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

811-09149

 

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)

 

(Zip code)

 

Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

May 31, 2008

 

 



 

Item 1. Reports to Stockholders

 



Semiannual Report May 31, 2008

EATON VANCE
MUNICIPAL
INCOME
TRUSTS

CLOSED-END FUNDS:

California

Florida Plus

Massachusetts

Michigan

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 May 31, 2008

 

TABLE OF CONTENTS

 

Investment Update

2

 

 

Performance Information and Portfolio Composition

 

 

 

California Municipal Income Trust

4

Florida Plus Municipal Income Trust

5

Massachusetts Municipal Income Trust

6

Michigan 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

 

 

Annual Meeting of Shareholders

71

 

 

Dividend Reinvestment Plan

72

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

74

 

 

Officers and Trustees

77

 

1



 

Eaton Vance Municipal Income Trusts as of May 31, 2008

 

INVESTMENT UPDATE

 

Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the American Stock Exchange, 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 first quarter of 2008 measured 0.9%, according to Commerce Department data reported in May 2008, following the 0.6% growth rate achieved in the fourth quarter 2007. The housing sector continued to struggle in the first quarter due to market concerns related to subprime mortgages. Although the weaker dollar was having a beneficial effect on export-related industries, tourism, and U.S. based multinational companies, consumers started to curtail spending as food and energy costs continued to climb, according to the U.S. Commerce Department, and consumer confidence levels fell to 25-year lows, according to University of Michigan data.

 

On March 16, 2008, the Federal Reserve (the “Fed”) took extraordinary actions to support orderly market functioning after it learned that Bear Stearns faced a liquidity crisis which could have triggered a wider market crisis. In addition to approving a financing arrangement to support JPMorgan Chase’s acquisition of Bear Stearns, the Fed created a new lending facility that expanded the potential collateral it would accept from member banks and extended the new lending facility to securities firms. Through May 31, 2008, the Federal Funds Rate has been lowered by a total of 325 basis points (3.25%) since September 18, 2007, to 2.00% from 5.25%, and the Discount Rate, the rate at which the Fed lends to banks and securities firms, has been lowered by a total of 400 basis points (4.00%) since August 17, 2007, to 2.25% from 6.25%. Management believes that the Fed’s actions have been aimed at providing market liquidity during the period of extreme uncertainty and tight credit conditions that first surfaced in August 2007.

 

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 benchmark, the Lehman Brothers Municipal Bond Index – a broad-based, unmanaged index of municipal bonds – the Trusts underperformed at net asset value (NAV) for the six months ended May 31, 2008.(1) Management believes that much of the underperformance at NAV can be attributed to the broader-based credit crisis that has shaken the fixed-income markets since August 2007, which led investors to move their capital into the Treasury market, particularly in shorter-maturity bonds. This move was originally driven by uncertainty surrounding financial companies’ exposure to mortgage-backed collateralized debt obligations (CDOs). More recently, the municipal bond market has been impacted by the downgrade of major municipal bond insurers due to their exposure to mortgage-related CDO debt. As a result of an active management style that focuses on income and longer call protection, the Trusts generally hold longer-duration bonds. Although the municipal bond market stabilized and the Trusts’ performances improved from March 2008 through May 2008, management believes that investors’ flight to shorter- maturity uninsured bonds from longer-maturity insured bonds, which took place from September 2007 through February 2008, resulted in the Trusts’ relative underperformance at NAV for the period.

 

The ratio of yields on current coupon AAA-rated insured bonds to the yield on 30-year Treasury bonds was 98.2% as of May 31, 2008, with many individual bonds trading higher than 98.2%.(2) Management believes that this was the result of dislocation in the fixed-income marketplace caused by fears of subprime contagion, insurance companies’ mark-to-market risks and the decentralized nature of the municipal marketplace. Historically, this is a rare occurrence in the

 


(1)

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.

 

 

(2)

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. 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.

 

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.

 

2



 

municipal bond market and is generally considered a signal that municipal bonds are significantly undervalued compared to Treasuries.

 

With this backdrop, management continues to manage all of its municipal funds and trusts 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.

 

On June 23, 2008, after the end of the reporting period, management announced that it had secured new financing that the Trusts intend to use to redeem a portion of their outstanding APS, subject to satisfying the notice and other requirements that apply to APS redemptions. Eaton Vance California Municipal Income Trust, Eaton Vance Florida Plus Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust and Eaton Vance New York Municipal Income Trust plan to redeem approximately 6%, 36%, 7%, 3% and 15%, respectively, of their outstanding APS on or after July 7, 2008. Management is working diligently to provide liquidity solutions that will enable the Trusts to redeem their remaining outstanding APS. It is not certain when, or if, the Trusts’ remaining outstanding APS will be redeemed.

 

3



 

Eaton Vance California Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

CEV

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

7.10

%

One Year

 

-7.17

 

Five Years

 

3.89

 

Life of Trust (1/29/99)

 

4.99

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.60

%

One Year

 

-4.18

 

Five Years

 

3.83

 

Life of Trust (1/29/99)

 

5.60

 

 

Market Yields

 

Market Yield(2)

 

4.86

%

Taxable-Equivalent Market Yield(3)

 

8.24

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper California Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.57

%

One Year

 

-0.40

 

Five Years

 

4.33

 

Life of Trust (1/31/99)

 

4.93

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA:

 

AAA

 

49.6

%

AA

 

6.4

%

A

 

28.8

%

BBB

 

6.0

%

Not Rated

 

9.2

%

 

Trust Statistics(7)

 

·

Number of Issues:

98

·

Average Maturity:

22.7 years

·

Average Effective Maturity:

14.4 years

·

Average Call Protection:

7.9 years

·

Average Dollar Price:

$89.42

·

Leverage:**

36.2%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 24 and 13 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

4



 

Eaton Vance Florida Plus Municipal Income Trust† as of May 31, 2008

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 


Effective June 19, 2008, the name of Eaton Vance Florida Plus Municipal Income Trust was changed to Eaton Vance National Municipal Income Trust.

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

FEV

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

1.44

%

One Year

 

-8.12

 

Five Years

 

1.25

 

Life of Trust (1/29/99)

 

4.05

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-2.23

%

One Year

 

-4.61

 

Five Years

 

3.39

 

Life of Trust (1/29/99)

 

5.29

 

 

Market Yields

 

Market Yield(2)

 

5.06

%

Taxable-Equivalent Market Yield(3)

 

7.78

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper Florida Municipal Debt Funds Classification††

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.89

%

One Year

 

-0.70

 

Five Years

 

3.59

 

Life of Trust (1/31/99)

 

4.68

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA:

 

AAA

 

53.3

%

AA

 

11.6

%

A

 

9.4

%

BBB

 

7.0

%

BB

 

1.0

%

B

 

2.4

%

CCC

 

1.3

%

Not Rated

 

14.0

%

 

Trust Statistics(7)

 

·

Number of Issues:

96

·

Average Maturity:

26.8 years

·

Average Effective Maturity:

17.3 years

·

Average Call Protection:

8.6 years

·

Average Dollar Price:

$91.81

·

Leverage:**

37.2%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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 Florida Municipal Debt Funds (closed-end) Classification contained 8, 8, 7 and 5 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

†† Subsequent to 5/31/08, the Trust’s Lipper Classification was changed to the Lipper General Municipal Debt Funds (Leveraged) Classification.

 

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.

 

5



 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

MMV

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

9.11

%

One Year

 

-1.93

 

Five Years

 

2.52

 

Life of Trust (1/29/99)

 

4.94

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.69

%

One Year

 

-4.66

 

Five Years

 

3.67

 

Life of Trust (1/29/99)

 

5.23

 

 

Market Yields

 

Market Yield(2)

 

4.60

%

Taxable-Equivalent Market Yield(3)

 

7.47

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper Other States Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.32

%

One Year

 

0.84

 

Five Years

 

3.75

 

Life of Trust (1/31/99)

 

5.01

 

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA:

 

AAA

 

38.8

%

AA

 

15.2

%

A

 

27.3

%

BBB

 

8.0

%

BB

 

1.2

%

Not Rated

 

9.5

%

 

Trust Statistics(7)

 

·

Number of Issues:

62

·

Average Maturity:

27.7 years

·

Average Effective Maturity:

19.4 years

·

Average Call Protection:

8.4 years

·

Average Dollar Price:

$94.33

·

Leverage:**

35.7 %

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 43 and 20 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

6



 

Eaton Vance Michigan Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

EMI

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

1.66

%

One Year

 

-9.84

 

Five Years

 

0.51

 

Life of Trust (1/29/99)

 

3.73

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.90

%

One Year

 

-2.64

 

Five Years

 

3.38

 

Life of Trust (1/29/99)

 

5.07

 

 

Market Yields

 

Market Yield(2)

 

4.91

%

Taxable-Equivalent Market Yield(3)

 

7.90

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper Michigan Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.69

%

One Year

 

0.47

 

Five Years

 

3.61

 

Life of Trust (1/31/99)

 

5.12

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA–:

 

AAA

 

43.1

%

AA

 

13.8

%

A

 

20.9

%

BBB

 

11.9

%

BB

 

3.1

%

CCC

 

0.9

%

Not Rated

 

6.3

%

 

Trust Statistics(7)

 

·

Number of Issues:

59

·

Average Maturity:

22.6 years

·

Average Effective Maturity:

12.3 years

·

Average Call Protection:

5.4 years

·

Average Dollar Price:

$95.59

·

Leverage:**

37.3%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 4, and 3 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

7



 

Eaton Vance New Jersey Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

EVJ

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

3.36

%

One Year

 

-10.75

 

Five Years

 

1.77

 

Life of Trust (1/29/99)

 

4.33

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-2.27

%

One Year

 

-5.30

 

Five Years

 

4.30

 

Life of Trust (1/29/99)

 

5.44

 

 

Market Yields

 

Market Yield(2)

 

4.73

%

Taxable-Equivalent Market Yield(3)

 

7.99

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper New Jersey Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.23

%

One Year

 

-1.19

 

Five Years

 

4.05

 

Life of Trust (1/31/99)

 

4.93

 

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA–:

 

AAA

 

45.0

%

AA

 

7.0

%

A

 

20.3

%

BBB

 

21.2

%

BB

 

0.4

%

B

 

1.3

%

Not Rated

 

4.8

%

 

Trust Statistics(7)

 

·

Number of Issues:

74

·

Average Maturity:

25.3 years

·

Average Effective Maturity:

17.7 years

·

Average Call Protection:

9.0 years

·

Average Dollar Price:

$90.81

·

Leverage:**

36.6%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 10 and 6 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

8



 

Eaton Vance New York Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

EVY

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

4.77

%

One Year

 

-4.49

 

Five Years

 

4.11

 

Life of Trust (1/29/99)

 

5.62

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.39

%

One Year

 

-4.04

 

Five Years

 

3.97

 

Life of Trust (1/29/99)

 

5.81

 

 

Market Yields

 

Market Yield(2)

 

4.92

%

Taxable-Equivalent Market Yield(3)

 

8.13

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper New York Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

0.11

%

One Year

 

0.13

 

Five Years

 

4.46

 

Life of Trust (1/31/99)

 

5.10

 

 

Portfolio Manager: Craig R. Brandon, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA–:

 

AAA

 

33.6

%

AA

 

27.7

%

A

 

16.0

%

BBB

 

10.3

%

BB

 

2.0

%

B

 

1.7

%

Not Rated

 

8.7

%

 

Trust Statistics(7)

 

·

Number of Issues:

76

·

Average Maturity:

23.9 years

·

Average Effective Maturity:

16.2 years

·

Average Call Protection:

8.9 years

·

Average Dollar Price:

$97.07

·

Leverage:**

36.1%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 16 and 6 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

9



 

Eaton Vance Ohio Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

EVO

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

1.92

%

One Year

 

-9.78

 

Five Years

 

0.18

 

Life of Trust (1/29/99)

 

4.07

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-2.44

%

One Year

 

-2.94

 

Five Years

 

3.93

 

Life of Trust (1/29/99)

 

5.18

 

 

Market Yields

 

Market Yield(2)

 

4.78

%

Taxable-Equivalent Market Yield(3)

 

7.87

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper Other States Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.32

%

One Year

 

0.84

 

Five Years

 

3.75

 

Life of Trust (1/31/99)

 

5.01

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA–:

 

AAA

 

46.1

%

AA

 

17.8

%

A

 

18.6

%

BBB

 

5.7

%

B

 

1.9

%

Not Rated

 

9.9

%

 

Trust Statistics(7)

 

·

Number of Issues:

77

·

Average Maturity:

22.2 years

·

Average Effective Maturity:

13.5 years

·

Average Call Protection:

7.4 years

·

Average Dollar Price:

$95.21

·

Leverage:**

37.0%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 43 and 20 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

10



 

Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2008

 

pERFoRMANcE iNFoRMATioN AND poRTFoLio coMposiTioN

 

Trust Performance(1)

 

American Stock Exchange Symbol

 

 

 

EVP

 

 

 

 

 

Average Annual Total Returns (by share price)

 

 

 

Six Months

 

3.20

%

One Year

 

-6.80

 

Five Years

 

2.23

 

Life of Trust (1/29/99)

 

4.21

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-0.55

%

One Year

 

-0.92

 

Five Years

 

4.39

 

Life of Trust (1/29/99)

 

5.47

 

 

Market Yields

 

Market Yield(2)

 

4.93

%

Taxable-Equivalent Market Yield(3)

 

7.83

 

 

Index Performance(4)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

Six Months

 

1.44

%

One Year

 

3.87

 

Five Years

 

3.67

 

Life of Trust (1/31/99)

 

4.85

 

 

Lipper Averages(5)

 

Lipper Pennsylvania Municipal Debt Funds Classification

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

Six Months

 

-1.09

%

One Year

 

-0.84

 

Five Years

 

3.17

 

Life of Trust (1/31/99)

 

4.86

 

 

Portfolio Manager: Adam A. Weigold, CFA

 

Rating Distribution*(6)

 

By total investments

 

 


*

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 May 31, 2008, is as follows, and the average rating is AA:

 

AAA

 

53.1

%

AA

 

12.7

%

A

 

13.5

%

BBB

 

12.0

%

BB

 

0.8

%

CCC

 

1.6

%

Not Rated

 

6.3

%

 

Trust Statistics(7)

 

·

Number of Issues:

74

·

Average Maturity:

22.1 years

·

Average Effective Maturity:

10.9 years

·

Average Call Protection:

6.1 years

·

Average Dollar Price:

$97.77

·

Leverage:**

36.6%

 


**

The leverage amount is Auction Preferred Shares at liquidation value as a percentage of the Trust’s net assets applicable to common shares plus Auction Preferred Shares. The Trust uses leverage through the issuance of preferred shares. Use of financial 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value 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 leverage resulting from the Trust’s issuance of Auction Preferred Shares.

 

(2) The Trust’s market yield is calculated by dividing the last dividend paid per common share of the semiannual period by the share price at the end of the semiannual period 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) It is not possible to invest directly in an Index. The Index’s total return does not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. 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, 7 and 4 funds for the 6-month, 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.

 

(7) Portfolio 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.

 

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.

 

11



Eaton Vance California Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 164.8%
     
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 11.1%      
$ 2,770     California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
  $ 2,597,097    
  500     California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
    507,350    
  1,850     California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
    1,915,120    
  4,000     California Educational Facilities Authority, (Stanford
University), 5.125%, 1/1/31
    4,028,200    
  2,500     San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41
    2,519,600    
            $ 11,567,367    
Electric Utilities — 3.5%      
$ 2,500     Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27   $ 2,439,175    
  300     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/25(1)(2)
    302,247    
  900     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/37(1)(2)
    835,218    
            $ 3,576,640    
Escrowed / Prerefunded — 0.4%      
$ 405     Santa Margarita Water District, Prerefunded to 9/1/09,
6.20%, 9/1/20
  $ 433,532    
            $ 433,532    
General Obligations — 12.7%      
$ 3,000     California, 5.50%, 3/1/26   $ 3,202,740    
  3,500     California, 5.50%, 11/1/33     3,615,535    
  1,610     California, (AMT), 5.05%, 12/1/36     1,539,756    
  10     San Francisco Bay Area Rapid Transit District,
(Election of 2004), 4.75%, 8/1/37
    10,029    
  4,780     San Francisco Bay Area Rapid Transit District,
(Election of 2004), 4.75%, 8/1/37(3)
    4,793,814    
            $ 13,161,874    
Health Care-Miscellaneous — 0.3%      
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
  $ 292,494    
            $ 292,494    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — 29.2%      
$ 2,435     California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 11/15/34
  $ 2,363,654    
  3,100     California Health Facilities Financing Authority, (Kaiser
Permanente), 5.00%, 4/1/37
    2,983,068    
  870     California Health Facilities Financing Authority, (Sutter Health),
Variable Rate, 15.14%, 11/15/46(1)(2)
    863,284    
  750     California Infrastructure and Economic Development Bank,
(Kaiser Hospital), 5.50%, 8/1/31
    760,875    
  500     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.50%, 7/1/30
    508,195    
  670     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.50%, 7/1/31
    679,527    
  280     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.625%, 7/1/35
    284,617    
  3,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    3,781,674    
  765     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/34
    747,459    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36
    1,713,582    
  850     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41
    811,121    
  1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
    1,661,484    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,793,207    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,530,870    
  1,500     Duarte, Hope National Medical Center, (City of Hope),
5.25%, 4/1/24
    1,511,265    
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     415,670    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,014,260    
  1,250     Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34     1,137,875    
  2,780     Washington Township Health Care District, 5.00%, 7/1/32     2,694,710    
  2,000     Washington Township Health Care District, 5.25%, 7/1/29     2,010,360    
            $ 30,266,757    
Housing — 2.6%      
$ 1,750     California Housing Finance Agency, (AMT), 4.75%, 8/1/42   $ 1,507,940    
  735     Commerce (Hermitage III Senior Apartments),
6.50%, 12/1/29
    749,005    
  426     Commerce (Hermitage III Senior Apartments),
6.85%, 12/1/29
    430,266    
            $ 2,687,211    

 

See notes to financial statements
12



Eaton Vance California Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Industrial Development Revenue — 1.6%      
$ 2,000     California Statewide Communities Development Authority,
(Anheuser Busch Project), 4.80%, 9/1/46
  $ 1,692,640    
            $ 1,692,640    
Insured-Education — 6.1%      
$ 3,270     California Educational Facilities Authority, (Pooled College and
University), (MBIA), 5.10%, 4/1/23
  $ 3,338,081    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,015,210    
            $ 6,353,291    
Insured-Electric Utilities — 9.1%      
$ 2,500     California Pollution Control Financing Authority, (Pacific
Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16
  $ 2,596,125    
  3,250     California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31
    3,279,477    
  3,625     Los Angeles Department of Water and Power, Power System
Revenue, (FSA), 4.625%, 7/1/37
    3,599,045    
            $ 9,474,647    
Insured-Escrowed / Prerefunded — 4.2%      
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 2,220,007    
  1,995     Puerto Rico Electric Power Authority, (FSA),
Prerefunded to 7/1/10, 5.25%, 7/1/29(3)
    2,135,940    
            $ 4,355,947    
Insured-General Obligations — 14.1%      
$ 7,000     Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/34
  $ 1,704,850    
  4,825     Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/35
    1,109,460    
  2,500     Puerto Rico, (FSA), Variable Rate, 9.90%, 7/1/27(1)(2)     2,972,150    
  4,800     San Diego Unified School District, (MBIA),
5.50%, 7/1/24(3)
    5,463,696    
  7,995     Sweetwater Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,424,338    
            $ 14,674,494    
Insured-Hospital — 11.8%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(4)
  $ 3,279,712    
  5,000     California Statewide Communities Development Authority,
(Sutter Health), (AMBAC), 5.00%, 11/15/38
    5,097,550    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Hospital (continued)      
$ 3,735     California Statewide Communities Development Authority,
(Sutter Health), (FSA), 5.75%, 8/15/27(3)
  $ 3,858,815    
            $ 12,236,077    
Insured-Lease Revenue / Certificates of
Participation — 11.9%
     
$ 6,500     Anaheim Public Financing Authority, Lease Revenue, (Public
Improvements), (FSA), 0.00%, 9/1/17
  $ 4,299,555    
  10,750     Anaheim Public Financing Authority, Lease Revenue, (Public
Improvements), (FSA), 0.00%, 9/1/25
    4,396,535    
  3,600     San Diego County Water Authority, (FSA), 5.00%, 5/1/38     3,701,952    
            $ 12,398,042    
Insured-Other Revenue — 1.7%      
$ 1,855     Golden State Tobacco Securitization Corp., (FGIC),
5.00%, 6/1/38
  $ 1,790,743    
            $ 1,790,743    
Insured-Special Tax Revenue — 5.0%      
$ 1,185     Palm Springs Community Redevelopment Agency, Tax
Allocation (Merged Project No. 1), (AMBAC),
5.00%, 9/1/30
  $ 1,194,516    
  24,800     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,782,872    
  4,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     563,150    
  8,380     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     1,053,031    
  5,270     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     622,545    
            $ 5,216,114    
Insured-Transportation — 6.8%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,577,650    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,240,000    
  740     Puerto Rico Highway and Transportation Authority, (AGC),
(CIFG), 5.25%, 7/1/41(3)
    809,283    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    2,451,600    
            $ 7,078,533    
Insured-Water and Sewer — 2.5%      
$ 2,710     San Francisco City and County Public Utilities Commission,
(FSA), 4.25%, 11/1/33
  $ 2,531,628    
            $ 2,531,628    

 

See notes to financial statements
13



Eaton Vance California Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Water Revenue — 3.2%      
$ 4,400     Los Angeles Department of Water and Power, (MBIA),
3.00%, 7/1/30
  $ 3,323,716    
            $ 3,323,716    
Lease Revenue / Certificates of Participation — 4.2%      
$ 4,000     Sacramento City Financing Authority, 5.40%, 11/1/20   $ 4,389,080    
            $ 4,389,080    
Other Revenue — 2.1%      
$ 385     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32
  $ 389,647    
  580     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37
    584,802    
  1,420     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     1,239,291    
            $ 2,213,740    
Senior Living / Life Care — 0.7%      
$ 175     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.75%, 11/15/26
  $ 156,349    
  700     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.875%, 11/15/36
    596,505    
            $ 752,854    
Special Tax Revenue — 17.0%      
$ 1,500     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 1,418,490    
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     247,485    
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     380,346    
  1,665     Corona Public Financing Authority, 5.80%, 9/1/20     1,659,772    
  200     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    180,604    
  500     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    432,610    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,622,245    
  1,305     Lincoln Public Financing Authority, Improvement Bond
Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    1,321,874    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    408,089    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    716,303    
  2,450     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,520,119    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,021,029    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,361,265    
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,121,915    
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,363    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue (continued)      
$ 500     Santaluz Community Facilities District No. 2,
6.20%, 9/1/30
  $ 500,295    
  250     Temecula Unified School District, 5.00%, 9/1/27     223,103    
  400     Temecula Unified School District, 5.00%, 9/1/37     340,508    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     490,710    
  500     Tustin Community Facilities District, 6.00%, 9/1/37     475,855    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    994,300    
            $ 17,687,280    
Transportation — 1.1%      
$ 1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30   $ 1,108,692    
            $ 1,108,692    
Water and Sewer — 1.9%      
$ 1,840     California Department of Water Resources, 5.00%, 12/1/29   $ 1,922,506    
            $ 1,922,506    
Total Tax-Exempt Investments — 164.8%
(identified cost $171,153,242)
  $ 171,185,899    
Other Assets, Less Liabilities — (8.0)%   $ (8,316,207 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (56.8)%
  $ (59,004,012 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 103,865,680    

 

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.

CIFG - CIFG Assurance North America, Inc.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

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 May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2008, 46.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 21.0% of total investments.

(1)  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 May 31, 2008, the aggregate value of the securities is $4,972,899 or 4.8% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2008.

(3)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(4)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

See notes to financial statements
15



Eaton Vance Florida Plus Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 166.1%
     
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 3.5%      
$ 1,000     Massachusetts Development Finance Agency,
(Boston University), 6.00%, 5/15/59
  $ 1,089,120    
  1,000     Volusia County Educational Facilities Authority, (Embry
Riddle Aeronautical), 5.75%, 10/15/29
    1,003,330    
            $ 2,092,450    
Escrowed / Prerefunded — 0.8%      
$ 435     Vista Lakes Community Development District,
Prerefunded to 5/1/10, 7.20%, 5/1/32
  $ 474,533    
            $ 474,533    
Health Care-Miscellaneous — 0.6%      
$ 147     Osceola County Industrial Development Authority,
Community Provider Pooled Loan, 7.75%, 7/1/17
  $ 147,084    
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi
Campus Project), 6.50%, 10/1/37
    194,996    
            $ 342,080    
Hospital — 14.6%      
$ 515     California Health Facilities Financing Authority, (Kaiser
Permanente), 5.00%, 4/1/37
  $ 495,574    
  275     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.50%, 7/1/30
    279,507    
  365     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.50%, 7/1/31
    370,190    
  150     California Statewide Communities Development Authority,
(Catholic Healthcare West), 5.625%, 7/1/35
    152,473    
  350     Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
    309,585    
  210     Highlands County Health Facilities Authority, (Adventist
Health System), 5.25%, 11/15/36
    207,396    
  2,000     Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.25%, 11/15/32
    1,990,400    
  2,500     New York Dormitory Authority, (Memorial Sloan Kettering
Cancer Center), 5.00%, 7/1/36
    2,577,850    
  315     New York Dormitory Authority, (Orange Regional Medical
Center), 6.125%, 12/1/29
    316,720    
  635     New York Dormitory Authority, (Orange Regional Medical
Center), 6.25%, 12/1/37
    640,594    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,425,466    
            $ 8,765,755    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing — 15.2%      
$ 330     California Housing Finance Agency, (AMT),
4.75%, 8/1/42
  $ 284,354    
  650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
    566,390    
  2,000     Delaware Housing Authority, (Senior Single Family Mortgage),
(AMT), 5.30%, 1/1/49
    1,879,880    
  505     Escambia County Housing Finance Authority, Single Family
Mortgage, (Multi-County Program), (AMT), 5.50%, 10/1/31
    506,055    
  475     Florida Capital Projects Finance Authority, Student Housing
Revenue, (Florida University), Prerefunded to 8/15/10,
7.75%, 8/15/20
    531,629    
  2,000     Maryland Community Development Authority, Multifamily
Housing, (AMT), 4.85%, 9/1/47
    1,747,300    
  710     Massachusetts Housing Finance Agency, (AMT),
5.30%, 12/1/37
    692,420    
  3,000     Virginia Housing Development Authority, (AMT),
5.10%, 10/1/35
    2,884,380    
            $ 9,092,408    
Industrial Development Revenue — 16.5%      
$ 1,000     Brazos River, TX, Harbor Navigation District, (Dow
Chemical Co.), (AMT), 5.95%, 5/15/33
  $ 1,019,260    
  754     Broward County, (Lynxs Cargoport), (AMT),
6.75%, 6/1/19
    735,826    
  1,060     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    974,469    
  2,000     Denver, CO, City and County Special Facilities,
(United Airlines), (AMT), 5.25%, 10/1/32
    1,384,400    
  1,000     Houston, TX, Airport System, (Continental Airlines), (AMT),
6.75%, 7/1/29
    856,000    
  2,250     Liberty Development Corp., NY, (Goldman Sachs Group, Inc.),
5.25%, 10/1/35(1)
    2,353,874    
  280     Phoenix, AZ, Industrial Development Authority, (America
West Airlines, Inc.), (AMT), 6.25%, 6/1/19
    240,643    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    436,312    
  2,000     St. John Baptist Parish, LA, (Marathon Oil Corp.),
5.125%, 6/1/37
    1,890,520    
            $ 9,891,304    
Insured-Education — 2.9%      
$ 1,735     University of Vermont and State Agricultural College, (MBIA),
5.00%, 10/1/40
  $ 1,759,134    
            $ 1,759,134    
Insured-Electric Utilities — 2.7%      
$ 1,600     Burke County, GA, Development Authority, (Georgia
Power Co.), (MBIA), (AMT), 5.45%, 5/1/34(2)
  $ 1,600,128    
            $ 1,600,128    

 

See notes to financial statements
16



Eaton Vance Florida Plus Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 1.2%      
$ 650     Dade County, Professional Sports Franchise Facility, (MBIA),
Escrowed to Maturity, 5.25%, 10/1/30
  $ 708,071    
            $ 708,071    
Insured-General Obligations — 9.1%      
$ 1,250     King County, WA, Public Hospital District No. 1, (AGC),
5.00%, 12/1/37
  $ 1,276,650    
  1,500     Puerto Rico, (FSA), Variable Rate, 9.90%, 7/1/27(3)(4)     1,783,290    
  5,040     San Juan, CA, Unified School District, (FSA), 0.00%, 8/1/23     2,404,030    
            $ 5,463,970    
Insured-Hospital — 15.5%      
$ 2,500     Illinois Finance Authority, (Rush University Medical Center),
(MBIA), 5.25%, 11/1/35
  $ 2,460,600    
  3,250     Indiana Health and Educational Facilities Finance Authority,
(Sisters of St. Francis Health Services), (FSA),
5.25%, 5/15/41
    3,302,618    
  1,000     Maricopa County, AZ, Industrial Development Authority,
(Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
    1,009,970    
  2,500     Maryland Health and Higher Educational Facilities Authority,
(Lifebridge Health), (AGC), 4.75%, 7/1/47(1)
    2,473,200    
            $ 9,246,388    
Insured-Housing — 1.8%      
$ 1,100     Broward County Housing Finance Authority, Multifamily
Housing, (Venice Homes Apartments), (FSA), (AMT),
5.70%, 1/1/32
  $ 1,077,318    
            $ 1,077,318    
Insured-Lease Revenue / Certificates of
Participation — 8.2%
     
$ 1,795     Newberry, SC, (Newberry County School District), (AGC),
5.00%, 12/1/30
  $ 1,829,859    
  3,000     San Diego County, CA, Water Authority, (FSA),
5.00%, 5/1/38
    3,084,960    
            $ 4,914,819    
Insured-Special Tax Revenue — 10.3%      
$ 670     Baton Rouge, LA, Public Improvement, (FSA),
4.25%, 8/1/32
  $ 623,938    
  690     Louisiana Gas and Fuels Tax, (FGIC), (FSA), 5.00%, 5/1/41     703,076    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    653,752    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    892,950    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue (continued)      
$ 5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
  $ 877,909    
  14,850     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,067,567    
  2,535     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     337,890    
  5,030     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     632,070    
  3,165     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     373,881    
            $ 6,163,033    
Insured-Transportation — 18.7%      
$ 1,960     Central Puget Sound Regional Transportation Authority, WA,
Sales Revenue, (FSA), 5.00%, 11/1/34
  $ 2,019,310    
  670     Chicago, IL, (O'Hare International Airport), (FSA),
4.50%, 1/1/38
    640,426    
  240     Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.10%, 11/1/24
    243,427    
  200     Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.25%, 11/1/28
    202,956    
  2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
    2,257,965    
  650     Metropolitan Washington, DC, Airport Authority System,
(FSA), (AMT), 5.00%, 10/1/34
    623,597    
  3,975     Miami-Dade County, Aviation Revenue, (Miami
International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38
    3,784,240    
  1,415     San Antonio, TX, Airport System, (FSA), (AMT),
5.25%, 7/1/32
    1,401,572    
            $ 11,173,493    
Insured-Water and Sewer — 22.4%      
$ 3,755     Austin, TX, Water and Wastewater System Revenue, (FSA),
5.00%, 11/15/33
  $ 3,853,907    
  1,000     Emerald Coast, Utility Authority Revenue, (FGIC),
4.75%, 1/1/31
    926,780    
  3,335     Fernley, NV, Water and Sewer (AGC), 5.00%, 2/1/38     3,422,244    
  640     Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30     651,680    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,026,660    
  530     Pearland, TX, Waterworks and Sewer Systems, (FSA),
4.50%, 9/1/34
    513,294    
  1,156     Tampa Bay Water Utility System, (FGIC), 4.75%, 10/1/27(1)     1,158,368    
  1,844     Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/08, 4.75%, 10/1/27(1)
    1,879,792    
            $ 13,432,725    
Nursing Home — 1.7%      
$ 265     Orange County Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24
  $ 267,889    

 

See notes to financial statements
17



Eaton Vance Florida Plus Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Nursing Home (continued)      
$ 735     Orange County Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34
  $ 745,172    
            $ 1,013,061    
Other Revenue — 4.5%      
$ 16,500     Buckeye Tobacco Settlement Financing Authority, OH,
0.00%, 6/1/47
  $ 896,115    
  1,000     Michigan Tobacco Settlement Finance Authority,
6.00%, 6/1/48
    891,700    
  1,000     Salt Verde, AZ, Financial Corporation, Senior Gas Revenue,
5.00%, 12/1/37
    888,880    
            $ 2,676,695    
Special Tax Revenue — 15.9%      
$ 85     Covington Park Community Development District, (Capital
Improvements), 5.00%, 5/1/21
  $ 85,887    
  500     Covington Park Community Development District, (Capital
Improvements), 5.00%, 5/1/31
    485,375    
  240     Dupree Lakes Community Development District,
5.00%, 11/1/10
    231,864    
  205     Dupree Lakes Community Development District,
5.00%, 5/1/12
    191,577    
  355     Dupree Lakes Community Development District,
5.375%, 5/1/37
    283,652    
  310     Heritage Harbor South Community Development District,
(Capital Improvements), 6.20%, 5/1/35
    313,187    
  230     Heritage Springs Community Development District,
5.25%, 5/1/26
    213,468    
  665     Heritage Springs Community Development District,
6.75%, 5/1/21
    665,432    
  340     New River Community Development District, (Capital
Improvements), 5.00%, 5/1/13
    311,093    
  140     New River Community Development District, (Capital
Improvements), 5.35%, 5/1/38
    107,451    
  340     North Springs Improvement District, (Heron Bay),
5.20%, 5/1/27
    253,779    
  595     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    595,696    
  985     River Hall Community Development District, (Capital
Improvements), 5.45%, 5/1/36
    774,358    
  475     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    417,454    
  600     Sterling Hill Community Development District,
6.20%, 5/1/35
    605,424    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    516,165    
  990     Tisons Landing Community Development District,
5.625%, 5/1/37
    696,604    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue (continued)      
$ 740     University Square Community Development District,
6.75%, 5/1/20
  $ 751,551    
  685     Waterlefe Community Development District, 6.95%, 5/1/31     713,592    
  175     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    158,510    
  1,270     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,120,915    
            $ 9,493,034    
Total Tax-Exempt Investments — 166.1%
(identified cost $100,505,319)
  $ 99,380,399    
Other Assets, Less Liabilities — (6.8)%   $ (4,043,649 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (59.3)%
  $ (35,507,238 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 59,829,512    

 

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

At May 31, 2008, the concentration of the Trust's investments in the various states, determined as a percentage of total investments, is as follows:

Florida     33.2 %  
Others, representing less than 10% individually     66.8 %  

 

The Trust invests primarily in debt securities issued by Florida and other state municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2008, 55.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.1% to 23.2% of total investments.

See notes to financial statements
18



Eaton Vance Florida Plus Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

(1)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(2)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(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 May 31, 2008, the aggregate value of the securities is $1,783,290 or 3.0% 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 May 31, 2008.

See notes to financial statements
19



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 156.7%
     
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 20.5%      
$ 2,790     Massachusetts Development Finance Agency, (Boston
University), 5.45%, 5/15/59
  $ 2,770,888    
  600     Massachusetts Development Finance Agency, (Middlesex
School), 5.00%, 9/1/33
    602,706    
  500     Massachusetts Development Finance Agency, (Mount Holyoke
College), 5.25%, 7/1/31
    511,210    
  1,500     Massachusetts Development Finance Agency, (Wheeler
School), 6.50%, 12/1/29
    1,535,685    
  1,000     Massachusetts Development Finance Agency, (Xaverian
Brothers High School), 5.65%, 7/1/29
    1,001,480    
  1,500     Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32
    1,508,790    
            $ 7,930,759    
Electric Utilities — 9.8%      
$ 1,000     Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30
  $ 1,039,520    
  1,870     Massachusetts Development Finance Agency, (Dominion
Energy Brayton Point), (AMT), 5.00%, 2/1/36
    1,708,058    
  275     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/25(1)(2)
    277,060    
  825     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/37(1)(2)
    765,616    
            $ 3,790,254    
Escrowed / Prerefunded — 9.3%      
$ 400     Massachusetts Development Finance Agency, (Western New
England College), Prerefunded to 12/1/12,
6.125%, 12/1/32
  $ 454,840    
  235     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to 1/1/12,
6.00%, 7/1/31
    261,202    
  1,265     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), Prerefunded to 7/1/09,
5.75%, 7/1/29
    1,326,593    
  980     Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10,
6.75%, 7/1/30
    1,063,829    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 0.00%, 7/1/20
    490,620    
            $ 3,597,084    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 3.2%      
$ 510     Massachusetts Development Finance Agency, (MCHSP Human
Services), 6.60%, 8/15/29
  $ 471,969    
  700     Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
    684,173    
  100     Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
    97,498    
            $ 1,253,640    
Hospital — 21.1%      
$ 1,000     Massachusetts Development Finance Agency, (Biomedical
Research Corp.), 6.25%, 8/1/20
  $ 1,060,790    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33
    1,012,260    
  400     Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
    410,364    
  330     Massachusetts Health and Educational Facilities Authority,
(Beth Israel Deaconess Medical Center, Inc.),
5.125%, 7/1/38(3)
    322,073    
  105     Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
    105,193    
  1,575     Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37
    1,570,181    
  865     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31
    891,659    
  2,000     Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare Systems), 5.00%, 7/1/32(4)
    2,034,990    
  735     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
    743,849    
            $ 8,151,359    
Housing — 13.5%      
$ 2,100     Massachusetts Housing Finance Agency, 4.75%, 12/1/48   $ 1,812,321    
  1,000     Massachusetts Housing Finance Agency, (AMT),
4.85%, 6/1/40
    871,870    
  650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
    623,441    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    1,914,800    
            $ 5,222,432    
Industrial Development Revenue — 1.8%      
$ 695     Massachusetts Industrial Finance Agency, (American Hingham
Water Co.), (AMT), 6.60%, 12/1/15
  $ 696,251    
            $ 696,251    

 

See notes to financial statements
20



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education — 16.1%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
  $ 1,096,690    
  1,000     Massachusetts Development Finance Agency, (Boston
University), (XLCA), 5.375%, 5/15/39
    1,030,970    
  1,365     Massachusetts Development Finance Agency, (College of the
Holy Cross), (AMBAC), 5.25%, 9/1/32(4)
    1,504,394    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,597,712    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Northeastern University), (MBIA), 5.00%, 10/1/29(5)
    1,007,870    
            $ 6,237,636    
Insured-General Obligations — 8.1%      
$ 2,255     Milford, (FSA), 4.25%, 12/15/46   $ 2,052,027    
  900     Puerto Rico, (FSA), Variable Rate, 9.90%, 7/1/27(1)(2)     1,069,974    
            $ 3,122,001    
Insured-Other Revenue — 3.8%      
$ 1,250     Massachusetts Development Finance Agency, (WGBH
Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 1,478,888    
            $ 1,478,888    
Insured-Special Tax Revenue — 7.6%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,509,030    
  8,945     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     643,056    
  1,520     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     202,601    
  3,015     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     378,865    
  1,905     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     225,038    
            $ 2,958,590    
Insured-Student Loan — 4.4%      
$ 1,985     Massachusetts Educational Financing Authority, (AMBAC),
(AMT), 4.70%, 1/1/33
  $ 1,699,359    
            $ 1,699,359    
Insured-Transportation — 15.3%      
$ 800     Massachusetts Port Authority, (Bosfuel Project), (FGIC),
(AMT), 5.00%, 7/1/32
  $ 755,064    
  2,000     Massachusetts Port Authority, (Bosfuel Project), (FGIC),
(AMT), 5.00%, 7/1/38
    1,861,940    
  3,300     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37
    3,301,188    
            $ 5,918,192    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Nursing Home — 2.8%      
$ 500     Boston Industrial Development Authority, (Alzheimer's Center),
(FHA), 6.00%, 2/1/37
  $ 505,865    
  580     Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
    581,044    
            $ 1,086,909    
Senior Living / Life Care — 7.6%      
$ 250     Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.15%, 7/1/31
  $ 224,768    
  1,500     Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.625%, 7/1/29
    1,466,430    
  140     Massachusetts Development Finance Agency, (First Mortgage
VOA Concord), 5.125%, 11/1/27
    117,813    
  425     Massachusetts Development Finance Agency, (First Mortgage
VOA Concord), 5.20%, 11/1/41
    337,858    
  910     Massachusetts Development Finance Agency, (Linden
Ponds, Inc.), 5.75%, 11/15/42
    797,533    
            $ 2,944,402    
Special Tax Revenue — 4.6%      
$ 1,665     Massachusetts Bay Transportation Authority, 0.00%, 7/1/31   $ 498,568    
  5,195     Massachusetts Bay Transportation Authority, 0.00%, 7/1/34     1,290,698    
            $ 1,789,266    
Water and Sewer — 7.2%      
$ 100     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 101,496    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    991,296    
  2,000     Massachusetts Water Resources Authority,
4.00%, 8/1/46
    1,704,420    
            $ 2,797,212    
Total Tax-Exempt Investments — 156.7%
(identified cost $61,426,566)
  $ 60,674,234    

 

See notes to financial statements
21



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D


Short-Term Investments — 2.8%
 
Principal Amount
(000's omitted)
  Description   Value  
$ 1,060     Massachusetts Development Finance Agency, (Wentworth
Institute), (AMBAC), (SPA: State Street Bank and Trust Co.),
Variable Rate, 6.25%, 10/1/30(6)
  $ 1,060,000    
Total Short-Term Investments
(identified cost $1,060,000)
  $ 1,060,000    
Total Investments — 159.5%
(identified cost $62,486,566)
  $ 61,734,234    
Other Assets, Less Liabilities — (3.9)%   $ (1,515,973 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.6)%
  $ (21,507,623 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 38,710,638    

 

ACA - ACA Financial Guaranty Corporation

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

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 May 31, 2008, 36.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 4.2% to 12.8% of total investments.

(1)  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 May 31, 2008, the aggregate value of the securities is $2,112,650 or 5.5% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2008.

(3)  When-issued security.

(4)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

(5)  Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

(6)  Variable rate demand obligation. The stated interest rate represents the rate in effect at May 31, 2008.

See notes to financial statements
22




Eaton Vance Michigan Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 156.8%
     
Principal Amount
(000's omitted)
  Security   Value  
Education — 6.2%      
$ 1,250     Michigan Higher Education Facilities Authority,
(Creative Studies), 5.90%, 12/1/27
  $ 1,275,375    
  540     Michigan Higher Education Facilities Authority,
(Hillsdale College), 5.00%, 3/1/35
    530,572    
            $ 1,805,947    
Electric Utilities — 9.1%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,262,487    
  375     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/25(1)(2)
    377,809    
  1,125     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
11.25%, 7/1/37(1)(2)
    1,044,022    
            $ 2,684,318    
Escrowed / Prerefunded — 11.1%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 543,685    
  750     Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26
    798,495    
  750     Michigan Hospital Finance Authority, (Sparrow Obligation
Group), Prerefunded to 11/15/11, 5.625%, 11/15/36
    822,532    
  1,000     Puerto Rico Electric Power Authority, Prerefunded to
7/1/12, 5.25%, 7/1/31
    1,096,170    
            $ 3,260,882    
General Obligations — 10.1%      
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 517,115    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,032,550    
  345     Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29
    344,110    
  1,000     White Cloud Public Schools, Prerefunded to
5/1/11, 5.125%, 5/1/31
    1,068,630    
            $ 2,962,405    
Health Care-Miscellaneous — 0.3%      
$ 100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), 6.50%, 10/1/37
  $ 97,498    
            $ 97,498    
Hospital — 29.0%      
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21
  $ 516,380    
  185     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    178,730    

 

Principal Amount
(000's omitted)
  Security   Value  
Hospital (continued)      
$ 125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
  $ 121,904    
  275     Kent Hospital Finance Authority, (Spectrum Health),
5.50%, 1/15/47
    294,605    
  560     Macomb County Hospital Finance Authority, (Mount Clemens
General Hospital), 5.875%, 11/15/34
    528,702    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    500,985    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,001,920    
  750     Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.00%, 11/15/38
    711,277    
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health
System), 5.25%, 11/15/46
    976,250    
  1,080     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,023,138    
  750     Michigan Hospital Finance Authority, (Memorial
Healthcare Center), 5.875%, 11/15/21
    764,543    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,059,430    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    847,472    
            $ 8,525,336    
Housing — 3.0%      
$ 1,000     Michigan State Housing Development Authority,
(Williams Pavilion), (AMT), 4.90%, 4/20/48
  $ 890,480    
            $ 890,480    
Industrial Development Revenue — 7.0%      
$ 1,000     Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21
  $ 855,240    
  800     Dickinson County Electronic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16
    809,240    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    402,556    
            $ 2,067,036    
Insured-Electric Utilities — 6.8%      
$ 1,000     Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT),
5.55%, 9/1/29
  $ 1,007,880    
  500     Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32
    478,075    
  500     Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/34     502,100    
            $ 1,988,055    

 

See notes to financial statements
23



Eaton Vance Michigan Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Escrowed / Prerefunded — 14.5%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,036,940    
  1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to
7/1/11, 5.125%, 7/1/31
    1,071,780    
  2,000     Novi Building Authority, (FSA), Prerefunded to
10/1/10, 5.50%, 10/1/25
    2,159,600    
            $ 4,268,320    
Insured-General Obligations — 8.6%      
$ 650     Detroit City School District, (FGIC), 4.75%, 5/1/28   $ 652,262    
  750     Detroit City School District, (FSA), 5.25%, 5/1/32     828,345    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     200,652    
  700     Puerto Rico, (FSA), Variable Rate, 9.90%, 7/1/27(1)(2)     832,202    
            $ 2,513,461    
Insured-Hospital — 6.9%      
$ 1,000     Royal Oak Hospital Finance Authority,
(William Beaumont Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,010,700    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,028,240    
            $ 2,038,940    
Insured-Lease Revenue / Certificates of
Participation — 5.2%
     
$ 4,300     Michigan State Building Authority, (FGIC),
0.00%, 10/15/30
  $ 1,196,690    
  1,000     Michigan State Building Authority, (FGIC), (FSA),
0.00%, 10/15/29
    316,840    
            $ 1,513,530    
Insured-Special Tax Revenue — 11.2%      
$ 5,160     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
  $ 370,952    
  1,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     163,280    
  2,430     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     305,354    
  1,470     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     173,651    
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
    2,270,745    
            $ 3,283,982    
Insured-Student Loan — 6.5%      
$ 1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.00%, 3/1/31
  $ 941,640    
  1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.50%, 6/1/25(3)
    981,600    
            $ 1,923,240    

 

Principal Amount
(000's omitted)
  Security   Value  
Insured-Transportation — 6.7%      
$ 1,000     Wayne Charter County Airport, (AGC), (AMT),
5.375%, 12/1/32
  $ 1,001,190    
  1,000     Wayne Charter County Airport, (MBIA), (AMT),
5.00%, 12/1/28
    968,840    
            $ 1,970,030    
Insured-Water and Sewer — 5.5%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,623,914    
            $ 1,623,914    
Lease Revenue / Certificates of Participation — 0.9%      
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22
  $ 250,083    
            $ 250,083    
Other Revenue — 3.1%      
$ 12,500     Michigan Tobacco Settlement Finance Authority,
0.00%, 6/1/52
  $ 457,500    
  500     Michigan Tobacco Settlement Finance Authority,
6.00%, 6/1/48
    445,850    
            $ 903,350    
Transportation — 5.1%      
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(4)   $ 1,510,388    
            $ 1,510,388    
Total Tax-Exempt Investments — 156.8%
(identified cost $46,129,252)
  $ 46,081,195    
Other Assets, Less Liabilities — 2.8%   $ 819,382    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (59.6)%
  $ (17,503,568 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 29,397,009    

 

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.

DRIVERS - Derivative Inverse Tax-Exempt Receipts

FGIC - Financial Guaranty Insurance Company

See notes to financial statements
24



Eaton Vance Michigan Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

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. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2008, 45.8% 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 1.0% to 17.7% of total investments.

(1)  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 May 31, 2008, the aggregate value of the securities is $2,254,033 or 7.7% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2008.

(3)  Security (or a portion thereof) has been segregated to cover margin requirements on open financial futures contracts.

(4)  Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Trust.

See notes to financial statements
25



Eaton Vance New Jersey Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 172.3%
     
Principal Amount
(000's omitted)
  Security   Value  
Education — 1.0%      
$ 250     New Jersey Educational Facilities Authority,
(Georgian Court University), 5.00%, 7/1/27
  $ 245,465    
  250     New Jersey Educational Facilities Authority,
(Georgian Court University), 5.00%, 7/1/33
    239,647    
  220     New Jersey Educational Facilities Authority,
(Georgian Court University), 5.25%, 7/1/37
    214,546    
            $ 699,658    
Electric Utilities — 2.2%      
$ 1,500     Salem County Pollution Control Financing, (Public Service
Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
  $ 1,438,290    
            $ 1,438,290    
Escrowed / Prerefunded — 6.1%      
$ 950     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39
  $ 1,103,482    
  2,500     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39(1)
    2,903,900    
            $ 4,007,382    
General Obligations — 2.4%      
$ 1,595     Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29
  $ 1,590,885    
            $ 1,590,885    
Health Care-Miscellaneous — 0.4%      
$ 300     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), 6.50%, 10/1/37
  $ 292,494    
            $ 292,494    
Hospital — 30.9%      
$ 100     Camden County Improvement Authority, (Cooper Health
System), 5.00%, 2/15/25
  $ 94,887    
  90     Camden County Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
    79,608    
  100     Camden County Improvement Authority, (Cooper Health
System), 5.25%, 2/15/27
    96,302    
  2,750     Camden County Improvement Authority, (Cooper Health
System), 5.75%, 2/15/34
    2,702,618    
  2,060     New Jersey Health Care Facilities Financing Authority,
(AHS Hospital Corp.), 5.00%, 7/1/27
    2,062,328    
  575     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    592,014    

 

Principal Amount
(000's omitted)
  Security   Value  
Hospital (continued)      
$ 4,135     New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
  $ 3,999,455    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,111,987    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,693,376    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,035,960    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31
    2,043,600    
  2,930     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/46
    2,827,948    
            $ 20,340,083    
Housing — 7.4%      
$ 715     New Jersey Housing and Mortgage Finance Agency,
(Single Family Housing), (AMT), 4.70%, 10/1/37
  $ 641,105    
  4,490     New Jersey Housing and Mortgage Finance Agency,
(Single Family Housing), (AMT), 5.00%, 10/1/37
    4,245,654    
            $ 4,886,759    
Industrial Development Revenue — 15.3%      
$ 1,000     Gloucester County Improvements Authority,
(Waste Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,042,620    
  3,000     Middlesex County Pollution Control Authority,
(Amerada Hess), 6.05%, 9/15/34
    3,004,320    
  3,220     New Jersey Economic Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47
    2,849,024    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 6.25%, 9/15/29
    607,920    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 9.00%, 6/1/33
    781,890    
  2,080     Virgin Islands Public Financing Authority,
(HOVENSA LLC), (AMT), 4.70%, 7/1/22
    1,798,597    
            $ 10,084,371    
Insured-Education — 5.3%      
$ 3,365     New Jersey Educational Facilities Authority,
(College of New Jersey), (FSA), 5.00%, 7/1/35(1)
  $ 3,483,535    
            $ 3,483,535    
Insured-Electric Utilities — 3.8%      
$ 1,250     Puerto Rico Electric Power Authority, (FGIC),
5.25%, 7/1/35
  $ 1,255,350    
  1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
    1,254,038    
            $ 2,509,388    

 

See notes to financial statements
26



Eaton Vance New Jersey Municipal Income Trust as of May 31, 2008

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Escrowed / Prerefunded — 7.2%      
$ 4,500     New Jersey Turnpike Authority, (MBIA), Prerefunded to
1/1/10, 5.50%, 1/1/30(1)
  $ 4,723,290    
            $ 4,723,290    
Insured-Gas Utilities — 7.3%      
$ 5,000     New Jersey Economic Development Authority,
(New Jersey Natural Gas Co.), (FGIC), (AMT),
4.90%, 10/1/40
  $ 4,792,700    
            $ 4,792,700    
Insured-General Obligations — 4.7%      
$ 635     Monroe Township Board of Education,
Middlesex County, (AGC), 4.75%, 3/1/36
  $ 639,890    
  225     Nutley School District, (MBIA), 4.50%, 7/15/29     225,659    
  550     Nutley School District, (MBIA), 4.75%, 7/15/30     560,582    
  725     Nutley School District, (MBIA), 4.75%, 7/15/31     736,774    
  510     Nutley School District, (MBIA), 4.75%, 7/15/32     517,864    
  400     South Orange and Maplewood School District, (AGC),
4.625%, 1/15/26
    406,980