      
 
 
 
 
Escrowed / Prerefunded — 16.3%
 
$ 560     Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34   $ 641,771      
  1,250     Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27     1,346,375      
  750     Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36     794,468      
  600     Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31     650,370      
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31     1,020,430      
 
 
            $ 4,453,414      
 
 
 
 
General Obligations — 17.6%
 
$ 495     Charter County of Wayne, 6.75%, 11/1/39   $ 516,513      
  500     East Grand Rapids Public School District, 5.00%, 5/1/25     506,850      
  1,500     Kent County, 5.00%, 1/1/25     1,603,245      
  750     Manistee Area Public Schools, 5.00%, 5/1/24     759,705      
  1,000     Michigan, 5.00%, 11/1/20     1,112,360      
  270     Michigan, 5.50%, 11/1/25     295,469      
 
 
            $ 4,794,142      
 
 
 
 
Hospital — 32.1%
 
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21   $ 504,220      
  185     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25     165,022      
  125     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37     106,377      
  275     Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47     311,289      
  455     Mecosta County (Michigan General Hospital), 6.00%, 5/15/18     436,268      
  1,000     Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27     999,960      
  750     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38     663,682      
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46     896,340      
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35     1,035,612      
  750     Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21     752,707      
  500     Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39     526,545      
  1,000     Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27     1,026,130      
  425     Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26     379,874      
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30     940,450      
 
 
            $ 8,744,476      
 
 
 
 
Housing — 3.5%
 
$ 1,000     Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48   $ 965,890      
 
 
            $ 965,890      
 
 
 
 
Industrial Development Revenue — 6.3%
 
$ 750     Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21   $ 409,178      
  800     Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16     821,008      
  550     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     476,294      
 
 
            $ 1,706,480      
 
 
 
 
Insured-Education — 5.9%
 
$ 570     Ferris State University, (AGC), 5.125%, 10/1/33   $ 582,500      
  500     Ferris State University, (AGC), 5.25%, 10/1/38     513,695      
  500     Wayne State University, (AGM), 5.00%, 11/15/35     506,045      
 
 
            $ 1,602,240      
 
 
 

 
See notes to financial statements

18


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Electric Utilities — 9.3%
 
$ 1,000     Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29   $ 990,140      
  400     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32     393,068      
  220     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     223,500      
  500     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     499,305      
  435     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29     444,335      
 
 
            $ 2,550,348      
 
 
 
 
Insured-Escrowed / Prerefunded — 3.8%
 
$ 1,000     Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31   $ 1,028,320      
 
 
            $ 1,028,320      
 
 
 
 
Insured-General Obligations — 7.9%
 
$ 300     Detroit City School District, (AGM), 5.25%, 5/1/32   $ 296,754      
  650     Detroit City School District, (FGIC), 4.75%, 5/1/28     619,229      
  1,250     Van Dyke Public Schools, (AGM), 5.00%, 5/1/38     1,247,175      
 
 
            $ 2,163,158      
 
 
 
 
Insured-Hospital — 3.4%
 
$ 985     Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35   $ 915,213      
 
 
            $ 915,213      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 6.1%
 
$ 1,000     Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29   $ 336,770      
  4,300     Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30     1,320,573      
 
 
            $ 1,657,343      
 
 
 
 
Insured-Special Tax Revenue — 3.5%
 
$ 5,160     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 289,786      
  2,030     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     240,250      
  2,430     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     268,393      
  1,470     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     151,469      
 
 
            $ 949,898      
 
 
 
 
Insured-Student Loan — 7.0%
 
$ 1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31   $ 909,740      
  1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25     999,940      
 
 
            $ 1,909,680      
 
 
 
 
Insured-Transportation — 3.5%
 
$ 1,000     Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32   $ 948,140      
 
 
            $ 948,140      
 
 
 
 
Insured-Water and Sewer — 11.6%
 
$ 560     Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36   $ 521,041      
  1,650     Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30     1,595,913      
  1,000     Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39     1,035,110      
 
 
            $ 3,152,064      
 
 
 
 
Lease Revenue / Certificates of Participation — 0.9%
 
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22   $ 250,232      
 
 
            $ 250,232      
 
 
 
 
Other Revenue — 1.3%
 
$ 500     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48   $ 359,000      
 
 
            $ 359,000      
 
 
 
 
Special Tax Revenue — 1.3%
 
$ 115     Guam, Limited Obligation Bonds, 5.625%, 12/1/29   $ 116,662      
  125     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     126,752      
  110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     115,606      
 
 
            $ 359,020      
 
 
 
 
Water and Sewer — 8.3%
 
$ 790     Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28   $ 840,118      

 
See notes to financial statements

19


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Water and Sewer (continued)
 
                     
$ 600     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29   $ 639,888      
  500     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30     530,480      
  250     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(1)     260,208      
 
 
            $ 2,270,694      
 
 
     
Total Tax-Exempt Investments — 158.1%
   
(identified cost $44,389,890)
  $ 43,105,634      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (64.2)%
  $ (17,501,062 )    
 
 
             
Other Assets, Less Liabilities — 6.1%
  $ 1,657,704      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 27,262,276      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AGM - Assured Guaranty Municipal Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
FGIC - Financial Guaranty Insurance Company
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 39.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 15.4% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 
See notes to financial statements

20


 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 172.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 26.5%
 
$ 250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27   $ 246,525      
  250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33     233,170      
  220     New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37     210,137      
  2,635     New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36     2,759,583      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40(1)     3,371,410      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(2)     3,518,865      
  1,650     New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27     1,657,739      
  965     New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32     1,087,352      
  3,150     Rutgers State University, 5.00%, 5/1/39(2)     3,264,849      
 
 
            $ 16,349,630      
 
 
 
 
Electric Utilities — 2.4%
 
$ 1,500     Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31   $ 1,479,525      
 
 
            $ 1,479,525      
 
 
 
 
Hospital — 21.6%
 
$ 90     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35   $ 78,681      
  1,495     Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34     1,451,989      
  2,505     New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27     2,509,584      
  2,390     New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37     2,355,321      
  915     New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39     896,096      
  1,525     New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31     1,511,153      
  1,000     New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31     992,340      
  2,550     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46     2,412,020      
  1,075     New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33     1,120,010      
 
 
            $ 13,327,194      
 
 
 
Housing — 3.7%
 
$ 715     New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37   $ 681,424      
  1,640     New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37     1,611,349      
 
 
            $ 2,292,773      
 
 
 
 
Industrial Development Revenue — 13.4%
 
$ 500     Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32   $ 502,820      
  540     Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34     546,383      
  3,220     New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47     2,887,760      
  215     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29     203,186      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33     792,323      
  220     New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23     227,022      
  1,235     New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39     1,251,660      
  2,080     Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22     1,868,318      
 
 
            $ 8,279,472      
 
 
 
 
Insured-Education — 6.6%
 
$ 3,365     New Jersey Educational Facilities Authority, (College of New Jersey), (AGM), 5.00%, 7/1/35(2)   $ 3,429,743      
  825     New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28     669,157      
 
 
            $ 4,098,900      
 
 
 
 
Insured-Electric Utilities — 2.0%
 
$ 1,250     Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26   $ 1,250,413      
 
 
            $ 1,250,413      
 
 
 
 
Insured-Gas Utilities — 7.9%
 
$ 4,795     New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40   $ 4,903,367      
 
 
            $ 4,903,367      
 
 
 

 
See notes to financial statements

21


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-General Obligations — 2.2%
 
$ 1,240     Lakewood Township, (AGC), 5.75%, 11/1/31   $ 1,378,719      
 
 
            $ 1,378,719      
 
 
 
 
Insured-Hospital — 6.8%
 
$ 750     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(2)   $ 759,473      
  1,460     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38     1,467,723      
  500     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(2)     502,650      
  1,380     New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38     1,452,712      
 
 
            $ 4,182,558      
 
 
 
 
Insured-Housing — 5.4%
 
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34   $ 3,330,472      
 
 
            $ 3,330,472      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.4%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34   $ 1,609,545      
  1,000     New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28     1,084,180      
 
 
            $ 2,693,725      
 
 
 
 
Insured-Other Revenue — 1.7%
 
$ 1,015     Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39   $ 1,060,137      
 
 
            $ 1,060,137      
 
 
 
 
Insured-Special Tax Revenue — 12.2%
 
$ 6,000     Garden State Preservation Trust, (AGM), 0.00%, 11/1/25   $ 3,134,340      
  4,315     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26     1,900,714      
  2,020     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27     833,351      
  7,185     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     403,510      
  2,745     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     324,871      
  5,445     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     601,400      
  3,425     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     352,912      
 
 
            $ 7,551,098      
 
 
 
 
Insured-Student Loan — 4.0%
 
$ 2,385     New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30   $ 2,489,773      
 
 
            $ 2,489,773      
 
 
 
 
Insured-Transportation — 5.3%
 
$ 1,960     New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26   $ 849,542      
  5,570     New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31     1,707,818      
  400     Port Authority of New York and New Jersey, (FGIC), (NPFG), (AMT), 5.00%, 8/1/36     399,988      
  315     South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33     335,538      
 
 
            $ 3,292,886      
 
 
 
 
Insured-Water and Sewer — 4.5%
 
$ 2,835     New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25   $ 2,748,646      
 
 
            $ 2,748,646      
 
 
 
 
Lease Revenue / Certificates of Participation — 5.5%
 
$ 1,500     New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33   $ 1,573,590      
  1,765     New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38     1,787,486      
 
 
            $ 3,361,076      
 
 
 
 
Other Revenue — 7.3%
 
$ 7,200     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50   $ 188,352      
  13,280     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55     177,155      
  600     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2)     615,342      

 
See notes to financial statements

22


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Other Revenue (continued)
 
                     
$ 2,700     New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48(2)   $ 2,769,039      
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     200,648      
  900     Tobacco Settlement Financing Corp., 5.00%, 6/1/41     578,349      
 
 
            $ 4,528,885      
 
 
 
 
Senior Living / Life Care — 3.0%
 
$ 465     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28   $ 440,829      
  770     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38     716,215      
  815     New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36     695,065      
 
 
            $ 1,852,109      
 
 
 
 
Special Tax Revenue — 1.3%
 
$ 100     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27   $ 93,586      
  175     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37     154,789      
  500     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     525,480      
 
 
            $ 773,855      
 
 
 
 
Student Loan — 4.2%
 
$ 80     New Jersey Higher Education Student Assistance Authority, 5.625%, 6/1/30   $ 83,120      
  2,500     New Jersey Higher Education Student Assistance Authority, (AMT), Variable Rate, 1.247%, 6/1/36(2)(3)(4)     2,475,950      
 
 
            $ 2,559,070      
 
 
 
 
Transportation — 19.2%
 
$ 1,060     Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35   $ 1,075,423      
  1,080     Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40     1,091,740      
  250     New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38     270,345      
  815     New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38     947,205      
  3,600     New Jersey Turnpike Authority, 5.25%, 1/1/40     3,721,968      
  480     Port Authority of New York and New Jersey, 4.50%, 11/1/33     474,907      
  1,000     Port Authority of New York and New Jersey, 5.00%, 9/1/34     1,018,760      
  1,995     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     2,077,892      
  1,175     South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33     1,177,244      
 
 
            $ 11,855,484      
 
 
 
 
Water and Sewer — 1.6%
 
$ 985     Cumberland County Improvement Authority, (Solid Waste System), 5.00%, 1/1/30   $ 973,032      
 
 
            $ 973,032      
 
 
     
Total Tax-Exempt Investments — 172.7%
   
(identified cost $107,707,611)
  $ 106,612,799      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.1)%
  $ (33,426,620 )    
 
 
             
Other Assets, Less Liabilities — (18.6)%
  $ (11,469,375 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 61,716,804      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AGM - Assured Guaranty Municipal Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
FGIC - Financial Guaranty Insurance Company
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 36.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.4% to 10.4% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(3) Security (or a portion thereof) has been pledged as collateral for inverse floating-rate security transactions. The aggregate value of such collateral is $475,950.
 
(4) Variable rate security. The stated interest rate represents the rate in effect at November 30, 2010.

 
See notes to financial statements

23


 

Eaton Vance New York Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 172.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.4%
 
$ 1,150     Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23   $ 1,029,802      
 
 
            $ 1,029,802      
 
 
 
 
Education — 24.8%
 
$ 315     Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33   $ 316,922      
  1,210     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34     1,263,506      
  325     New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39     336,681      
  510     New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33     543,558      
  1,000     New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)     1,049,820      
  510     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34     530,742      
  2,000     New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39     2,066,900      
  2,000     New York Dormitory Authority, (New York University), 5.25%, 7/1/48     2,055,300      
  2,250     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     2,436,232      
  2,500     New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40     2,627,200      
  1,495     New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40     1,434,527      
  2,000     New York Dormitory Authority, (The New School), 5.50%, 7/1/40(2)     2,039,440      
  280     Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29     273,468      
  735     Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40     718,462      
 
 
            $ 17,692,758      
 
 
 
 
Electric Utilities — 5.0%
 
$ 1,420     Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33   $ 1,547,076      
  2,100     Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27     2,030,280      
 
 
            $ 3,577,356      
 
 
 
General Obligations — 10.3%
 
$ 6,000     New York City, 5.25%, 9/15/33(3)   $ 6,198,780      
  1,000     New York City, 6.25%, 10/15/28     1,148,840      
 
 
            $ 7,347,620      
 
 
 
 
Health Care-Miscellaneous — 6.9%
 
$ 130     Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30(2)   $ 129,463      
  430     Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40(2)     423,068      
  1,115     New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29     934,080      
  1,200     New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22     931,992      
  50     Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15     50,672      
  100     Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15     101,343      
  2,600     Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19     2,361,372      
 
 
            $ 4,931,990      
 
 
 
 
Hospital — 28.4%
 
$ 160     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17   $ 156,530      
  485     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29     436,694      
  1,165     Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18     1,104,478      
  2,490     Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25     2,453,721      
  400     Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21     406,472      
  1,500     New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30     1,414,185      
  4,000     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 5.00%, 7/1/36(3)     4,016,120      
  2,000     New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33     1,908,340      
  1,000     New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26     1,024,840      
  845     New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34     825,371      
  1,250     New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37     1,270,187      
  415     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     415,390      

 
See notes to financial statements

24


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Hospital (continued)
 
                     
$ 835     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37   $ 823,961      
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19     1,219,612      
  650     Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32     623,012      
  2,105     Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22     2,147,332      
 
 
            $ 20,246,245      
 
 
 
 
Housing — 16.9%
 
$ 1,500     New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39   $ 1,459,905      
  2,620     New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40     2,619,895      
  1,000     New York Housing Finance Agency, 5.25%, 11/1/41     1,011,480      
  2,625     New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42     2,664,428      
  1,500     New York Mortgage Agency, (AMT), 4.875%, 10/1/30     1,474,635      
  1,930     New York Mortgage Agency, (AMT), 4.90%, 10/1/37     1,851,989      
  1,000     New York Mortgage Agency, (AMT), 5.125%, 10/1/37     992,000      
 
 
            $ 12,074,332      
 
 
 
 
Industrial Development Revenue — 11.3%
 
$ 1,000     Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32   $ 1,042,580      
  2,525     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(3)     2,538,787      
  1,500     New York Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12     1,538,415      
  2,500     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34     2,501,550      
  430     Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15     436,020      
 
 
            $ 8,057,352      
 
 
 
 
Insured-Education — 6.2%
 
$ 1,250     New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35   $ 1,217,887      
  1,500     New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(3)     1,533,660      
  5,365     Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33     1,700,598      
 
 
            $ 4,452,145      
 
 
 
Insured-Electric Utilities — 3.5%
 
$ 1,365     Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33   $ 1,501,841      
  960     New York Power Authority, (NPFG), 5.00%, 11/15/47     975,312      
 
 
            $ 2,477,153      
 
 
 
 
Insured-Escrowed / Prerefunded — 1.6%
 
$ 860     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26   $ 472,475      
  1,280     New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27     665,792      
 
 
            $ 1,138,267      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 4.4%
 
$ 3,365     Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47(4)   $ 3,119,994      
 
 
            $ 3,119,994      
 
 
 
 
Insured-Other Revenue — 2.7%
 
$ 2,645     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31   $ 840,740      
  3,625     New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32     1,084,346      
 
 
            $ 1,925,086      
 
 
 
 
Insured-Special Tax Revenue — 6.4%
 
$ 1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45   $ 933,140      
  4,440     Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34     933,555      
  19,745     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54     1,108,879      
  3,380     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     400,023      
  6,705     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     740,567      
  4,225     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     435,344      
 
 
            $ 4,551,508      
 
 
 
 
Insured-Transportation — 4.0%
 
$ 1,475     Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38   $ 1,416,030      

 
See notes to financial statements

25


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Transportation (continued)
 
                     
$ 1,475     Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29   $ 1,475,236      
 
 
            $ 2,891,266      
 
 
 
 
Insured-Water and Sewer — 1.3%
 
$ 1,000     Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35   $ 905,470      
 
 
            $ 905,470      
 
 
 
 
Lease Revenue / Certificates of Participation — 4.3%
 
$ 2,040     New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38   $ 1,982,288      
  1,000     New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31     1,084,360      
 
 
            $ 3,066,648      
 
 
 
 
Other Revenue — 4.3%
 
$ 1,285     Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26   $ 971,871      
  3,120     Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31     905,299      
  380     Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40     393,859      
  790     New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31     827,217      
 
 
            $ 3,098,246      
 
 
 
 
Senior Living / Life Care — 2.1%
 
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29   $ 1,318,122      
  210     Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28     194,956      
 
 
            $ 1,513,078      
 
 
 
 
Special Tax Revenue — 3.6%
 
$ 1,000     New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38   $ 1,041,870      
  900     New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32     930,087      
  545     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     572,773      
 
 
            $ 2,544,730      
 
 
 
Transportation — 10.6%
 
$ 790     Metropolitan Transportation Authority, 5.00%, 11/15/37   $ 771,127      
  1,900     Port Authority of New York and New Jersey, 5.00%, 11/15/37(3)     1,943,073      
  990     Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33     971,042      
  990     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(3)     1,031,134      
  2,740     Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(3)     2,854,724      
  10     Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34     10,419      
 
 
            $ 7,581,519      
 
 
 
 
Water and Sewer — 12.7%
 
$ 585     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34   $ 170,294      
  325     Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35     88,325      
  3,105     New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(3)     3,376,687      
  1,730     New York Environmental Facilities Corp., 5.00%, 10/15/39     1,793,474      
  2,535     New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37(3)     2,624,257      
  1,000     Saratoga County Water Authority, 5.00%, 9/1/48     1,008,810      
 
 
            $ 9,061,847      
 
 
     
Total Tax-Exempt Investments — 172.7%
   
(identified cost $124,282,232)
  $ 123,284,412      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (47.2)%
  $ (33,727,043 )    
 
 
             
Other Assets, Less Liabilities — (25.5)%
  $ (18,184,990 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 71,372,379      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
BHAC - Berkshire Hathaway Assurance Corp.
 
FNMA - Federal National Mortgage Association

 
See notes to financial statements

26


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
 
MFMR - Multi-Family Mortgage Revenue
NPFG - National Public Finance Guaranty Corp.
 
The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 17.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 8.1% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) When-issued security.
 
(3) Security represents the underlying municipal bond of an inverse floater (see Note 1H).
 
(4) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 
See notes to financial statements

27


 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 149.7%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 11.1%
 
$ 1,250     Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44   $ 1,271,613      
  500     Ohio State University, 5.00%, 12/1/28     550,155      
  1,675     Ohio State University, 5.00%, 12/1/30     1,815,934      
  500     University of Cincinnati, 5.00%, 6/1/34     501,955      
 
 
            $ 4,139,657      
 
 
 
 
Electric Utilities — 0.7%
 
$ 255     Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14   $ 255,054      
 
 
            $ 255,054      
 
 
 
 
Escrowed / Prerefunded — 2.8%
 
$ 1,000     Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36   $ 1,055,900      
 
 
            $ 1,055,900      
 
 
 
 
General Obligations — 19.0%
 
$ 1,000     Barberton City School District, 4.50%, 12/1/33   $ 959,160      
  1,750     Beavercreek City School District, 5.00%, 12/1/30     1,819,405      
  1,090     Central Ohio Solid Waste Authority, 5.125%, 9/1/27     1,154,953      
  500     Columbus, 5.00%, 7/1/23(1)     527,040      
  1,000     Columbus City School District, 5.00%, 12/1/29     1,046,100      
  595     Huber Heights City School District, 4.75%, 12/1/25     624,762      
  1,000     Maple Heights City School District, 5.00%, 1/15/37     989,870      
 
 
            $ 7,121,290      
 
 
 
 
Hospital — 11.9%
 
$ 800     Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34   $ 798,856      
  500     Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26     501,070      
  500     Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34     525,045      
  1,000     Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39     1,045,050      
  600     Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40     591,546      
  735     Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46     660,096      
  330     Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22     333,693      
 
 
            $ 4,455,356      
 
 
 
Housing — 11.7%
 
$ 980     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27   $ 951,884      
  560     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37     529,452      
  425     Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31     418,493      
  2,500     Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48     2,465,575      
 
 
            $ 4,365,404      
 
 
 
 
Industrial Development Revenue — 8.3%
 
$ 750     Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27   $ 619,680      
  2,250     Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38     2,250,810      
  225     Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15     227,959      
 
 
            $ 3,098,449      
 
 
 
 
Insured-Education — 13.0%
 
$ 750     Hamilton County, (University Heights Community Urban Development Corp), (AGM), 5.00%, 6/1/30   $ 759,622      
  1,000     Kent State University, (AGC), 5.00%, 5/1/26     1,058,750      
  465     Kent State University, (AGC), 5.00%, 5/1/29     481,624      
  655     Miami University, (AMBAC), 3.25%, 9/1/26     561,951      
  1,500     University of Akron, Series A, (AGM), 5.00%, 1/1/38     1,514,640      
  500     University of Akron, Series B, (AGM), 5.00%, 1/1/38     504,880      
 
 
            $ 4,881,467      
 
 
 
 
Insured-Electric Utilities — 13.1%
 
$ 1,000     American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39   $ 1,055,410      
  710     Cleveland Public Power System, (NPFG), 0.00%, 11/15/27     291,931      
  2,000     Cleveland Public Power System, (NPFG), 0.00%, 11/15/38     402,860      
  830     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25     404,691      
  3,000     Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26     1,370,160      
  425     Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34     409,475      
  210     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30     213,341      
  250     Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34     249,652      
  500     Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26     527,290      
 
 
            $ 4,924,810      
 
 
 

 
See notes to financial statements

28


 

 
Eaton Vance Ohio Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Escrowed / Prerefunded — 1.4%
 
$ 500     University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%, 6/1/24   $ 517,465      
 
 
            $ 517,465      
 
 
 
 
Insured-General Obligations — 16.8%
 
$ 280     Bowling Green City School District, (AGM), 5.00%, 12/1/34   $ 282,708      
  200     Brookfield Local School District, (AGM), 5.00%, 1/15/30     206,458      
  500     Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36     511,080      
  2,455     Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30     881,959      
  1,500     Madeira City School District, (AGM), 3.50%, 12/1/27     1,357,155      
  1,750     Milford Exempt Village School District, (AGC), 5.25%, 12/1/36     1,804,757      
  750     St. Mary’s School District, (AGM), 5.00%, 12/1/35     751,627      
  500     Wadsworth City School District, (AGC), 5.00%, 12/1/37     512,310      
 
 
            $ 6,308,054      
 
 
 
 
Insured-Hospital — 6.7%
 
$ 545     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32   $ 530,307      
  1,500     Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28     1,502,550      
  485     Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate, 17.493%, 2/1/29(2)(3)(4)     490,315      
 
 
            $ 2,523,172      
 
 
 
 
Insured-Lease Revenue / Certificates of Participation — 1.1%
 
$ 500     Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33   $ 407,525      
 
 
            $ 407,525      
 
 
 
 
Insured-Special Tax Revenue — 3.6%
 
$ 9,905     Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54   $ 556,265      
  1,685     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44     199,420      
  3,340     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45     368,903      
  2,100     Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46     216,384      
 
 
            $ 1,340,972      
 
 
 
Insured-Transportation — 6.0%
 
$ 1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24   $ 1,118,400      
  1,000     Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26     1,129,880      
 
 
            $ 2,248,280      
 
 
 
 
Insured-Water and Sewer — 2.1%
 
$ 215     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46   $ 203,261      
  625     Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47     590,244      
 
 
            $ 793,505      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.4%
 
$ 500     Franklin County Convention Facilities Authority, 5.00%, 12/1/27   $ 529,180      
 
 
            $ 529,180      
 
 
 
 
Other Revenue — 4.3%
 
$ 7,345     Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47   $ 181,422      
  710     Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47     500,649      
  1,000     Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27     910,580      
 
 
            $ 1,592,651      
 
 
 
 
Pooled Loans — 11.0%
 
$ 550     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25   $ 556,759      
  1,020     Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22     1,060,637      
  1,245     Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32(5)     1,251,200      
  310     Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25     268,454      
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     987,404      
 
 
            $ 4,124,454      
 
 
 
 
Special Tax Revenue — 2.3%
 
$ 425     Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18   $ 431,749      
  155     Guam, Limited Obligation Bonds, 5.625%, 12/1/29     157,240      
  170     Guam, Limited Obligation Bonds, 5.75%, 12/1/34     172,383      
  110     Virgin Islands Public Finance Authority, 6.75%, 10/1/37     115,606      
 
 
            $ 876,978      
 
 
 

 
See notes to financial statements

29


 

 
Eaton Vance Ohio Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Water and Sewer — 1.4%
 
$ 250     Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28   $ 268,842      
  250     Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30     264,768      
 
 
            $ 533,610      
 
 
     
Total Tax-Exempt Investments — 149.7%
   
(identified cost $56,852,704)
  $ 56,093,233      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (60.6)%
  $ (22,726,927 )    
 
 
             
Other Assets, Less Liabilities — 10.9%
  $ 4,096,608      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 37,462,914      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
AGC - Assured Guaranty Corp.
 
AGM - Assured Guaranty Municipal Corp.
 
AMBAC - AMBAC Financial Group, Inc.
 
AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
 
FGIC - Financial Guaranty Insurance Company
 
NPFG - National Public Finance Guaranty Corp.
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 42.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.4% to 16.8% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2010, the aggregate value of these securities is $490,315 or 1.3% of the Trust’s net assets applicable to common shares.
 
(3) Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
 
(4) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2010.
 
(5) Security represents the underlying municipal bond of an inverse floater (see Note 1H).

 
See notes to financial statements

30


 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 160.2%
 
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Bond Bank — 2.8%
 
$ 1,000     Delaware Valley Regional Finance Authority, 5.75%, 7/1/32   $ 1,029,390      
 
 
            $ 1,029,390      
 
 
 
 
Cogeneration — 2.5%
 
$ 300     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13   $ 189,144      
  500     Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19     279,775      
  475     Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15     448,528      
 
 
            $ 917,447      
 
 
 
 
Education — 12.3%
 
$ 500     Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39   $ 509,045      
  1,200     Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39     1,150,404      
  500     Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39     506,700      
  625     Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40     618,275      
  625     Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40     630,019      
  500     Pennsylvania State University, 5.00%, 3/1/40     516,610      
  500     Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30     514,575      
 
 
            $ 4,445,628      
 
 
 
 
Electric Utilities — 1.7%
 
$ 600     York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20   $ 611,682      
 
 
            $ 611,682      
 
 
 
 
Escrowed / Prerefunded — 3.1%
 
$ 600     Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27   $ 662,718      
  435     Pennsylvania Economic Development Financing Authority, (Reliant Energy, Inc.), (AMT), Prerefunded to 6/1/11, 6.75%, 12/1/36     450,055      
 
 
            $ 1,112,773      
 
 
 
General Obligations — 7.3%
 
$ 500     Chester County, 5.00%, 7/15/27(1)   $ 545,095      
  1,000     Daniel Boone Area School District, 5.00%, 8/15/32     1,022,060      
  1,000     Philadelphia School District, 6.00%, 9/1/38     1,062,210      
 
 
            $ 2,629,365      
 
 
 
 
Hospital — 22.6%
 
$ 500     Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34   $ 510,005      
  750     Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40     743,130      
  750     Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29     784,522      
  1,215     Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32     1,205,644      
  750     Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39     761,115      
  1,500     Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43     1,386,525      
  250     Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33     244,588      
  1,000     Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2)     1,102,190      
  675     Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31     672,415      
  250     South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29     240,973      
  500     Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17     515,765      
 
 
            $ 8,166,872      
 
 
 
 
Housing — 17.2%
 
$ 485     Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37   $ 472,312      
  1,135     Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35     1,139,767      
  905     Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37     861,225      
  500     Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25     493,165      
  910     Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26     912,166      
  500     Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31     490,665      
  975     Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37     956,378      

 
See notes to financial statements

31


 

 
Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010