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
May 31, 2011
 
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

     
Eaton Vance
Municipal Income Trusts

Semiannual Report
May 31, 2011
 
(STOPWATCH GRAPHIC)

 
California (CEV) • Massachusetts (MMV) • Michigan (EMI) • New Jersey (EVJ)
New York (EVY) • Ohio (EVO) • Pennsylvania (EVP)
 
 
 
(EATON VANCE INVESTMENT MANAGERS LOGO)


 

 
 
Fund 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.


 

Semiannual Report May 31, 2011
Eaton Vance
Municipal Income Trusts
Table of Contents
         
Performance and Fund Profiles
       
         
California Municipal Income Trust
    2  
Massachusetts Municipal Income Trust
    3  
Michigan Municipal Income Trust
    4  
New Jersey Municipal Income Trust
    5  
New York Municipal Income Trust
    6  
Ohio Municipal Income Trust
    7  
Pennsylvania Municipal Income Trust
    8  
         
Endnotes and Additional Disclosures
    9  
Financial Statements
    10  
Annual Meeting of Shareholders
    67  
Board of Trustees’ Contract Approval
    68  
Officers and Trustees
    71  
Important Notices
    72  

 


 

Eaton Vance
California Municipal Income Trust
May 31, 2011
Portfolio Manager Cynthia J. Clemson
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   CEV
 
 
       
% Average Annual Total Returns at net asset value (NAV)
       
 
Six Months
    0.23  
One Year
    -0.84  
Five Years
    0.80  
Ten Years
    5.03  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -0.30  
One Year
    -0.81  
Five Years
    1.48  
Ten Years
    6.26  
 
 
       
% Premium/Discount to NAV (5/31/11)
    -0.44  
 
 
       
% Market Yields2
       
 
Market Yield
    7.45  
Taxable-Equivalent Market Yield
    12.81  
 
 
       
% Total Leverage3
       
 
Auction Preferred Shares (APS)
    32.1  
Residual Interest Bond (RIB)
    12.5  
 
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
 
       
Lipper California Muni. Debt Funds Average at NAV*
       
 
Six Months
    1.04  
One Year
    1.17  
Five Years
    2.55  
Ten Years
    5.06  
 
*  Source: Lipper.
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.3 Absent such securities the Fund’s credit quality (% of total investments) is as follows:
                     
 
AAA
    11.2     BBB     7.2  
AA
    42.6     BB     1.3  
A
    30.1     Not Rated     7.6  
 
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

2


 

Eaton Vance
Massachusetts Municipal Income Trust
May 31, 2011
Portfolio Manager Craig R. Brandon, CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   MMV
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    0.32  
One Year
    -0.37  
Five Years
    2.93  
Ten Years
    6.14  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -1.64  
One Year
    -3.92  
Five Years
    2.64  
Ten Years
    7.06  
 
 
       
% Premium/Discount to NAV (5/31/11)
    -0.60  
 
 
       
% Market Yields2
       
 
Market Yield
    6.83  
Taxable-Equivalent Market Yield
    11.10  
 
 
       
% Total Leverage3
       
 
APS
    32.6  
RIB
    7.9  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.3 Absent such securities the Fund’s credit quality (% of total investments) is as follows:
                     
 
AAA
    13.1     BBB     8.7  
AA
    37.7     BB     1.3  
A
    35.5     Not Rated     3.7  
 
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

3


 

Eaton Vance
Michigan Municipal Income Trust
May 31, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   EMI
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    2.91  
One Year
    1.83  
Five Years
    3.11  
Ten Years
    5.53  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    3.37  
One Year
    2.47  
Five Years
    3.64  
Ten Years
    6.43  
 
 
       
% Premium/Discount to NAV (5/31/11)
    -5.64  
 
 
       
% Market Yields2
       
 
Market Yield
    7.13  
Taxable-Equivalent Market Yield
    11.47  
 
 
       
% Total Leverage3
       
 
APS
    39.3  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
 
       
Lipper Michigan Muni. Debt Funds Average at NAV*
       
 
Six Months
    2.53  
One Year
    3.11  
Five Years
    4.02  
Ten Years
    5.42  
 
*  Source: Lipper.
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

4


 

Eaton Vance
New Jersey Municipal Income Trust
May 31, 2011
Portfolio Manager Adam A. Weigold, CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   EVJ
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    1.41  
One Year
    -0.96  
Five Years
    2.95  
Ten Years
    5.99  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -0.01  
One Year
    -3.51  
Five Years
    3.12  
Ten Years
    7.65  
 
 
       
% Premium/Discount to NAV (5/31/11)
    0.54  
 
 
       
% Market Yields2
       
 
Market Yield
    7.29  
Taxable-Equivalent Market Yield
    12.32  
 
 
       
% Total Leverage3
       
 
APS
    31.8  
RIB
    10.7  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
 
       
Lipper New Jersey Muni. Debt Funds Average at NAV*
       
 
Six Months
    1.48  
One Year
    1.76  
Five Years
    3.97  
Ten Years
    5.48  
 
*  Source: Lipper.
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB bond financing.3 Absent such securities the Fund’s credit quality (% of total investments) is as follows:
                     
 
AAA
    14.5     BBB     13.9  
AA
    35.0     B     1.1  
A
    34.8     Not Rated     0.7  
 
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

5


 

Eaton Vance
New York Municipal Income Trust
May 31, 2011
Portfolio Manager Craig R. Brandon, CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   EVY
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    2.11  
One Year
    1.12  
Five Years
    2.26  
Ten Years
    5.74  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -0.04  
One Year
    -1.44  
Five Years
    2.87  
Ten Years
    6.94  
 
 
       
% Premium/Discount to NAV (5/31/11)
    -0.32  
 
 
       
% Market Yields2
       
 
Market Yield
    7.08  
Taxable-Equivalent Market Yield
    11.97  
 
 
       
% Total Leverage3
       
 
APS
    27.1  
RIB
    16.4  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
 
       
Lipper New York Muni. Debt Funds Average at NAV*
       
 
Six Months
    1.60  
One Year
    2.20  
Five Years
    3.34  
Ten Years
    5.38  
 
*  Source: Lipper.
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.3 Absent such securities the Fund’s credit quality (% of total investments) is as follows:
                     
 
AAA
    14.6     BB     1.2  
AA
    34.3     B     1.5  
A
    27.8     CC     0.8  
BBB
    11.7     Not Rated     8.1  
 
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

6


 

Eaton Vance
Ohio Municipal Income Trust
May 31, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   EVO
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    0.90  
One Year
    -0.60  
Five Years
    2.57  
Ten Years
    5.68  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    -0.75  
One Year
    0.73  
Five Years
    3.56  
Ten Years
    6.47  
 
 
       
% Premium/Discount to NAV (5/31/11)
    0.23  
 
 
       
% Market Yields2
       
 
Market Yield
    6.93  
Taxable-Equivalent Market Yield
    11.33  
 
 
       
% Total Leverage3
       
 
APS
    37.4  
RIB
    2.4  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

7


 

Eaton Vance
Pennsylvania Municipal Income Trust
May 31, 2011
Portfolio Manager Adam A. Weigold, CFA
Performance1
 
         
NYSE Amex Symbol    
Inception Date 1/29/99   EVP
 
 
       
% Average Annual Total Returns at NAV
       
 
Six Months
    2.26  
One Year
    1.06  
Five Years
    3.40  
Ten Years
    5.90  
 
 
       
% Average Annual Total Returns at market price, NYSE Amex
       
 
Six Months
    3.99  
One Year
    0.91  
Five Years
    3.82  
Ten Years
    7.32  
 
 
       
% Premium/Discount to NAV (5/31/11)
    -1.37  
 
 
       
% Market Yields2
       
 
Market Yield
    6.68  
Taxable-Equivalent Market Yield
    10.60  
 
 
       
% Total Leverage3
       
 
APS
    36.2  
RIB
    2.8  
         
Comparative Performance4   % Return
 
 
       
Barclays Capital Long (22+) Municipal Bond Index
       
 
Six Months
    1.43  
One Year
    1.49  
Five Years
    3.51  
Ten Years
    5.15  
 
 
       
Lipper Pennsylvania Muni. Debt Funds Average at NAV*
       
 
Six Months
    2.14  
One Year
    2.64  
Five Years
    3.88  
Ten Years
    5.56  
 
*  Source: Lipper.
Fund Profile
 
Credit Quality5 (% of total investments)
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.3 Absent such securities the Fund’s credit quality (% of total investments) is as follows:
                     
 
AAA
    3.7     BB     1.1  
AA
    47.3     CCC     1.9  
A
    35.3     CC     0.6  
BBB
    4.3     Not Rated     5.8  
 
See Endnotes and Additional Disclosures on page 9.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund 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.

8


 

Eaton Vance
Municipal Income Trusts
May 31, 2011
Endnotes and Additional Disclosures
 
1. Performance results reflect the effects of leverage.
 
2. Market yields are calculated by dividing the last regular distribution per share (annualized) by the market price. Taxable-equivalent performance is based on the highest combined federal and state income tax rates (41.86% for CA, 38.45% for MA, 37.83% for MI, 40.83% for NJ, 40.83% for NY, 38.85% for OH, 37.00% for PA). Lower tax rates would result in lower tax-equivalent performance. Actual tax rate will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The distribution declared on May 31, 2011 reflects a reduction of the monthly distribution for the Michigan, New Jersey and Ohio Funds. Distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital.
 
3. RIB leverage represents the amount of Floating Rate Notes outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the Notes to the financial statements for more information about RIB financing. APS leverage represents the liquidation value of the Fund’s APS outstanding as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of leverage rises and falls with changes in short-term interest rates. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.
 
4. The Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, indices do not reflect any applicable sales charges, commissions, leverage, taxes or other expenses of investing. Lipper Average reflects the average annual total return of funds in the same Lipper classification as the Fund. It is not possible to invest directly in an index or Lipper classification.
 
5. Ratings are based on Moody, 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 shown.
 
  Fund profile subject to change due to active management.

9


 

 
Eaton Vance
California Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

                     
Tax-Exempt Investments — 177.9%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Education — 22.1%
 
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39
  $ 3,135     $ 3,171,366      
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31
    195       201,441      
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36
    275       276,213      
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30
    745       743,577      
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29
    2,770       2,539,204      
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23
    1,600       1,803,632      
California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)
    4,000       4,010,240      
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36
    235       247,290      
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39
    2,490       2,609,346      
San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41
    2,500       2,220,850      
University of California, 5.25%, 5/15/39
    1,250       1,288,887      
 
 
            $ 19,112,046      
 
 
 
 
Electric Utilities — 7.0%
 
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34
  $ 270     $ 286,243      
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27
    2,275       2,296,999      
Northern California Power Agency, 5.25%, 8/1/24
    1,500       1,607,040      
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35
    530       534,791      
Vernon, Electric System Revenue, 5.125%, 8/1/21
    1,300       1,336,764      
 
 
            $ 6,061,837      
 
 
 
 
Escrowed / Prerefunded — 0.0%(2)
 
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38
  $ 25     $ 32,512      
 
 
            $ 32,512      
 
 
 
 
General Obligations — 18.3%
 
California, 5.50%, 11/1/35
  $ 1,600     $ 1,652,752      
California, 6.00%, 4/1/38
    750       800,310      
California, (AMT), 5.05%, 12/1/36
    1,590       1,460,924      
Palo Alto, (Election of 2008), 5.00%, 8/1/40
    3,655       3,797,764      
San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(3)
    4,770       4,814,123      
Santa Clara County, (Election of 2008), 5.00%, 8/1/39(3)(4)
    3,180       3,277,594      
 
 
            $ 15,803,467      
 
 
 
 
Hospital — 21.6%
 
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32
  $ 1,000     $ 1,004,460      
California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39
    2,310       2,111,386      
California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38
    1,475       1,608,369      
California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31
    750       750,240      
California Statewide Communities Development Authority, (Cottage Health System), 5.00%, 11/1/40
    1,245       1,136,150      
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34
    1,150       1,056,701      
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36
    1,350       1,219,306      
California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32
    1,565       1,559,069      
California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29
    1,750       1,736,770      
California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28
    1,500       1,503,855      
Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31
    1,900       1,870,588      
Washington Township Health Care District, 5.00%, 7/1/32
    2,780       2,416,793      
Washington Township Health Care District, 5.25%, 7/1/29
    700       645,407      
 
 
            $ 18,619,094      
 
 
 
 
Housing — 1.2%
 
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29
  $ 690     $ 649,076      
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29
    406       375,144      
 
 
            $ 1,024,220      
 
 
 

 
See Notes to Financial Statements.
10


 

 
Eaton Vance
California Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Industrial Development Revenue — 3.6%
 
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23
  $ 1,235     $ 1,263,047      
California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46
    2,000       1,815,660      
 
 
            $ 3,078,707      
 
 
 
 
Insured – Education — 7.2%
 
California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35
  $ 2,660     $ 2,646,966      
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23
    1,250       1,409,088      
California State University, (AMBAC), 5.00%, 11/1/33
    2,140       2,124,228      
 
 
            $ 6,180,282      
 
 
 
 
Insured – Electric Utilities — 6.7%
 
California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16
  $ 2,500     $ 2,552,625      
California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31
    3,250       3,250,715      
 
 
            $ 5,803,340      
 
 
 
 
Insured – Escrowed / Prerefunded — 3.3%
 
Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26
  $ 5,130     $ 2,858,744      
 
 
            $ 2,858,744      
 
 
 
 
Insured – General Obligations — 5.1%
 
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34
  $ 6,485     $ 1,435,584      
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35
    4,825       992,213      
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25
    4,720       2,014,307      
 
 
            $ 4,442,104      
 
 
 
 
Insured – Hospital — 14.3%
 
California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37
  $ 2,900     $ 2,897,709      
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(3)
    750       724,605      
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27
    15       15,008      
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(3)
    3,735       3,737,054      
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(3)
    5,000       4,930,050      
 
 
            $ 12,304,426      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 11.8%
 
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17
  $ 5,510     $ 4,198,510      
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
    2,000       2,444,580      
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(3)
    3,500       3,527,335      
 
 
            $ 10,170,425      
 
 
 
 
Insured – Special Tax Revenue — 3.0%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 21,285     $ 1,172,378      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    8,355       877,108      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    5,270       514,931      
 
 
            $ 2,564,417      
 
 
 
 
Insured – Transportation — 9.4%
 
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29
  $ 5,000     $ 1,391,450      
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31
    7,950       1,931,850      
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3)
    740       703,525      
San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32
    10,000       1,474,900      
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37
    1,320       1,232,141      
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47
    1,350       1,384,223      
 
 
            $ 8,118,089      
 
 
 

 
See Notes to Financial Statements.
11


 

 
Eaton Vance
California Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Insured – Water and Sewer — 6.5%
 
East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32
  $ 45     $ 46,977      
East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32(3)
    2,000       2,087,860      
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30
    4,400       3,485,636      
 
 
            $ 5,620,473      
 
 
 
 
Other Revenue — 2.2%
 
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32
  $ 385     $ 370,905      
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37
    580       529,627      
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37
    980       576,113      
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47
    640       441,216      
 
 
            $ 1,917,861      
 
 
 
 
Senior Living / Life Care — 1.6%
 
California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.75%, 11/15/26
  $ 175     $ 155,423      
California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36
    700       576,590      
California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41
    600       635,688      
 
 
            $ 1,367,701      
 
 
 
 
Special Tax Revenue — 18.2%
 
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28
  $ 1,000     $ 939,440      
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26
    285       229,528      
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34
    460       330,745      
Corona Public Financing Authority, 5.80%, 9/1/20
    970       970,310      
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    200       172,858      
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    500       389,565      
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27
    1,590       1,488,860      
Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    895       895,304      
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24
    420       419,945      
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29
    750       731,932      
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18
    1,745       1,769,535      
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24
    930       939,151      
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28
    2,400       2,589,744      
Santa Margarita Water District, 6.20%, 9/1/20
    1,095       1,097,289      
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21
    250       250,563      
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30
    490       490,142      
Temecula Unified School District, 5.00%, 9/1/27
    250       222,110      
Temecula Unified School District, 5.00%, 9/1/37
    400       320,204      
Tustin Community Facilities District, 6.00%, 9/1/37
    500       461,585      
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23
    1,000       976,240      
 
 
            $ 15,685,050      
 
 
 
 
Transportation — 12.5%
 
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31
  $ 2,000     $ 2,032,020      
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29
    1,000       1,065,630      
Los Angeles Department of Airports, (Los Angeles International Airport),
5.00%, 5/15/35(3)(4)
    2,120       2,138,995      
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30
    1,500       1,534,875      
Port of Redwood City, (AMT), 5.125%, 6/1/30
    1,170       1,009,640      
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35
    1,500       1,484,460      
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/40
    1,540       1,497,496      
 
 
            $ 10,763,116      
 
 
 

 
See Notes to Financial Statements.
12


 

 
Eaton Vance
California Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Water and Sewer — 2.3%
 
California Department of Water Resources, 5.00%, 12/1/29
  $ 1,840     $ 1,961,201      
 
 
            $ 1,961,201      
 
 
     
Total Tax-Exempt Investments — 177.9%
   
(identified cost $158,745,062)
  $ 153,489,112      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (57.9)%
  $ (49,976,249 )    
 
 
             
Other Assets, Less Liabilities — (20.0)%
  $ (17,220,730 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 86,292,133      
 
 
 
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.
 
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 May 31, 2011, 37.8% 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 13.9% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Amount is less than 0.05%.
 
(3) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(4) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,441,589.

 
See Notes to Financial Statements.
13


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 163.6%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Education — 29.7%
 
Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33
  $ 600     $ 602,040      
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35
    1,080       1,106,039      
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38
    995       918,106      
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32
    1,500       1,512,045      
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35
    1,640       1,888,427      
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)
    1,500       1,559,700      
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38
    415       429,156      
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35
    1,350       1,351,904      
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38
    1,420       1,502,360      
 
 
            $ 10,869,777      
 
 
 
 
Electric Utilities — 7.7%
 
Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30
  $ 1,000     $ 1,015,330      
Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36
    1,870       1,788,187      
 
 
            $ 2,803,517      
 
 
 
 
Escrowed / Prerefunded — 1.2%
 
Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32
  $ 400     $ 437,732      
 
 
            $ 437,732      
 
 
 
 
General Obligations — 8.5%
 
Newton, 5.00%, 4/1/36(2)
  $ 750     $ 786,847      
Plymouth, 5.00%, 5/1/31
    345       369,064      
Plymouth, 5.00%, 5/1/32
    315       335,125      
Wayland, 5.00%, 2/1/33
    510       552,019      
Wayland, 5.00%, 2/1/36
    770       819,426      
Winchester, 5.00%, 4/15/36
    245       257,961      
 
 
            $ 3,120,442      
 
 
 
 
Hospital — 27.7%
 
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32
  $ 600     $ 644,070      
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36
    1,210       1,213,812      
Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31
    400       396,776      
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39
    500       504,435      
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37
    1,135       1,094,639      
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31
    885       890,823      
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33
    755       698,964      
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35
    720       608,760      
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)
    2,000       2,000,960      
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29
    675       674,980      
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39
    1,255       1,145,677      
Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38
    300       256,887      
 
 
            $ 10,130,783      
 
 
 
 
Housing — 14.3%
 
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48
  $ 2,100     $ 1,807,176      
Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40
    1,000       898,330      
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28
    650       633,724      
Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37
    2,000       1,902,460      
 
 
            $ 5,241,690      
 
 
 
 
Industrial Development Revenue — 1.9%
 
Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 695     $ 696,195      
 
 
            $ 696,195      
 
 
 

 
See Notes to Financial Statements.
14


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Education — 10.3%
 
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39
  $ 1,000     $ 1,082,370      
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)
    1,365       1,520,992      
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,165       1,173,050      
 
 
            $ 3,776,412      
 
 
 
 
Insured – Electric Utilities — 1.5%
 
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
  $ 570     $ 560,179      
 
 
            $ 560,179      
 
 
 
 
Insured – General Obligations — 3.2%
 
Massachusetts, (AMBAC), 5.50%, 8/1/30
  $ 1,000     $ 1,180,860      
 
 
            $ 1,180,860      
 
 
 
 
Insured – Hospital — 0.9%
 
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25
  $ 335     $ 337,888      
 
 
            $ 337,888      
 
 
 
 
Insured – Other Revenue — 3.0%
 
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 1,075     $ 1,092,866      
 
 
            $ 1,092,866      
 
 
 
 
Insured – Special Tax Revenue — 13.2%
 
Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
  $ 1,450     $ 1,452,305      
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29
    1,000       1,103,200      
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1)
    1,340       1,371,101      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    7,595       418,333      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    3,005       315,465      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    1,905       186,138      
 
 
            $ 4,846,542      
 
 
 
 
Insured – Student Loan — 5.8%
 
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30
  $ 425     $ 444,346      
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33
    1,885       1,696,839      
 
 
            $ 2,141,185      
 
 
 
 
Insured – Transportation — 3.4%
 
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32
  $ 315     $ 293,798      
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38
    1,055       947,643      
 
 
            $ 1,241,441      
 
 
 
 
Nursing Home — 1.4%
 
Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29
  $ 535     $ 497,175      
 
 
            $ 497,175      
 
 
 
 
Other Revenue — 3.0%
 
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22
  $ 500     $ 547,290      
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25
    505       535,270      
 
 
            $ 1,082,560      
 
 
 
 
Senior Living / Life Care — 5.8%
 
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31
  $ 250     $ 211,443      
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29
    1,500       1,368,915      
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30
    125       124,341      
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27
    140       104,283      
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41
    475       318,635      
 
 
            $ 2,127,617      
 
 
 

 
See Notes to Financial Statements.
15


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Special Tax Revenue — 6.9%
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31
  $ 1,665     $ 595,920      
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34
    5,195       1,518,499      
Virgin Islands Public Finance Authority, 5.00%, 10/1/39
    75       65,756      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    335       351,117      
 
 
            $ 2,531,292      
 
 
 
 
Transportation — 5.9%
 
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37
  $ 1,500     $ 1,486,035      
Massachusetts Port Authority, 5.00%, 7/1/34
    670       687,936      
 
 
            $ 2,173,971      
 
 
 
 
Water and Sewer — 8.3%
 
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
  $ 910     $ 1,043,324      
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
    990       1,127,819      
Massachusetts Water Resources Authority, 4.00%, 8/1/46
    1,000       876,670      
 
 
            $ 3,047,813      
 
 
     
Total Tax-Exempt Investments — 163.6%
   
(identified cost $61,079,163)
  $ 59,937,937      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (54.7)%
  $ (20,050,167 )    
 
 
             
Other Assets, Less Liabilities — (8.9)%
  $ (3,260,269 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 36,627,501      
 
 
 
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 May 31, 2011, 25.3% 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 1.3% to 14.6% of total investments.
 
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 
See Notes to Financial Statements.
16


 

 
Eaton Vance
Michigan Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 162.6%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Education — 10.3%
 
Grand Valley State University, 5.625%, 12/1/29
  $ 525     $ 549,848      
Grand Valley State University, 5.75%, 12/1/34
    525       544,499      
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35
    200       187,316      
Michigan State University, 5.00%, 2/15/40
    1,000       1,022,960      
Michigan State University, 5.00%, 2/15/44
    460       467,926      
 
 
            $ 2,772,549      
 
 
 
 
Electric Utilities — 0.2%
 
Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29
  $ 60     $ 60,067      
 
 
            $ 60,067      
 
 
 
 
Escrowed / Prerefunded — 12.5%
 
Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34
  $ 560     $ 629,770      
Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27
    1,250       1,318,162      
Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36
    750       775,658      
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31
    600       638,520      
 
 
            $ 3,362,110      
 
 
 
 
General Obligations — 25.6%
 
Ann Arbor School District, 4.50%, 5/1/24
  $ 350     $ 355,856      
Charter County of Wayne, 6.75%, 11/1/39
    495       510,310      
Comstock Park Public Schools, 5.00%, 5/1/28
    230       233,133      
Comstock Park Public Schools, 5.125%, 5/1/31
    275       277,329      
Comstock Park Public Schools, 5.25%, 5/1/33
    220       223,304      
East Grand Rapids Public School District, 5.00%, 5/1/25
    500       506,865      
Jenison Public Schools, 5.00%, 5/1/28
    500       506,810      
Jenison Public Schools, 5.00%, 5/1/30
    500       502,895      
Kent County, 5.00%, 1/1/25
    1,500       1,602,795      
Manistee Area Public Schools, 5.00%, 5/1/24
    750       759,757      
Michigan, 5.00%, 11/1/20
    1,000       1,134,530      
Michigan, 5.50%, 11/1/25
    270       295,421      
 
 
            $ 6,909,005      
 
 
 
 
Hospital — 26.2%
 
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25
  $ 185     $ 161,298      
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37
    125       102,731      
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47
    275       309,694      
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18
    410       408,376      
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38
    750       634,575      
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46
    1,000       857,770      
Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35
    1,080       1,027,588      
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21
    750       752,160      
Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39
    500       512,210      
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27
    1,000       1,024,320      
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26
    425       381,501      
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30
    1,000       911,570      
 
 
            $ 7,083,793      
 
 
 
 
Housing — 3.4%
 
Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48
  $ 1,000     $ 913,650      
 
 
            $ 913,650      
 
 
 
 
Industrial Development Revenue — 6.6%
 
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21
  $ 750     $ 525,525      
Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16
    800       810,224      
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26
    550       445,780      
 
 
            $ 1,781,529      
 
 
 
 
Insured – Education — 5.9%
 
Ferris State University, (AGC), 5.125%, 10/1/33
  $ 570     $ 583,954      
Ferris State University, (AGC), 5.25%, 10/1/38
    500       511,410      
Wayne State University, (AGM), 5.00%, 11/15/35
    500       507,290      
 
 
            $ 1,602,654      
 
 
 

 
See Notes to Financial Statements.
17


 

 
Eaton Vance
Michigan Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Electric Utilities — 9.3%
 
Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT), 5.55%, 9/1/29
  $ 1,000     $ 1,000,650      
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
    400       398,152      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30
    220       215,576      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34
    500       480,585      
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
    435       427,505      
 
 
            $ 2,522,468      
 
 
 
 
Insured – Escrowed / Prerefunded — 3.7%
 
Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31
  $ 1,000     $ 1,004,130      
 
 
            $ 1,004,130      
 
 
 
 
Insured – General Obligations — 15.3%
 
Battle Creek School District, (AGM), 5.00%, 5/1/37
  $ 1,105     $ 1,115,939      
Byron Center Public Schools, (AGM), 3.75%, 5/1/26
    650       589,836      
Byron Center Public Schools, (AGM), 4.00%, 5/1/28
    290       264,486      
Detroit School District, (AGM), 5.25%, 5/1/32
    300       295,680      
Detroit School District, (FGIC), 4.75%, 5/1/28(1)
    650       608,634      
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38
    1,250       1,261,225      
 
 
            $ 4,135,800      
 
 
 
 
Insured – Hospital — 3.3%
 
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35
  $ 985     $ 881,585      
 
 
            $ 881,585      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 6.1%
 
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
  $ 1,000     $ 333,340      
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
    4,300       1,305,480      
 
 
            $ 1,638,820      
 
 
 
 
Insured – Special Tax Revenue — 2.5%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 5,160     $ 284,213      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    2,430       255,101      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    1,470       143,634      
 
 
            $ 682,948      
 
 
 
 
Insured – Student Loan — 3.7%
 
Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,000     $ 1,009,340      
 
 
            $ 1,009,340      
 
 
 
 
Insured – Transportation — 3.5%
 
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32
  $ 1,000     $ 954,650      
 
 
            $ 954,650      
 
 
 
 
Insured – Water and Sewer — 11.5%
 
Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36
  $ 560     $ 521,399      
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
    1,650       1,556,907      
Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39
    1,000       1,029,410      
 
 
            $ 3,107,716      
 
 
 
 
Other Revenue — 3.2%
 
Lansing Board of Water and Light, 5.50%, 7/1/41(2)
  $ 500     $ 523,015      
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
    500       345,130      
 
 
            $ 868,145      
 
 
 
 
Special Tax Revenue — 1.3%
 
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
  $ 115     $ 114,935      
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
    125       125,166      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    110       115,292      
 
 
            $ 355,393      
 
 
 
 
Water and Sewer — 8.5%
 
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
  $ 790     $ 861,455      
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29
    600       640,596      

 
See Notes to Financial Statements.
18


 

 
Eaton Vance
Michigan Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Water and Sewer (continued)
 
                     
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30
  $ 500     $ 533,580      
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(3)
    250       254,193      
 
 
            $ 2,289,824      
 
 
     
Total Tax-Exempt Investments — 162.6%
   
(identified cost $45,354,597)
  $ 43,936,176      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (64.8)%
  $ (17,500,876 )    
 
 
             
Other Assets, Less Liabilities — 2.2%
  $ 582,404      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 27,017,704      
 
 
 
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 May 31, 2011, 39.9% 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 14.3% of total investments.
 
(1) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
 
(2) When-issued security.
 
(3) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 
See Notes to Financial Statements.
19


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 166.0%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Education — 26.7%
 
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27
  $ 250     $ 243,920      
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33
    250       227,430      
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37
    220       202,301      
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36
    2,560       2,620,262      
New Jersey Educational Facilities Authority, (Princeton University), 4.25%, 7/1/40
    3,485       3,380,101      
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)
    3,500       3,519,915      
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27
    1,650       1,609,872      
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32
    965       1,085,577      
Rutgers State University, 5.00%, 5/1/39(1)
    3,150       3,233,759      
 
 
            $ 16,123,137      
 
 
 
 
Electric Utilities — 2.5%
 
Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
  $ 1,500     $ 1,501,995      
 
 
            $ 1,501,995      
 
 
 
 
Escrowed / Prerefunded — 0.6%
 
New Jersey Transportation Trust Fund Authority, (Transportation System), Prerefunded to 12/15/18, 6.00%, 12/15/38
  $ 285     $ 366,550      
 
 
            $ 366,550      
 
 
 
 
General Obligations — 6.6%
 
Monmouth County Improvement Authority, (Governmental Pooled Loan),
5.00%, 1/15/28(2)
  $ 1,850     $ 2,034,482      
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/30
    1,795       1,948,329      
 
 
            $ 3,982,811      
 
 
 
Hospital — 21.4%
 
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35
  $ 90     $ 73,222      
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34
    1,495       1,359,418      
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27
    2,320       2,330,881      
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37
    2,370       2,305,939      
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39
    915       888,904      
New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31
    1,525       1,505,953      
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31
    1,000       998,700      
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46
    2,530       2,326,462      
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33
    1,075       1,112,840      
 
 
            $ 12,902,319      
 
 
 
 
Housing — 3.6%
 
New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37
  $ 680     $ 624,193      
New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37
    1,640       1,561,083      
 
 
            $ 2,185,276      
 
 
 
 
Industrial Development Revenue — 12.8%
 
Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32
  $ 500     $ 500,745      
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34
    540       542,554      
New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47
    1,610       1,475,758      
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29
    215       200,154      
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33
    750       779,730      
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23
    220       231,343      
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39
    2,235       2,239,493      
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22
    2,080       1,732,079      
 
 
            $ 7,701,856      
 
 
 

 
See Notes to Financial Statements.
20


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Education — 1.1%
 
New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28
  $ 825     $ 678,125      
 
 
            $ 678,125      
 
 
 
 
Insured – Gas Utilities — 8.1%
 
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90%,to 10/1/25 (Put Date), 10/1/40
  $ 4,775     $ 4,863,290      
 
 
            $ 4,863,290      
 
 
 
 
Insured – General Obligations — 2.3%
 
Lakewood Township, (AGC), 5.75%, 11/1/31
  $ 1,240     $ 1,375,346      
 
 
            $ 1,375,346      
 
 
 
 
Insured – Hospital — 6.7%
 
New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)
  $ 750     $ 756,817      
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38
    1,420       1,394,099      
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1)
    500       490,880      
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38
    1,380       1,413,838      
 
 
            $ 4,055,634      
 
 
 
 
Insured – Housing — 5.4%
 
New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34
  $ 3,390     $ 3,282,537      
 
 
            $ 3,282,537      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 4.4%
 
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34
  $ 1,500     $ 1,559,475      
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28
    1,000       1,072,270      
 
 
            $ 2,631,745      
 
 
 
 
Insured – Other Revenue — 1.7%
 
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39
  $ 1,015     $ 1,049,896      
 
 
            $ 1,049,896      
 
 
 
 
Insured – Special Tax Revenue — 11.7%
 
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25
  $ 6,000     $ 3,050,760      
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26
    4,315       1,878,578      
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27
    2,020       818,060      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    7,185       395,750      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    5,445       571,616      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    3,425       334,657      
 
 
            $ 7,049,421      
 
 
 
 
Insured – Student Loan — 4.1%
 
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30
  $ 2,385     $ 2,498,120      
 
 
            $ 2,498,120      
 
 
 
 
Insured – Transportation — 4.1%
 
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26
  $ 1,960     $ 877,394      
New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31
    4,000       1,249,040      
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
    315       335,831      
 
 
            $ 2,462,265      
 
 
 
 
Insured – Water and Sewer — 3.2%
 
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25
  $ 1,940     $ 1,952,862      
 
 
            $ 1,952,862      
 
 
 

 
See Notes to Financial Statements.
21


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Lease Revenue / Certificates of Participation — 5.5%
 
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33
  $ 1,500     $ 1,530,015      
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38
    1,760       1,759,859      
 
 
            $ 3,289,874      
 
 
 
 
Other Revenue — 7.1%
 
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50
  $ 7,200     $ 240,408      
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55
    13,280       209,160      
New Jersey Economic Development Authority, (Duke Farms Foundation),
5.00%, 7/1/48(1)
    2,700       2,754,567      
Port Authority of New York and New Jersey, (JFK International Air Terminal LLC), 6.00%, 12/1/42
    500       499,720      
Tobacco Settlement Financing Corp., 5.00%, 6/1/41
    900       576,126      
 
 
            $ 4,279,981      
 
 
 
 
Senior Living / Life Care — 3.0%
 
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28
  $ 465     $ 444,005      
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38
    770       712,920      
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36
    815       644,958      
 
 
            $ 1,801,883      
 
 
 
 
Special Tax Revenue — 2.1%
 
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27
  $ 100     $ 91,934      
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37
    175       148,256      
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37
    500       505,535      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    500       524,055      
 
 
            $ 1,269,780      
 
 
 
 
Student Loan — 4.1%
 
New Jersey Higher Education Student Assistance Authority, (AMT), Variable Rate, 1.261%, 6/1/36(1)(3)(4)
  $ 2,500     $ 2,440,875      
 
 
            $ 2,440,875      
 
 
 
 
Transportation — 17.2%
 
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
  $ 1,060     $ 1,065,470      
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
    1,080       1,080,324      
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38
    250       262,075      
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38
    530       567,227      
New Jersey Turnpike Authority, 5.25%, 1/1/40
    3,600       3,666,312      
Port Authority of New York and New Jersey, 4.50%, 11/1/33
    480       477,634      
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)
    1,995       2,072,166      
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33
    1,175       1,176,986      
 
 
            $ 10,368,194      
 
 
     
Total Tax-Exempt Investments — 166.0%
   
(identified cost $101,184,794)
  $ 100,113,772      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (55.4)%
  $ (33,425,836 )    
 
 
             
Other Assets, Less Liabilities — (10.6)%
  $ (6,388,407 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 60,299,529      
 
 
 
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 May 31, 2011, 31.9% 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 2.1% to 10.9% of total investments.
 
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

 
See Notes to Financial Statements.
22


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(3) Variable rate security. The stated interest rate represents the rate in effect at May 31, 2011.
 
(4) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $440,875.

 
See Notes to Financial Statements.
23


 

 
Eaton Vance
New York Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 171.8%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Cogeneration — 1.5%
 
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23
  $ 1,150     $ 1,020,832      
 
 
            $ 1,020,832      
 
 
 
 
Education — 26.3%
 
Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33
  $ 315     $ 317,095      
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34
    1,490       1,541,718      
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39
    325       333,125      
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33
    510       546,001      
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)
    1,000       1,043,870      
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41
    725       765,005      
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34
    510       534,317      
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39
    2,000       2,077,360      
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36
    1,000       1,039,580      
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33
    2,250       2,426,512      
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40
    2,500       2,579,550      
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27
    325       344,399      
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29
    400       424,920      
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40
    1,495       1,481,261      
New York Dormitory Authority, (The New School), 5.50%, 7/1/40
    2,000       2,058,220      
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29
    280       273,258      
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40
    735       697,236      
 
 
            $ 18,483,427      
 
 
 
 
Electric Utilities — 4.5%
 
Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33
  $ 1,420     $ 1,559,984      
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27
    1,645       1,620,522      
 
 
            $ 3,180,506      
 
 
 
 
General Obligations — 16.3%
 
New York, 5.00%, 2/15/34(2)
  $ 4,000     $ 4,224,880      
New York City, 5.25%, 9/15/33(2)
    6,000       6,076,200      
New York City, 6.25%, 10/15/28
    1,000       1,142,310      
 
 
            $ 11,443,390      
 
 
 
 
Health Care – Miscellaneous — 2.8%
 
New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29
  $ 1,115     $ 903,663      
New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22
    1,200       914,712      
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15
    50       50,704      
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15
    100       101,408      
 
 
            $ 1,970,487      
 
 
 
 
Hospital — 23.7%
 
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30
  $ 130     $ 133,507      
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40
    960       962,640      
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18
    1,165       1,104,839      
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25
    2,490       2,469,383      
Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21
    400       402,820      
New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30
    1,500       1,491,165      
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33
    2,000       1,909,380      
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26
    1,000       1,019,710      
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34
    845       810,093      
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37
    1,250       1,254,712      

 
See Notes to Financial Statements.
24


 

 
Eaton Vance
New York Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Hospital (continued)
 
                     
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29
  $ 415     $ 392,723      
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37
    835       780,391      
Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19
    1,250       1,194,612      
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32
    650       604,884      
Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22
    2,105       2,146,911      
 
 
            $ 16,677,770      
 
 
 
 
Housing — 16.7%
 
New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39
  $ 1,500     $ 1,412,700      
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40
    2,620       2,535,584      
New York Housing Finance Agency, 5.25%, 11/1/41
    1,000       1,003,290      
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42
    2,625       2,605,286      
New York Mortgage Agency, (AMT), 4.875%, 10/1/30
    1,500       1,430,340      
New York Mortgage Agency, (AMT), 4.90%, 10/1/37
    1,930       1,795,093      
New York Mortgage Agency, (AMT), 5.125%, 10/1/37
    1,000       965,600      
 
 
            $ 11,747,893      
 
 
 
 
Industrial Development Revenue — 9.3%
 
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32
  $ 1,000     $ 1,046,040      
New York City Industrial Development Agency, (American Airlines, Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12
    1,500       1,549,080      
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35
    1,000       1,001,290      
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34
    2,500       2,501,900      
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15
    430       434,816      
 
 
            $ 6,533,126      
 
 
 
 
Insured – Education — 6.3%
 
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35
  $ 1,250     $ 1,203,950      
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(2)
    1,500       1,538,145      
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33
    5,365       1,667,603      
 
 
            $ 4,409,698      
 
 
 
 
Insured – Electric Utilities — 2.1%
 
Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33
  $ 1,365     $ 1,497,746      
 
 
            $ 1,497,746      
 
 
 
 
Insured – Escrowed / Prerefunded — 1.7%
 
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
  $ 855     $ 491,095      
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
    1,280       694,272      
 
 
            $ 1,185,367      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 3.7%
 
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
  $ 3,135     $ 2,626,503      
 
 
            $ 2,626,503      
 
 
 
 
Insured – Other Revenue — 2.7%
 
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31
  $ 2,645     $ 835,635      
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32
    3,625       1,071,659      
 
 
            $ 1,907,294      
 
 
 
 
Insured – Special Tax Revenue — 5.6%
 
New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45
  $ 995     $ 908,017      
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34
    4,440       859,984      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    19,745       1,087,554      

 
See Notes to Financial Statements.
25


 

 
Eaton Vance
New York Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Insured – Special Tax Revenue (continued)
 
                     
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
  $ 6,705     $ 703,891      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    4,225       412,825      
 
 
            $ 3,972,271      
 
 
 
 
Insured – Transportation — 2.8%
 
Metropolitan Transportation Authority, (AGC), 4.50%, 11/15/38
  $ 590     $ 559,261      
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29
    1,475       1,422,623      
 
 
            $ 1,981,884      
 
 
 
 
Insured – Water and Sewer — 1.3%
 
Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
  $ 1,000     $ 897,860      
 
 
            $ 897,860      
 
 
 
 
Lease Revenue / Certificates of Participation — 4.0%
 
New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38
  $ 1,875     $ 1,765,350      
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31
    1,000       1,066,890      
 
 
            $ 2,832,240      
 
 
 
 
Other Revenue — 5.0%
 
Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26
  $ 1,285     $ 816,489      
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31
    3,120       875,691      
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40
    380       382,356      
New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31
    1,415       1,474,388      
 
 
            $ 3,548,924      
 
 
 
 
Senior Living / Life Care — 2.8%
 
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29
  $ 1,450     $ 1,273,216      
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40
    665       667,387      
 
 
            $ 1,940,603      
 
 
 
 
Special Tax Revenue — 9.0%
 
Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34
  $ 1,500     $ 1,529,490      
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(2)(3)
    2,100       2,285,724      
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38
    1,000       1,044,410      
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32
    900       930,294      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    545       571,220      
 
 
            $ 6,361,138      
 
 
 
 
Transportation — 10.7%
 
Metropolitan Transportation Authority, 5.00%, 11/15/37
  $ 790     $ 773,521      
Port Authority of New York and New Jersey, 5.00%, 11/15/37(2)
    1,900       1,943,586      
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33
    960       920,592      
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)
    990       1,028,293      
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34
    10       10,467      
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(2)
    2,740       2,867,985      
 
 
            $ 7,544,444      
 
 
 
 
Water and Sewer — 13.0%
 
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34
  $ 585     $ 184,591      
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35
    325       95,999      
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(2)
    3,105       3,392,647      
New York Environmental Facilities Corp., 5.00%, 10/15/39
    1,730       1,808,715      

 
See Notes to Financial Statements.
26


 

 
Eaton Vance
New York Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Water and Sewer (continued)
 
                     
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37(2)
  $ 2,535     $ 2,633,155      
Saratoga County Water Authority, 5.00%, 9/1/48
    1,000       1,010,160      
 
 
            $ 9,125,267      
 
 
     
Total Tax-Exempt Investments — 171.8%
   
(identified cost $122,256,323)
  $ 120,888,670      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (47.9)%
  $ (33,726,407 )    
 
 
             
Other Assets, Less Liabilities — (23.9)%
  $ (16,814,127 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 70,348,136      
 
 
 
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
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 May 31, 2011, 15.3% 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 2.0% to 6.6% 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 municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(3) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $710,724.

 
See Notes to Financial Statements.
27


 

 
Eaton Vance
Ohio Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 158.5%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 11.3%
 
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25
  $ 550     $ 559,086      
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22
    1,020       1,059,117      
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32
    1,245       1,260,463      
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25
    295       254,369      
Toledo-Lucas County Port Authority, 5.40%, 5/15/19
    1,100       980,694      
 
 
            $ 4,113,729      
 
 
 
 
Education — 15.2%
 
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44
  $ 500     $ 472,230      
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44
    1,250       1,228,750      
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36
    1,000       1,016,880      
Ohio State University, 5.00%, 12/1/28
    500       544,350      
Ohio State University, 5.00%, 12/1/30
    1,675       1,802,233      
University of Cincinnati, 5.00%, 6/1/34
    500       500,185      
 
 
            $ 5,564,628      
 
 
 
 
Electric Utilities — 2.1%
 
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14
  $ 255     $ 254,985      
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40
    500       506,680      
 
 
            $ 761,665      
 
 
 
 
Escrowed / Prerefunded — 2.8%
 
Mahoning County, (Career and Technical Center), Prerefunded to 12/1/11, 6.25%, 12/1/36
  $ 1,000     $ 1,029,010      
 
 
            $ 1,029,010      
 
 
 
 
General Obligations — 22.5%
 
Barberton City School District, 4.50%, 12/1/33
  $ 1,000     $ 957,540      
Beavercreek City School District, 5.00%, 12/1/30
    1,750       1,842,470      
Central Ohio Solid Waste Authority, 5.125%, 9/1/27
    1,090       1,158,332      
Columbus, 5.00%, 7/1/23(1)
    500       528,170      
Columbus City School District, 5.00%, 12/1/29
    1,000       1,059,990      
Huber Heights City School District, 4.75%, 12/1/25
    595       617,158      
Maple Heights City School District, 5.00%, 1/15/37
    1,000       1,012,400      
Symmes Township, Hamilton County, (Parkland Acquisition & Improvement), 5.25%, 12/1/37
    1,000       1,066,620      
 
 
            $ 8,242,680      
 
 
 
 
Hospital — 13.9%
 
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34
  $ 800     $ 785,880      
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34
    750       756,097      
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
    500       500,635      
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34
    500       514,180      
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39
    1,000       1,019,810      
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40
    600       559,812      
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 4.75%, 1/15/46
    730       599,323      
Richland County Hospital Facilities, (MedCentral Health Systems), 6.375%, 11/15/22
    330       333,739      
 
 
            $ 5,069,476      
 
 
 
 
Housing — 11.0%
 
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27
  $ 965     $ 902,545      
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37
    500       456,980      
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31
    325       314,915      
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48
    2,500       2,362,850      
 
 
            $ 4,037,290      
 
 
 
 
Industrial Development Revenue — 8.5%
 
Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27
  $ 750     $ 633,863      
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38
    2,250       2,250,675      
Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15
    225       229,646      
 
 
            $ 3,114,184      
 
 
 

 
See Notes to Financial Statements.
28


 

 
Eaton Vance
Ohio Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Education — 13.3%
 
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30
  $ 750     $ 772,185      
Kent State University, (AGC), 5.00%, 5/1/26
    1,000       1,050,280      
Kent State University, (AGC), 5.00%, 5/1/29
    465       478,294      
Miami University, (AMBAC), 3.25%, 9/1/26
    635       554,146      
University of Akron, Series A, (AGM), 5.00%, 1/1/38
    1,500       1,518,810      
University of Akron, Series B, (AGM), 5.00%, 1/1/38
    500       505,990      
 
 
            $ 4,879,705      
 
 
 
 
Insured – Electric Utilities — 13.2%
 
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39
  $ 1,000     $ 1,038,000      
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
    710       289,346      
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
    2,000       391,020      
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25
    830       405,140      
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26
    3,000       1,364,460      
Ohio Water Development Authority, (Dayton Power & Light), (FGIC), 4.80%, 1/1/34
    425       411,043      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30
    210       205,777      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34
    250       240,292      
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
    500       500,235      
 
 
            $ 4,845,313      
 
 
 
 
Insured – General Obligations — 18.0%
 
Brookfield Local School District, (AGM), 5.00%, 1/15/30
  $ 200     $ 205,950      
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36
    500       511,930      
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30
    2,455       872,875      
Cincinnati City School District, (FGIC), (NPFG), 5.25%, 12/1/30
    1,000       1,100,120      
Madeira City School District, (AGM), 3.50%, 12/1/27
    1,500       1,322,610      
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36
    1,750       1,797,442      
St. Marys City School District, (AGM), 5.00%, 12/1/35
    750       757,718      
 
 
            $ 6,568,645      
 
 
 
 
Insured – Hospital — 6.3%
 
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32
  $ 545     $ 455,408      
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28
    1,500       1,351,155      
Lorain County, (Catholic Healthcare Partners), (AGM), Variable Rate,
14.896%, 2/1/29(2)(3)(4)
    485       490,005      
 
 
            $ 2,296,568      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 1.1%
 
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33
  $ 500     $ 399,965      
 
 
            $ 399,965      
 
 
 
 
Insured – Special Tax Revenue — 3.0%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 9,905     $ 545,568      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    3,340       350,633      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    2,100       205,191      
 
 
            $ 1,101,392      
 
 
 
 
Insured – Transportation — 6.2%
 
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24
  $ 1,000     $ 1,123,560      
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26
    1,000       1,154,000      
 
 
            $ 2,277,560      
 
 
 
 
Insured – Water and Sewer — 2.2%
 
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/46
  $ 215     $ 201,546      
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%, 12/1/47
    625       585,506      
 
 
            $ 787,052      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.4%
 
Franklin County Convention Facilities Authority, 5.00%, 12/1/27
  $ 500     $ 525,885      
 
 
            $ 525,885      
 
 
 

 
See Notes to Financial Statements.
29


 

 
Eaton Vance
Ohio Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Other Revenue — 3.8%
 
Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47
  $ 710     $ 486,847      
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27
    1,000       893,630      
 
 
            $ 1,380,477      
 
 
 
 
Special Tax Revenue — 1.2%
 
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
  $ 155     $ 154,912      
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
    170       170,226      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    110       115,292      
 
 
            $ 440,430      
 
 
 
 
Water and Sewer — 1.5%
 
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28
  $ 250     $ 270,957      
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30
    250       267,400      
 
 
            $ 538,357      
 
 
     
Total Tax-Exempt Investments — 158.5%
   
(identified cost $58,960,576)
  $ 57,974,011      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (62.1)%
  $ (22,726,328 )    
 
 
             
Other Assets, Less Liabilities — 3.6%
  $ 1,333,288      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 36,580,971      
 
 
 
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 May 31, 2011, 39.9% 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 17.3% 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 May 31, 2011, the aggregate value of these securities is $490,005 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 held by the trust that issued the residual interest bond. 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 held by the trust that issued the residual interest bond.
 
(4) Security has been issued as a leveraged residual interest bond. The stated interest rate represents the rate in effect at May 31, 2011.

 
See Notes to Financial Statements.
30


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited)

 
 
                     
Tax-Exempt Investments — 159.9%
 
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 2.8%
 
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
  $ 1,000     $ 1,012,790      
 
 
            $ 1,012,790      
 
 
 
 
Cogeneration — 2.3%
 
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13
  $ 100     $ 65,838      
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19
    500       278,120      
Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15
    475       460,237      
 
 
            $ 804,195      
 
 
 
 
Education — 17.8%
 
Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31
  $ 1,050     $ 1,099,948      
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39
    500       513,795      
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39
    1,200       1,208,724      
Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39
    500       511,350      
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40
    625       597,638      
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40
    625       625,169      
Pennsylvania State University, 5.00%, 3/1/40
    500       518,435      
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31
    750       771,885      
Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30
    500       513,770      
 
 
            $ 6,360,714      
 
 
 
 
Electric Utilities — 1.7%
 
York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20
  $ 600     $ 610,980      
 
 
            $ 610,980      
 
 
 
 
Escrowed / Prerefunded — 1.8%
 
Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27
  $ 600     $ 649,038      
 
 
            $ 649,038      
 
 
 
 
General Obligations — 7.4%
 
Chester County, 5.00%, 7/15/27(1)
  $ 500     $ 552,790      
Daniel Boone Area School District, 5.00%, 8/15/32
    1,000       1,025,150      
Philadelphia School District, 6.00%, 9/1/38
    1,000       1,050,490      
 
 
            $ 2,628,430      
 
 
 
 
Hospital — 22.5%
 
Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34
  $ 500     $ 507,870      
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40
    750       721,155      
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29
    750       760,447      
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32
    1,215       1,218,475      
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39
    750       695,017      
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43
    1,500       1,377,015      
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33
    250       232,148      
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(2)
    1,000       1,101,700      
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31
    675       669,094      
South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29
    250       241,925      
Washington County Hospital Authority, (Monongahela Hospital), 5.50%, 6/1/17
    500       514,225      
 
 
            $ 8,039,071      
 
 
 
 
Housing — 16.6%
 
Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37
  $ 460     $ 432,874      
Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35
    1,115       1,081,661      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37
    875       804,352      

 
See Notes to Financial Statements.
31


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
Housing (continued)
 
                     
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25
  $ 500     $ 488,785      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26
    910       896,250      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31
    500       476,700      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37
    975       923,871      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37
    870       839,559      
 
 
            $ 5,944,052      
 
 
 
 
Industrial Development Revenue — 10.6%
 
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39
  $ 200     $ 201,146      
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42
    750       725,977      
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39
    250       266,725      
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31
    1,000       1,038,330      
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27
    500       481,560      
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26
    1,325       1,073,926      
 
 
            $ 3,787,664      
 
 
 
 
Insured – Education — 12.5%
 
Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37
  $ 500     $ 512,105      
Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32
    1,675       1,574,734      
Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37
    1,115       1,109,336      
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29
    375       387,574      
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32
    875       890,899      
 
 
            $ 4,474,648      
 
 
 
 
Insured – Escrowed / Prerefunded — 9.0%
 
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27
  $ 1,600     $ 1,615,904      
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19
    2,000       1,598,180      
 
 
            $ 3,214,084      
 
 
 
 
Insured – General Obligations — 4.6%
 
Beaver County, (AGM), 5.55%, 11/15/31
  $ 500     $ 528,115      
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
    750       796,680      
West Mifflin Area School District, (AGM), 5.125%, 4/1/31
    300       311,679      
 
 
            $ 1,636,474      
 
 
 
 
Insured – Hospital — 11.0%
 
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24
  $ 250     $ 293,275      
Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26
    355       354,979      
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35
    1,440       1,401,595      
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
    1,900       1,884,971      
 
 
            $ 3,934,820      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 4.9%
 
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
  $ 500     $ 512,420      
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27
    1,195       1,222,127      
 
 
            $ 1,734,547      
 
 
 
 
 
Insured – Special Tax Revenue — 3.1%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 9,870     $ 543,640      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    3,350       351,683      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46
    2,100       205,191      
 
 
            $ 1,100,514      
 
 
 

 
See Notes to Financial Statements.
32


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
May 31, 2011
 
 
Portfolio of Investments (Unaudited) — continued

 
 
                     
    Principal Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Transportation — 9.0%
 
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27
  $ 500     $ 492,135      
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29
    1,005       1,005,261      
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)
    1,800       1,711,278      
 
 
            $ 3,208,674      
 
 
 
 
Insured – Water and Sewer — 3.9%
 
Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35
  $ 500     $ 511,965      
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36
    525       511,345      
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31
    360       361,083      
 
 
            $ 1,384,393      
 
 
 
 
Senior Living / Life Care — 3.9%
 
Cliff House Trust, (AMT), 6.625%, 6/1/27(3)
  $ 1,000     $ 524,080      
Lancaster County Hospital Authority, (Willow Valley Retirement Communities), 5.875%, 6/1/31
    500       500,450      
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24
    200       194,642      
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30
    200       183,648      
 
 
            $ 1,402,820      
 
 
 
 
Special Tax Revenue — 0.3%
 
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
  $ 110     $ 115,292      
 
 
            $ 115,292      
 
 
 
 
Transportation — 10.9%
 
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
  $ 465     $ 467,399      
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
    285       285,086      
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31
    270       271,269      
Pennsylvania Turnpike Commission, 5.25%, 6/1/39
    1,000       993,470      
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30
    1,430       1,103,016      
Pennsylvania Turnpike Commission, 5.625%, 6/1/29
    750       777,180      
 
 
            $ 3,897,420      
 
 
 
 
Utilities — 1.6%
 
Philadelphia Gas Works, 5.25%, 8/1/40
  $ 600     $ 577,020      
 
 
            $ 577,020      
 
 
 
 
Water and Sewer — 1.7%
 
Harrisburg Water Authority, 5.25%, 7/15/31
  $ 750     $ 618,510      
 
 
            $ 618,510      
 
 
     
Total Tax-Exempt Investments — 159.9%
   
(identified cost $58,173,302)
  $ 57,136,150      
 
 
     
Auction Preferred Shares Plus Cumulative
   
Unpaid Dividends — (59.2)%
  $ (21,175,177 )    
 
 
             
Other Assets, Less Liabilities — (0.7)%
  $ (219,238 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 35,741,735      
 
 
 
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.
CIFG
 
- CIFG Assurance North America, Inc.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
SFMR
 
- Single Family Mortgage Revenue
 
The Trust invests primarily in debt securities issued by Pennsylvania 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 May 31, 2011, 36.2% 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 3.0% to 12.2% 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 municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(3) Security is in default and making only partial interest payments.

 
See Notes to Financial Statements.
33


 

 
Eaton Vance
Municipal Income Trusts
 
May 31, 2011
 
 
Statements of Assets and Liabilities (Unaudited)

 
                                     
    May 31, 2011    
   
Assets   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
Investments —
                                   
Identified cost
  $ 158,745,062     $ 61,079,163     $ 45,354,597     $ 101,184,794      
Unrealized depreciation
    (5,255,950 )     (1,141,226 )     (1,418,421 )     (1,071,022 )    
 
 
Investments, at value
  $ 153,489,112     $ 59,937,937     $ 43,936,176     $ 100,113,772      
 
 
Cash
  $ 417,371     $ 773,940     $ 591,187     $ 3,622,267      
Interest receivable
    1,917,029       1,034,286       584,012       1,560,607      
Receivable for investments sold
    274,199                   14,992      
Deferred debt issuance costs
    30,191       3,507             3,779      
 
 
Total assets
  $ 156,127,902     $ 61,749,670     $ 45,111,375     $ 105,315,417      
 
 
                                     
                                     
 
Liabilities
 
Payable for floating rate notes issued
  $ 19,555,000     $ 4,885,000     $     $ 11,255,000      
Payable for when-issued securities
                521,545            
Payable for variation margin on open financial futures contracts
    31,563       8,438       2,141       31,250      
Payable for open swap contracts
    92,711       97,250       10,867       168,931      
Payable to affiliates:
                                   
Investment adviser fee
    81,950       32,818       25,165       55,673      
Administration fee
    24,463       9,796       7,512       16,619      
Trustees’ fees
    863       393       320       608      
Interest expense and fees payable
    27,591       11,144             27,060      
Accrued expenses
    45,379       27,163       25,245       34,911      
 
 
Total liabilities
  $ 19,859,520     $ 5,072,002     $ 592,795     $ 11,590,052      
 
 
Auction preferred shares at liquidation value plus cumulative unpaid dividends
  $ 49,976,249     $ 20,050,167     $ 17,500,876     $ 33,425,836      
 
 
Net assets applicable to common shares
  $ 86,292,133     $ 36,627,501     $ 27,017,704     $ 60,299,529      
 
 
                                     
                                     
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized
  $ 72,271     $ 27,429     $ 21,163     $ 46,604      
Additional paid-in capital
    104,758,339       39,617,128       30,471,851       66,954,895      
Accumulated net realized loss
    (14,428,419 )     (2,159,870 )     (2,283,213 )     (5,987,541 )    
Accumulated undistributed net investment income
    1,377,201       436,712       245,004       633,175      
Net unrealized depreciation
    (5,487,259 )     (1,293,898 )     (1,437,101 )     (1,347,604 )    
 
 
Net assets applicable to common shares
  $ 86,292,133     $ 36,627,501     $ 27,017,704     $ 60,299,529      
 
 
                                     
                                     
                                     
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,999       802       700       1,337      
 
 
                                     
                                     
                                     
Common Shares Outstanding     7,227,120       2,742,873       2,116,294       4,660,431      
 
 
                                     
                                     
 
Net Asset Value Per Common Share
 
Net assets applicable to common shares ¸ common shares issued and outstanding
  $ 11.94     $ 13.35     $ 12.77     $ 12.94      
 
 

 
See Notes to Financial Statements.
34


 

 
Eaton Vance
Municipal Income Trusts
 
May 31, 2011
 
 
Statements of Assets and Liabilities (Unaudited) — continued

 
                             
    May 31, 2011    
   
Assets   New York Trust   Ohio Trust   Pennsylvania Trust    
 
Investments —
                           
Identified cost
  $ 122,256,323     $ 58,960,576     $ 58,173,302      
Unrealized depreciation
    (1,367,653 )     (986,565 )     (1,037,152 )    
 
 
Investments, at value
  $ 120,888,670     $ 57,974,011     $ 57,136,150      
 
 
Cash
  $ 2,362,753     $     $ 264,214      
Interest receivable
    1,702,107       1,036,046       913,189      
Receivable for investments sold
    9,413       545,500       448,050      
Deferred debt issuance costs
    5,053                  
 
 
Total assets
  $ 124,967,996     $ 59,555,557     $ 58,761,603      
 
 
                             
                             
 
Liabilities
 
Payable for floating rate notes issued
  $ 20,455,000     $     $ 1,650,000      
Payable for variation margin on open financial futures contracts
    10,547       6,094       12,500      
Payable for open swap contracts
    269,863       85,675       100,503      
Due to custodian
          80,249            
Payable to affiliates:
                           
Investment adviser fee
    64,945       33,956       32,936      
Administration fee
    19,386       10,136       9,831      
Trustees’ fees
    698       401       396      
Interest expense and fees payable
    33,608             5,519      
Accrued expenses
    39,406       31,747       33,006      
 
 
Total liabilities
  $ 20,893,453     $ 248,258     $ 1,844,691      
 
 
Auction preferred shares at liquidation value plus cumulative unpaid dividends
  $ 33,726,407     $ 22,726,328     $ 21,175,177      
 
 
Net assets applicable to common shares
  $ 70,348,136     $ 36,580,971     $ 35,741,735      
 
 
                             
                             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized
  $ 54,517     $ 28,533     $ 27,166      
Additional paid-in capital
    79,053,663       40,872,236       38,533,541      
Accumulated net realized loss
    (7,982,285 )     (3,574,811 )     (2,107,459 )    
Accumulated undistributed net investment income
    929,036       350,881       469,202      
Net unrealized depreciation
    (1,706,795 )     (1,095,868 )     (1,180,715 )    
 
 
Net assets applicable to common shares
  $ 70,348,136     $ 36,580,971     $ 35,741,735      
 
 
                             
                             
                             
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,349       909       847      
 
 
                             
                             
                             
Common Shares Outstanding     5,451,687       2,853,266       2,716,608      
 
 
                             
                             
 
Net Asset Value Per Common Share
 
Net assets applicable to common shares ¸ common shares issued and outstanding
  $ 12.90     $ 12.82     $ 13.16      
 
 

 
See Notes to Financial Statements.
35


 

 
Eaton Vance
Municipal Income Trusts
 
May 31, 2011
 
 
Statements of Operations (Unaudited)

 
                                     
    Six Months Ended May 31, 2011    
   
Investment Income   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
Interest
  $ 4,293,732     $ 1,602,559     $ 1,157,520     $ 2,758,184      
 
 
Total investment income
  $ 4,293,732     $ 1,602,559     $ 1,157,520     $ 2,758,184      
 
 
                                     
                                     
 
Expenses
 
Investment adviser fee
  $ 481,432     $ 192,378     $ 147,403     $ 327,414      
Administration fee
    141,099       56,383       43,202       95,959      
Trustees’ fees and expenses
    2,469       1,131       926       1,745      
Custodian fee
    39,468       19,348       18,511       28,586      
Transfer and dividend disbursing agent fees
    11,053       10,375       10,340       10,505      
Legal and accounting services
    25,031       20,010       17,466       22,792      
Printing and postage
    6,004       4,400       4,958       5,465      
Interest expense and fees
    75,940       20,024             53,609      
Preferred shares service fee
    34,826       14,551       11,744       24,417      
Miscellaneous
    22,240       10,817       10,263       11,310      
 
 
Total expenses
  $ 839,562     $ 349,417     $ 264,813     $ 581,802      
 
 
Deduct —
                                   
Reduction of custodian fee
  $ 597     $ 353     $ 439     $ 1,096      
 
 
Total expense reductions
  $ 597     $ 353     $ 439     $ 1,096      
 
 
                                     
Net expenses
  $ 838,965     $ 349,064     $ 264,374     $ 580,706      
 
 
                                     
Net investment income
  $ 3,454,767     $ 1,253,495     $ 893,146     $ 2,177,478      
 
 
                                     
                                     
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
                                   
Investment transactions
  $ (2,212,028 )   $ (393,296 )   $ (18,202 )   $ (1,346,602 )    
Extinguishment of debt
    (1,630 )                      
Financial futures contracts
    (837,582 )     (259,021 )     (41,015 )     62,912      
Swap contracts
    (39,805 )     97,390       (4,666 )     168,210      
 
 
Net realized loss
  $ (3,091,045 )   $ (554,927 )   $ (63,883 )   $ (1,115,480 )    
 
 
Change in unrealized appreciation (depreciation) —
                                   
Investments
  $ (192,443 )   $ (442,157 )   $ (134,165 )   $ 23,790      
Financial futures contracts
    (114,986 )     (55,422 )     (875 )     (116,979 )    
Swap contracts
    40,051       (99,360 )     4,695       (171,617 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ (267,378 )   $ (596,939 )   $ (130,345 )   $ (264,806 )    
 
 
                                     
Net realized and unrealized loss
  $ (3,358,423 )   $ (1,151,866 )   $ (194,228 )   $ (1,380,286 )    
 
 
                                     
Distributions to preferred shareholders —
                                   
 
 
From net investment income
  $ (100,856 )   $ (40,314 )   $ (34,534 )   $ (67,456 )    
 
 
                                     
Net increase (decrease) in net assets from operations
  $ (4,512 )   $ 61,315     $ 664,384     $ 729,736      
 
 

 
See Notes to Financial Statements.
36


 

 
Eaton Vance
Municipal Income Trusts
 
May 31, 2011
 
 
Statements of Operations (Unaudited) — continued

 
                             
    Six Months Ended May 31, 2011
   
Investment Income   New York Trust   Ohio Trust   Pennsylvania Trust    
 
Interest
  $ 3,311,131     $ 1,578,822     $ 1,619,587      
 
 
Total investment income
  $ 3,311,131     $ 1,578,822     $ 1,619,587      
 
 
                             
                             
 
Expenses
 
Investment adviser fee
  $ 381,395     $ 199,806     $ 193,639      
Administration fee
    111,781       58,560       56,752      
Trustees’ fees and expenses
    2,006