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)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
 
(Address of Principal Executive Offices)
Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
 
(Name and Address of Agent for Services)
(617) 482-8260
 
(registrant’s Telephone Number)
November 30
 
Date of Fiscal Year End
November 30, 2008
 
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

(IMAGE)
Annual Report November 30 , 2008 EATON VANCE CLOSED-END FUNDS: MUNICIPAL California INCOME Massachusetts TRUSTS Michigan National New Jersey New York Ohio Pennsylvania

 


 

 
IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
  •  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
  •  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
  •  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
  •  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.
 
In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.
 
For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
 
 
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (the “SEC”) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.
 
Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.
 
If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.
 
Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.
 
 
 
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
 
 
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC’s website at www.sec.gov.


 

Eaton Vance Municipal Income Trusts as of November 30, 2008
TABLE OF CONTENTS
         
    2  
 
       
       
 
       
California Municipal Income Trust
    4  
Massachusetts Municipal Income Trust
    5  
Michigan Municipal Income Trust
    6  
National Municipal Income Trust
    7  
New Jersey Municipal Income Trust
    8  
New York Municipal Income Trust
    9  
Ohio Municipal Income Trust
    10  
Pennsylvania Municipal Income Trust
    11  
 
       
Financial Statements
    12  
 
       
Federal Tax Information
    74  
 
       
Notice to Shareholders
    75  
 
       
Dividend Reinvestment Plan
    76  
 
       
Board of Trustees’ Annual Approval of the Investment Advisory Agreements
    78  
 
       
Management and Organization
    81  

1


 

Eaton Vance Municipal Income Trusts as of November 30, 2008
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the NYSE Alternext U.S., which are designed to provide current income exempt from regular federal income tax and state personal income taxes, as applicable. This income is earned by investing primarily in investment-grade municipal securities.
Economic and Market Conditions
Economic growth in the third quarter of 2008 retracted 0.3%, down from a positive second quarter growth rate of 2.8%, according to data released by the U.S. Department of Commerce. Most of the major Gross Domestic Product (GDP) components led to the decline; however, most influential was a sharp downturn in personal consumption expenditures by consumers, a factor which has continued to weigh on the economy during the first two months of the fourth quarter of 2008. While high commodity prices have mitigated since their summertime peaks, management believes consumers continued to pare costs as they remained cautious of what increasingly has become a weaker economic environment. Rising unemployment levels, now at a five-year high, have led to constrained personal consumption and overall economic contraction. The housing market continues to weigh on the economy, with new home sales continuing to fall and existing home sales beginning to stabilize only as cautious buyers begin to see value in distressed pricing. Low home prices continue to pressure consumers and banks, causing increased bank foreclosures and more mark-to-market write downs of mortgage-backed securities at commercial banks and financial institutions.
During the year ended November 30, 2008, the capital markets have experienced historic events resulting in unprecedented volatility. During September 2008, for example, the federal government took control of federally-chartered mortgage giants Fannie Mae and Freddie Mac. During the same month, Lehman Brothers filed for bankruptcy protection and Merrill Lynch was acquired by Bank of America. Also in September 2008, Goldman Sachs and Morgan Stanley petitioned the Federal Reserve (the “Fed”) to become bank holding companies, a step which brings greater regulation but also easier access to credit. These actions, in conjunction with Bear Stearns’ acquisition by JP Morgan in March 2008, drastically redefined the Wall Street landscape. In addition to the independent Wall Street brokerages, the banking sector was shaken by the failure of Washington Mutual and the sale of Wachovia. In the insurance sector, the federal government provided more than $85 billion in loans to help stabilize American International Group, Inc. (AIG). Finally, the U.S. Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program which has continued to evolve since its passing.
During the year ended November 30, 2008, the Fed lowered the Federal Funds rate to 1.00% from as high as 5.25% in the summer of 2007. In addition to its interest rate policy, the Fed has also taken extraordinary action through a variety of innovative lending techniques in an attempt to facilitate an easing of the credit crisis.
Management Discussion
The Trusts invest primarily in bonds with stated maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds.
Relative to their primary benchmark, the Barclays Capital Municipal Bond Index1 (the “Index”) — a broad-based, unmanaged index of municipal bonds — the Trusts underperformed for the year ended November 30, 2008. As a result of an active management style that focuses on income and longer call protection, each Trust generally holds longer-maturity bonds. Management believes that much of the Trusts’ underperformance can be attributed to the shift of investors’ capital into shorter-maturity bonds, a result of the broader-based credit crisis that has rattled the fixed-income markets since the summer of 2007. This underperformance was magnified by the Trusts’

Trust shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
 
1   Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest directly in an Index. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index.
 
    Past performance is no guarantee of future results.
The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Trusts’ current or future investments and may change due to active management.

2


 

Eaton Vance Municipal Income Trusts as of November 30, 2008
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
use of leverage and leveraged investments. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies’ exposure to subprime mortgage-backed debt but later spread to the municipal market when major municipal bond insurers suffered rating downgrades due to their exposure to mortgage-related structured products.
The ratio of yields on current coupon AAA-rated insured municipal bonds to the yield on 30-year Treasury bonds was 157% as of November 30, 2008, with many individual municipal bonds trading at higher ratios.1 Management believes that this was the result of continued dislocation in the fixed-income marketplace caused by a flight to Treasury securities, municipal bond insurance companies’ mark-to-market risks and the decentralized nature of the municipal marketplace. Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly under-valued relative to taxable Treasury bonds.
Against this backdrop, management continues to manage all of its municipal funds with the same relative value approach that it has traditionally employed — maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time.
A Note Regarding Auction Preferred Shares (APS)
As has been widely reported since mid-February 2008, the normal functioning of the auction market in the United States for certain types of “auction rate securities” has been disrupted by an imbalance between buy and sell orders. Consistent with patterns in the broader market for auction rate securities, the Trusts have, since mid-February, experienced unsuccessful APS auctions. In the event of an unsuccessful auction, the affected APS remain outstanding, and the dividend rate reverts to the specified maximum payable rate.
During the year ended November 30, 2008, certain Trusts redeemed a portion of their outstanding APS. Information relating to these redemptions is contained in Note 2 to the Financial Statements. Replacement financing for the redeemed APS may have been provided through the creation of tender option bonds (TOBs).2 The cost to the Trusts of the new TOB financing is expected, over time, to be lower than the total cost of APS based on the maximum applicable dividend rates. Each Trust’s APS percentage (i.e., APS at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus APS) as of November 30, 2008 is reflected on the Trust-specific pages following this letter. The leverage created by APS and TOB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and share price of the common shares).
From December 22, 2008 through December 24, 2008, after the end of the reporting period, certain Trusts voluntarily redeemed a portion of their outstanding APS to reduce the amount of the Trusts’ financial leverage. Information relating to these redemptions is contained in Note 14 to the Financial Statements.
 
1   Source: Bloomberg L.P. Yields are a compilation of a representative variety of general obligations and are not necessarily representative of a Trust’s yield.
 
2   Source: See Note 1H to Financial Statements for more information on TOB investments.

3


 

Eaton Vance California Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   CEV  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -26.34 %
Five Years
    -4.06  
Life of Trust (1/29/99)
    0.82  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -30.70 %
Five Years
    -3.03  
Life of Trust (1/29/99)
    1.62  
 
       
Premium/(Discount) to NAV
    -7.48 %
 
       
Market Yields
       
 
Market Yield2
    7.50 %
Taxable-Equivalent Market Yield3
    12.72  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper California Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -19.29 %
Five Years
    -0.03  
Life of Trust (1/31/99)
    2.69  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is AA-:
                     
AAA
    27.5 %   BBB     8.3 %
AA
    32.0 %   BB     0.5 %
A
    24.1 %   Not Rated     7.6 %
Trust Statistics7
         
Number of Issues:
    93  
Average Maturity:
  21.6  years
Average Effective Maturity:
  20.3  years
Average Call Protection:
  7.6  years
Average Dollar Price:
  $ 80.66  
APS Leverage:**
    34.7 %
TOB Leverage:**
    16.1 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24 and 13 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

4


 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   MMV  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -27.89 %
Five Years
    -5.40  
Life of Trust (1/29/99)
    0.37  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -28.02 %
Five Years
    -2.92  
Life of Trust (1/29/99)
    1.68  
 
       
Premium/(Discount) to NAV
    -12.20 %
 
       
Market Yields
       
 
Market Yield2
    7.49 %
Taxable-Equivalent Market Yield3
    12.17  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -14.38 %
Five Years
    0.64  
Life of Trust (1/31/99)
    2.99  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is A+:
                     
AAA
    12.2 %   BBB     11.9 %
AA
    30.5 %   BB     1.1 %
A
    38.0 %   Not Rated     6.3 %
Trust Statistics7
         
Number of Issues:
    61  
Average Maturity:
  26.4  years
Average Effective Maturity:
  23.9  years
Average Call Protection:
  8.2  years
Average Dollar Price:
  $ 81.88  
APS Leverage:**
    39.1 %
TOB Leverage:**
    11.1 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

5


 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   EMI  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -32.76 %
Five Years
    -7.75  
Life of Trust (1/29/99)
    -0.72  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -21.02 %
Five Years
    -1.24  
Life of Trust (1/29/99)
    2.52  
 
       
Premium/(Discount) to NAV
    -27.07 %
 
       
Market Yields
       
 
Market Yield2
    7.84 %
Taxable-Equivalent Market Yield3
    12.61  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper Michigan Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -13.98 %
Five Years
    0.62  
Life of Trust (1/31/99)
    3.31  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is AA-:
                     
AAA
    21.4 %   BB     1.4 %
AA
    44.3 %   CCC     0.6 %
A
    16.5 %   Not Rated     3.0 %
BBB
    12.8 %            
Trust Statistics7
         
Number of Issues:
    64  
Average Maturity:
  21.8  years
Average Effective Maturity:
  16.4  years
Average Call Protection:
  4.9  years
Average Dollar Price:
  $ 87.93  
APS Leverage:**
    40.7 %
TOB Leverage:**
    5.9 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4 and 3 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

6


 

Eaton Vance National Municipal Income Trustas of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
 
  Effective June 19, 2008, the Fund’s name was changed from Eaton Vance Florida Plus Municipal Income Trust.
         
Trust Performance1      
NYSE Alternext U.S. Symbol   FEV  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -36.32 %
Five Years
    -8.02  
Life of Trust (1/29/99)
    -0.95  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -36.71 %
Five Years
    -5.47  
Life of Trust (1/29/99)
    0.48  
 
       
Premium/(Discount) to NAV
    -13.18 %
 
       
Market Yields
       
 
Market Yield2
    9.11 %
Taxable-Equivalent Market Yield3
    14.02  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper General Municipal Debt Funds (Leveraged) Classification (by net asset value)  
 
One Year
    -20.85 %
Five Years
    -0.68  
Life of Trust (1/31/99)
    2.46  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Thomas M. Metzold, CFA
Rating Distribution*6
By total investments
(PIE GRAPH)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is A:
                     
AAA
    24.6 %   BB     3.5 %
AA
    21.9 %   B     4.5 %
A
    18.4 %   CCC     0.7 %
BBB
    14.2 %   Not Rated     12.2 %
Trust Statistics7
         
Number of Issues:
    105  
Average Maturity:
  25.7  years
Average Effective Maturity:
  24.4  years
Average Call Protection:
  8.1  years
Average Dollar Price:
  $ 84.80  
APS Leverage:**
    24.6 %
TOB Leverage:**
    29.7 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper General Municipal Debt Funds (Leveraged) Classification (closed-end) contained 60, 59 and 42 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

7


 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   EVJ  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -29.88 %
Five Years
    -6.13  
Life of Trust (1/29/99)
    0.08  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -33.57 %
Five Years
    -3.94  
Life of Trust (1/29/99)
    1.11  
 
       
Premium/(Discount) to NAV
    -9.57 %
 
       
Market Yields
       
 
Market Yield2
    7.88 %
Taxable-Equivalent Market Yield3
    13.32  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -18.56 %
Five Years
    -0.08  
Life of Trust (1/31/99)
    2.61  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is AA-:
                     
AAA
    30.8 %   BBB     24.0 %
AA
    21.5 %   B     1.2 %
A
    21.4 %   Not Rated     1.1 %
Trust Statistics7
         
Number of Issues:
    75  
Average Maturity:
  24.4  years
Average Effective Maturity:
  23.1  years
Average Call Protection:
  9.4  years
Average Dollar Price:
  $ 73.51  
APS Leverage:**
    39.9 %
TOB Leverage:**
    9.4 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

8


 

Eaton Vance New York Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   EVY  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -40.71 %
Five Years
    -7.40  
Life of Trust (1/29/99)
    -0.59  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -35.07 %
Five Years
    -4.65  
Life of Trust (1/29/99)
    1.12  
 
       
Premium/(Discount) to NAV
    -15.51 %
 
       
Market Yields
       
 
Market Yield2
    9.42 %
Taxable-Equivalent Market Yield3
    15.56  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper New York Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -19.18 %
Five Years
    -0.29  
Life of Trust (1/31/99)
    2.78  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is A+:
                     
AAA
    21.8 %   BB     3.5 %
AA
    36.1 %       2.2 %
A
    12.6 %   Not Rated     6.4 %
BBB
    17.4 %            
Trust Statistics7
         
Number of Issues:
    80  
Average Maturity:
  24.5  years
Average Effective Maturity:
  22.7  years
Average Call Protection:
  9.3  years
Average Dollar Price:
  $ 85.23  
APS Leverage:**
    32.8 %
TOB Leverage:**
    18.2 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 16, 16 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

9


 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   EVO  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -29.83 %
Five Years
    -6.48  
Life of Trust (1/29/99)
    -0.01  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -25.69 %
Five Years
    -1.84  
Life of Trust (1/29/99)
    2.05  
 
       
Premium/(Discount) to NAV
    -18.18 %
 
       
Market Yields
       
 
Market Yield2
    7.73 %
Taxable-Equivalent Market Yield3
    12.73  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper Other States Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -14.38 %
Five Years
    0.64  
Life of Trust (1/31/99)
    2.99  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is AA-:
                     
AAA
    32.3 %   BBB     7.5 %
AA
    36.7 %   B     1.7 %
A
    14.4 %   Not Rated     7.4 %
Trust Statistics7
         
Number of Issues:
    76  
Average Maturity:
  22.2  years
Average Effective Maturity:
  19.6  years
Average Call Protection:
  7.1  years
Average Dollar Price:
  $ 84.60  
APS Leverage:**
    40.4 %
TOB Leverage:**
    7.5 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

10


 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
         
Trust Performance1      
NYSE Alternext U.S. Symbol   EVP  
 
Average Annual Total Returns (by share price)
       
 
One Year
    -20.75 %
Five Years
    -4.45  
Life of Trust (1/29/99)
    1.24  
 
       
Average Annual Total Returns (by net asset value)
       
 
One Year
    -26.57 %
Five Years
    -2.10  
Life of Trust (1/29/99)
    1.99  
 
       
Premium/(Discount) to NAV
    -6.98 %
 
       
Market Yields
       
 
Market Yield2
    7.14 %
Taxable-Equivalent Market Yield3
    11.33  
Index Performance4 Average Annual Total Returns
                 
Barclays Capital Municipal Bond Index     Barclays Capital Municipal Bond Long 22+ Index  
 
One Year
    -3.61 %     -15.21 %
Five Years
    2.58       0.94  
Life of Trust (1/31/99)
    4.05       3.26  
Lipper Averages5 Average Annual Total Returns
         
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)  
 
One Year
    -18.22 %
Five Years
    -0.73  
Life of Trust (1/31/99)
    2.39  

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*6
By total investments
(PIE CHART)
 
*   The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution at November 30, 2008, is as follows, and the average rating is A+:
                     
AAA
    25.9 %   BB     2.3 %
AA
    30.3 %   CCC     1.3 %
A
    24.8 %   Not Rated     8.0 %
BBB
    7.4 %            
Trust Statistics7
         
Number of Issues:
    75  
Average Maturity:
  21.5  years
Average Effective Maturity:
  18.9  years
Average Call Protection:
  6.4  years
Average Dollar Price:
  $ 86.16  
APS Leverage:**
    39.2 %
TOB Leverage:**
    11.4 %
 
**   APS leverage represents the liquidation value of the Trust’s Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trust’s net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.
     
1   Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trust’s market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7 and 4 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuer’s current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

11


 

Eaton Vance California Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 186.0%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 13.7%
 
$ 2,770     California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29   $ 1,980,495      
  500     California Educational Facilities Authority, (Pepperdine University), 5.00%, 11/1/29     470,310      
  1,350     California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23     1,273,009      
  4,000     California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)     3,873,920      
  2,500     San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41     2,151,475      
 
 
            $ 9,749,209      
 
 
 
Electric Utilities — 2.4%
 
$ 2,275     Chula Vista, (San Diego Gas), (AMT),
5.00%, 12/1/27
  $ 1,719,695      
 
 
            $ 1,719,695      
 
 
 
General Obligations — 7.6%
 
$ 1,610     California, (AMT), 5.05%, 12/1/36   $ 1,246,478      
  4,770     San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)     4,157,604      
 
 
            $ 5,404,082      
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 221,175      
 
 
            $ 221,175      
 
 
 
Hospital — 30.6%
 
$ 1,000     California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32   $ 832,740      
  2,435     California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 11/15/34     1,895,380      
  1,500     California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38     1,500,915      
  870     California Health Facilities Financing Authority, (Sutter Health), Variable Rate, 1.49%, 11/15/46(3)(4)(5)     205,111      
  750     California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31     641,858      
  3,900     California Statewide Communities Development Authority, (Huntington Memorial Hospital),
5.00%, 7/1/35
    2,958,579      
  1,750     California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36     1,349,390      
  1,650     California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32     1,437,529      
  1,750     California Statewide Communities Development Authority, (Sonoma County Indian Health),
6.40%, 9/1/29
    1,492,015      
  1,500     California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28     1,375,725      
  1,500     Duarte, (Hope National Medical Center),
5.25%, 4/1/24
    1,308,315      
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     357,823      
  2,000     Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31     1,695,400      
  1,250     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    919,813      
  2,000     Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29     1,644,660      
  2,780     Washington Township Health Care District,
5.00%, 7/1/32
    2,127,812      
 
 
            $ 21,743,065      
 
 
 
Housing — 3.0%
 
$ 1,750     California Housing Finance Agency, (AMT),
4.75%, 8/1/42
  $ 1,188,408      
  729     Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29     597,201      
  423     Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29     341,949      
 
 
            $ 2,127,558      
 
 
 
Industrial Development Revenue — 2.6%
 
$ 800     California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT),
6.875%, 11/1/27
  $ 630,968      
  2,000     California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46     1,237,540      
 
 
            $ 1,868,508      
 
 
 
Insured-Education — 8.8%
 
$ 400     California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35   $ 354,616      
  3,270     California Educational Facilities Authority, (Pooled College and University), (MBIA), 5.10%, 4/1/23     3,195,019      
  3,000     California State University, (AMBAC),
5.00%, 11/1/33
    2,692,860      
 
 
            $ 6,242,495      
 
 
 
 
See notes to financial statements

12


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Insured-Electric Utilities — 11.0%
 
$ 2,500     California Pollution Control Financing Authority, (Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16
  $ 2,373,025      
  3,250     California Pollution Control Financing Authority, (Southern California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31     2,600,097      
  3,510     Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37     2,849,734      
 
 
            $ 7,822,856      
 
 
 
Insured-Escrowed/Prerefunded — 5.9%
 
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA), (RADIAN), Escrowed to Maturity,
0.00%, 1/1/26
  $ 2,060,054      
  1,995     Puerto Rico Electric Power Authority, (FSA), Prerefunded to 7/1/10, 5.25%, 7/1/29(2)     2,125,307      
 
 
            $ 4,185,361      
 
 
 
Insured-General Obligations — 11.0%
 
$ 7,000     Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/34   $ 1,339,660      
  4,825     Coast Community College District, (Election of 2002), (FSA), 0.00%, 8/1/35(6)     861,986      
  2,500     Puerto Rico, (FSA), Variable Rate,
12.711%, 7/1/27(3)(4)
    2,681,125      
  7,995     Sweetwater Union High School District, (Election 2000), (FSA), 0.00%, 8/1/25     2,925,930      
 
 
            $ 7,808,701      
 
 
 
Insured-Hospital — 20.2%
 
$ 3,100     California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37   $ 2,772,547      
  3,200     California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (MBIA), 5.25%, 8/15/29     2,738,144      
  750     California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC),
5.00%, 3/1/41(2)
    653,085      
  5,000     California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)     4,473,750      
  3,735     California Statewide Communities Development Authority, (Sutter Health), (FSA),
5.75%, 8/15/27(2)
    3,743,092      
 
 
            $ 14,380,618      
 
 
 
Insured-Lease Revenue/Certificates of Participation — 10.1%
 
$ 6,500     Anaheim Public Financing Authority, Lease Revenue, (Public Improvements), (FSA), 0.00%, 9/1/17   $ 4,117,945      
  3,500     San Diego County Water Authority, (FSA),
5.00%, 5/1/38(2)
    3,044,983      
 
 
            $ 7,162,928      
 
 
 
Insured-Other Revenue — 2.2%
 
$ 1,855     Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38   $ 1,566,177      
 
 
            $ 1,566,177      
 
 
 
Insured-Special Tax Revenue — 4.7%
 
$ 24,800     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
  $ 860,312      
  4,225     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    335,296      
  8,380     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    617,438      
  5,270     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    359,572      
  480     Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28     486,149      
  690     Sacramento Area Flood Control Agency, (BHAC), 5.625%, 10/1/37     691,235      
 
 
            $ 3,350,002      
 
 
 
Insured-Transportation — 8.2%
 
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29   $ 1,315,550      
  8,000     Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31     1,827,360      
  740     Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)     646,719      
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%, 1/15/32     2,014,100      
 
 
            $ 5,803,729      
 
 
 
Insured-Water and Sewer — 6.9%
 
$ 4,400     Los Angeles Department of Water and Power, (MBIA), 3.00%, 7/1/30   $ 2,813,712      
  2,710     San Francisco City and County Public Utilities Commission, (FSA), 4.25%, 11/1/33(6)     2,054,261      
 
 
            $ 4,867,973      
 
 
 
                     
 
 
See notes to financial statements

13


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Lease Revenue/Certificates of Participation — 5.9%
 
$ 4,000     Sacramento City Financing Authority,
5.40%, 11/1/20
  $ 4,168,920      
 
 
            $ 4,168,920      
 
 
 
Other Revenue — 2.4%
 
$ 385     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32   $ 340,359      
  580     California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37     501,439      
  1,420     Golden State Tobacco Securitization Corp.,
5.75%, 6/1/47
    895,282      
 
 
            $ 1,737,080      
 
 
 
Senior Living/Life Care — 0.8%
 
$ 175     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.75%, 11/15/26   $ 126,487      
  700     California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36     462,931      
 
 
            $ 589,418      
 
 
 
Special Tax Revenue — 19.7%
 
$ 1,000     Bonita Canyon Public Financing Authority,
5.375%, 9/1/28
  $ 713,970      
  285     Brentwood Infrastructure Financing Authority,
5.00%, 9/2/26
    195,655      
  460     Brentwood Infrastructure Financing Authority,
5.00%, 9/2/34
    291,543      
  1,000     Corona Public Financing Authority, 5.80%, 9/1/20     844,660      
  200     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27     139,874      
  500     Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36     313,195      
  1,590     Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27     1,487,191      
  900     Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25     747,765      
  420     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24     333,430      
  750     Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29     569,805      
  2,430     Oakland Joint Powers Financing Authority,
5.40%, 9/2/18
    2,482,342      
  995     Oakland Joint Powers Financing Authority,
5.50%, 9/2/24
    985,607      
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,304,992      
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     964,410      
  250     Santaluz Community Facilities District No.
2, 6.10%, 9/1/21
    214,648      
  500     Santaluz Community Facilities District No.
2, 6.20%, 9/1/30
    399,405      
  250     Temecula Unified School District, 5.00%, 9/1/27     174,843      
  400     Temecula Unified School District, 5.00%, 9/1/37     248,960      
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     413,960      
  500     Tustin Community Facilities District, 6.00%, 9/1/37     365,250      
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23     818,630      
 
 
            $ 14,010,135      
 
 
 
Transportation — 5.5%
 
$ 2,000     Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31   $ 1,852,760      
  1,500     Los Angeles Department of Airports, (Los Angeles International Airport), 5.375%, 5/15/30     1,205,130      
  1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30     854,311      
 
 
            $ 3,912,201      
 
 
 
Water and Sewer — 2.5%
 
$ 1,840     California Department of Water Resources,
5.00%, 12/1/29
  $ 1,748,184      
 
 
            $ 1,748,184      
 
 
     
Total Tax-Exempt Investments — 186.0%
   
(identified cost $155,084,405)
  $ 132,190,070      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (70.3)%   $ (49,978,954 )    
 
 
             
Other Assets, Less Liabilities — (15.7)%
  $ (11,146,313 )    
 
 
             
Net Assets Applicable to
Common Shares — 100.0%
  $ 71,064,803      
 
 
 
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.
 
CIFG - CIFG Assurance North America, Inc.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
MBIA - Municipal Bond Insurance Association
 
 
See notes to financial statements

14


 

 
Eaton Vance California Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
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 November 30, 2008, 47.8% 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 21.0% of total investments.
 
(1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $2,886,236 or 4.1% of the Trust’s net assets applicable to common shares.
 
(4) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008.
 
(5) Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the inverse floater. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $2,610,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.
 
(6) Security (or a portion thereof) has been pledged as collateral for open swap contracts.
 
 
See notes to financial statements

15


 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 179.6%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 33.4%
 
$ 2,440     Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59   $ 2,149,591      
  600     Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33     528,696      
  1,000     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     732,040      
  1,500     Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29     1,330,320      
  1,000     Massachusetts Development Finance Agency, (Xaverian Brothers High School), 5.65%, 7/1/29     799,890      
  1,500     Massachusetts Health and Educational Facilities Authority, (Berklee College of Music),
5.00%, 10/1/32
    1,275,615      
  1,500     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     1,435,013      
  1,000     Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38(5)     976,000      
 
 
            $ 9,227,165      
 
 
 
Electric Utilities — 9.8%
 
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30   $ 959,370      
  1,870     Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT),
5.00%, 2/1/36
    1,273,881      
  570     Puerto Rico Electric Power Authority, 5.00%, 7/1/25     463,450      
 
 
            $ 2,696,701      
 
 
 
Escrowed/Prerefunded — 8.2%
 
$ 400     Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32   $ 457,460      
  235     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31     262,652      
  960     Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30     1,033,325      
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded to 7/1/09, 0.00%, 7/1/20     498,820      
 
 
            $ 2,252,257      
 
 
 
General Obligations — 4.8%
 
$ 1,250     City of Boston, 5.00%, 1/1/11(5)   $ 1,320,613      
 
 
            $ 1,320,613      
 
 
Health Care-Miscellaneous — 3.5%
 
$ 510     Massachusetts Development Finance Agency, (MCHSP Human Services), 6.60%, 8/15/29   $ 373,198      
  700     Massachusetts Health and Educational Facilities Authority, (Learning Center for Deaf Children), 6.125%, 7/1/29     524,069      
  100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     73,725      
 
 
            $ 970,992      
 
 
 
Hospital — 27.4%
 
$ 1,000     Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20   $ 1,009,510      
  1,000     Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center),
5.75%, 7/1/33
    868,390      
  400     Massachusetts Health and Educational Facilities Authority, (Berkshire Health System),
6.25%, 10/1/31
    348,228      
  1,370     Massachusetts Health and Educational Facilities Authority, (Beth Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38     927,572      
  105     Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18     104,741      
  1,575     Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute),
5.00%, 12/1/37
    1,259,748      
  865     Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31     790,740      
  2,000     Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System),
5.00%, 7/1/32(1)
    1,696,920      
  675     Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29     540,371      
 
 
            $ 7,546,220      
 
 
 
Housing — 15.0%
 
$ 2,100     Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48   $ 1,394,694      
  1,000     Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40     698,880      
  650     Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28     523,685      
  2,000     Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37     1,526,900      
 
 
            $ 4,144,159      
 
 
 
 
See notes to financial statements

16


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Industrial Development Revenue — 2.5%
 
$ 695     Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15   $ 695,619      
 
 
            $ 695,619      
 
 
 
Insured-Education — 13.5%
 
$ 1,000     Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39   $ 954,570      
  1,365     Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)     1,330,556      
  1,600     Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33     1,440,960      
 
 
            $ 3,726,086      
 
 
 
Insured-General Obligations — 13.5%
 
$ 1,000     Massachusetts, (AMBAC), 5.50%, 8/1/30   $ 1,025,510      
  2,255     Milford, (FSA), 4.25%, 12/15/46     1,729,111      
  900     Puerto Rico, (FSA), Variable Rate,
12.711%, 7/1/27(2)(3)
    965,205      
 
 
            $ 3,719,826      
 
 
 
Insured-Other Revenue — 4.2%
 
$ 1,225     Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42   $ 1,157,625      
 
 
            $ 1,157,625      
 
 
 
Insured-Special Tax Revenue — 7.9%
 
$ 1,450     Martha’s Vineyard Land Bank, (AMBAC),
5.00%, 5/1/32
  $ 1,399,511      
  8,945     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
    310,302      
  1,520     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    120,627      
  3,015     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    222,146      
  1,905     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    129,978      
 
 
            $ 2,182,564      
 
 
 
Insured-Student Loan — 7.1%
 
$ 600     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30(5)   $ 573,486      
  1,985     Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33     1,385,887      
 
 
            $ 1,959,373      
 
 
 
Insured-Transportation — 6.6%
 
$ 800     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA), (AMT), 5.00%, 7/1/32   $ 575,744      
  1,820     Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA), (AMT), 5.00%, 7/1/38     1,246,008      
 
 
            $ 1,821,752      
 
 
 
Nursing Home — 3.4%
 
$ 500     Boston Industrial Development Authority, (Alzheimer’s Center), (FHA), 6.00%, 2/1/37   $ 462,325      
  580     Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29     475,780      
 
 
            $ 938,105      
 
 
 
Senior Living/Life Care — 8.0%
 
$ 250     Massachusetts Development Finance Agency, (Berkshire Retirement), 5.15%, 7/1/31   $ 168,198      
  1,500     Massachusetts Development Finance Agency, (Berkshire Retirement), 5.625%, 7/1/29     1,120,650      
  140     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27     93,990      
  425     Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41     255,327      
  910     Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.75%, 11/15/42     561,006      
 
 
            $ 2,199,171      
 
 
 
Special Tax Revenue — 5.0%
 
$ 1,665     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31   $ 389,227      
  5,195     Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34     986,998      
 
 
            $ 1,376,225      
 
 
 
 
Water and Sewer — 5.8%
 
$ 215     Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27   $ 215,888      
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,384,000      
 
 
            $ 1,599,888      
 
 
     
Total Tax-Exempt Investments — 179.6%
   
(identified cost $59,628,794)
  $ 49,534,341      
 
 
 
 
See notes to financial statements

17


 

 
Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Short-Term Investments — 6.4%
Principal Amount
               
(000’s omitted)       Description   Value      
 
 
$ 1,750     Massachusetts Health and Educational Facilities Authority, (Capital Assets Program), (MBIA), (SPA: State Street Bank and Trust Co.), Variable Rate, 12.00%, 1/1/35(4)   $ 1,750,000      
 
 
     
Total Short-Term Investments — 6.4%
   
(identified cost $1,750,000)
  $ 1,750,000      
 
 
             
Total Investments — 186.0%
           
(identified cost $61,378,794)
  $ 51,284,341      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (72.7)%
  $ (20,055,300 )    
 
 
             
Other Assets, Less Liabilities — (13.3)%
  $ (3,653,081 )    
 
 
             
Net Assets Applicable to
Common Shares — 100.0%
  $ 27,575,960      
 
 
 
ACA - ACA Financial Guaranty Corporation
 
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
 
FHA - Federal Housing Administration
 
FSA - Financial Security Assurance, Inc.
 
MBIA - Municipal Bond Insurance Association
 
SPA - Standby Bond Purchase Agreement
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 31.8% 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 1.1% to 12.9% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $965,205 or 3.5% of the Trust’s net assets applicable to common shares.
 
(3) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008.
 
(4) Variable rate demand obligation. The stated interest rate represents the rate in effect at November 30, 2008.
(5) Security (or a portion thereof) has been pledged as collateral for open swap contracts.
 
 
See notes to financial statements

18


 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 180.5%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 7.9%
 
$ 1,250     Michigan Higher Education Facilities Authority, (Creative Studies), 5.90%, 12/1/27   $ 1,383,525      
  540     Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35     437,697      
 
 
            $ 1,821,222      
 
 
 
Electric Utilities — 3.9%
 
$ 580     Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29   $ 533,333      
  435     Puerto Rico Electric Power Authority, 5.00%, 7/1/25     353,686      
 
 
            $ 887,019      
 
 
 
Escrowed/Prerefunded — 21.1%
 
$ 500     Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31   $ 545,040      
  560     Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34     637,056      
  750     Michigan Hospital Finance Authority, (Ascension Health Care), Prerefunded to 11/15/09,
6.125%, 11/15/26
    792,892      
  750     Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36     830,220      
  875     Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31     973,945      
  1,000     White Cloud Public Schools, Prerefunded to
5/1/11, 5.125%, 5/1/31
    1,071,020      
 
 
            $ 4,850,173      
 
 
 
General Obligations — 8.6%
 
$ 500     East Grand Rapids Public School District,
5.00%, 5/1/25
  $ 496,660      
  750     Manistee Area Public Schools, 5.00%, 5/1/24     739,665      
  345     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     276,135      
  500     Wayne Charter County, 5.70%, 8/1/38     455,540      
 
 
            $ 1,968,000      
 
 
 
Health Care-Miscellaneous — 0.3%
 
$ 100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 73,725      
 
 
            $ 73,725      
 
 
 
 
Hospital — 30.6%
 
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21   $ 468,290      
  185     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25     140,961      
  125     Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37     92,845      
  275     Kent Hospital Finance Authority, (Spectrum Health), 5.50%, 1/15/47     278,129      
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    420,815      
  1,000     Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27     859,130      
  750     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38     506,355      
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46     689,540      
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35     832,270      
  750     Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21     686,302      
  1,000     Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27     978,390      
  425     Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26     284,746      
  800     Saginaw Hospital Finance Authority, (Covenant Medical Center), 6.50%, 7/1/30     798,560      
 
 
            $ 7,036,333      
 
 
 
Housing — 6.6%
 
$ 1,065     Michigan Housing Development Authority, (AMT), 5.20%, 6/1/39   $ 821,445      
  1,000     Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48     687,110      
 
 
            $ 1,508,555      
 
 
 
Industrial Development Revenue — 6.6%
 
$ 1,000     Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21   $ 572,660      
  800     Dickinson County Electronic Development Corp., (International Paper Co.), 5.75%, 6/1/16     689,480      
  625     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26     251,562      
 
 
            $ 1,513,702      
 
 
 
Insured-Electric Utilities — 8.7%
 
$ 1,000     Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29   $ 824,890      
  500     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32     404,060      
 
 
See notes to financial statements

19


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Electric Utilities (continued)
 
                     
  220     Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/30     179,113      
  750     Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34     590,235      
 
 
            $ 1,998,298      
 
 
 
Insured-Escrowed/Prerefunded — 18.5%
 
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to 5/1/09, 6.00%, 5/1/29   $ 1,021,050      
  1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%, 7/1/31     1,075,240      
  2,000     Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%, 10/1/25     2,153,320      
 
 
            $ 4,249,610      
 
 
 
Insured-General Obligations — 15.1%
 
$ 650     Detroit City School District, (FGIC), 4.75%, 5/1/28   $ 567,626      
  750     Detroit City School District, (FSA), 5.25%, 5/1/32     735,112      
  200     Eaton Rapids Public Schools, (MBIA),
4.75%, 5/1/25
    188,236      
  100     Lincoln Consolidated School District, (FSA),
5.00%, 5/1/10
    104,093      
  700     Puerto Rico, (FSA), Variable Rate,
12.711%, 7/1/27(1)(2)
    750,715      
  1,250     Van Dyke Public Schools, (FSA), 5.00%, 5/1/38     1,132,387      
 
 
            $ 3,478,169      
 
 
 
Insured-Hospital — 7.2%
 
$ 1,000     Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (MBIA), 5.25%, 11/15/35   $ 766,940      
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center), (MBIA), 5.50%, 7/1/24     885,370      
 
 
            $ 1,652,310      
 
 
 
Insured-Lease Revenue/Certificates of Participation — 5.1%
 
$ 4,300     Michigan Building Authority, (FGIC),
0.00%, 10/15/30
  $ 920,587      
  1,000     Michigan Building Authority, (FGIC), (FSA),
0.00%, 10/15/29
    248,020      
 
 
            $ 1,168,607      
 
 
 
Insured-Special Tax Revenue — 11.4%
 
$ 5,160     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
  $ 179,000      
  1,225     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    97,216      
  2,430     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    179,043      
  1,470     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    100,298      
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan Airport), (MBIA), 5.00%, 12/1/30     2,056,500      
 
 
            $ 2,612,057      
 
 
 
Insured-Student Loan — 6.0%
 
$ 1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31   $ 639,520      
  1,000     Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.50%, 6/1/25     735,290      
 
 
            $ 1,374,810      
 
 
 
Insured-Transportation — 6.7%
 
$ 1,000     Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32   $ 797,220      
  1,000     Wayne Charter County Airport, (MBIA), (AMT), 5.00%, 12/1/28     749,340      
 
 
            $ 1,546,560      
 
 
 
Insured-Water and Sewer — 6.2%
 
$ 1,650     Detroit Water Supply System, (FGIC),
5.00%, 7/1/30
  $ 1,437,233      
 
 
            $ 1,437,233      
 
 
 
Lease Revenue/Certificates of Participation — 1.0%
 
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22   $ 239,565      
 
 
            $ 239,565      
 
 
 
Other Revenue — 1.4%
 
$ 500     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48   $ 317,110      
 
 
            $ 317,110      
 
 
 
Transportation — 6.4%
 
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(3)   $ 1,464,315      
 
 
            $ 1,464,315      
 
 
 
 
See notes to financial statements

20


 

 
Eaton Vance Michigan Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
 
Water and Sewer — 1.2%
 
$ 250     Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%, 10/1/11(4)   $ 268,665      
 
 
            $ 268,665      
 
 
     
Total Tax-Exempt Investments — 180.5%
   
(identified cost $47,060,298)
  $ 41,466,038      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (76.2)%
  $ (17,502,294 )    
 
 
             
Other Assets, Less Liabilities — (4.3)%
  $ (986,563 )    
 
 
             
Net Assets Applicable to
Common Shares — 100.0%
  $ 22,977,181      
 
 
 
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
 
FSA - Financial Security Assurance, Inc.
 
MBIA - Municipal Bond Insurance Association
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Michigan municipalities. In addition, 10.2% of the Trust’s total investments at November 30, 2008 were invested in municipal obligations issued by Puerto Rico. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 47.1% 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 1.0% to 18.4% of total investments.
 
(1) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008.
 
(2) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $750,715 or 3.3% of the Trust’s net assets applicable to common shares.
 
(3) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
 
 
See notes to financial statements

21


 

Eaton Vance National Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 215.3%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 12.3%
 
$ 1,000     Massachusetts Development Finance Agency, (Boston University), 6.00%, 5/15/59   $ 960,290      
  500     Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38     366,020      
  10     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38     9,567      
  2,490     Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)     2,382,117      
  740     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     727,812      
  190     Rhode Island Health and Educational Building Corp., (University of Rhode Island), 6.25%, 9/15/34     182,468      
 
 
            $ 4,628,274      
 
 
 
Electric Utilities — 3.0%
 
$ 1,565     Brazos River Authority, TX, (Texas Energy Co.), (AMT), 8.25%, 5/1/33   $ 1,124,906      
 
 
            $ 1,124,906      
 
 
 
Escrowed/Prerefunded — 1.4%
 
$ 500     Stoneybrook West, FL, Community Development District, Prerefunded to 5/1/10, 7.00%, 5/1/32   $ 536,505      
 
 
            $ 536,505      
 
 
 
Health Care-Miscellaneous — 0.7%
 
$ 140     Osceola County, FL, Industrial Development Authority, Community Provider Pooled Loan, 7.75%, 7/1/17   $ 131,625      
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     147,450      
 
 
            $ 279,075      
 
 
 
Hospital — 21.0%
 
$ 350     Camden County, NJ, Improvement Authority, (Cooper Health System), 5.00%, 2/15/35   $ 232,855      
  695     Idaho Health Facilities Authority, (Trinity Health Credit Group), 6.25%, 12/1/33     679,960      
  375     Massachusetts Health and Educational Facilities Authority, (Caregroup, Inc.), 5.00%, 7/1/28     269,389      
  560     Massachusetts Health and Educational Facilities Authority, (Caregroup, Inc.), 5.125%, 7/1/33     389,989      
  2,000     Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/32     1,468,520      
  2,500     New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36(1)     2,261,225      
  315     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     243,177      
  635     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37     472,599      
  1,000     Virginia Small Business Financing Authority, (Wellmort Health), 5.25%, 9/1/37     703,550      
  1,400     West Orange, FL, Health Care District,
5.80%, 2/1/31
    1,134,602      
 
 
            $ 7,855,866      
 
 
 
Housing — 14.4%
 
$ 330     California Housing Finance Agency, (AMT),
4.75%, 8/1/42
  $ 224,100      
  2,000     Delaware Housing Authority, (Senior Single Family Mortgage Revenue), (AMT), 5.30%, 1/1/49     1,525,840      
  505     Escambia County, FL, Housing Finance Authority, Single Family Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31     425,260      
  1,000     Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37     781,930      
  710     Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37     559,544      
  1,030     New Mexico Mortgage Finance Authority, (Santa Fe Senior Housing LLC), (FNMA), (AMT),
4.70%, 8/1/45
    713,759      
  1,500     Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35     1,161,405      
 
 
            $ 5,391,838      
 
 
 
Industrial Development Revenue — 25.9%
 
$ 1,000     Brazos River, TX, Harbor Navigation District, (Dow Chemical Co.), (AMT), 5.95%, 5/15/33   $ 735,480      
  702     Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19     588,787      
  1,000     Butler County, AL, Industrial Development Authority, (International Paper Co.), (AMT), 7.00%, 9/1/32     760,010      
  750     California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT),
6.875%, 11/1/27
    591,532      
  1,060     Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT), 5.75%, 1/1/32     764,228      
  1,055     Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.25%, 10/1/32     549,159      
  875     Denver, CO, City and County Special Facilities, (United Airlines), (AMT), 5.75%, 10/1/32     453,688      
  1,000     Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.), 5.60%, 4/1/32     626,040      
  1,000     Houston, TX, Airport System, (Continental Airlines), (AMT), 6.75%, 7/1/29     623,030      
  705     Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35     512,239      
 
 
See notes to financial statements

22


 

 
Eaton Vance National Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Industrial Development Revenue (continued)
 
                     
  1,350     Liberty Development Corp., NY, (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(1)     980,948      
  1,000     New Morgan, PA, Industrial Development Authority, (Browning-Ferris Industries, Inc.), (AMT),
6.50%, 4/1/19
    812,070      
  280     Phoenix, AZ, Industrial Development Authority, (America West Airlines, Inc.), (AMT),
6.25%, 6/1/19
    191,190      
  650     Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.30%, 6/1/23     258,648      
  1,970     St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37     1,259,795      
 
 
            $ 9,706,844      
 
 
 
Insured-Education — 1.2%
 
$ 530     University of Vermont and State Agricultural College, (MBIA), 5.00%, 10/1/40   $ 460,851      
 
 
            $ 460,851      
 
 
 
Insured-Electric Utilities — 3.5%
 
$ 1,600     Burke County, GA, Development Authority, (Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34   $ 1,316,192      
 
 
            $ 1,316,192      
 
 
 
Insured-General Obligations — 4.3%
 
$ 1,500     Puerto Rico, (FSA), Variable Rate, 12.711%, 7/1/27(2)(3)   $ 1,608,675      
 
 
            $ 1,608,675      
 
 
 
Insured-Hospital — 25.4%
 
$ 2,500     Illinois Finance Authority, (Rush University Medical Center), (MBIA), 5.25%, 11/1/35   $ 1,917,550      
  3,250     Indiana Health and Educational Facility Finance Authority, (Sisters of St. Francis Health Services), (FSA), 5.25%, 5/15/41(1)     2,874,008      
  2,000     Maricopa County, AZ, Industrial Development Authority, (Catholic Healthcare West), (BHAC), 5.25%, 7/1/32     1,861,880      
  1,000     Maricopa County, AZ, Industrial Development Authority, (Mayo Clinic Hospital), (AMBAC),
5.25%, 11/15/37
    839,520      
  2,500     Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC),
4.75%, 7/1/47(1)
    2,025,675      
 
 
            $ 9,518,633      
 
 
 
Insured-Housing — 2.5%
 
$ 1,100     Broward County, FL, Housing Finance Authority, Multi-Family Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%, 1/1/32(6)   $ 923,054      
 
 
            $ 923,054      
 
 
 
 
Insured-Lease Revenue/Certificates of Participation — 9.7%
 
$ 1,155     Newberry, SC, (Newberry County School District), (AGC), 5.00%, 12/1/30   $ 1,013,616      
  3,000     San Diego County, CA, Water Authority, (FSA), 5.00%, 5/1/38(1)     2,609,985      
 
 
            $ 3,623,601      
 
 
 
Insured-Other Revenue — 1.1%
 
$ 425     Kentucky Economic Development Finance Authority, (Louisville Arena Project), (AGC), 6.00%, 12/1/33   $ 410,083      
 
 
            $ 410,083      
 
 
 
Insured-Special Tax Revenue — 8.4%
 
$ 170     Baton Rouge, LA, Public Improvement, (FSA),
4.25%, 8/1/32
  $ 133,338      
  3,040     Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/35
    473,358      
  5,000     Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/38
    628,800      
  5,610     Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/40
    614,575      
  14,850     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
    515,147      
  2,535     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    201,178      
  5,030     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    370,610      
  3,165     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    215,948      
 
 
            $ 3,152,954      
 
 
 
Insured-Student Loan — 2.5%
 
$ 1,000     Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30   $ 955,810      
 
 
            $ 955,810      
 
 
 
Insured-Transportation — 16.2%
 
$ 670     Chicago, IL, (O’Hare International Airport), (FSA), 4.50%, 1/1/38(6)   $ 527,940      
  240     Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.10%, 11/1/24     218,863      
 
 
See notes to financial statements

23


 

 
Eaton Vance National Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Transportation (continued)
 
                     
  95     Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT), 6.25%, 11/1/28     85,800      
  2,100     Maryland Transportation Authority, (FSA),
5.00%, 7/1/41(1)
    1,950,585      
  3,770     Miami-Dade County, FL, Aviation Revenue, (Miami International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38(4)
    2,762,656      
  560     New Jersey Transportation Trust Fund Authority, (AGC), 5.50%, 12/15/38     533,159      
 
 
            $ 6,079,003      
 
 
 
Insured-Water and Sewer — 24.2%
 
$ 3,750     Austin, TX, Water and Wastewater System, (FSA), 5.00%, 11/15/33(1)   $ 3,511,557      
  1,000     Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%, 1/1/31     802,620      
  3,250     Fernley, NV, Water and Sewer, (AGC),
5.00%, 2/1/38(1)
    2,928,136      
  640     Miami Beach, FL, Storm Water, (FGIC),
5.375%, 9/1/30
    570,336      
  280     Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34     226,937      
  1,150     Tampa Bay, FL, Water Utility System, (FGIC),
4.75%, 10/1/27
    1,032,079      
 
 
            $ 9,071,665      
 
 
 
Lease Revenue/Certificates of Participation — 1.7%
 
$ 650     Mohave County, AZ, Industrial Development Authority, (Mohave Prison LLC), 8.00%, 5/1/25   $ 627,101      
 
 
            $ 627,101      
 
 
 
Nursing Home — 2.2%
 
$ 265     Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.60%, 4/1/24   $ 221,233      
  735     Orange County, FL, Health Facilities Authority, (Westminster Community Care), 6.75%, 4/1/34     588,867      
 
 
            $ 810,100      
 
 
 
Other Revenue — 10.5%
 
$ 16,500     Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47   $ 364,485      
  1,000     Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48     634,220      
  1,000     Salt Verde, AZ, Financial Corporation, Senior Gas Revenue, 5.00%, 12/1/37     637,700      
  1,230     Tobacco Settlement Financing Corp., VA,
5.00%, 6/1/47
    660,104      
  1,500     Tobacco Settlement Management Authority, SC, Escrowed to Maturity, 6.375%, 5/15/30     1,623,060      
 
 
            $ 3,919,569      
 
 
 
Special Tax Revenue — 17.7%
 
$ 85     Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/21   $ 78,290      
  500     Covington Park, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/31     416,450      
  230     Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10     214,907      
  205     Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12     181,132      
  355     Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37     217,043      
  310     Heritage Harbor South, FL, Community Development District, (Capital Improvements), 6.20%, 5/1/35     240,014      
  230     Heritage Springs, FL, Community Development District, 5.25%, 5/1/26     171,513      
  340     New River, FL, Community Development District, (Capital Improvements), 5.00%, 5/1/13     212,568      
  140     New River, FL, Community Development District, (Capital Improvements), 5.35%, 5/1/38     75,261      
  340     North Springs, FL, Improvement District, (Heron Bay), 5.20%, 5/1/27     213,387      
  595     North Springs, FL, Improvement District, (Heron Bay), 7.00%, 5/1/19     572,658      
  985     River Hall, FL, Community Development District, (Capital Improvements), 5.45%, 5/1/36     587,011      
  475     Southern Hills Plantation, FL, Community Development District, 5.80%, 5/1/35     321,699      
  600     Sterling Hill, FL, Community Development District, 6.20%, 5/1/35     446,916      
  840     Tisons Landing, FL, Community Development District, 5.625%, 5/1/37     401,100      
  740     University Square, FL, Community Development District, 6.75%, 5/1/20     691,138      
  685     Waterlefe, FL, Community Development District, 6.95%, 5/1/31     596,176      
  175     West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community),
5.00%, 3/1/29
    124,590      
  1,270     West Palm Beach, FL, Community Redevelopment Agency, (Northwood Pleasant Community),
5.00%, 3/1/35
    856,869      
 
 
            $ 6,618,722      
 
 
 
 
See notes to financial statements

24


 

 
Eaton Vance National Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
 
Transportation — 5.5%
 
$ 1,000     Los Angeles Department of Airports, CA, (Los Angeles International Airport), (AMT), 5.375%, 5/15/33   $ 788,070      
  1,515     North Texas Tollway Authority Revenue,
5.75%, 1/1/38
    1,264,661      
 
 
            $ 2,052,731      
 
 
     
Total Tax-Exempt Investments — 215.3%
   
(identified cost $100,159,732)
  $ 80,672,052      
 
 
Short-Term Investments — 3.2%
Principal Amount
               
(000’s omitted)       Description   Value      
 
 
$ 1,200     Massachusetts Health and Educational Facilities Authority, (Capital Assets Program), (MBIA), (SPA: State Street Bank and Trust Co.), Variable Rate, 12.00%, 1/1/35(5)   $ 1,200,000      
 
 
     
Total Short-Term Investments — 3.2%
   
(identified cost $1,200,000)
  $ 1,200,000      
 
 
     
Total Investments — 218.5%
   
(identified cost $101,359,732)
  $ 81,872,052      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.8)%
  $ (20,152,642 )    
 
 
             
Other Assets, Less Liabilities — (64.7)%
  $ (24,247,254 )    
 
 
             
Net Assets Applicable to
Common Shares — 100.0%
  $ 37,472,156      
 
 
 
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.
 
CIFG - CIFG Assurance North America, Inc.
 
FGIC - Financial Guaranty Insurance Company
 
FNMA - Federal National Mortgage Association
 
FSA - Financial Security Assurance, Inc.
 
SPA - Standby Bond Purchase Agreement
 
MBIA - Municipal Bond Insurance Association
 
At November 30, 2008, the concentration of the Trust’s investments in the various states, determined as a percentage of total investments, is as follows:
 
         
Florida
    23.0 %
Texas
    10.3 %
Others, representing less than 10% individually
    66.7 %
 
The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 46.8% 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 1.7% to 17.5% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(2) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008.
 
(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,608,675 or 4.3% of the Trust’s net assets applicable to common shares.
 
(4) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
 
(5) Variable rate demand obligation. The stated interest rate represents the rate in effect at November 30, 2008.
 
(6) Security (or a portion thereof) has been pledged as collateral for open swap contracts.
 
 
See notes to financial statements

25


 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 200.0%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Education — 8.3%
 
$ 250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27   $ 210,930      
  250     New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33     198,970      
  220     New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37     176,900      
  3,500     New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)     3,014,116      
 
 
            $ 3,600,916      
 
 
 
Electric Utilities — 5.1%
 
$ 1,500     Puerto Rico Electric Power Authority, 5.00%, 7/1/37   $ 1,099,380      
  1,500     Salem County Pollution Control Financing, (Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
    1,110,855      
 
 
            $ 2,210,235      
 
 
 
General Obligations — 5.5%
 
$ 1,295     Gloucester County Improvement Authority, (Landfill Project), 4.50%, 3/1/30   $ 1,119,152      
  1,595     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     1,276,622      
 
 
            $ 2,395,774      
 
 
 
Health Care-Miscellaneous — 0.5%
 
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37   $ 221,175      
 
 
            $ 221,175      
 
 
 
Hospital — 37.1%
 
$ 100     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/25   $ 74,659      
  90     Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35     59,877      
  100     Camden County Improvement Authority, (Cooper Health System), 5.25%, 2/15/27     75,527      
  2,750     Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34     2,196,507      
  2,060     New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27     1,700,221      
  235     New Jersey Health Care Facilities Financing Authority, (Atlantic City Medical Center), 5.75%, 7/1/25     218,714      
  3,515     New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center),
5.00%, 7/1/37
    2,631,926      
  2,140     New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.25%, 7/1/27     1,667,424      
  1,765     New Jersey Health Care Facilities Financing Authority, (Capital Health System), 5.375%, 7/1/33     1,322,056      
  2,000     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center),
6.00%, 1/1/34
    1,844,520      
  1,750     New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital),
5.75%, 7/1/31
    1,587,880      
  710     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/26     582,186      
  2,930     New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46     2,153,902      
 
 
            $ 16,115,399      
 
 
 
Housing — 9.0%
 
$ 715     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37   $ 494,408      
  4,490     New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37     3,396,461      
 
 
            $ 3,890,869      
 
 
 
Industrial Development Revenue — 14.9%
 
$ 1,000     Gloucester County Improvements Authority, (Waste Management, Inc.), (AMT), 7.00%, 12/1/29   $ 1,003,010      
  1,500     Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34     1,178,445      
  3,220     New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT),
4.95%, 3/1/47
    2,060,832      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29     384,803      
  750     New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, 6/1/33     552,217      
  2,080     Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22     1,313,957      
 
 
            $ 6,493,264      
 
 
 
Insured-Education — 7.1%
 
$ 3,365     New Jersey Educational Facilities Authority, (College of New Jersey), (FSA), 5.00%, 7/1/35(1)   $ 3,100,444      
 
 
            $ 3,100,444      
 
 
 
Insured-Electric Utilities — 4.8%
 
$ 1,250     Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/35   $ 977,612      
 
 
See notes to financial statements

26


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Insured-Electric Utilities (continued)
 
                     
  1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $  1,102,500      
 
 
            $ 2,080,112      
 
 
 
Insured-Gas Utilities — 9.7%
 
$ 5,000     New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (MBIA), (AMT), 4.90%, 10/1/40   $ 4,227,850      
 
 
            $ 4,227,850      
 
 
 
Insured-General Obligations — 7.0%
 
$ 1,500     Egg Harbor Township School District, (FSA),
3.50%, 4/1/28
  $ 1,076,865      
  1,240     Lakewood Township, (AGC), 5.75%, 11/1/31(2)     1,280,647      
  325     Nutley School District, (MBIA), 4.75%, 7/15/30     298,603      
  410     Nutley School District, (MBIA), 4.75%, 7/15/32     371,739      
 
 
            $ 3,027,854      
 
 
 
Insured-Hospital — 5.3%
 
$ 750     New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)   $ 695,899      
  1,305     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC),
5.00%, 7/1/38
    1,175,048      
  500     New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC),
5.00%, 7/1/38(1)
    450,220      
 
 
            $ 2,321,167      
 
 
 
Insured-Housing — 6.5%
 
$ 3,390     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), (AMT),
5.05%, 5/1/34
  $ 2,626,199      
  205     New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (FSA), 5.75%, 5/1/25(2)     204,990      
 
 
            $ 2,831,189      
 
 
 
Insured-Lease Revenue/Certificates of Participation — 2.0%
 
$ 945     Newark Housing Authority, (Newark Marine Terminal), (MBIA), 5.00%, 1/1/32   $ 848,308      
 
 
            $ 848,308      
 
 
 
Insured-Special Tax Revenue — 24.3%
 
$ 12,030     Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/24   $ 4,892,601      
  6,000     Garden Preservation Trust and Open Space and Farmland, (FSA), 0.00%, 11/1/25     2,279,760      
  4,315     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26     1,377,305      
  2,020     New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27     593,254      
  16,115     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
    559,029      
  2,745     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    217,843      
  5,445     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    401,187      
  3,425     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    233,688      
 
 
            $ 10,554,667      
 
 
 
Insured-Student Loan — 4.3%
 
$ 2,000     New Jersey Higher Education Assistance Authority, (AGC), 6.125%, 6/1/30   $ 1,851,760      
 
 
            $ 1,851,760      
 
 
 
Insured-Transportation — 6.7%
 
$ 5,570     New Jersey Transportation Trust Fund Authority, (Transportation System), (BHAC), (FGIC),
0.00%, 12/15/31
  $ 1,419,682      
  1,500     New Jersey Turnpike Authority, (BHAC), (FSA), 5.25%, 1/1/29     1,483,410      
 
 
            $ 2,903,092      
 
 
 
Insured-Water and Sewer — 5.6%
 
$ 3,195     New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT),
4.875%, 11/1/25
  $ 2,427,146      
 
 
            $ 2,427,146      
 
 
 
Lease Revenue/Certificates of Participation — 7.8%
 
$ 895     New Jersey Economic Development Authority, (School Facilities Construction), 5.00%, 9/1/33   $ 829,101      
  3,000     New Jersey Health Care Facilities Financing Authority, (Contract Hospital Asset Transportation Program), 5.25%, 10/1/38     2,544,690      
 
 
            $ 3,373,791      
 
 
 
 
See notes to financial statements

27


 

 
Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Nursing Home — 2.0%
 
$ 1,000     New Jersey Economic Development Authority, (Masonic Charity Foundation), 5.50%, 6/1/31   $ 890,700      
 
 
            $ 890,700      
 
 
 
Other Revenue — 4.7%
 
$ 7,200     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50   $ 139,032      
  13,280     Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55     137,581      
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     170,842      
  2,925     Tobacco Settlement Financing Corp., 5.00%, 6/1/41     1,598,542      
 
 
            $ 2,045,997      
 
 
 
Senior Living/Life Care — 6.8%
 
$ 465     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28   $ 372,870      
  770     New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38     591,075      
  1,700     New Jersey Economic Development Authority, (Fellowship Village), 5.50%, 1/1/25     1,278,247      
  1,175     New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36     730,368      
 
 
            $ 2,972,560      
 
 
 
Special Tax Revenue — 1.6%
 
$ 750     New Jersey Economic Development Authority, (Cigarette Tax), 5.50%, 6/15/31   $ 517,313      
  100     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27     75,798      
  175     New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37     121,210      
 
 
            $ 714,321      
 
 
 
Transportation — 10.9%
 
$ 2,000     New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38   $ 1,967,120      
  1,995     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)     1,696,887      
  5     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35     4,253      
  1,175     South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33     1,052,095      
 
 
            $ 4,720,355      
 
 
Water and Sewer — 2.5%
 
$ 1,000     New Jersey Environmental Infrastructure Trust,
5.00%, 9/1/16
  $ 1,093,270      
 
 
            $ 1,093,270      
 
 
     
Total Tax-Exempt Investments — 200.0%
   
(identified cost $108,048,815)
  $ 86,912,215      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (78.6)%
  $ (34,152,936 )    
 
 
             
Other Assets, Less Liabilities — (21.4)%
  $ (9,299,921 )    
 
 
             
Net Assets Applicable to
Common Shares — 100.0%
  $ 43,459,358      
 
 
 
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.
 
FGIC - Financial Guaranty Insurance Company
 
FSA - Financial Security Assurance, Inc.
 
MBIA - Municipal Bond Insurance Association
 
XLCA - XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 42.9% 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 2.3% to 18.0% of total investments.
 
(1) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged as collateral for open swap contracts.
 
 
See notes to financial statements

28


 

Eaton Vance New York Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS
 
                     
Tax-Exempt Investments — 198.5%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.7%
 
$ 1,150     Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23   $ 840,616      
 
 
            $ 840,616      
 
 
 
Education — 6.3%
 
$ 1,000     New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(1)   $ 953,950      
  2,250     New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33     2,212,942      
 
 
            $ 3,166,892      
 
 
 
Electric Utilities — 6.1%
 
$ 1,420     Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33   $ 1,423,195      
  2,100     Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27     1,632,120      
 
 
            $ 3,055,315      
 
 
 
Escrowed/Prerefunded — 0.4%
 
$ 200     New York City Industrial Development Agency, (Ohel Children’s Home), Escrowed to Maturity,
6.25%, 8/15/22
  $ 209,400      
 
 
            $ 209,400      
 
 
 
General Obligations — 14.1%
 
$ 6,000     New York City, 5.25%, 9/15/33(2)   $ 5,521,200      
  1,000     New York City, 6.25%, 10/15/28     1,045,650      
  680     Puerto Rico Public Buildings Authority, (Commonwealth Guaranteed), 5.25%, 7/1/29     544,265      
 
 
            $ 7,111,115      
 
 
 
Health Care-Miscellaneous — 8.0%
 
$ 1,115     New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29   $ 776,609      
  1,200     New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22     852,336      
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus Project), 6.50%, 10/1/37     147,450      
  50     Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class H, 7.50%, 9/1/15     47,375      
  100     Suffolk County Industrial Development Agency, (Alliance of LI), Series A, Class I, 7.50%, 9/1/15     94,750      
  2,600     Westchester County Industrial Development Agency, (Children’s Village), 5.375%, 3/15/19     2,113,644      
 
 
            $ 4,032,164      
 
 
 
Hospital — 31.3%
 
$ 190     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.35%, 11/15/17   $ 164,411      
  485     Chautauqua County Industrial Development Agency, (Women’s Christian Association), 6.40%, 11/15/29     365,496      
  1,250     Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18     1,020,287      
  2,500     Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25     1,863,225      
  400     Nassau County Industrial Development Agency, (North Shore Health System), 6.25%, 11/1/21     400,132      
  1,500     New York Dormitory Authority, (Lenox Hill Hospital), 5.50%, 7/1/30     1,061,040      
  4,000     New York Dormitory Authority, (Memorial Sloan Kettering Cancer Center), 5.00%, 7/1/36(2)     3,617,960      
  2,000     New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33     1,401,640      
  845     New York Dormitory Authority, (North Shore Hospital), 5.00%, 11/1/34     608,408      
  1,250     New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37     896,912      
  415     New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29     320,376      
  835     New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37     621,449      
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19     987,612      
  650     Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32     481,683      
  2,105     Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22     1,950,346      
 
 
            $ 15,760,977      
 
 
 
Housing — 23.2%
 
$ 1,500     New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.05%, 11/1/39   $ 1,127,310      
  2,620     New York City Housing Development Corp., (Multi-Family Housing), (AMT), 5.20%, 11/1/40     2,010,274      
  3,555     New York City Housing Development Corp., (Multi-Family Housing), (FNMA), (AMT), 4.60%, 1/15/26     2,734,506      
  3,125     New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42     2,463,031      
  1,500     New York Mortgage Agency, (AMT),
4.875%, 10/1/30
    1,140,345      
 
 
See notes to financial statements

29


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
Housing (continued)
 
                     
  2,000     New York Mortgage Agency, (AMT),
4.90%, 10/1/37
    1,441,560      
  1,000     New York Mortgage Agency, (AMT),
5.125%, 10/1/37
    766,860      
 
 
            $ 11,683,886      
 
 
 
Industrial Development Revenue — 16.7%
 
$ 1,000     Essex County Industrial Development Agency, (International Paper Company), (AMT),
6.625%, 9/1/32
  $ 724,530      
  625     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35     454,112      
  2,525     Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35(2)     1,834,736      
  1,500     New York Industrial Development Agency, (American Airlines, Inc. — JFK International Airport), (AMT), 8.00%, 8/1/12     1,364,655      
  1,000     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), 4.875%, 7/1/41     813,080      
  2,500     Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT),
6.25%, 12/1/34
    2,123,425      
  775     Onondaga County Industrial Development Agency, (Senior Air Cargo), (AMT), 6.125%, 1/1/32     598,354      
  495     Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15     495,703      
 
 
            $ 8,408,595      
 
 
 
Insured-Education — 7.3%
 
$ 1,500     New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38   $ 1,386,825      
  1,250     New York Dormitory Authority, (Yeshiva University), (AMBAC), 5.50%, 7/1/35     1,054,675      
  5,460     Oneida County Industrial Development Agency, (Hamilton College), (MBIA), 0.00%, 7/1/33     1,239,584      
 
 
            $ 3,681,084      
 
 
 
Insured-Electric Utilities — 7.5%
 
$ 1,365     Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33   $ 1,396,941      
  3,000     Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%, 7/1/34     2,360,940      
 
 
            $ 3,757,881      
 
 
Insured-General Obligations — 3.7%
 
$ 1,750     Puerto Rico, (FSA), Variable Rate,
12.711%, 7/1/27(3)(4)
  $ 1,876,788      
 
 
            $ 1,876,788      
 
 
 
 
Insured-Lease Revenue/Certificates of Participation — 4.7%
 
$ 3,300     Hudson Yards Infrastructure Corp., (MBIA),
4.50%, 2/15/47
  $ 2,348,247      
 
 
            $ 2,348,247      
 
 
 
Insured-Special Tax Revenue — 8.0%
 
$ 1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45   $ 779,250      
  1,000     New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 5.00%, 11/15/44     818,450      
  4,500     Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34     677,340      
  19,745     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
    684,954      
  3,380     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
    268,237      
  6,705     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    494,024      
  4,225     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    288,272      
 
 
            $ 4,010,527      
 
 
 
Insured-Transportation — 13.8%
 
$ 6,235     Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (MBIA), (AMT),
5.625%, 4/1/29
  $ 5,127,914      
  2,030     Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/34     1,812,607      
 
 
            $ 6,940,521      
 
 
 
Insured-Water and Sewer — 1.4%
 
$ 1,000     Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35   $ 701,350      
 
 
            $ 701,350      
 
 
 
Lease Revenue/Certificates of Participation — 5.7%
 
$ 2,500     New York City Transitional Finance Authority, (Building Aid), 4.50%, 1/15/38   $ 1,928,725      
  1,000     New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31     956,320      
 
 
            $ 2,885,045      
 
 
 
Other Revenue — 1.9%
 
$ 1,285     Albany Industrial Development Agency Civic Facility, (Charitable Leadership), 5.75%, 7/1/26   $ 960,075      
 
 
            $ 960,075      
 
 
 
 
See notes to financial statements

30


 

 
Eaton Vance New York Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS CONT’D
 
                     
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
 
Senior Living/Life Care — 2.5%
 
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29   $ 1,094,170      
  250     Suffolk County Industrial Development Agency, (Jefferson’s Ferry Project), 5.00%, 11/1/28     178,105      
 
 
            $ 1,272,275      
 
 
 
Special Tax Revenue — 1.9%
 
$ 1,000     New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38   $ 949,800      
 
 
            $ 949,800      
 
 
 
Transportation — 19.7%
 
$ 1,700     Metropolitan Transportation Authority,
4.50%, 11/15/37
  $ 1,291,694      
  3,200     Metropolitan Transportation Authority,
4.50%, 11/15/38
    2,417,088      
  1,900     Port Authority of New York and New Jersey,
5.00%, 11/15/37(2)
    1,752,845      
  1,190     Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33     892,928      
  990     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)     842,064      
  10     Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35     8,506      
  2,000     Triborough Bridge and Tunnel Authority,
5.00%, 11/15/37
    1,802,560      
  1,000     Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38
    899,960      
 
 
            $ 9,907,645      
 
 
 
Water and Sewer — 12.6%
 
$ 3,105     New York City Municipal Water Finance Authority, 5.75%, 6/15/40   $ 3,123,692      
  2,535     New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37(2)     2,356,941      
  5     New York Environmental Facilities Corp., Clean Water, (Municipal Water Finance), 5.00%, 6/15/37     4,649      
  1,000     Saratoga County Water Authority, 5.00%, 9/1/48     862,480      
 
 
            $ 6,347,762      
 
 
     
Total Tax-Exempt Investments — 198.5%
   
(identified cost $122,107,447)
  $ 99,907,960      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (67.0)%
  $ (33,729,429 )    
 
 
             
Other Assets, Less Liabilities — (31.5)%
  $ (15,853,503 )    
 
 
             
Net Assets — 100.0%
  $ 50,325,028      
 
 
 
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.
 
FGIC - Financial Guaranty Insurance Company
 
FNMA - Federal National Mortgage Association
 
FSA - Financial Security Assurance, Inc.
 
MBIA - Municipal Bond Insurance Association
 
The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 23.3% 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 1.8% to 12.1% of total investments.
 
(1) Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.
 
(2) Security represents the underlying municipal bond of a tender option bond trust (see Note 1H).
 
(3) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2008, the aggregate value of these securities is $1,876,788 or 3.7% of the Trust’s net assets applicable to common shares.
 
(4) Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2008.
 
 
See notes to financial statements

31


 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2008
 
PORTFOLIO OF INVESTMENTS 
 
<
                     
Tax-Exempt Investments — 182.1%
Principal Amount
               
(000’s omitted)       Security   Value      
 
 
 
Cogeneration — 1.6%
 
$ 385     Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT),
5.875%, 9/1/20
  $ 304,054      
  200     Ohio Water Development Authority, Solid Waste Disposal, (Bay Shore Power), (AMT),
6.625%, 9/1/20
    168,994      
 
 
            $ 473,048      
 
 
 
Electric Utilities — 1.2%
 
$ 360     Clyde, Electric System Revenue, (AMT),
6.00%, 11/15/14
  $ 349,049      
 
 
            $ 349,049      
 
 
 
Escrowed/Prerefunded — 13.7%
 
$ 1,000     Delaware County, Prerefunded to
12/1/10, 6.00%, 12/1/25
  $ 1,091,040      
  1,530     Hamilton City School District, Prerefunded to 12/1/09, 5.625%, 12/1/24     1,614,165      
  565     Highland County, (Joint Township Hospital District), Prerefunded to 12/1/09, 6.75%, 12/1/29     600,471      
  670     Richland County Hospital Facilities, (Medcentral Health Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22     732,283      
 
 
            $ 4,037,959      
 
 
 
General Obligations — 8.0%
 
$ 1,000     Barberton City School District, 4.50%, 12/1/33   $ 818,590      
  1,090     Central Ohio Solid Waste Authority,
5.125%, 9/1/27(1)