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

811-09157

 

Eaton Vance California 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:

November 30, 2007

 

 



 

Item 1. Reports to Stockholders

 



Annual Report November 30, 2007

EATON VANCE
MUNICIPAL
INCOME
TRUSTS

CLOSED-END FUNDS:

California

Florida

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 November 30, 2007

Table Of Contents

 

Management’s Discussion of Fund Performance

2

 

 

Performance Information and Portfolio Composition

 

 

 

California Municipal Income Trust

3

Florida Municipal Income Trust

4

Massachusetts Municipal Income Trust

5

Michigan Municipal Income Trust

6

New Jersey Municipal Income Trust

7

New York Municipal Income Trust

8

Ohio Municipal Income Trust

9

Pennsylvania Municipal Income Trust

10

 

 

Financial Statements

11

 

 

Federal Tax Information

71

 

 

Dividend Reinvestment Plan

72

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

74

 

 

Management and Organization

77

 

1



 

Eaton Vance Municipal Income Trusts as of November 30, 2007

management’s discussion of fund performance

 

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 third quarter of 2007 rose 4.9%, following the 3.8% growth rate achieved in the second quarter of 2007, according to preliminary Commerce Department data. At the end of November 2007, the housing sector continued to struggle due to market concerns related to subprime mortgages. However, the weaker dollar is having a stimulative effect on economic growth in export-related industries, tourism, and on U.S.-based multinational companies whose foreign profits are translated into more dollars. Overall, we believe the economy appears to be slowing, but in a somewhat controlled manner.

 

According to the Federal Reserve (the “Fed”), core inflation (which excludes the food and energy sectors) was still fairly well contained within the upper end of the Fed’s comfort zone. However, more volatile oil and food costs posed a potential threat for overall inflation longer-term. On September 18, 2007, the Fed lowered its Federal Funds rate by 50 basis points to 4.75% from 5.25% – its first rate cut since the Fed stopped raising rates in June 2006 – and simultaneously lowered the Discount Rate by 50 basis points to 5.25% from 5.75%. On October 31, 2007, the Fed further cut the Fed Funds rate by 0.25% to 4.50% and the Discount Rate by 0.25% to 5.00%. (Shortly after this reporting period, the Fed once again cut the Fed Funds rate on December 11, 2007 by 25 basis points to 4.25% and the Discount Rate by 25 basis points to 4.75%.) Management believes that these moves were aimed at providing liquidity during a period of increased uncertainty and tighter credit conditions that surfaced rapidly in mid-August and intensified in November.

 

For the year ended November 30, 2007, the Lehman Brothers Municipal Bond Index(1) (the “Index”), an unmanaged index of municipal bonds, posted a gain of 2.71%. For more information about each Trust’s performance and that of funds in the same Lipper Classification,(1) see the Performance Information and Portfolio Composition pages that follow.

 

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.

 

The Trusts underperformed their benchmark Index for the year ended November 30, 2007. Management believes that much of the underperformance can be attributed to the broader-based credit scare that took hold of the fixed-income markets in August and November of 2007 that lead to a flight-to-quality bid in the Treasury market, particularly in shorter-maturity bonds. This move was driven by the continuing fear that financial companies may experience further write-downs as a result of their exposure to mortgage-backed collateralized debt obligations (CDO’s), coupled with the disclosure by some of the major municipal bond insurers of their exposure to mortgage related CDO debt. As a result of our active management style that focuses on income and longer call protection, the Trusts generally hold longer-duration bonds. The flight to shorter-maturity (duration) bonds during September and November 2007 resulted in the Trusts’ relative underperformance for the period.

 

In November 2007, yield ratios for many municipal bonds exceeded those seen in late August 2007, when they were in the low 90%’s. Management believes that this was the result of dislocation in the fixed-income marketplace caused by the sub-prime contagion fears, insurance companies’ mark-to-market risks, and the decentralized nature of the municipal marketplace.

 

The ratio of yields on current coupon AAA-rated insured bonds to the yield on the 30-year Treasury bond was 104% as of November 30, 2007, with many individual bonds trading higher than 104%.(2) Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly undervalued compared to Treasuries.

 

With this backdrop, we continue to manage all of our municipal funds and trusts with the same relative value approach that we have traditionally employed — maintaining a long-term perspective when markets exhibit extreme short-term volatility. The Eaton Vance culture and philosophy have not changed, and we believe they have provided excellent long-term benefits to our investors over time.

 


(1)

 

It is not possible to invest directly in an Index or a Lipper Classification. 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.

 

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

 

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

 

2



 

Eaton Vance California Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

CEV

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-8.44

%

Five Years

 

5.25

 

Life of Trust (1/29/99)

 

4.46

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.65

%

Five Years

 

6.79

 

Life of Trust (1/29/99)

 

6.12

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.06

%

Taxable Equivalent Market Yield(3)

 

8.58

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.23

%

Five Years

 

6.17

 

Life of Trust (1/31/99)

 

5.30

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

50.9

%

 

 

 

 

AA

 

4.9

%

 

 

 

 

A

 

25.3

%

 

 

 

 

BBB

 

9.6

%

 

 

 

 

Not Rated

 

9.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

95

·  Average Maturity:

 

23.1 years

·  Average Effective Maturity:

 

13.0 years

·  Average Call Protection:

 

8.2 years

·  Average Dollar Price:

 

$90.87

·  Leverage:**

 

35.2%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 and 13 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

3



 

Eaton Vance Florida Municipal Income Trust* as of November 30, 2007

performance information and portfolio composition

 


* As of January 1, 2008, Eaton Vance Florida Municipal Income Trust changed its name to Eaton Vance Florida Plus Municipal Income Trust.

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

FEV

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-6.02

%

Five Years

 

3.46

 

Life of Trust (1/29/99)

 

4.12

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-2.26

%

Five Years

 

6.07

 

Life of Trust (1/29/99)

 

5.87

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.00

%

Taxable Equivalent Market Yield(3)

 

7.69

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.38

%

Five Years

 

5.49

 

Life of Trust (1/31/99)

 

4.94

 

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

62.3

%

 

 

 

 

AA

 

10.0

%

 

 

 

 

A

 

10.6

%

 

 

 

 

BBB

 

2.1

%

 

 

 

 

CCC

 

0.7

%

 

 

 

 

Not Rated

 

14.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

92

·  Average Maturity:

 

25.3 years

·  Average Effective Maturity:

 

12.3 years

·  Average Call Protection:

 

8.1 years

·  Average Dollar Price:

 

$96.30

·  Leverage:**

 

36.1%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 Classification (closed-end) contained 15, 14 and 9 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

4



 

Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

MMV

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-8.57

%

Five Years

 

2.14

 

Life of Trust (1/29/99)

 

4.19

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.94

%

Five Years

 

6.48

 

Life of Trust (1/29/99)

 

5.74

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.90

%

Taxable Equivalent Market Yield(3)

 

7.96

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.46

%

Five Years

 

5.91

 

Life of Trust (1/31/99)

 

5.37

 

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

42.0

%

 

 

 

 

AA

 

18.8

%

 

 

 

 

A

 

17.0

%

 

 

 

 

BBB

 

10.5

%

 

 

 

 

BB

 

1.2

%

 

 

 

 

Not Rated

 

10.5

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

64

·  Average Maturity:

 

28.1 years

·  Average Effective Maturity:

 

15.8 years

·  Average Call Protection:

 

9.0 years

·  Average Dollar Price:

 

$96.8

·  Leverage:**

 

34.8%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 46, 46 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

5



 

Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EMI

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-7.66

%

Five Years

 

3.54

 

Life of Trust (1/29/99)

 

3.76

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-1.37

%

Five Years

 

6.10

 

Life of Trust (1/29/99)

 

5.59

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.88

%

Taxable Equivalent Market Yield(3)

 

7.81

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper averages(5)

 

 

 

 

 

 

 

Lipper Michigan Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

 0.34

%

Five Years

 

5.72

 

Life of Trust (1/31/99)

 

5.33

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

50.8

%

 

 

 

 

AA

 

11.8

%

 

 

 

 

A

 

13.4

%

 

 

 

 

BBB

 

12.5

%

 

 

 

 

BB

 

3.1

%

 

 

 

 

CCC

 

1.3

%

 

 

 

 

Not Rated

 

7.1

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

57

·  Average Maturity:

 

22.8 years

·  Average Effective Maturity:

 

9.1 years

·  Average Call Protection:

 

5.5 years

·  Average Dollar Price:

 

$97.39

·  Leverage:**

 

36.3%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 37.54% 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 7, 7 and 5 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

6



 

Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVJ

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-11.28

%

Five Years

 

3.58

 

Life of Trust (1/29/99)

 

4.19

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.59

%

Five Years

 

7.34

 

Life of Trust (1/29/99)

 

6.03

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.77

%

Taxable Equivalent Market Yield(3)

 

8.06

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper New Jersey Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.33

%

Five Years

 

6.38

 

Life of Trust (1/31/99)

 

5.35

 

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

46.1

%

 

 

 

 

AA

 

3.6

%

 

 

 

 

A

 

17.4

%

 

 

 

 

BBB

 

26.1

%

 

 

 

 

BB

 

0.3

%

 

 

 

 

B

 

1.5

%

 

 

 

 

Not Rated

 

5.0

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

70

·  Average Maturity:

 

24.8 years

·  Average Effective Maturity:

 

13.8 years

·  Average Call Protection:

 

8.5 years

·  Average Dollar Price:

 

$92.49

·  Leverage:**

 

35.5%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 13, 13 and 8 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

7



 

Eaton Vance New York Municipal Income Trust as of November 30, 2007

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVY

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-5.81

%

Five Years

 

6.32

 

Life of Trust (1/29/99)

 

5.39

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-3.42

%

Five Years

 

6.69

 

Life of Trust (1/29/99)

 

6.32

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

5.03

%

Taxable Equivalent Market Yield(3)

 

8.31

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper New York Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.10

%

Five Years

 

6.09

 

Life of Trust (1/31/99)

 

5.29

 

 

Portfolio manager: Craig R. Brandon, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA-:

 

AAA

 

37.

%

 

 

 

 

AA

 

24.3

%

 

 

 

 

A

 

13.7

%

 

 

 

 

BBB

 

10.5

%

 

 

 

 

BB

 

1.0

%

 

 

 

 

B

 

1.7

%

 

 

 

 

Not Rated

 

11.5

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

71

·  Average Maturity:

 

24.5 years

·  Average Effective Maturity:

 

13.1 years

·  Average Call Protection:

 

8.6 years

·  Average Dollar Price:

 

$99.76

·  Leverage:**

 

35.2%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 17, 17 and 7 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

8



 

Eaton Vance Ohio Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVO

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-7.93

%

Five Years

 

3.06

 

Life of Trust (1/29/99)

 

4.08

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-1.06

%

Five Years

 

6.91

 

Life of Trust (1/29/99)

 

5.78

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.75

%

Taxable Equivalent Market Yield(3)

 

7.82

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.46

%

Five Years

 

5.91

 

Life of Trust (1/31/99)

 

5.37

 

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

55.2

%

 

 

 

 

AA

 

11.7

%

 

 

 

 

A

 

15.6

%

 

 

 

 

BBB

 

5.5

%

 

 

 

 

B

 

2.2

%

 

 

 

 

Not Rated

 

9.8

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

72

·  Average Maturity:

 

23.0 years

·  Average Effective Maturity:

 

12.1 years

·  Average Call Protection:

 

7.6 years

·  Average Dollar Price:

 

$98.30

·  Leverage:**

 

35.9%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 46, 46 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

9



 

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007

Performance information and portfolio composition

 

Trust Performance as of 11/30/07(1)

 

AMEX Symbol

 

EVP

 

 

 

 

 

Average Annual Total Returns (by share price, American Stock Exchange)

 

 

 

One Year

 

-7.95

%

Five Years

 

4.16

 

Life of Trust (1/29/99)

 

4.09

 

 

 

 

 

Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

0.27

%

Five Years

 

6.84

 

Life of Trust (1/29/99)

 

5.85

 

 

 

 

 

Market Yields

 

 

 

 

 

 

 

Market Yield(2)

 

4.96

%

Taxable Equivalent Market Yield(3)

 

7.87

 

 

 

 

 

Index Performance(4)

 

 

 

 

 

 

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

 

 

One Year

 

2.71

%

Five Years

 

4.68

 

Life of Trust (1/31/99)

 

4.96

 

 

 

 

 

Lipper Averages(5)

 

 

 

 

 

 

 

Lipper Pennsylvania Municipal Debt Funds Classification – Average Annual Total Returns (by net asset value)

 

 

 

One Year

 

-0.09

%

Five Years

 

5.85

 

Life of Trust (1/31/99)

 

5.40

 

 

Portfolio Manager: Adam A. Weigold, CFA

 

Rating Distribution*(6),(7)

 

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 November 30, 2007, is as follows, and the average rating is AA:

 

AAA

 

58.0

%

 

 

 

 

AA

 

12.1

%

 

 

 

 

A

 

11.1

%

 

 

 

 

BBB

 

8.3

%

 

 

 

 

B

 

1.8

%

 

 

 

 

CCC

 

2.4

%

 

 

 

 

Not Rated

 

6.3

%

 

 

 

 

 

Trust Statistics(7),(8)

 

·  Number of Issues:

 

71

·  Average Maturity:

 

21.8 years

·  Average Effective Maturity:

 

9.2 years

·  Average Call Protection:

 

5.9 years

·  Average Dollar Price:

 

$99.19

·  Leverage:**

 

35.9%

 

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.

 


**   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 effect 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 fiscal year by the share price at the end of the fiscal year and annualizing the result.

(3) Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure.

(4) 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 9, 9 and 5 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.

(6) Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.

(7) As of 11/30/07. Portfolio information may not be representative of the Trust’s current or future investments and may change due to active management.

(8) 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.

 

10



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 160.7%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 10.9%      
$ 2,770     California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
  $ 2,697,980    
  500     California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
    513,770    
  1,850     California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
    2,004,697    
  4,000     California Educational Facilities Authority, (Stanford
University), 5.125%, 1/1/31
    4,043,680    
  2,500     San Diego County, Certificates of Participation, (University
of San Diego), 5.375%, 10/1/41
    2,557,125    
            $ 11,817,252    
Electric Utilities — 3.4%      
$ 2,500     Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27   $ 2,519,575    
  300     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/25(1)(2)
    310,557    
  900     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/37(1)(2)
    893,682    
            $ 3,723,814    
Escrowed / Prerefunded — 2.9%      
$ 1,000     California Educational Facilities Authority, (Dominican
University), Prerefunded to 12/1/08, 5.75%, 12/1/30
  $ 1,031,860    
  405     Santa Margarita Water District, Prerefunded to 9/1/09,
6.20%, 9/1/20
    432,358    
  1,590     Tahoe Forest Hospital District, Prerefunded to 7/1/09,
5.85%, 7/1/22
    1,679,612    
            $ 3,143,830    
General Obligations — 9.5%      
$ 3,500     California, 5.50%, 11/1/33   $ 3,720,150    
  1,700     California, (AMT), 5.05%, 12/1/36     1,664,266    
  4,790     San Francisco Bay Area Rapid Transit District,
(Election of 2004), Series B, 4.75%, 8/1/37
    4,899,739    
            $ 10,284,155    
Health Care-Miscellaneous — 0.3%      
$ 300     Puerto Rico Infrastructure Financing Authority, (Mepsi
Campus Project), Series A, 6.50%, 10/1/37
  $ 303,441    
            $ 303,441    

 

Principal Amount
(000's omitted)
  Security   Value  
Hospital — 28.0%      
$ 2,435     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 2,433,149    
  750     California Infrastructure and Economic Development Bank,
(Kaiser Hospital), 5.50%, 8/1/31
    769,935    
  3,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    3,865,251    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36
    1,731,450    
  765     California Statewide Communities Development Authority,
(John Muir Health), Series A, 5.00%, 8/15/34
    759,370    
  850     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41
    831,062    
  3,100     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.25%, 3/1/45
    3,120,367    
  1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
    1,684,798    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,813,840    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,558,710    
  1,500     Duarte, Hope National Medical Center, (City of Hope),
5.25%, 4/1/24
    1,519,560    
  1,000     Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,020,940    
  410     Tahoe Forest Hospital District, 5.85%, 7/1/22     419,282    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,043,500    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    1,999,860    
  2,780     Washington Township Health Care District,
5.00%, 7/1/32
    2,756,565    
  2,000     Washington Township Health Care District,
5.25%, 7/1/29
    2,013,520    
            $ 30,341,159    
Housing — 1.1%      
$ 741     Commerce (Hermitage III Senior Apartments),
6.50%, 12/1/29
  $ 771,811    
  429     Commerce (Hermitage III Senior Apartments),
6.85%, 12/1/29
    442,533    
            $ 1,214,344    
Industrial Development Revenue — 1.6%      
$ 2,000     California Statewide Communities Development Authority,
(Anheuser Busch Project), 4.80%, 9/1/46
  $ 1,766,560    
            $ 1,766,560    

 

See notes to financial statements
11



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Education — 5.9%      
$ 3,270     California Educational Facilities Authority, (Pooled
College and University), (MBIA), 5.10%, 4/1/23
  $ 3,351,488    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,086,490    
            $ 6,437,978    
Insured-Electric Utilities — 14.3%      
$ 2,500     California Pollution Control Financing Authority, (Pacific
Gas and Electric), (MBIA), (AMT), 5.35%, 12/1/16
  $ 2,639,325    
  3,250     California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31
    3,350,197    
  5,000     Los Angeles Department of Water and Power, Power System
Revenues, (AMBAC), 5.00%, 7/1/37
    5,250,350    
  3,625     Los Angeles Department of Water and Power, Power System
Revenues, (FSA), 4.625%, 7/1/37
    3,634,062    
  500     Puerto Rico Electric Power Authority, (MBIA), Variable Rate,
8.775%, 7/1/16(1)(2)
    695,245    
            $ 15,569,179    
Insured-Escrowed / Prerefunded — 6.5%      
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 2,249,710    
  2,500     Los Angeles County Metropolitan Transportation Authority,
(FGIC), Prerefunded to 7/1/10, 5.25%, 7/1/30
    2,650,150    
  1,995     Puerto Rico Electric Power Authority, (FSA),
Prerefunded to 7/1/10, 5.25%, 7/1/29(3)
    2,114,833    
            $ 7,014,693    
Insured-General Obligations — 13.7%      
$ 7,000     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/34
  $ 1,722,490    
  4,825     Coast Community College District, (Election of 2002),
(FSA), 0.00%, 8/1/35
    1,121,764    
  2,500     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     2,947,450    
  4,800     San Diego Unified School District, (MBIA),
5.50%, 7/1/24(3)
    5,536,752    
  7,995     Sweetwater Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,512,203    
            $ 14,840,659    
Insured-Hospital — 6.6%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(4)
  $ 3,296,192    
  3,735     California Statewide Communities Development Authority,
(Sutter Health), (FSA), 5.75%, 8/15/27(3)
    3,883,466    
            $ 7,179,658    

 

Principal Amount
(000's omitted)
  Security   Value  
Insured-Lease Revenue / Certificates
of Participation — 8.3%
     
$ 6,500     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/17
  $ 4,329,585    
  10,750     Anaheim Public Financing Authority, Lease Revenue,
(Public Improvements), (FSA), 0.00%, 9/1/25
    4,647,333    
            $ 8,976,918    
Insured-Special Tax Revenue — 5.6%      
$ 1,185     Palm Springs Community Redevelopment Agency Tax
Allocation (Merged Project No.1), Series A, (AMBAC),
5.00%, 9/1/30
  $ 1,225,124    
  24,800     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     2,259,280    
  4,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     650,059    
  8,380     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     1,223,815    
  5,270     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     729,684    
            $ 6,087,962    
Insured-Transportation — 8.9%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,744,800    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,558,720    
  740     Puerto Rico Highway and Transportation Authority, (AGC),
(CIFG), 5.25%, 7/1/41(3)
    803,215    
  1,500     San Francisco City and County Airport Commission,
International Airport Revenue, (FGIC), (AMT), Variable Rate,
7.356%, 5/1/30(1)(2)
    1,520,160    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    2,995,300    
            $ 9,622,195    
Insured-Water and Sewer — 1.7%      
$ 1,950     Calleguas Las Virgenes Public Financing Authority,
(Municipal Water District), (MBIA), 4.25%, 7/1/32
  $ 1,841,015    
            $ 1,841,015    
Insured-Water Revenue — 5.5%      
$ 4,400     Los Angeles, Department of Water and Power,
(MBIA), 3.00%, 7/1/30
  $ 3,419,988    
  2,710     San Francisco City and County Public Utilities Commission,
(FSA), 4.25%, 11/1/33
    2,570,679    
            $ 5,990,667    
Lease Revenue / Certificates of Participation — 4.1%      
$ 4,000     Sacramento City Financing Authority, 5.40%, 11/1/20   $ 4,471,320    
            $ 4,471,320    

 

See notes to financial statements
12



Eaton Vance California Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Other Revenue — 3.5%      
$ 385     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles),
5.00%, 12/1/32
  $ 392,161    
  580     California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles),
5.00%, 12/1/37
    589,819    
  3,045     Golden State Tobacco Securitization Corp., 5.75%, 6/1/47     2,867,172    
            $ 3,849,152    
Senior Living / Life Care — 0.7%      
$ 175     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.75%, 11/15/26
  $ 164,469    
  700     California Statewide Communities Development Authority,
(Senior Living - Presbyterian Homes), 4.875%, 11/15/36
    645,995    
            $ 810,464    
Special Tax Revenue — 16.6%      
$ 1,500     Bonita Canyon Public Financing Authority, 5.375%, 9/1/28   $ 1,468,650    
  285     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26     267,638    
  460     Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34     417,487    
  1,665     Corona Public Financing Authority, 5.80%, 9/1/20     1,666,648    
  200     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    184,740    
  500     Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    444,635    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,633,502    
  1,305     Lincoln Public Financing Authority, Improvement Bond
Act of 1915, (Twelve Bridges), 6.20%, 9/2/25
    1,344,620    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    422,701    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    753,795    
  2,450     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,530,336    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,026,313    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,375,960    
  1,095     Santa Margarita Water District, 6.20%, 9/1/20     1,133,938    
  250     Santaluz Community Facilities District No. 2, 6.10%, 9/1/21     250,535    
  500     Santaluz Community Facilities District No. 2, 6.20%, 9/1/30     500,750    
  250     Temecula Unified School District, 5.00%, 9/1/27     236,618    
  400     Temecula Unified School District, 5.00%, 9/1/37     365,664    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     504,590    
  500     Tustin Community Facilities District, 6.00%, 9/1/37     508,245    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    1,012,610    
            $ 18,049,975    

 

Principal Amount
(000's omitted)
  Security   Value  
Transportation — 1.1%  
$ 1,170     Port of Redwood City, (AMT), 5.125%, 6/1/30   $ 1,152,333    
        $ 1,152,333    
Total Tax-Exempt Investments — 160.7%
(identified cost $169,282,645)
  $ 174,488,723    
Other Assets, Less Liabilities — (6.4)%   $ (6,921,483 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.3)%
  $ (59,000,000 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 108,567,240    

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 47.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 18.8% 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 November 30, 2007, the aggregate value of the securities is $6,367,094 or 5.9% 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 November 30, 2007.

(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
13



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 175.0%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 1.6%      
$ 1,000     Volusia County Educational Facilities Authority,
(Embry Riddle Aeronautical), 5.75%, 10/15/29
  $ 1,011,120    
            $ 1,011,120    
Escrowed / Prerefunded — 8.8%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33(1)
  $ 628,350    
  1,805     Lakeland Hospital System, (Lakeland Regional Health
System), Prerefunded to 11/15/12, 5.50%, 11/15/32
    1,998,388    
  1,200     Lee County Industrial Development Authority, (Shell Point
Village), Prerefunded to 11/15/09, 5.50%, 11/15/29
    1,260,792    
  1,075     South Miami Health Facility Authority, Hospital Revenue,
(Baptist Health), Prerefunded to 2/1/13,
5.25%, 11/15/33
    1,168,127    
  440     Vista Lakes Community Development District, Prerefunded to
5/1/10, 7.20%, 5/1/32
    479,613    
            $ 5,535,270    
Health Care-Miscellaneous — 0.6%      
$ 147     Osceola County Industrial Development Authority,
Community Provider Pooled Loan, 7.75%, 7/1/17
  $ 147,096    
  200     Puerto Rico Infrastructure Financing Authority, (Mepsi
Campus Project), Series A, 6.50%, 10/1/37
    202,294    
            $ 349,390    
Hospital — 17.9%      
$ 850     Brevard County Health Facilities Authority, (Health First, Inc.),
5.00%, 4/1/36
  $ 827,339    
  500     Highlands County Health Facilities Authority,
(Adventist Health System), 5.25%, 11/15/36
    505,685    
  1,030     Jacksonville Economic Development Authority, (Mayo Clinic),
5.00%, 11/15/36
    1,036,685    
  1,250     Jacksonville Economic Development Authority, (Mayo Clinic),
5.50%, 11/15/36
    1,306,612    
  1,000     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 4.75%, 11/15/36
    927,370    
  2,050     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 5.125%, 11/15/39
    2,055,535    
  3,135     South Miami Health Facility Authority, Hospital Revenue,
(Baptist Health), 5.00%, 8/15/42
    3,127,068    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,443,694    
            $ 11,229,988    

 

Principal Amount
(000's omitted)
  Security   Value  
Housing — 5.6%      
$ 650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
  $ 601,724    
  505     Escambia County Housing Finance Authority,
Single Family Mortgage, (Multi-County Program), (AMT),
5.50%, 10/1/31
    509,373    
  475     Florida Capital Projects Finance Authority,
Student Housing Revenue, (Florida University),
Prerefunded to 8/15/10, 7.75%, 8/15/20
    531,306    
  2,000     Maryland Community Development Authority,
Multifamily Housing, (AMT), 4.85%, 9/1/47
    1,852,180    
            $ 3,494,583    
Industrial Development Revenue — 7.6%      
$ 754     Broward County, Industrial Development Revenue,
(Lynxs Cargoport), (AMT), 6.75%, 6/1/19
  $ 758,953    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    988,640    
  2,250     Liberty, NY, Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
    2,391,885    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    633,399    
            $ 4,772,877    
Insured-Education — 12.4%      
$ 3,500     Broward County Educational Facilities Authority,
(Nova Southeastern University), (AGC), 5.00%, 4/1/36
  $ 3,601,920    
  2,820     Florida Gulf Coast University Financing Corporation, (MBIA),
4.75%, 8/1/32
    2,834,608    
  645     Orange County Educational Facilities Authority,
(Rollins College Project), (AMBAC), 5.25%, 12/1/32
    685,596    
  650     Orange County Educational Facilities Authority,
(Rollins College Project), (AMBAC), 5.25%, 12/1/37
    689,189    
            $ 7,811,313    
Insured-Electric Utilities — 7.1%      
$ 1,600     Burke County, GA, Development Authority,
(Georgia Power Co.), (MBIA), (AMT), 5.45%, 5/1/34
  $ 1,601,568    
  1,100     Guam Power Authority, (MBIA), 5.125%, 10/1/29     1,132,857    
  1,700     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    1,724,089    
            $ 4,458,514    

 

See notes to financial statements
14



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Insured-Escrowed / Prerefunded — 6.6%      
$ 650     Dade County, Professional Sports Franchise Facility, (MBIA),
Escrowed to Maturity, 5.25%, 10/1/30
  $ 730,561    
  1,050     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), Prerefunded to 10/1/08, 5.00%, 10/1/28
    1,074,549    
  1,470     Miami Beach, Resort Tax, (AMBAC), Escrowed to Maturity,
6.25%, 10/1/22
    1,795,914    
  500     Orange County Tourist Development Tax, (AMBAC),
Prerefunded to 4/1/12, 5.125%, 10/1/30
    536,670    
            $ 4,137,694    
Insured-General Obligations — 2.8%      
$ 1,500     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)   $ 1,768,470    
            $ 1,768,470    
Insured-Hospital — 1.6%      
$ 1,000     Maricopa County Industrial Development Authority,
(Mayo Clinic Hospital), (AMBAC), 5.25%, 11/15/37
  $ 1,015,410    
            $ 1,015,410    
Insured-Housing — 1.8%      
$ 1,100     Broward County Housing Finance Authority,
Multifamily Housing, (Venice Homes Apartments), (FSA),
(AMT), 5.70%, 1/1/32
  $ 1,107,546    
            $ 1,107,546    
Insured-Other Revenue — 1.9%      
$ 1,150     Pembroke Pines Capital Improvement Revenue,
(Forman Project), (AMBAC), 5.00%, 12/1/31
  $ 1,183,166    
            $ 1,183,166    
Insured-Special Tax Revenue — 24.9%      
$ 985     Cape Coral, Special Obligation, (MBIA), 4.50%, 10/1/36   $ 951,746    
  4,410     Dade County, Special Obligation, (AMBAC),
5.00%, 10/1/35(3)
    4,429,316    
  2,100     Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30     2,136,855    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    729,843    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    1,019,200    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    1,026,911    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,409,759    
  14,850     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,352,835    
  2,535     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     390,035    

 

Principal Amount
(000's omitted)
  Security   Value  
Insured-Special Tax Revenue (continued)      
$ 5,030     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45   $ 734,581    
  3,165     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     438,226    
  1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
    1,004,940    
            $ 15,624,247    
Insured-Transportation — 33.4%      
$ 2,995     Florida Mid-Bay Bridge Authority, (AMBAC),
4.625%, 10/1/32
  $ 2,957,772    
  2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
    2,313,630    
  4,500     Greater Orlando Aviation Authority, (FGIC), (AMT),
5.25%, 10/1/18(3)
    4,607,280    
  2,000     Hillsborough County Port District,
(Tampa Port Authority Project), (MBIA), (AMT),
5.00%, 6/1/36
    2,009,080    
  500     Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25     524,725    
  650     Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29     687,876    
  120     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38
    118,505    
  3,975     Miami-Dade County, Aviation Revenue,
(Miami International Airport), (AGC), (CIFG), (AMT),
5.00%, 10/1/38(3)
    3,990,066    
  750     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34
    751,808    
  3,000     Palm Beach County Airport System, (MBIA), (AMT),
5.00%, 10/1/34(3)
    3,007,230    
            $ 20,967,972    
Insured-Water and Sewer — 22.7%      
$ 1,000     Emerald Coast, Utility Authority Revenue, (FGIC),
4.75%, 1/1/31
  $ 1,008,310    
  2,000     Marco Island, Utility System, (MBIA), 5.00%, 10/1/33(4)     2,054,320    
  1,500     Miami Beach, Storm Water, (FGIC), 5.375%, 9/1/30     1,567,695    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,028,570    
  2,500     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/32
    699,900    
  2,415     Port St. Lucie, Utility System Revenue, (MBIA),
0.00%, 9/1/33
    642,849    
  4,000     Sunrise Utility System, (AMBAC), 5.00%, 10/1/28     4,192,560    
  1,156     Tampa Bay Water Utility System, (FGIC),
4.75%, 10/1/27(3)
    1,162,440    
  1,844     Tampa Bay Water Utility System, (FGIC),
Prerefunded to 10/1/08, 4.75%, 10/1/27(3)
    1,882,784    
            $ 14,239,428    

 

See notes to financial statements
15



Eaton Vance Florida Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
  Security   Value  
Nursing Home — 1.6%      
$ 265     Orange County Health Facilities Authority,
(Westminster Community Care), 6.60%, 4/1/24
  $ 270,732    
  735     Orange County Health Facilities Authority,
(Westminster Community Care), 6.75%, 4/1/34
    752,206    
            $ 1,022,938    
Special Tax Revenue — 16.1%      
$ 90     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/21
  $ 91,502    
  500     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/31
    492,515    
  265     Dupree Lakes Community Development District,
5.00%, 11/1/10
    264,576    
  205     Dupree Lakes Community Development District,
5.00%, 5/1/12
    193,678    
  360     Dupree Lakes Community Development District,
5.375%, 5/1/37
    304,891    
  315     Heritage Harbor South Community Development District,
(Capital Improvements), 6.20%, 5/1/35
    330,318    
  240     Heritage Springs Community Development District,
5.25%, 5/1/26
    231,079    
  720     Heritage Springs Community Development District,
6.75%, 5/1/21
    725,472    
  340     New River Community Development District,
(Capital Improvements), 5.00%, 5/1/13
    314,728    
  140     New River Community Development District,
(Capital Improvements), 5.35%, 5/1/38
    114,731    
  350     North Springs Improvement District, (Heron Bay),
5.20%, 5/1/27
    269,073    
  625     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    629,969    
  985     River Hall Community Development District,
(Capital Improvements), 5.45%, 5/1/36
    823,450    
  485     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    449,644    
  600     Sterling Hill Community Development District,
6.20%, 5/1/35
    615,744    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    520,725    
  1,000     Tisons Landing Community Development District,
5.625%, 5/1/37
    845,210    
  780     University Square Community Development District,
6.75%, 5/1/20
    804,219    
  700     Waterlefe Community Development District,
6.95%, 5/1/31
    742,518    
  175     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    165,883    
  1,270     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,183,297    
            $ 10,113,222    

 

    Value  
Total Tax-Exempt Investments — 175.0%
(identified cost $107,463,895)
  $ 109,843,148    
Other Assets, Less Liabilities — (18.4)%   $ (11,577,861 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (56.6)%
  $ (35,508,272 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 62,757,015    

 

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

The Trust invests primarily in debt securities issued by Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 65.8% 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 3.3% to 23.6% 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 November 30, 2007, the aggregate value of the securities is $2,396,820 or 3.8% 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 November 30, 2007.

(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
16



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 157.8%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 18.7%      
$ 2,790     Massachusetts Development Finance Agency,
(Boston University), Series P, 5.45%, 5/15/59
  $ 2,813,380    
  600     Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33
    607,278    
  500     Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31
    520,670    
  1,500     Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29
    1,546,845    
  1,000     Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.65%, 7/1/29
    1,009,910    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.125%, 6/1/33
    1,034,940    
            $ 7,533,023    
Electric Utilities — 9.8%      
$ 1,000     Massachusetts Development Finance Agency,
(Devens Electric System), 6.00%, 12/1/30
  $ 1,054,160    
  1,870     Massachusetts Development Finance Agency,
(Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36
    1,783,008    
  275     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/25(1)(2)
    284,677    
  825     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/37(1)(2)
    819,208    
            $ 3,941,053    
Escrowed / Prerefunded — 7.0%      
$ 500     Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy),
Prerefunded to 7/1/13, 5.75%, 7/1/33
  $ 564,130    
  400     Massachusetts Development Finance Agency,
(Western New England College), Prerefunded to
12/1/12, 6.125%, 12/1/32
    454,024    
  235     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to
1/1/12, 6.00%, 7/1/31
    260,878    
  980     Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10,
6.75%, 7/1/30
    1,061,536    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 6.53%, 7/1/20
    476,580    
            $ 2,817,148    

 

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
  $ 499,861    
  700     Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
    708,358    
  100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
    101,147    
            $ 1,309,366    
Hospital — 17.6%      
$ 1,000     Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20
  $ 1,064,440    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33
    1,031,800    
  400     Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31
    418,184    
  105     Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
    105,188    
  865     Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31
    906,252    
  680     Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare Systems), 5.00%, 7/1/29
    690,064    
  820     Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare Systems), 5.00%, 7/1/32
    826,486    
  2,000     Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
    2,043,140    
            $ 7,085,554    
Housing — 13.6%      
$ 2,100     Massachusetts Housing Finance Agency, 4.75%, 12/1/48   $ 1,920,618    
  1,000     Massachusetts Housing Finance Agency, (AMT),
4.85%, 6/1/40
    944,030    
  650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
    646,236    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    1,983,300    
            $ 5,494,184    
Industrial Development Revenue — 1.7%      
$ 695     Massachusetts Industrial Finance Agency,
(American Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 696,390    
            $ 696,390    
Insured-Education — 16.1%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39
  $ 1,151,490    
  1,000     Massachusetts Development Finance Agency,
(Boston University), (XLCA), 5.375%, 5/15/39
    1,091,170    

 

See notes to financial statements
17



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education (continued)      
$ 1,365     Massachusetts Development Finance Agency,
(College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)
  $ 1,544,379    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,664,640    
  1,000     Massachusetts Health and Educational Facilities Authority,
(Northeastern University), (MBIA), 5.00%, 10/1/29
    1,026,420    
            $ 6,478,099    
Insured-Escrowed / Prerefunded — 3.3%      
$ 500     Massachusetts Health and Educational Facilities Authority,
(UMass-Worcester Campus), (FGIC), Prerefunded to
10/1/11, 5.25%, 10/1/31
  $ 535,305    
  750     Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%, 7/1/29
    795,045    
            $ 1,330,350    
Insured-General Obligations — 9.3%      
$ 2,390     Milford, (FSA), 4.25%, 12/15/46   $ 2,179,800    
  500     Plymouth, (MBIA), 5.25%, 10/15/20     526,905    
  900     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     1,061,082    
            $ 3,767,787    
Insured-Miscellaneous — 5.1%      
$ 2,000     Boston Convention Center, (AMBAC), 5.00%, 5/1/27   $ 2,046,440    
            $ 2,046,440    
Insured-Other Revenue — 3.7%      
$ 1,250     Massachusetts Development Finance Agency, (WGBH
Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 1,503,525    
            $ 1,503,525    
Insured-Special Tax Revenue — 8.2%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,539,870    
  8,945     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     814,890    
  1,520     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     233,867    
  3,015     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     440,311    
  1,905     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     263,766    
            $ 3,292,704    
Insured-Student Loan — 2.8%      
$ 1,175     Massachusetts Educational Financing Authority, (AMBAC),
(AMT), 4.70%, 1/1/33
  $ 1,125,204    
            $ 1,125,204    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 15.0%      
$ 800     Massachusetts Port Authority, (Bosfuel Project),
(FGIC), (AMT), 5.00%, 7/1/32
  $ 806,640    
  2,000     Massachusetts Port Authority, (Bosfuel Project),
(FGIC), (AMT), 5.00%, 7/1/38
    2,008,980    
  3,200     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.00%, 1/1/37(3)
    3,219,861    
  33     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), Variable Rate, 7.026%, 1/1/37(1)(2)
    33,954    
            $ 6,069,435    
Nursing Home — 2.8%      
$ 500     Boston Industrial Development Authority,
(Alzheimer's Center), (FHA), 6.00%, 2/1/37
  $ 510,725    
  600     Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
    607,164    
            $ 1,117,889    
Senior Living / Life Care — 5.6%      
$ 1,500     Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29
  $ 1,504,260    
  100     Massachusetts Development Finance Agency,
(First Mortgage VOA Concord), 5.125%, 11/1/27
    90,658    
  100     Massachusetts Development Finance Agency,
(First Mortgage VOA Concord), 5.20%, 11/1/41
    87,035    
  300     Massachusetts Development Finance Agency,
(Linden Ponds, Inc.), 5.75%, 11/15/35
    288,705    
  310     Massachusetts Development Finance Agency,
(Linden Ponds, Inc.), 5.75%, 11/15/42
    296,100    
            $ 2,266,758    
Special Tax Revenue — 7.3%      
$ 7,195     Massachusetts Bay Transportation Authority, 0.00%, 7/1/34   $ 1,917,611    
  1,000     Puerto Rico Sales Tax Financing, 5.25%, 8/1/57     1,013,170    
            $ 2,930,781    
Water and Sewer — 7.0%      
$ 100     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 102,953    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    996,305    
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,746,640    
            $ 2,845,898    

 

See notes to financial statements
18



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

    Value  
Total Tax-Exempt Investments — 157.8%
(identified cost $62,536,249)
  $ 63,651,588    
Other Assets, Less Liabilities — (4.5)%   $ (1,800,128 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.3)%
  $ (21,510,017 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 40,341,443    

 

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

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 40.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 5.3% to 13.5% 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 November 30, 2007, the aggregate value of the securities is $2,198,921 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 November 30, 2007.

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

See notes to financial statements
19




Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 160.5%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 6.0%      
$ 1,250     Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27
  $ 1,294,912    
  540     Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
    541,107    
            $ 1,836,019    
Electric Utilities — 9.1%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,276,387    
  375     Puerto Rico Electric Power Authority, DRIVERS, Variable
Rate, 7.36%, 7/1/25(1)(2)
    388,196    
  1,125     Puerto Rico Electric Power Authority, DRIVERS, Variable
Rate, 7.36%, 7/1/37(1)(2)
    1,117,102    
            $ 2,781,685    
Escrowed / Prerefunded — 10.6%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 541,625    
  750     Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26
    796,665    
  750     Michigan Hospital Finance Authority,
(Sparrow Obligation Group), Prerefunded to 11/15/11,
5.625%, 11/15/36
    818,010    
  1,000     Puerto Rico Electric Power Authority, Prerefunded to
7/1/12, 5.25%, 7/1/31
    1,095,190    
            $ 3,251,490    
General Obligations — 10.8%      
$ 500     East Grand Rapids Public School District, 5.00%, 5/1/25   $ 516,945    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,033,890    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    758,490    
  1,000     White Cloud Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31
    1,024,250    
            $ 3,333,575    
Health Care-Miscellaneous — 0.3%      
$ 100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 101,147    
            $ 101,147    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — 28.4%      
$ 500     Allegan Hospital Finance Authority, (Allegan General
Hospital), 7.00%, 11/15/21
  $ 520,945    
  185     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    187,418    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
    127,905    
  560     Macomb County Hospital Finance Authority, (Mount
Clemens General Hospital), 5.875%, 11/15/34
    545,580    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    509,400    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,007,780    
  750     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.00%, 11/15/38
    738,487    
  1,000     Michigan Hospital Finance Authority, (Henry Ford
Health System), 5.25%, 11/15/46
    1,006,940    
  1,430     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,412,997    
  750     Michigan Hospital Finance Authority, (Memorial
Healthcare Center), 5.875%, 11/15/21
    770,227    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,060,420    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    850,680    
            $ 8,738,779    
Housing — 3.1%      
$ 1,000     Michigan State Housing Development Authority,
(Williams Pavilion), (AMT), 4.90%, 4/20/48
  $ 944,690    
            $ 944,690    
Industrial Development Revenue — 7.7%      
$ 1,000     Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21
  $ 934,590    
  800     Dickinson County Electronic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16
    827,992    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    604,088    
            $ 2,366,670    
Insured-Electric Utilities — 9.0%      
$ 1,000     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29
  $ 1,028,960    
  500     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
    512,545    
  1,200     Puerto Rico Electric Power Authority, (MBIA),
4.75%, 7/1/33(3)
    1,212,564    
            $ 2,754,069    

 

See notes to financial statements
20



Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 20.4%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,037,750    
  1,000     Detroit Sewer Disposal, (FGIC), Prerefunded to
7/1/11, 5.125%, 7/1/31
    1,062,780    
  2,000     Fenton Area Public Schools, (FGIC), Prerefunded to
5/1/08, 5.00%, 5/1/24
    2,013,660    
  2,000     Novi Building Authority, (FSA), Prerefunded to
10/1/10, 5.50%, 10/1/25
    2,139,420    
            $ 6,253,610    
Insured-General Obligations — 8.2%      
$ 650     Detroit, School District, (FGIC), 4.75%, 5/1/28   $ 653,543    
  750     Detroit, School District, (FSA), 5.25%, 5/1/32     847,838    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     201,042    
  700     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     825,286    
            $ 2,527,709    
Insured-Hospital — 6.7%      
$ 1,000     Royal Oak Hospital Finance Authority Revenue,
(William Beaumont Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,018,010    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,032,180    
            $ 2,050,190    
Insured-Lease Revenue / Certificates
of Participation — 4.3%
     
$ 4,300     Michigan State Building Authority, (FGIC),
0.00%, 10/15/30
  $ 1,320,014    
            $ 1,320,014    
Insured-Special Tax Revenue — 11.5%      
$ 5,160     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54   $ 470,076    
  1,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     188,479    
  2,430     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     354,877    
  1,470     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     203,536    
  2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
    2,317,455    
            $ 3,534,423    
Insured-Student Loan — 6.6%      
$ 1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,006,270    
  1,000     Michigan Higher Education Student Loan Authority,
(AMBAC), (AMT), 5.50%, 6/1/25
    1,022,720    
            $ 2,028,990    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 3.3%      
$ 1,000     Wayne Charter County Airport, (MBIA), (AMT),
5.00%, 12/1/28
  $ 1,003,590    
            $ 1,003,590    
Insured-Water and Sewer — 5.5%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,678,347    
            $ 1,678,347    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government
Center Lease), 5.625%, 7/1/22
  $ 251,203    
            $ 251,203    
Other Revenue — 3.3%      
$ 12,500     Michigan Tobacco Settlement Finance Authority,
0.00%, 6/1/52
  $ 536,750    
  500     Michigan Tobacco Settlement Finance Authority,
6.00%, 6/1/48
    487,035    
            $ 1,023,785    
Transportation — 4.9%      
$ 1,500     Kent County Airport Facility, 5.00%, 1/1/25(3)   $ 1,513,673    
            $ 1,513,673    
Total Tax-Exempt Investments — 160.5%
(identified cost $47,817,304)
  $ 49,293,658    
Other Assets, Less Liabilities — (3.5)%   $ (1,079,283 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (57.0)%
  $ (17,504,030 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 30,710,345    

 

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

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

See notes to financial statements
21



Eaton Vance Michigan Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 47.0% 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 19.5% 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 November 30, 2007, the aggregate value of the securities is $2,330,584 or 7.6% 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 November 30, 2007.

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

See notes to financial statements
22



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 172.2%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 5.5%      
$ 250     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.00%, 7/1/27
  $ 247,372    
  250     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.00%, 7/1/33
    240,225    
  220     New Jersey Educational Facilities Authority, (Georgian
Court University), 5.25%, 7/1/37
    218,354    
  3,055     New Jersey Educational Facilities Authority, (Princeton
University), 4.50%, 7/1/30
    3,058,422    
            $ 3,764,373    
Electric Utilities — 2.2%      
$ 1,500     Salem County Pollution Control Financing,
(Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
  $ 1,508,160    
            $ 1,508,160    
Escrowed / Prerefunded — 12.5%      
$ 3,935     New Jersey Educational Facilities Authority,
(Princeton University), Prerefunded to 7/1/10,
5.00%, 7/1/20
  $ 4,059,425    
  460     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), Prerefunded to 7/1/12,
5.75%, 7/1/25
    507,688    
  950     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39
    1,109,381    
  2,500     Tobacco Settlement Financing Corp., Prerefunded to
6/1/13, 6.75%, 6/1/39(1)
    2,919,425    
            $ 8,595,919    
General Obligations — 5.1%      
$ 3,500     Puerto Rico Public Buildings Authority,
Commonwealth Guaranteed, 5.25%, 7/1/29
  $ 3,539,620    
            $ 3,539,620    
Health Care-Miscellaneous — 0.4%      
$ 300     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 303,441    
            $ 303,441    
Hospital — 28.4%      
$ 100     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/25
  $ 97,903    
  90     Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/35
    84,951    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 100     Camden County Improvement Authority,
(Cooper Health System), 5.25%, 2/15/27
  $ 99,812    
  2,750     Camden County Improvement Authority,
(Cooper Health System), 5.75%, 2/15/34
    2,813,387    
  575     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    599,742    
  4,400     New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37
    4,401,452    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,141,027    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,750,368    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,060,900    
  450     New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
    452,619    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31
    2,069,940    
  1,100     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/36
    1,104,147    
  1,930     New Jersey Health Care Facilities Financing Authority,
(South Jersey Hospital), 5.00%, 7/1/46
    1,921,392    
            $ 19,597,640    
Housing — 5.5%      
$ 715     New Jersey Housing and Mortgage Finance Agency,
(Single Family Housing), Series T, (AMT), 4.70%, 10/1/37
  $ 662,590    
  3,220     New Jersey Housing and Mortgage Finance Agency,
(Single Family Housing), Series T, (AMT), 5.00%, 10/1/37
    3,158,595    
            $ 3,821,185    
Industrial Development Revenue — 15.3%      
$ 1,000     Gloucester County Improvements Authority,
(Waste Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,047,660    
  3,000     Middlesex County Pollution Control Authority,
(Amerada Hess), 6.05%, 9/15/34
    3,081,900    
  3,220     New Jersey Economic Development Authority,
(Anheuser Busch Cos., Inc.), (AMT), 4.95%, 3/1/47
    2,957,699    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 6.25%, 9/15/29
    720,217    
  750     New Jersey Economic Development Authority,
(Continental Airlines), (AMT), 9.00%, 6/1/33
    841,050    
  2,080     Virgin Islands Public Financing Authority,
(Hovensa LLC), (AMT), 4.70%, 7/1/22
    1,926,496    
            $ 10,575,022    

 

See notes to financial statements
23



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education — 7.1%      
$ 4,800     Puerto Rico Industrial, Tourist, Educational,
Medical and Environmental Control Facilities Authority,
(University Plaza), (MBIA), 5.00%, 7/1/33(1)
  $ 4,914,288    
            $ 4,914,288    
Insured-Electric Utilities — 1.9%      
$ 1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $ 1,284,325    
            $ 1,284,325    
Insured-Escrowed / Prerefunded — 6.8%      
$ 4,500     New Jersey Turnpike Authority, (MBIA), Prerefunded to
1/1/10, 5.50%, 1/1/30(1)
  $ 4,703,895    
            $ 4,703,895    
Insured-Gas Utilities — 7.3%      
$ 5,000     New Jersey Economic Development Authority,
(New Jersey Natural Gas Co.), (FGIC), (AMT),
4.90%, 10/1/40
  $ 5,049,250    
            $ 5,049,250    
Insured-General Obligations — 3.7%      
$ 475     Nutley School District (MBIA), 4.50%, 7/15/29   $ 478,116    
  550     Nutley School District (MBIA), 4.75%, 7/15/30     567,341    
  725     Nutley School District (MBIA), 4.75%, 7/15/31     747,287    
  755     Nutley School District (MBIA), 4.75%, 7/15/32     777,552    
            $ 2,570,296    
Insured-Housing — 5.2%      
$ 3,390     New Jersey Housing and Mortgage Finance Agency,
(FSA), (AMT), 5.05%, 5/1/34
  $ 3,367,829    
  205     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25
    211,025    
            $ 3,578,854    
Insured-Lease Revenue / Certificates of
Participation — 1.5%
     
$ 1,075     Hudson County Improvements Authority, (FSA),
4.50%, 4/1/35
  $ 1,062,433    
            $ 1,062,433    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue — 20.2%      
$ 12,030     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/24
  $ 5,517,920    
  6,000     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/25
    2,628,180    
  4,315     New Jersey Economic Development Authority,
(Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26
    1,796,680    
  2,020     New Jersey Economic Development Authority,
(Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27
    797,779    
  16,115     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,468,077    
  2,745     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     422,346    
  5,445     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     795,188    
  3,425     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     474,226    
            $ 13,900,396    
Insured-Transportation — 9.5%      
$ 1,295     Delaware River Joint Toll Bridge Commission, (MBIA),
Series A, 4.50%, 7/1/37
  $ 1,277,220    
  1,000     Delaware River Port Authority, (FSA), 5.625%, 1/1/26     1,034,810    
  3,250     Delaware River Port Authority, (FSA), 5.75%, 1/1/26     3,372,525    
  875     Morristown Parking Authority, (MBIA), 4.50%, 8/1/37     862,951    
            $ 6,547,506    
Insured-Water and Sewer — 4.7%      
$ 3,195     New Jersey Economic Development Authority,
(United Water New Jersey, Inc.), (AMBAC), (AMT),
4.875%, 11/1/25
  $ 3,241,711    
            $ 3,241,711    
Nursing Home — 2.9%      
$ 1,000     New Jersey Economic Development Authority,
(Masonic Charity Foundation), 5.50%, 6/1/31
  $ 1,040,360    
  945     New Jersey Economic Development Authority,
(Victoria Health), 5.20%, 12/20/36(2)
    973,350    
            $ 2,013,710    
Other Revenue — 5.2%      
$ 7,200     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
  $ 413,280    
  9,265     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
    317,604    
  4,270     Tobacco Settlement Financing Corp., 0.00%, 6/1/41     429,391    
  2,925     Tobacco Settlement Financing Corp., 4.75%, 6/1/34     2,391,217    
            $ 3,551,492    

 

See notes to financial statements
24



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care — 4.0%      
$ 1,700     New Jersey Economic Development Authority,
(Fellowship Village), 5.50%, 1/1/25
  $ 1,706,375    
  1,175     New Jersey Economic Development Authority,
(Seabrook Village), 5.25%, 11/15/36
    1,062,788    
            $ 2,769,163    
Special Tax Revenue — 7.7%      
$ 750     New Jersey Economic Development Authority,
(Cigarette Tax), 5.50%, 6/15/31
  $ 740,715    
  1,310     New Jersey Economic Development Authority,
(Cigarette Tax), 5.75%, 6/15/29
    1,317,402    
  3,000     New Jersey Economic Development Authority,
(Cigarette Tax), 5.75%, 6/15/34(1)
    3,008,820    
  100     New Jersey Economic Development Authority,
(Newark Downtown District Management Corp.),
5.125%, 6/15/27
    99,266    
  175     New Jersey Economic Development Authority,
(Newark Downtown District Management Corp.),
5.125%, 6/15/37
    166,814    
            $ 5,333,017    
Transportation — 9.6%      
$ 4,800     Port Authority of New York and New Jersey,
5.375%, 3/1/28(1)
  $ 5,396,448    
  1,175     South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
    1,196,796    
            $ 6,593,244    
Total Tax-Exempt Investments — 172.2%
(identified cost $115,985,410)
  $ 118,818,940    
Other Assets, Less Liabilities — (17.1)%   $ (11,818,117 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.1)%
  $ (38,000,000 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 69,000,823    

 

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 39.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 14.6% of total investments.

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

(2)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $973,350 or 1.4% of the Trust's net assets applicable to common shares.

See notes to financial statements
25



Eaton Vance New York Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 177.4%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Cogeneration — 1.3%      
$ 1,150     Suffolk County Industrial Development Agency,
(Nissequogue Cogeneration Partners Facility),
(AMT), 5.50%, 1/1/23(1)
  $ 1,071,995    
            $ 1,071,995    
Education — 7.9%      
$ 1,000     Dutchess County Industrial Development Agency, (Marist
College), 5.00%, 7/1/20
  $ 1,034,400    
  450     Hempstead Industrial Development Agency, (Adelphi
University), 5.00%, 10/1/35
    451,125    
  4,980     Hempstead Industrial Development Agency, (Hofstra
University Civic Facilities), 5.00%, 7/1/33
    5,015,956    
            $ 6,501,481    
Electric Utilities — 7.8%      
$ 4,100     New York Power Authority, 5.25%, 11/15/40   $ 4,252,356    
  2,100     Suffolk County Industrial Development Agency,
(Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27
    2,119,950    
            $ 6,372,306    
Escrowed / Prerefunded — 13.4%      
$ 4,500     Metropolitan Transportation Authority,
Prerefunded to 11/15/13, 5.25%, 11/15/32
  $ 4,974,930    
  200     New York City Industrial Development Agency, (Ohel
Children's Home), Class A, Escrowed to Maturity,
6.25%, 8/15/22
    210,170    
  4,385     New York Dormitory Authority, (Court Facility),
Prerefunded to 5/15/10, 6.00%, 5/15/39
    4,717,339    
  955     Suffolk County Industrial Development Agency, (Jefferson's
Ferry Project), Prerefunded to 11/1/09, 7.20%, 11/1/19
    1,036,977    
            $ 10,939,416    
General Obligations — 9.5%      
$ 6,000     New York City, 5.25%, 9/15/33   $ 6,222,120    
  1,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    1,516,980    
            $ 7,739,100    
Health Care-Miscellaneous — 6.3%      
$ 1,185     New York City Industrial Development Agency, (A Very
Special Place, Inc.), 5.75%, 1/1/29
  $ 1,136,901    
  1,200     New York City Industrial Development Agency, (Ohel
Children's Home), 6.25%, 8/15/22
    1,101,948    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous (continued)      
$ 200     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 202,294    
  50     Suffolk County Industrial Development Agency,
(Alliance of LI), Series A, Class H, 7.50%, 9/1/15
    52,425    
  100     Suffolk County Industrial Development Agency,
(Alliance of LI), Series A, Class I, 7.50%, 9/1/15
    104,850    
  2,600     Westchester County Industrial Development Agency,
(Children's Village), 5.375%, 3/15/19
    2,588,040    
            $ 5,186,458    
Hospital — 19.7%      
$ 205     Chautauqua County Industrial Development Agency,
(Women's Christian Association), 6.35%, 11/15/17
  $ 210,676    
  485     Chautauqua County Industrial Development Agency,
(Women's Christian Association), 6.40%, 11/15/29
    496,863    
  1,250     Fulton County Industrial Development Agency, (Nathan
Littauer Hospital), 6.00%, 11/1/18
    1,255,975    
  2,500     Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25
    2,502,200    
  400     Nassau County Industrial Development Agency, (North
Shore Health System), 6.25%, 11/1/21
    423,552    
  2,700     New York City Health and Hospital Corp., (Health Systems),
5.25%, 2/15/17
    2,749,599    
  300     New York City Health and Hospital Corp., (Health Systems),
5.375%, 2/15/26
    305,964    
  1,500     New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30
    1,494,150    
  2,000     New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33
    2,007,080    
  1,250     New York Dormitory Authority, (NYU Hospital Center),
Series B, 5.625%, 7/1/37(2)
    1,229,575    
  1,250     Oneida County Industrial Development Agency, (St. Elizabeth
Medical Center), 5.75%, 12/1/19
    1,252,200    
  2,105     Suffolk County Industrial Development Agency, Civic Facility,
(Huntington Hospital), 6.00%, 11/1/22
    2,198,020    
            $ 16,125,854    
Housing — 21.5%      
$ 2,750     New York City Housing Development Corp., (Multi-Family
Housing), 4.95%, 11/1/33
  $ 2,813,745    
  1,250     New York City Housing Development Corp., (Multi-Family
Housing), (AMT), 5.00%, 11/1/24
    1,251,037    
  2,620     New York City Housing Development Corp., (Multi-Family
Housing), (AMT), 5.20%, 11/1/40
    2,626,655    
  3,555     New York City Housing Development Corp., (Multi-Family
Housing), (FNMA), 4.60%, 1/15/26
    3,395,167    
  3,125     New York Housing Finance Agency, Series A, (FNMA), (AMT),
5.40%, 11/15/42
    3,127,937    

 

See notes to financial statements
26



Eaton Vance New York Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing (continued)      
$ 1,500     New York Mortgage Agency, (AMT), 4.875%, 10/1/30   $ 1,459,605    
  2,000     New York Mortgage Agency, (AMT), 4.90%, 10/1/37     1,919,660    
  1,000     New York Mortgage Agency, (AMT), 5.125%, 10/1/37     990,870    
            $ 17,584,676    
Industrial Development Revenue — 15.0%      
$ 1,250     Liberty Development Corp., (Goldman Sachs
Group, Inc.), 5.25%, 10/1/35
  $ 1,328,825    
  4,200     Liberty Development Corp., (Goldman Sachs
Group, Inc.), 5.25%, 10/1/35(3)
    4,464,866    
  1,500     New York City Industrial Development Agency, (American,
Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12
    1,611,270    
  1,000     Onondaga County Industrial Development Agency,
(Anheuser-Busch), 4.875%, 7/1/41
    979,720    
  2,500     Onondaga County Industrial Development Agency,
(Anheuser-Busch), (AMT), 6.25%, 12/1/34
    2,589,925    
  775     Onondaga County Industrial Development Agency,
(Senior Air Cargo), (AMT), 6.125%, 1/1/32
    790,345    
  525     Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
    544,215    
            $ 12,309,166    
Insured-Education — 9.5%      
$ 4,500     New York Dormitory Authority, (New York University),
(MBIA), 5.75%, 7/1/27(3)
  $ 5,314,770    
  2,895     Oneida County Industrial Development Agency, (Hamilton
College), (MBIA), 0.00%, 7/1/31
    917,860    
  5,460     Oneida County Industrial Development Agency, (Hamilton
College), (MBIA), 0.00%, 7/1/33
    1,573,190    
            $ 7,805,820    
Insured-Electric Utilities — 5.9%      
$ 2,465     New York Power Authority, Series A, (MBIA),
4.50%, 11/15/47
  $ 2,379,884    
  2,400     Puerto Rico Electric Power Authority, (MBIA),
4.75%, 7/1/33(3)
    2,425,128    
            $ 4,805,012    
Insured-Escrowed / Prerefunded — 3.8%      
$ 3,000     New York City Cultural Resource Trust, (Museum of History),
(AMBAC), Prerefunded to 7/1/09, 5.75%, 7/1/29(3)
  $ 3,143,670    
            $ 3,143,670    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations — 2.5%      
$ 1,750     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(4)(5)   $ 2,063,215    
            $ 2,063,215    
Insured-Hospital — 6.9%      
$ 5,000     New York Dormitory Authority, (Memorial Sloan Kettering
Cancer Center), (MBIA), 5.50%, 7/1/23(6)
  $ 5,618,500    
            $ 5,618,500    
Insured-Lease Revenue / Certificates of
Participation — 6.4%
     
$ 5,460     Hudson Yards Infrastructure Corp., (MBIA),
4.50%, 2/15/47(7)
  $ 5,240,399    
            $ 5,240,399    
Insured-Other Revenue — 3.3%      
$ 2,720     New York City Industrial Development Agency, (Queens
Baseball Stadium), (AMBAC), 4.75%, 1/1/42
  $ 2,728,867    
            $ 2,728,867    
Insured-Special Tax Revenue — 7.4%      
$ 1,000     New York Convention Center Development Corp.,
Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45
  $ 1,006,240    
  4,500     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34
    1,195,020    
  19,745     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     1,798,769    
  3,380     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     520,047    
  6,705     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     979,198    
  4,225     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     584,994    
            $ 6,084,268    
Insured-Transportation — 9.1%      
$ 1,070     Metropolitan Transportation Authority, (FGIC),
4.75%, 11/15/37
  $ 1,079,705    
  2,735     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29
    2,810,295    
  3,500     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29(3)
    3,596,355    
            $ 7,486,355    
Insured-Water and Sewer — 1.2%      
$ 1,000     Nassau County Industrial Development Agency, (Water
Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
  $ 1,006,550    
            $ 1,006,550    

 

See notes to financial statements
27



Eaton Vance New York Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Other Revenue — 6.4%      
$ 1,285     Albany Industrial Development Agency Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26
  $ 1,276,956    
  3,750     Puerto Rico Infrastructure Financing Authority,
5.50%, 10/1/32(3)
    3,971,575    
            $ 5,248,531    
Senior Living / Life Care — 2.1%      
$ 1,450     Mount Vernon Industrial Development Agency, (Wartburg
Senior Housing, Inc.), 6.20%, 6/1/29
  $ 1,459,266    
  250     Suffolk County Industrial Development Agency,
(Jefferson's Ferry Project), 5.00%, 11/1/28
    234,715    
            $ 1,693,981    
Transportation — 10.5%      
$ 5,400     Port Authority of New York and New Jersey,
5.375%, 3/1/28(3)
  $ 6,071,004    
  2,600     Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33(3)
    2,521,376    
            $ 8,592,380    
Total Tax-Exempt Investments — 177.4%
(identified cost $140,723,683)
  $ 145,348,000    
Other Assets, Less Liabilities — (23.1)%   $ (18,911,316 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.3)%
  $ (44,505,187 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 81,931,497    

 

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association (Fannie Mae)

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 31.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.7% to 22.0% of total investments.

(1)  Security is in bankruptcy but continues to make full interest payments.

(2)  When-issued security.

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

(4)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $2,063,215 or 2.5% of the Trust's net assets applicable to common shares.

(5)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.

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

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

See notes to financial statements
28




Eaton Vance Ohio Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 169.1%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Cogeneration — 1.4%      
$ 385     Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 5.875%, 9/1/20
  $ 386,363    
  200     Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 6.625%, 9/1/20
    205,484    
            $ 591,847    
Electric Utilities — 2.2%      
$ 410     Clyde, Electric System Revenue, (AMT),
6.00%, 11/15/14
  $ 422,206    
  125     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/25(1)(2)
    129,399    
  375     Puerto Rico Electric Power Authority, DRIVERS, Variable Rate,
7.36%, 7/1/37(1)(2)
    372,367    
            $ 923,972    
Escrowed / Prerefunded — 19.5%      
$ 1,000     Delaware County, Prerefunded to 12/1/10,
6.00%, 12/1/25
  $ 1,088,800    
  1,000     Franklin County, (Cincinnati Children's Hospital),
Prerefunded to 5/1/09, 5.20%, 5/1/29
    1,044,560    
  1,530     Hamilton City School District, Prerefunded to 12/1/09,
5.625%, 12/1/24
    1,614,808    
  575     Highland County, (Joint Township Hospital District),
Prerefunded to 12/1/09, 6.75%, 12/1/29
    620,264    
  1,250     Parma, (Parma Community General Hospital Association),
Prerefunded to 11/1/08, 5.35%, 11/1/18
    1,284,050    
  1,750     Parma, (Parma Community General Hospital Association),
Prerefunded to 11/1/08, 5.375%, 11/1/29
    1,798,072    
  670     Richland County Hospital Facilities, (Medcentral Health
Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22
    734,581    
            $ 8,185,135    
Health Care-Miscellaneous — 0.2%      
$ 100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 101,147    
            $ 101,147    
Hospital — 10.8%      
$ 550     Cuyahoga County, (Cleveland Clinic Health System),
5.50%, 1/1/29
  $ 572,330    
  600     Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.25%, 8/15/46
    608,874    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,500     Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.625%, 8/15/32
  $ 1,554,600    
  500     Miami County, (Upper Valley Medical Center),
5.25%, 5/15/26
    497,940    
  1,000     Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), Series A, 4.75%, 1/15/46
    934,240    
  330     Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22
    348,906    
            $ 4,516,890    
Housing — 12.0%      
$ 1,000     Ohio Housing Finance Agency, (Residential Mortgage
Backed Securities), (AMT), 4.625%, 9/1/27
  $ 950,190    
  1,000     Ohio Housing Finance Agency, (Residential Mortgage
Backed Securities), (AMT), 5.00%, 9/1/36
    976,810    
  600     Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), Series H, 5.00%, 9/1/31
    590,526    
  2,500     Ohio Housing Finance Agency, (Uptown Community Partners),
(AMT), 5.25%, 4/20/48
    2,496,925    
            $ 5,014,451    
Industrial Development Revenue — 12.1%      
$ 1,385     Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27
  $ 1,214,825    
  1,300     Dayton, Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18
    1,328,795    
  2,250     Ohio Water Development Authority, (Anheuser-Busch),
(AMT), 6.00%, 8/1/38
    2,315,407    
  225     Ohio Water Development Authority, Solid Waste Disposal,
(Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15
    220,203    
            $ 5,079,230    
Insured-Education — 1.5%      
$ 775     Miami University, (AMBAC), 3.25%, 9/1/26   $ 640,940    
            $ 640,940    
Insured-Electric Utilities — 11.1%      
$ 2,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/25
  $ 897,660    
  3,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/26
    1,278,390    
  2,500     Ohio Water Development Authority, Fresh Water Improvement,
(Dayton Power & Light), (FGIC), 4.80%, 1/1/34
    2,494,350    
            $ 4,670,400    

 

See notes to financial statements
29



Eaton Vance Ohio Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 19.9%      
$ 245     Cuyahoga County Hospital, (Cleveland Clinic), (MBIA),
Escrowed to Maturity, 5.125%, 1/1/29(3)
  $ 250,214    
  1,595     Hamilton County, Sales Tax Revenue, (AMBAC),
Prerefunded to 12/1/10, 5.25%, 12/1/32
    1,688,148    
  1,000     Lima City School District, (AMBAC), Prerefunded to
12/1/10, 5.50%, 12/1/22
    1,084,890    
  495     Lima City School District, (AMBAC), Prerefunded to
12/1/10, 6.00%, 12/1/22
    544,055    
  1,000     Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30
    1,074,590    
  3,000     University of Akron, (FGIC), Prerefunded to 1/1/10,
5.75%, 1/1/29(4)
    3,181,485    
  500     University of Cincinnati, (FGIC), Prerefunded to 6/1/11,
5.25%, 6/1/24
    537,285    
            $ 8,360,667    
Insured-General Obligations — 16.7%      
$ 2,455     Canal Winchester Local School District, (MBIA),
0.00%, 12/1/30
  $ 820,805    
  3,000     Elyria City School District, (XLCA), 5.00%, 12/1/35     3,116,130    
  500     Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35     522,105    
  1,000     Puerto Rico, (FSA), Variable Rate, 8.409%, 7/1/27(1)(2)     1,178,980    
  1,200     Puerto Rico, Series A, (MBIA), 5.50%, 7/1/20(4)     1,354,392    
            $ 6,992,412    
Insured-Hospital — 6.7%      
$ 255     Cuyahoga County, (Cleveland Clinic), (MBIA),
5.125%, 1/1/29
  $ 260,426    
  1,000     Hamilton County, (Cincinnati Children's Hospital), (FGIC),
5.00%, 5/15/32
    1,013,470    
  1,500     Hamilton County, (Cincinnati Children's Hospital), (FGIC),
5.125%, 5/15/28
    1,538,070    
            $ 2,811,966    
Insured-Lease Revenue / Certificates of
Participation — 6.0%
     
$ 1,800     Puerto Rico Public Finance Corp., (Commonwealth
Appropriation), (AMBAC), 5.125%, 6/1/24(4)
  $ 1,997,256    
  500     Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
    511,380    
            $ 2,508,636    
Insured-Special Tax Revenue — 5.6%      
$ 405     Hamilton County, Sales Tax Revenue, (AMBAC),
5.25%, 12/1/32
  $ 419,216    
  9,905     Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
    902,346    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue (continued)      
$ 1,690     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
  $ 260,023    
  3,350     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
    489,234    
  2,100     Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
    290,766    
            $ 2,361,585    
Insured-Transportation — 6.6%      
$ 450     Cleveland Airport System, (FSA), 5.00%, 1/1/31   $ 456,332    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24     1,143,380    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26     1,148,330    
            $ 2,748,042    
Insured-Water and Sewer — 3.0%      
$ 500     Marysville Wastewater Treatment System, (XLCA),
4.75%, 12/1/46
  $ 499,560    
  750     Marysville Wastewater Treatment System, (XLCA),
4.75%, 12/1/47
    751,478    
            $ 1,251,038    
Lease Revenue / Certificates of Participation — 3.0%      
$ 1,230     Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19
  $ 1,267,958    
            $ 1,267,958    
Other Revenue — 12.2%      
$ 4,620     Buckeye, Tobacco Settlement Financing Authority,
0.00%, 6/1/47
  $ 275,675    
  710     Buckeye, Tobacco Settlement Financing Authority, Series A-2,
5.875%, 6/1/47
    676,616    
  3,000     Puerto Rico Infrastructure Financing Authority,
5.50%, 10/1/32(4)
    3,177,260    
  1,000     Riversouth Authority, (Lazarus Building Redevelopment),
Series A, 5.75%, 12/1/27
    1,003,390    
            $ 5,132,941    
Pooled Loans — 13.4%      
$ 530     Cleveland-Cuyahoga County Port Authority, (Myers
University), 5.60%, 5/15/25
  $ 543,006    
  550     Ohio Economic Development Commission, (Ohio Enterprise
Bond Fund), (AMT), 4.85%, 6/1/25
    563,866    
  1,020     Ohio Economic Development Commission, (Ohio Enterprise
Bond Fund), (AMT), 5.85%, 12/1/22
    1,081,067    
  1,245     Rickenbacker Port Authority, Oasbo Expanded Asset Pool
Loan, 5.375%, 1/1/27(4)
    1,334,453    

 

See notes to financial statements
30



Eaton Vance Ohio Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Pooled Loans (continued)      
$ 325     Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25
  $ 312,835    
  750     Toledo-Lucas County Port Authority, 4.80%, 11/15/35     668,910    
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     1,103,234    
            $ 5,607,371    
Special Tax Revenue — 5.2%      
$ 600     Cleveland-Cuyahoga County Port Authority,
7.00%, 12/1/18
  $ 645,300    
  1,400     Cuyahoga County, Economic Development, (Shaker Square),
6.75%, 12/1/30
    1,531,320    
            $ 2,176,620    
Total Tax-Exempt Investments — 169.1%
(identified cost $68,167,879)
  $ 70,943,248    
Other Assets, Less Liabilities — (13.1)%   $ (5,481,859 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (56.0)%
  $ (23,508,115 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 41,953,274    

 

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

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 45.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.3% to 15.6% 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 November 30, 2007, the aggregate value of the securities is $1,680,746 or 4.0% 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 November 30, 2007.

(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
31



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 171.0%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Cogeneration — 5.3%      
$ 440     Carbon County Industrial Development Authority,
(Panther Creek Partners), (AMT), 6.65%, 5/1/10
  $ 450,212    
  500     Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13
    504,205    
  500     Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19
    502,410    
  675     Pennsylvania Economic Development Financing Authority,
(Resource Recovery-Colver), (AMT), 5.125%, 12/1/15
    662,425    
            $ 2,119,252    
Education — 1.6%      
$ 600     Philadelphia Higher Education Facilities Authority, (Chestnut
Hill College), Prerefunded to 10/01/09, 6.00%, 10/1/29
  $ 637,398    
            $ 637,398    
Electric Utilities — 3.1%      
$ 600     Pennsylvania Economic Development Financing Authority,
(Reliant Energy, Inc.), (AMT), 6.75%, 12/1/36
  $ 638,388    
  600     York County Industrial Development Authority, Pollution
Control, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20
    598,746    
            $ 1,237,134    
Escrowed / Prerefunded — 15.7%      
$ 600     Allegheny County Industrial Development Authority,
(Residential Resources, Inc.), Prerefunded to 9/1/11,
6.50%, 9/1/21
  $ 666,426    
  600     Bucks County Industrial Development Authority,
(Pennswood), Prerefunded to 10/1/12, 6.00%, 10/1/27
    673,662    
  1,500     Chester County Health and Educational Facility Authority,
(Devereux Foundation), Prerefunded to 11/1/09,
6.00%, 11/1/29
    1,588,335    
  750     Lancaster County Hospital Authority, Prerefunded to
9/15/13, 5.50%, 3/15/26
    831,502    
  925     Montgomery County Higher Education and Health Authority,
(Foulkeways at Gwynedd), Prerefunded to 11/15/09,
6.75%, 11/15/30
    993,968    
  1,500     Pennsylvania Higher Educational Facilities Authority, (Drexel
University), Prerefunded to 5/1/09, 6.00%, 5/1/29
    1,555,980    
            $ 6,309,873    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 0.2%      
$ 100     Puerto Rico Infrastructure Financing Authority,
(Mepsi Campus Project), Series A, 6.50%, 10/1/37
  $ 101,147    
            $ 101,147    
Hospital — 12.1%      
$ 695     Lancaster County Hospital Authority, (Lancaster General
Hospital), 4.50%, 3/15/36
  $ 650,520    
  1,250     Lehigh County, General Purpose Authority, (Lehigh Valley
Health Network), 5.25%, 7/1/32
    1,265,537    
  1,000     Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
    956,490    
  500     Monroe County Hospital Authority, (Pocono Medical Center),
Prerefunded to 1/1/14, 6.00%, 1/1/43
    567,530    
  850     Pennsylvania Higher Educational Facilities Authority,
(UPMC Health System), 6.00%, 1/15/31
    907,460    
  500     Washington County Hospital Authority, (Monongahela
Hospital), 5.50%, 6/1/17
    524,165    
            $ 4,871,702    
Housing — 14.4%      
$ 525     Allegheny County Residential Finance Authority, (Single
Family Mortgages), (AMT), 4.95%, 11/1/37
  $ 508,652    
  1,260     Allegheny County Residential Finance Authority, (Single
Family Mortgages), (AMT), 5.00%, 5/1/35
    1,235,065    
  1,000     Pennsylvania Housing Finance Agency, (AMT),
4.70%, 10/1/37
    922,440    
  1,200     Pennsylvania Housing Finance Agency, (AMT),
4.875%, 4/1/26
    1,184,172    
  1,000     Pennsylvania Housing Finance Agency, (AMT),
4.90%, 10/1/37
    958,360    
  1,000     Pennsylvania Housing Finance Agency, (AMT),
5.15%, 10/1/37
    999,170    
            $ 5,807,859    
Industrial Development Revenue — 8.9%      
$ 500     New Morgan Industrial Development Authority,
(Browning-Ferris Industries, Inc.), (AMT),
6.50%, 4/1/19
  $ 501,195    
  1,000     Pennsylvania Economic Development Financing Authority,
(Procter & Gamble Paper Products Co.), (AMT),
5.375%, 3/1/31
    1,094,030    
  500     Pennsylvania Economic Development Financing Authority,
Solid Waste Disposal, (Waste Management, Inc.), (AMT),
5.10%, 10/1/27
    479,080    
  1,550     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    1,498,137    
            $ 3,572,442    

 

See notes to financial statements
32



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education — 19.7%      
$ 1,900     Lycoming County Authority, (Pennsylvania College of
Technology), (AMBAC), 5.25%, 5/1/32(1)
  $ 1,992,834    
  1,000     Northampton County Higher Education Facilities Authority,
(Lafayette College), (MBIA), 5.00%, 11/1/27
    1,004,060    
  1,000     Pennsylvania Higher Education Facilities Authority,
(Bryn Mawr College), (AMBAC), 5.125%, 12/1/29
    1,031,270    
  2,000     Pennsylvania Higher Education Facilities Authority,
(State System Higher Education), (FSA), 5.00%, 6/15/24
    2,030,780    
  1,800     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Authority, (University Plaza),
(MBIA), 5.00%, 7/1/33(2)
    1,842,858    
            $ 7,901,802    
Insured-Electric Utilities — 3.5%      
$ 1,380     Lehigh County Industrial Development Authority,
(PPL Electric Utilities Corp.), (FGIC), 4.75%, 2/15/27(2)
  $ 1,393,754    
            $ 1,393,754    
Insured-Escrowed / Prerefunded — 25.3%      
$ 1,000     Allegheny County, Sanitation and Sewer Authority, (MBIA),
Prerefunded to 12/1/10, 5.50%, 12/1/24
  $ 1,071,320    
  650     Berks County Municipal Authority, (Reading Hospital and
Medical Center), (FSA), Prerefunded to 11/1/09,
6.00%, 11/1/29
    695,136    
  2,600     Pennsylvania Turnpike Commission, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27(3)
    2,609,594    
  1,801     Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%, 7/1/29(2)
    1,908,900    
  2,500     Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%, 7/1/29(2)
    2,650,467    
  2,000     Westmoreland Municipal Authority, (FGIC), Escrowed to
Maturity, 0.00%, 8/15/19
    1,215,340    
            $ 10,150,757    
Insured-General Obligations — 10.5%      
$ 1,000     Hollidaysburg School District, Series C, (FSA),
4.75%, 3/15/30(4)
  $ 1,019,890    
  2,000     Philadelphia, (FSA), 5.00%, 3/15/28     2,036,580    
  1,000     Puerto Rico, (FSA), Variable Rate,
8.409%, 7/1/27(5)(6)
    1,178,980    
            $ 4,235,450    
Insured-Hospital — 12.7%      
$ 500     Delaware County, General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26
  $ 502,310    
  1,500     Lehigh County General Purpose Authority, (Lehigh Valley
Health Network), (MBIA), 5.25%, 7/1/29
    1,541,640    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Hospital (continued)      
$ 3,000     Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
  $ 3,042,390    
            $ 5,086,340    
Insured-Lease Revenue — 3.0%      
$ 1,195     Philadelphia Authority for Industrial Development,
(One Benjamin Franklin), (FSA), 4.75%, 2/15/27(4)
  $ 1,200,198    
            $ 1,200,198    
Insured-Special Tax Revenue — 7.4%      
$ 1,000     Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24
  $ 1,026,120    
  9,870     Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54     899,157    
  1,690     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44     260,023    
  3,350     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45     489,234    
  2,100     Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46     290,766    
            $ 2,965,300    
Insured-Transportation — 11.2%      
$ 1,000     Allegheny County, Port Authority, (FGIC), 5.00%, 3/1/29   $ 1,027,190    
  500     Philadelphia, Airport Commission, (FSA), (AMT),
5.00%, 6/15/27
    508,720    
  1,005     Philadelphia, Parking Authority, (AMBAC), 5.25%, 2/15/29     1,029,190    
  1,800     Puerto Rico Highway and Transportation Authority, (AGC),
(CIFG), 5.25%, 7/1/41(2)
    1,953,765    
            $ 4,518,865    
Insured-Water and Sewer — 5.8%      
$ 585     Chester County Industrial Development Authority,
(Aqua Pennsylvania, Inc.), Series A, (FGIC), (AMT),
5.00%, 2/1/40
  $ 585,386    
  875     Delaware County Industrial Development Authority,
(Aqua Pennsylvania, Inc.), Series B, (FGIC), (AMT),
5.00%, 11/1/36
    878,483    
  500     Delaware County Industrial Development Authority,
(Water Facilities), (FGIC), (AMT), 6.00%, 6/1/29
    518,745    
  360     Philadelphia Water and Wastewater Revenue, (FGIC),
5.00%, 11/1/31
    369,961    
            $ 2,352,575    
Senior Living / Life Care — 5.4%      
$ 1,000     Cliff House Trust, (AMT), 6.625%, 6/1/27(7)   $ 679,390    
  500     Crawford County, Hospital Authority, (Wesbury United
Methodist Community), 6.25%, 8/15/29
    503,220    
  500     Lancaster County, Hospital Authority, (Willow Valley
Retirement Communities), 5.875%, 6/1/31
    514,600    

 

See notes to financial statements
33



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care (continued)      
$ 200     Montgomery County, Industrial Development Authority,
(Foulkeways at Gwynedd), 5.00%, 12/1/24
  $ 192,788    
  300     Montgomery County, Industrial Development Authority,
(Foulkeways at Gwynedd), 5.00%, 12/1/30
    277,062    
            $ 2,167,060    
Transportation — 5.2%      
$ 1,200     Delaware River Joint Toll Bridge Commission,
5.00%, 7/1/28
  $ 1,218,936    
  105     Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09
    104,704    
  485     Erie Municipal Airport Authority, (AMT),
5.875%, 7/1/16
    485,553    
  270     Pennsylvania Economic Development Financing Authority,
(Amtrak), (AMT), 6.25%, 11/1/31
    279,491    
            $ 2,088,684    
Total Tax-Exempt Investments — 171.0%
(identified cost $65,871,365)
  $ 68,717,592    
Other Assets, Less Liabilities — (15.0)%   $ (6,025,173 )  
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (56.0)%
  $ (22,510,482 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 40,181,937    

 

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

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2007, 57.9% 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 2.8% to 19.3% of total investments.

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

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

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

(4)  When-issued security.

(5)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2007, the aggregate value of the securities is $1,178,980 or 2.9% of the Trust's net assets applicable to common shares.

(6)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2007.

(7)  Security is in default with respect to scheduled principal payments.

See notes to financial statements
34




Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

As of November 30, 2007

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Assets  
Investments —  
Identified cost   $ 169,282,645     $ 107,463,895     $ 62,536,249     $ 47,817,304    
Unrealized appreciation     5,206,078       2,379,253       1,115,339       1,476,354    
Investments, at value   $ 174,488,723     $ 109,843,148     $ 63,651,588     $ 49,293,658    
Cash   $ 1,089,452     $ 650,366     $ 563,755     $ 340,977    
Receivable for investments sold     8,500                      
Interest receivable     2,197,444       1,020,793       1,143,623       683,431    
Receivable for daily variation margin on open financial futures contracts     44,375       15,625                
Prepaid expenses     3,472       3,471       3,474       6,859    
Total assets   $ 177,831,966     $ 111,533,403     $ 65,362,440     $ 50,324,925    
Liabilities  
Payable for floating rate notes issued   $ 7,575,000     $ 12,090,000     $ 3,043,333     $ 1,925,000    
Interest expense and fees payable     102,738       83,360       17,296       31,153    
Payable for investments purchased     1,626,477                      
Payable for open interest rate swap contracts     735,824       428,576       331,389       50,791    
Payable to affiliate for inverse floaters           506,570                
Payable to affiliate for investment advisory fee     96,323       56,649       35,584       27,747    
Payable to affiliate for administration fee     27,521       16,185       10,167       7,928    
Payable to affiliate for Trustees' fees     1,670       1,270       334       335    
Accrued expenses     99,173       85,506       72,877       67,596    
Total liabilities   $ 10,264,726     $ 13,268,116     $ 3,510,980     $ 2,110,550    
Auction preferred shares at liquidation value plus cumulative unpaid dividends   $ 59,000,000     $ 35,508,272     $ 21,510,017     $ 17,504,030    
Net assets applicable to common shares   $ 108,567,240     $ 62,757,015     $ 40,341,443     $ 30,710,345    
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares authorized   $ 71,815     $ 42,574     $ 27,141     $ 21,163    
Additional paid-in capital     106,450,842       63,254,539       40,196,540       31,450,960    
Accumulated net realized loss (computed on the basis of identified cost)     (2,880,574 )     (2,706,809 )     (925,109 )     (2,306,776 )  
Accumulated undistributed net investment income     470,128       221,395       258,921       119,435    
Net unrealized appreciation (computed on the basis of identified cost)     4,455,029       1,945,316       783,950       1,425,563    
Net assets applicable to common shares   $ 108,567,240     $ 62,757,015     $ 40,341,443     $ 30,710,345    
Auction Preferred Shares Issued
and Outstanding (Liquidation
preference of $25,000 per share)
 
      2,360       1,420       860       700    
Common Shares Outstanding  
      7,181,488       4,257,408       2,714,063       2,116,294    
Net Asset Value Per Common Share  
Net assets applicable to common shares ÷ common shares issued and outstanding   $ 15.12     $ 14.74     $ 14.86     $ 14.51    

 

See notes to financial statements
35



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Assets and Liabilities

As of November 30, 2007

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Assets  
Investments —  
Identified cost   $ 115,985,410     $ 140,723,683     $ 68,167,879     $ 65,871,365    
Unrealized appreciation     2,833,530       4,624,317       2,775,369       2,846,227    
Investments, at value   $ 118,818,940     $ 145,348,000     $ 70,943,248     $ 68,717,592    
Cash   $     $ 466,100     $ 651,081     $ 1,125,678    
Receivable for investments sold     10,000       25,000       85,000       550,510    
Interest receivable     1,927,807       1,882,541       1,076,782       1,062,144    
Receivable for daily variation margin on open financial futures contracts           45,000       6,806       15,625    
Prepaid expenses     3,472       3,811       3,473       6,859    
Total assets   $ 120,760,219     $ 147,770,452     $ 72,766,390     $ 71,478,408    
Liabilities  
Payable for floating rate notes issued   $ 12,150,000     $ 19,150,000     $ 6,330,000     $ 6,335,780    
Interest expense and fees payable     199,334       222,638       87,654       78,511    
Payable for investments purchased                 591,525          
Payable for open interest rate swap contracts     583,808       557,655       179,202       79,910    
Payable for when-issued securities           1,214,013             2,172,975    
Due to custodian     667,305                      
Payable to affiliate for investment advisory fee     61,763       72,727       37,587       36,048    
Payable to affiliate for administration fee     17,647       20,779       10,739       10,300    
Payable to affiliate for Trustees' fees     1,270       1,271       333       334    
Accrued expenses     78,269       94,685       67,961       72,131    
Total liabilities   $ 13,759,396     $ 21,333,768     $ 7,305,001     $ 8,785,989    
Auction preferred shares at liquidation value plus cumulative unpaid dividends   $ 38,000,000     $ 44,505,187     $ 23,508,115     $ 22,510,482    
Net assets applicable to common shares   $ 69,000,823     $ 81,931,497     $ 41,953,274     $ 40,181,937    
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares authorized   $ 46,215     $ 53,753     $ 28,293     $ 27,085    
Additional paid-in capital     68,598,222       79,783,608       42,034,341       39,802,504    
Accumulated net realized loss (computed on the basis of identified cost)     (2,262,643 )     (2,398,060 )     (2,900,461 )     (2,586,057 )  
Accumulated undistributed net investment income     369,307       391,474       191,149       154,809    
Net unrealized appreciation (computed on the basis of identified cost)     2,249,722       4,100,722       2,599,952       2,783,596    
Net assets applicable to common shares   $ 69,000,823     $ 81,931,497     $ 41,953,274     $ 40,181,937    
Auction Preferred Shares Issued
and Outstanding (Liquidation
preference of $25,000 per share)
 
      1,520       1,780       940       900    
Common Shares Outstanding  
      4,621,485       5,375,346       2,829,304       2,708,462    
Net Asset Value Per Common Share  
Net assets applicable to common shares ÷ common shares issued and outstanding   $ 14.93     $ 15.24     $ 14.83     $ 14.84    

 

See notes to financial statements
36



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Operations

For the Year Ended November 30, 2007

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Investment Income  
Interest   $ 9,104,351     $ 5,717,883     $ 3,533,207     $ 2,668,111    
Total investment income   $ 9,104,351     $ 5,717,883     $ 3,533,207     $ 2,668,111    
Expenses  
Investment adviser fee   $ 1,205,401     $ 705,323     $ 444,954     $ 343,465    
Administration fee     344,400       201,521       127,130       98,133    
Trustees' fees and expenses     9,602       7,325       1,898       1,903    
Legal and accounting services     52,768       44,201       40,928       39,343    
Printing and postage     18,842       16,850       10,579       16,270    
Custodian fee     99,099       56,714       49,162       37,997    
Interest expense and fees     386,961       487,269       255,623       100,964    
Transfer and dividend disbursing agent fees     90,501       64,512       43,172       34,300    
Preferred shares remarketing agent fee     147,500       88,750       53,750       43,750    
Miscellaneous     49,664       36,469       32,593       28,923    
Total expenses   $ 2,404,738     $ 1,708,934     $ 1,059,789     $ 745,048    
Deduct —  
Reduction of custodian fee   $ 17,790     $ 6,880     $ 5,994     $ 7,170    
Allocation of expenses to the investment adviser     4,176       2,505       2,505       2,088    
Total expense reductions   $ 21,966     $ 9,385     $ 8,499     $ 9,258    
Net expenses   $ 2,382,772     $ 1,699,549     $ 1,051,290     $ 735,790    
Net investment income   $ 6,721,579     $ 4,018,334     $ 2,481,917     $ 1,932,321    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —  
Investment transactions (identified cost basis)   $ 1,496,968     $ 919,141     $ 1,508,885     $ 626,392    
Financial futures contracts     311,238       234,237       192,956       (14,749 )  
Interest rate swap contracts     (595,901 )     (347,208 )     (219,836 )     913    
Net realized gain   $ 1,212,305     $ 806,170     $ 1,482,005     $ 612,556    
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)   $ (9,942,051 )   $ (4,934,766 )   $ (4,771,875 )   $ (2,453,574 )  
Financial futures contracts     25,089       14,796       17,057       1,502    
Interest rate swap contracts     (576,287 )     (336,117 )     (273,376 )     (32,391 )  
Net change in unrealized appreciation (depreciation)   $ (10,493,249 )   $ (5,256,087 )   $ (5,028,194 )   $ (2,484,463 )  
Net realized and unrealized loss   $ (9,280,944 )   $ (4,449,917 )   $ (3,546,189 )   $ (1,871,907 )  
Distributions to preferred shareholders
From net investment income
  $ (2,014,092 )   $ (1,305,923 )   $ (734,875 )   $ (625,544 )  
Net decrease in net assets from operations   $ (4,573,457 )   $ (1,737,506 )   $ (1,799,147 )   $ (565,130 )  

 

See notes to financial statements
37



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Operations

For the Year Ended November 30, 2007

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Investment Income  
Interest   $ 6,230,768     $ 7,683,688     $ 3,781,418     $ 3,666,248    
Total investment income   $ 6,230,768     $ 7,683,688     $ 3,781,418     $ 3,666,248    
Expenses  
Investment adviser fee   $ 770,702     $ 909,875     $ 465,356     $ 445,271    
Administration fee     220,200       259,964       132,959       127,221    
Trustees' fees and expenses     7,325       7,326       1,897       1,898    
Legal and accounting services     44,468       52,726       40,577       43,181    
Printing and postage     17,965       20,137       15,035       20,312    
Custodian fee     68,398       69,493       39,632       44,280    
Interest expense and fees     642,097       838,954       308,529       285,876    
Transfer and dividend disbursing agent fees     69,248       76,115       43,371       39,780    
Preferred shares remarketing agent fee     95,000       111,250       58,750       56,250    
Miscellaneous     34,014       35,460       33,387       30,251    
Total expenses   $ 1,969,417     $ 2,381,300     $ 1,139,493     $ 1,094,320    
Deduct —  
Reduction of custodian fee   $ 16,886     $ 16,849     $ 8,185     $ 6,061    
Allocation of expenses to the investment adviser     2,923       5,846       2,505       3,758    
Total expense reductions   $ 19,809     $ 22,695     $ 10,690     $ 9,819    
Net expenses   $ 1,949,608     $ 2,358,605     $ 1,128,803     $ 1,084,501    
Net investment income   $ 4,281,160     $ 5,325,083     $ 2,652,615     $ 2,581,747    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —  
Investment transactions (identified cost basis)   $ 2,292,410     $ 1,290,749     $ 1,029,135     $ 170,526    
Financial futures contracts     336,106       146,143       123,934       60,974    
Interest rate swap contracts     (383,158 )     (451,697 )     (144,990 )     (310,973 )  
Net realized gain (loss)   $ 2,245,358     $ 985,195     $ 1,008,079     $ (79,473 )  
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)   $ (7,661,239 )   $ (7,541,850 )   $ (3,289,253 )   $ (2,249,346 )  
Financial futures contracts     28,847       49,717       9,523       20,281    
Interest rate swap contracts     (482,285 )     (438,003 )     (117,563 )     517,178    
Net change in unrealized appreciation (depreciation)   $ (8,114,677 )   $ (7,930,136 )   $ (3,397,293 )   $ (1,711,887 )  
Net realized and unrealized loss   $ (5,869,319 )   $ (6,944,941 )   $ (2,389,214 )   $ (1,791,360 )  
Distributions to preferred shareholders
From net investment income
  $ (1,262,219 )   $ (1,544,549 )   $ (839,516 )   $ (813,684 )  
Net decrease in net assets from operations   $ (2,850,378 )   $ (3,164,407 )   $ (576,115 )   $ (23,297 )  

 

See notes to financial statements
38



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2007

Increase (Decrease) in Net Assets   California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
From operations —  
Net investment income   $ 6,721,579     $ 4,018,334     $ 2,481,917     $ 1,932,321    
Net realized gain from investment transactions, financial futures contracts
and interest rate swap contracts
    1,212,305       806,170       1,482,005       612,556    
Net change in unrealized appreciation (depreciation) from investments,
financial futures contracts and interest rate swap contracts
    (10,493,249 )     (5,256,087 )     (5,028,194 )     (2,484,463 )  
Distributions to preferred shareholders —
From net investment income
    (2,014,092 )     (1,305,923 )     (734,875 )     (625,544 )  
Net decrease in net assets from operations   $ (4,573,457 )   $ (1,737,506 )   $ (1,799,147 )   $ (565,130 )  
Distributions to common shareholders —
From net investment income
  $ (4,825,005 )   $ (2,757,391 )   $ (1,734,298 )   $ (1,367,125 )  
Total distributions to common shareholders   $ (4,825,005 )   $ (2,757,391 )   $ (1,734,298 )   $ (1,367,125 )  
Net decrease in net assets   $ (9,398,462 )   $ (4,494,897 )   $ (3,533,445 )   $ (1,932,255 )  
Net Assets Applicable to Common Shares  
At beginning of year   $ 117,965,702     $ 67,251,912     $ 43,874,888     $ 32,642,600    
At end of year   $ 108,567,240     $ 62,757,015     $ 40,341,443     $ 30,710,345    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 470,128     $ 221,395     $ 258,921     $ 119,435    

 

See notes to financial statements
39



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2007

Increase (Decrease) in Net Assets   New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
From operations —  
Net investment income   $ 4,281,160     $ 5,325,083     $ 2,652,615     $ 2,581,747    
Net realized gain (loss) from investment transactions, financial futures contracts
and interest rate swap contracts
    2,245,358       985,195       1,008,079       (79,473 )  
Net change in unrealized appreciation (depreciation) from investments,
financial futures contracts and interest rate swap contracts
    (8,114,677 )     (7,930,136 )     (3,397,293 )     (1,711,887 )  
Distributions to preferred shareholders —
From net investment income
    (1,262,219 )     (1,544,549 )     (839,516 )     (813,684 )  
Net decrease in net assets from operations   $ (2,850,378 )   $ (3,164,407 )   $ (576,115 )   $ (23,297 )  
Distributions to common shareholders —
From net investment income
  $ (2,994,385 )   $ (3,873,823 )   $ (1,856,075 )   $ (1,793,216 )  
Total distributions to common shareholders   $ (2,994,385 )   $ (3,873,823 )   $ (1,856,075 )   $ (1,793,216 )  
Net decrease in net assets   $ (5,844,763 )   $ (7,038,230 )   $ (2,432,190 )   $ (1,816,513 )  
Net Assets Applicable to Common Shares  
At beginning of year   $ 74,845,586     $ 88,969,727     $ 44,385,464     $ 41,998,450    
At end of year   $ 69,000,823     $ 81,931,497     $ 41,953,274     $ 40,181,937    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 369,307     $ 391,474     $ 191,149     $ 154,809    

 

See notes to financial statements
40



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2006

Increase (Decrease) in Net Assets   California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
From operations —  
Net investment income   $ 6,910,281     $ 4,128,613     $ 2,526,842     $ 2,010,222    
Net realized gain from investment transactions and financial futures contracts     2,330,426       1,282,448       387,278       877,759    
Net change in unrealized appreciation (depreciation) from investments,
financial futures contracts and interest rate swap contracts
    5,001,113       1,588,622       2,113,346       423,888    
Distributions to preferred shareholders —
From net investment income
    (1,714,344 )     (1,151,096 )     (659,654 )     (541,318 )  
Net increase in net assets from operations   $ 12,527,476     $ 5,848,587     $ 4,367,812     $ 2,770,551    
Distributions to common shareholders —
From net investment income
  $ (5,321,698 )   $ (3,097,975 )   $ (1,937,120 )   $ (1,485,284 )  
Total distributions to common shareholders   $ (5,321,698 )   $ (3,097,975 )   $ (1,937,120 )   $ (1,485,284 )  
Capital share transactions —
Reinvestment of distributions to common shareholders
  $     $     $ 48,702     $    
Net increase in net assets from capital share transactions   $     $     $ 48,702     $    
Net increase in net assets   $ 7,205,778     $ 2,750,612     $ 2,479,394     $ 1,285,267    
Net Assets Applicable to Common Shares  
At beginning of year   $ 110,759,924     $ 64,501,300     $ 41,395,494     $ 31,357,333    
At end of year   $ 117,965,702     $ 67,251,912     $ 43,874,888     $ 32,642,600    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 658,568     $ 280,602     $ 235,564     $ 169,957    

 

See notes to financial statements
41



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2006

Increase (Decrease) in Net Assets   New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
From operations —  
Net investment income   $ 4,401,682     $ 5,306,069     $ 2,710,338     $ 2,661,873    
Net realized gain from investment transactions and financial futures contracts     1,466,210       (330,711 )     466,481       953,353    
Net change in unrealized appreciation (depreciation) from investments,
financial futures contracts and interest rate swap contracts
    4,085,557       5,328,579       1,780,461       836,762    
Distributions to preferred shareholders —
From net investment income
    (1,168,488 )     (1,327,665 )     (746,150 )     (741,184 )  
Net increase in net assets from operations   $ 8,784,961     $ 8,976,272     $ 4,211,130     $ 3,710,804    
Distributions to common shareholders —
From net investment income
  $ (3,349,864 )   $ (4,200,833 )   $ (2,018,766 )   $ (1,983,473 )  
Total distributions to common shareholders   $ (3,349,864 )   $ (4,200,833 )   $ (2,018,766 )   $ (1,983,473 )  
Capital share transactions —
Reinvestment of distributions to common shareholders
  $ 35,506     $     $   $ 37,735    
Net increase in net assets from capital share transactions   $ 35,506     $     $     $ 37,735    
Net increase in net assets   $ 5,470,603     $ 4,775,439     $ 2,192,364     $ 1,765,066    
Net Assets Applicable to Common Shares  
At beginning of year   $ 69,374,983     $ 84,194,288     $ 42,193,100     $ 40,233,384    
At end of year   $ 74,845,586     $ 88,969,727     $ 44,385,464     $ 41,998,450    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 358,330     $ 491,116     $ 212,592     $ 196,012    

 

See notes to financial statements
42



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Cash Flows

For the Year Ended November 30, 2007

    Florida Trust   New Jersey Trust   New York Trust  
Cash flows from operating activities  
Net decrease in net assets from operations   $ (1,737,506 )   $ (2,850,378 )   $ (3,164,407 )  
Distributions to preferred shareholders     1,305,923       1,262,219       1,544,549    
Net increase (decrease) in net assets from operations excluding distributions to
preferred shareholders from net investment income
  $ (431,583 )   $ (1,588,159 )   $ (1,619,858 )  
Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:
 
Investments purchased     (29,664,133 )     (52,957,822 )     (43,268,528 )  
Investments sold     29,139,258       59,475,513       47,202,547    
Net amortization of premium (discount)     (319,282 )     (525,571 )     (382,619 )  
Decrease (increase) in interest receivable     (33,779 )     (6,944 )     235,739    
Decrease in payable for investments purchased     (530,259 )              
Increase in receivable for investments sold           (5,000 )     40,000    
Increase in receivable for daily variation margin on open financial futures contracts     (15,625 )           (45,000 )  
Increase in prepaid expenses     (3,471 )     (3,472 )     (3,811 )  
Decrease in payable for daily variation margin on open financial futures contracts     (64,549 )     (78,857 )     (110,557 )  
Increase in payable for open interest rate swap contracts     336,117       482,285       438,003    
Decrease in payable to affiliate for investment advisory fee     (2,112 )     (2,598 )     (3,375 )  
Increase in payable to affiliate for Trustees' fee     155       155       156    
Decrease in payable to affiliate for administration fee     (604 )     (742 )     (965 )  
Increase (decrease) in payable for when-issued securities           (687,008 )     1,214,013    
Increase in accrued expenses     11,166       2,219       7,778    
Increase (decrease) in interest expense and fees payable     38,184       (30,060 )     (60,089 )  
Net change in unrealized (appreciation) depreciation on investments     4,934,766       7,661,239       7,541,850    
Net realized (gain) loss on investments     (919,141 )     (2,292,410 )     (1,290,749 )  
Net cash provided by operating activities   $ 2,475,108     $ 9,442,768     $ 9,894,535    
Cash flows from financing activities  
Cash distributions paid to common shareholders   $ (2,757,391 )   $ (2,994,385 )   $ (3,873,823 )  
Distributions to preferred shareholders from net investment income     (1,301,103 )     (1,276,167 )     (1,539,362 )  
Decrease in due to custodian     (86,248 )     (172,216 )        
Proceeds from secured borrowings     2,320,000       2,000,000          
Repayment of secured borrowings           (7,000,000 )     (4,530,000 )  
Net cash used in financing activities   $ (1,824,742 )   $ (9,442,768 )   $ (9,943,185 )  
Net increase (decrease) in cash   $ 650,366     $     $ (48,650 )  
Cash at beginning of year   $     $     $ 514,750    
Cash at end of year   $ 650,366     $     $ 466,100    

 

See notes to financial statements
43



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Cash Flows

For the Year Ended November 30, 2007

  Ohio Trust   Pennsylvania Trust  
Cash flows from operating activities  
Net decrease in net assets from operations   $ (576,115 )   $ (23,297 )  
Distributions to preferred shareholders     839,516       813,684    
Net increase (decrease) in net assets from operations excluding distributions to
preferred shareholders from net investment income
  $ 263,401     $ 790,387    
Adjustments to reconcile net increase (decrease) in net assets from
operations to net cash provided by (used in) operating activities:
 
Investments purchased     (17,668,587 )     (16,338,521 )  
Investments sold     20,723,538       18,291,945    
Net amortization of premium (discount)     (194,634 )     (184,283 )  
Decrease in interest receivable     87,144       91,095    
Increase in payable for investments purchased     591,525          
Decrease (increase) in receivable for investments sold     (75,000 )     430,540    
Increase in receivable for daily variation margin on open financial futures contracts     (6,806 )     (15,625 )  
Increase in prepaid expenses     (3,473 )     (6,859 )  
Decrease in payable for daily variation margin on open financial futures contracts     (40,515 )     (3,002 )  
Decrease (increase) in payable for open interest rate swap contracts     117,563       (517,178 )  
Decrease in payable to affiliate for investment advisory fee     (1,273 )     (901 )  
Increase in payable to affiliate for Trustees' fee     51       51    
Decrease in payable to affiliate for administration fee     (364 )     (257 )  
Increase in payable for when-issued securities           1,192,545    
Increase in accrued expenses     1,972       8,295    
Decrease in interest expense and fees payable     (23,903 )     (42,244 )  
Net change in unrealized (appreciation) depreciation on investments     3,289,253       2,249,346    
Net realized (gain) loss on investments     (1,029,135 )     (170,526 )  
Net cash provided by operating activities   $ 6,030,757     $ 5,774,808    
Cash flows from financing activities  
Cash distributions paid to common shareholders   $ (1,856,075 )   $ (1,793,216 )  
Distributions to preferred shareholders from net investment income     (835,842 )     (809,767 )  
Decrease in due to custodian     (17,759 )     (296,147 )  
Proceeds from secured borrowings     830,000       2,870,000    
Repayment of secured borrowings     (3,500,000 )     (4,620,000 )  
Net cash used in financing activities   $ (5,379,676 )   $ (4,649,130 )  
Net increase (decrease) in cash   $ 651,081     $ 1,125,678    
Cash at beginning of year   $     $    
Cash at end of year   $ 651,081     $ 1,125,678    

 

See notes to financial statements
44




Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    California Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 16.430     $ 15.420     $ 15.070     $ 15.320     $ 14.590    
Income (loss) from operations  
Net investment income   $ 0.936     $ 0.962     $ 1.013     $ 1.079     $ 1.079    
Net realized and unrealized gain (loss)     (1.294 )     1.028       0.383       (0.227 )     0.682    
Distributions to preferred shareholders
From net investment income
    (0.280 )     (0.239 )     (0.154 )     (0.079 )     (0.068 )  
Total income (loss) from operations   $ (0.638 )   $ 1.751     $ 1.242     $ 0.773     $ 1.693    
Less distributions to common shareholders  
From net investment income   $ (0.672 )   $ (0.741 )   $ (0.892 )   $ (1.023 )   $ (0.963 )  
Total distributions to common shareholders   $ (0.672 )   $ (0.741 )   $ (0.892 )   $ (1.023 )   $ (0.963 )  
Net asset value — End of year (Common shares)   $ 15.120     $ 16.430     $ 15.420     $ 15.070     $ 15.320    
Market value — End of year (Common shares)   $ 13.160     $ 15.050     $ 13.650     $ 15.160     $ 14.950    
Total Investment Return on Net Asset Value(2)      (3.65 )%     12.10 %     8.72 %     5.35 %     12.31 %  
Total Investment Return on Market Value(2)      (8.44 )%     15.99 %     (4.34 )%     8.60 %     17.06 %  

 

See notes to financial statements
45



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    California Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 108,567     $ 117,966     $ 110,760     $ 108,193     $ 109,991    
Ratios (As a percentage of average net assets applicable to common shares):(3)                                          
Expenses excluding interest and fees     1.78 %(4)     1.79 %     1.78 %     1.78 %     1.78 %  
Interest and fee expense(5)     0.34 %     0.49 %     0.33 %     0.20 %     0.23 %  
Total expenses before custodian fee reduction     2.12 %(4)     2.28 %     2.11 %     1.98 %     2.01 %  
Expenses after custodian fee reduction excluding interest and fees     1.76 %(4)     1.77 %     1.76 %     1.77 %     1.78 %  
Net investment income     5.94 %     6.12 %     6.52 %     7.10 %     7.17 %  
Portfolio Turnover     40 %     26 %     31 %     17 %     9 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.17 %(4)     1.18 %     1.16 %     1.15 %     1.15 %  
Interest and fee expense(5)     0.22 %     0.32 %     0.22 %     0.13 %     0.15 %  
Total expenses before custodian fee reduction     1.39 %(4)     1.50 %     1.38 %     1.28 %     1.30 %  
Expenses after custodian fee reduction excluding interest and fees     1.16 %(4)     1.16 %     1.15 %     1.15 %     1.15 %  
Net investment income     3.90 %     4.03 %     4.26 %     4.61 %     4.64 %  
Senior Securities:                                          
Total preferred shares outstanding     2,360       2,360       2,360       2,360       2,360    
Asset coverage per preferred share(6)   $ 71,003     $ 74,997     $ 71,942     $ 70,849     $ 71,608    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
46



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Florida Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 15.800     $ 15.150     $ 15.040     $ 15.530     $ 14.730    
Income (loss) from operations  
Net investment income   $ 0.944     $ 0.970     $ 1.013     $ 1.082     $ 1.096    
Net realized and unrealized gain (loss)     (1.049 )     0.678       0.179       (0.450 )     0.775    
Distributions to preferred shareholders
From net investment income
    (0.307 )     (0.270 )     (0.177 )     (0.087 )     (0.076 )  
Total income (loss) from operations   $ (0.412 )   $ 1.378     $ 1.015     $ 0.545     $ 1.795    
Less distributions to common shareholders  
From net investment income   $ (0.648 )   $ (0.728 )   $ (0.905 )   $ (1.035 )   $ (0.995 )  
Total distributions to common shareholders   $ (0.648 )   $ (0.728 )   $ (0.905 )   $ (1.035 )   $ (0.995 )  
Net asset value — End of year (Common shares)   $ 14.740     $ 15.800     $ 15.150     $ 15.040     $ 15.530    
Market value — End of year (Common shares)   $ 12.720     $ 14.180     $ 14.180     $ 15.250     $ 15.455    
Total Investment Return on Net Asset Value(2)      (2.26 )%     9.84 %     6.98 %     3.80 %     12.65 %  
Total Investment Return on Market Value(2)      (6.02 )%     5.32 %     (1.25 )%     5.76 %     14.67 %  

 

See notes to financial statements
47



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Florida Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 62,757     $ 67,252     $ 64,501     $ 63,911     $ 65,902    
Ratios (As a percentage of average net assets applicable to common shares):(3)                                          
Expenses excluding interest and fees     1.87 %(4)     1.87 %     1.86 %     1.84 %     1.83 %  
Interest and fee expense(5)     0.75 %     0.54 %     0.42 %     0.50 %     0.58 %  
Total expenses before custodian fee reduction     2.62 %(4)     2.41 %     2.28 %     2.34 %     2.41 %  
Expenses after custodian fee reduction excluding interest and fees     1.86 %(4)     1.86 %     1.85 %     1.83 %     1.82 %  
Net investment income     6.16 %     6.33 %     6.65 %     7.09 %     7.20 %  
Portfolio Turnover     26 %     33 %     15 %     4 %     15 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.21 %(4)     1.21 %     1.20 %     1.18 %     1.18 %  
Interest and fee expense(5)     0.48 %     0.35 %     0.27 %     0.32 %     0.37 %  
Total expenses before custodian fee reduction     1.69 %(4)     1.56 %     1.47 %     1.50 %     1.55 %  
Expenses after custodian fee reduction excluding interest and fees     1.20 %(4)     1.20 %     1.19 %     1.18 %     1.18 %  
Net investment income     3.99 %     4.10 %     4.30 %     4.58 %     4.64 %  
Senior Securities:  
Total preferred shares outstanding     1,420       1,420       1,420       1,420       1,420    
Asset coverage per preferred share(6)   $ 69,201     $ 72,363     $ 70,423     $ 70,011     $ 71,412    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
48



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Massachusetts Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 16.170     $ 15.270     $ 15.090     $ 15.380     $ 14.350    
Income (loss) from operations  
Net investment income   $ 0.914     $ 0.931     $ 0.973     $ 1.054     $ 1.091    
Net realized and unrealized gain (loss)     (1.314 )     0.926       0.234       (0.251 )     0.982    
Distributions to preferred shareholders
From net investment income
    (0.271 )     (0.243 )     (0.145 )     (0.070 )     (0.070 )  
Total income (loss) from operations   $ (0.671 )   $ 1.614     $ 1.062     $ 0.733     $ 2.003    
Less distributions to common shareholders  
From net investment income   $ (0.639 )   $ (0.714 )   $ (0.882 )   $ (1.023 )   $ (0.973 )  
Total distributions to common shareholders   $ (0.639 )   $ (0.714 )   $ (0.882 )   $ (1.023 )   $ (0.973 )  
Net asset value — End of year (Common shares)   $ 14.860     $ 16.170     $ 15.270     $ 15.090     $ 15.380    
Market value — End of year (Common shares)   $ 13.050     $ 14.920     $ 14.800     $ 16.810     $ 15.400    
Total Investment Return on Net Asset Value(2)      (3.94 )%     11.05 %     7.02 %     4.90 %     14.33 %  
Total Investment Return on Market Value(2)      (8.57 )%     5.72 %     (6.89 )%     16.71 %     5.91 %  

 

See notes to financial statements
49



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Massachusetts Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data          
Net assets applicable to common shares, end of year (000's omitted)   $ 40,341     $ 43,875     $ 41,395     $ 40,662     $ 41,035    
Ratios (As a percentage of average net assets applicable to common shares):(3)                                          
Expenses excluding interest and fees     1.91 %(4)     1.88 %     1.88 %     1.87 %     1.86 %  
Interest and fee expense(5)     0.61 %     0.77 %     0.52 %     0.30 %     0.34 %  
Total expenses before custodian fee reduction     2.52 %(4)     2.65 %     2.40 %     2.17 %     2.20 %  
Expenses after custodian fee reduction excluding interest and fees     1.89 %(4)     1.87 %     1.87 %     1.86 %     1.86 %  
Net investment income     5.90 %     6.01 %     6.29 %     6.97 %     7.27 %  
Portfolio Turnover     42 %     22 %     13 %     39 %     26 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.26 %(4)     1.24 %     1.24 %     1.22 %     1.21 %  
Interest and fee expense(5)     0.40 %     0.51 %     0.34 %     0.19 %     0.22 %  
Total expenses before custodian fee reduction     1.66 %(4)     1.75 %     1.58 %     1.41 %     1.43 %  
Expenses after custodian fee reduction excluding interest and fees     1.25 %(4)     1.24 %     1.24 %     1.22 %     1.21 %  
Net investment income     3.91 %     3.98 %     4.15 %     4.55 %     4.72 %  
Senior Securities:  
Total preferred shares outstanding     860       860       860       860       860    
Asset coverage per preferred share(6)   $ 71,920     $ 76,024     $ 73,138     $ 72,281     $ 72,719    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
50



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Michigan Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 15.420     $ 14.820     $ 14.860     $ 15.240     $ 14.400    
Income (loss) from operations  
Net investment income   $ 0.913     $ 0.950     $ 0.995     $ 1.072     $ 1.092    
Net realized and unrealized gain (loss)     (0.881 )     0.608       0.010       (0.334 )     0.802    
Distributions to preferred shareholders
From net investment income
    (0.296 )     (0.256 )     (0.172 )     (0.086 )     (0.072 )  
Total income (loss) from operations   $ (0.264 )   $ 1.302     $ 0.833     $ 0.652     $ 1.822    
Less distributions to common shareholders  
From net investment income   $ (0.646 )   $ (0.702 )   $ (0.873 )   $ (1.032 )   $ (0.982 )  
Total distributions to common shareholders   $ (0.646 )   $ (0.702 )   $ (0.873 )   $ (1.032 )   $ (0.982 )  
Net asset value — End of year (Common shares)   $ 14.510     $ 15.420     $ 14.820     $ 14.860     $ 15.240    
Market value — End of year (Common shares)   $ 12.430     $ 14.110     $ 13.500     $ 16.600     $ 15.635    
Total Investment Return on Net Asset Value(2)      (1.37 )%     9.38 %     5.62 %     4.36 %     13.07 %  
Total Investment Return on Market Value(2)      (7.66 )%     9.88 %     (13.87 )%     13.63 %     19.82 %  

 

See notes to financial statements
51



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Michigan Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 30,710     $ 32,643     $ 31,357     $ 31,363     $ 31,963    
Ratios (As a percentage of average net assets applicable to common shares):(3)  
Expenses excluding interest and fees     2.03 %(4)     1.97 %     2.00 %     1.96 %     1.97 %  
Interest and fee expense(5)     0.32 %     0.46 %     0.40 %     0.42 %     0.43 %  
Total expenses before custodian fee reduction     2.35 %(4)     2.43 %     2.40 %     2.38 %     2.40 %  
Expenses after custodian fee reduction excluding interest and fees     2.01 %(4)     1.96 %     1.99 %     1.96 %     1.97 %  
Net investment income     6.12 %     6.35 %     6.60 %     7.16 %     7.31 %  
Portfolio Turnover     22 %     22 %     14 %     5 %     8 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.31 %(4)     1.27 %     1.29 %     1.26 %     1.26 %  
Interest and fee expense(5)     0.21 %(4)     0.29 %     0.26 %     0.27 %     0.27 %  
Total expenses before custodian fee reduction     1.52 %     1.56 %     1.55 %     1.53 %     1.53 %  
Expenses after custodian fee reduction excluding interest and fees     1.29 %(4)     1.26 %     1.28 %     1.26 %     1.26 %  
Net investment income     3.94 %     4.09 %     4.26 %     4.60 %     4.69 %  
Senior Securities:  
Total preferred shares outstanding     700       700       700       700       700    
Asset coverage per preferred share(6)   $ 68,878     $ 71,635     $ 69,796     $ 69,810     $ 70,664    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
52




Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New Jersey Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 16.200     $ 15.020     $ 14.810     $ 15.190     $ 14.060    
Income (loss) from operations  
Net investment income   $ 0.926     $ 0.953     $ 1.014     $ 1.082     $ 1.120    
Net realized and unrealized gain (loss)     (1.275 )     1.205       0.238       (0.313 )     1.099    
Distributions to preferred shareholders
From net investment income
    (0.273 )     (0.253 )     (0.169 )     (0.081 )     (0.071 )  
Total income (loss) from operations   $ (0.622 )   $ 1.905     $ 1.083     $ 0.688     $ 2.148    
Less distributions to common shareholders  
From net investment income   $ (0.648 )   $ (0.725 )   $ (0.873 )   $ (1.068 )   $ (1.018 )  
Total distributions to common shareholders   $ (0.648 )   $ (0.725 )   $ (0.873 )   $ (1.068 )   $ (1.018 )  
Net asset value — End of year (Common shares)   $ 14.930     $ 16.200     $ 15.020     $ 14.810     $ 15.190    
Market value — End of year (Common shares)   $ 12.790     $ 15.080     $ 14.030     $ 15.540     $ 15.415    
Total Investment Return on Net Asset Value(2)      (3.59 )%     13.28 %     7.59 %     4.76 %     15.81 %  
Total Investment Return on Market Value(2)      (11.28 )%     12.89 %     (4.22 )%     8.31 %     14.75 %  

 

See notes to financial statements
53



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New Jersey Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 69,001     $ 74,846     $ 69,375     $ 68,298     $ 69,500    
Ratios (As a percentage of average net assets applicable to common shares):(3)                                          
Expenses excluding interest and fees     1.84 %(4)     1.85 %     1.86 %     1.85 %     1.84 %  
Interest and fee expense(5)     0.89 %     0.93 %     0.58 %     0.50 %     0.43 %  
Total expenses before custodian fee reduction     2.73 %(4)     2.78 %     2.44 %     2.35 %     2.27 %  
Expenses after custodian fee reduction excluding interest and fees     1.81 %(4)     1.83 %     1.84 %     1.84 %     1.84 %  
Net investment income     5.94 %     6.20 %     6.66 %     7.28 %     7.64 %  
Portfolio Turnover     42 %     23 %     46 %     52 %     28 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.21 %(4)     1.20 %     1.21 %     1.19 %     1.18 %  
Interest and fee expense(5)     0.58 %     0.61 %     0.38 %     0.32 %     0.27 %  
Total expenses before custodian fee reduction     1.79 %(4)     1.81 %     1.59 %     1.51 %     1.45 %  
Expenses after custodian fee reduction excluding interest and fees     1.19 %(4)     1.19 %     1.19 %     1.18 %     1.18 %  
Net investment income     3.89 %     4.04 %     4.33 %     4.68 %     4.87 %  
Senior Securities:  
Total preferred shares outstanding     1,520       1,520       1,520       1,520       1,520    
Asset coverage per preferred share(6)   $ 70,395     $ 74,250     $ 70,651     $ 69,935     $ 70,724    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
54



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New York Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 16.550     $ 15.660     $ 15.490     $ 15.810     $ 14.860    
Income (loss) from operations  
Net investment income   $ 0.991     $ 0.987     $ 1.070     $ 1.126     $ 1.108    
Net realized and unrealized gain (loss)     (1.293 )     0.932       0.243       (0.332 )     0.936    
Distributions to preferred shareholders
From net investment income
    (0.287 )     (0.247 )     (0.163 )     (0.074 )     (0.068 )  
Total income (loss) from operations   $ (0.589 )   $ 1.672     $ 1.150     $ 0.720     $ 1.976    
Less distributions to common shareholders  
From net investment income   $ (0.721 )   $ (0.782 )   $ (0.980 )   $ (1.040 )   $ (1.026 )  
Total distributions to common shareholders   $ (0.721 )   $ (0.782 )   $ (0.980 )   $ (1.040 )   $ (1.026 )  
Net asset value — End of year (Common shares)   $ 15.240     $ 16.550     $ 15.660     $ 15.490     $ 15.810    
Market value — End of year (Common shares)   $ 14.100     $ 15.700     $ 14.990     $ 15.370     $ 15.460    
Total Investment Return on Net Asset Value(2)      (3.42 )%     11.28 %     7.61 %     4.91 %     13.94 %  
Total Investment Return on Market Value(2)      (5.81 )%     10.28 %     3.81 %     6.46 %     18.34 %  

 

See notes to financial statements
55



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New York Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 81,931     $ 88,970     $ 84,194     $ 83,044     $ 84,744    
Ratios (As a percentage of average net assets applicable to common shares):(3)  
Expenses excluding interest and fees     1.80 %(4)     1.82 %     1.81 %     1.78 %     1.77 %  
Interest and fee expense(5)     0.98 %     1.03 %     0.57 %     0.32 %     0.40 %  
Total expenses before custodian fee reduction     2.78 %(4)     2.85 %     2.38 %     2.10 %     2.17 %  
Expenses after custodian fee reduction excluding interest and fees     1.78 %(4)     1.80 %     1.80 %     1.78 %     1.77 %  
Net investment income     6.23 %     6.22 %     6.72 %     7.23 %     7.21 %  
Portfolio Turnover     29 %     27 %     40 %     31 %     19 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.18 %(4)     1.19 %     1.19 %     1.16 %     1.15 %  
Interest and fee expense(5)     0.65 %     0.68 %     0.37 %     0.21 %     0.26 %  
Total expenses before custodian fee reduction     1.83 %(4)     1.87 %     1.56 %     1.37 %     1.41 %  
Expenses after custodian fee reduction excluding interest and fees     1.17 %(4)     1.19 %     1.19 %     1.16 %     1.15 %  
Net investment income     4.10 %     4.09 %     4.42 %     4.71 %     4.68 %  
Senior Securities:  
Total preferred shares outstanding     1,780       1,780       1,780       1,780       1,780    
Asset coverage per preferred share(6)   $ 71,032     $ 74,983     $ 72,311     $ 71,659     $ 72,603    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
56



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Ohio Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 15.690     $ 14.910     $ 15.040     $ 15.070     $ 14.150    
Income (loss) from operations  
Net investment income   $ 0.938     $ 0.958     $ 1.003     $ 1.081     $ 1.083    
Net realized and unrealized gain (loss)     (0.845 )     0.800       (0.055 )     (0.011 )     0.913    
Distributions to preferred shareholders
From net investment income
    (0.297 )     (0.264 )     (0.175 )     (0.091 )     (0.077 )  
Total income (loss) from operations   $ (0.204 )   $ 1.494     $ 0.773     $ 0.979     $ 1.919    
Less distributions to common shareholders  
From net investment income   $ (0.656 )   $ (0.714 )   $ (0.903 )   $ (1.009 )   $ (0.999 )  
Total distributions to common shareholders   $ (0.656 )   $ (0.714 )   $ (0.903 )   $ (1.009 )   $ (0.999 )  
Net asset value — End of year (Common shares)   $ 14.830     $ 15.690     $ 14.910     $ 15.040     $ 15.070    
Market value — End of year (Common shares)   $ 12.850     $ 14.610     $ 14.170     $ 16.750     $ 15.715    
Total Investment Return on Net Asset Value(2)      (1.06 )%     10.50 %     5.10 %     6.71 %     13.92 %  
Total Investment Return on Market Value(2)      (7.93 )%     8.27 %     (10.31 )%     13.96 %     14.12 %  

 

See notes to financial statements
57



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Ohio Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 41,953     $ 44,385     $ 42,193     $ 42,444     $ 42,304    
Ratios (As a percentage of average net assets applicable to common shares):(3)  
Expenses excluding interest and fees     1.93 %(4)     1.92 %     1.91 %     1.91 %     1.90 %  
Interest and fee expense(5)     0.72 %     0.74 %     0.54 %     0.29 %     0.29 %  
Total expenses before custodian fee reduction     2.65 %(4)     2.66 %     2.45 %     2.20 %     2.19 %  
Expenses after custodian fee reduction excluding interest and fees     1.91 %(4)     1.92 %     1.90 %     1.90 %     1.88 %  
Net investment income     6.17 %     6.31 %     6.57 %     7.23 %     7.37 %  
Portfolio Turnover     24 %     16 %     13 %     12 %     23 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.25 %(4)     1.25 %     1.24 %     1.23 %     1.21 %  
Interest and fee expense(5)     0.46 %     0.48 %     0.35 %     0.19 %     0.19 %  
Total expenses before custodian fee reduction     1.71 %(4)     1.73 %     1.59 %     1.42 %     1.40 %  
Expenses after custodian fee reduction excluding interest and fees     1.23 %(4)     1.24 %     1.23 %     1.22 %     1.20 %  
Net investment income     3.99 %     4.08 %     4.25 %     4.64 %     4.69 %  
Senior Securities:  
Total preferred shares outstanding     940       940       940       940       940    
Asset coverage per preferred share(6)   $ 69,640     $ 72,223     $ 69,888     $ 70,153     $ 70,007    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
58



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Pennsylvania Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Net asset value — Beginning of year (Common shares)   $ 15.510     $ 14.870     $ 14.890     $ 15.210     $ 14.260    
Income (loss) from operations  
Net investment income   $ 0.953     $ 0.983     $ 1.008     $ 1.076     $ 1.089    
Net realized and unrealized gain (loss)     (0.661 )     0.664       0.103       (0.301 )     0.884    
Distributions to preferred shareholders
From net investment income
    (0.300 )     (0.274 )     (0.181 )     (0.092 )     (0.080 )  
Total income (loss) from operations   $ (0.008 )   $ 1.373     $ 0.930     $ 0.683     $ 1.893    
Less distributions to common shareholders  
From net investment income   $ (0.662 )   $ (0.733 )   $ (0.950 )   $ (1.003 )   $ (0.943 )  
Total distributions to common shareholders   $ (0.662 )   $ (0.733 )   $ (0.950 )   $ (1.003 )   $ (0.943 )  
Net asset value — End of year (Common shares)   $ 14.840     $ 15.510     $ 14.870     $ 14.890     $ 15.210    
Market value — End of year (Common shares)   $ 12.790     $ 14.560     $ 14.660     $ 15.540     $ 15.980    
Total Investment Return on Net Asset Value(2)      0.27 %     9.68 %     6.27 %     4.77 %     13.73 %  
Total Investment Return on Market Value(2)      (7.95 )%     4.44 %     0.39 %     4.07 %     22.05 %  

 

See notes to financial statements
59



Eaton Vance Municipal Income Trusts as of November 30, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Pennsylvania Trust  
    Year Ended November 30,  
    2007(1)    2006(1)    2005(1)    2004(1)    2003(1)   
Ratios/Supplemental Data  
Net assets applicable to common shares, end of year (000's omitted)   $ 40,182     $ 41,998     $ 40,233     $ 40,023     $ 40,670    
Ratios (As a percentage of average net assets applicable to common shares):(3)  
Expenses excluding interest and fees     1.95 %(4)     1.94 %     1.97 %     1.91 %     1.92 %  
Interest and fee expense(5)     0.70 %     0.93 %     0.44 %     0.24 %     0.19 %  
Total expenses before custodian fee reduction     2.65 %(4)     2.87 %     2.41 %     2.15 %     2.11 %  
Expenses after custodian fee reduction excluding interest and fees     1.94 %(4)     1.93 %     1.95 %     1.91 %     1.92 %  
Net investment income     6.28 %     6.53 %     6.69 %     7.18 %     7.35 %  
Portfolio Turnover     23 %     18 %     28 %     8 %     6 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(3)  
Expenses excluding interest and fees     1.27 %(4)     1.25 %     1.27 %     1.23 %     1.23 %  
Interest and fee expense(5)     0.45 %     0.60 %     0.28 %     0.15 %     0.12 %  
Total expenses before custodian fee reduction     1.72 %(4)     1.85 %     1.55 %     1.38 %     1.35 %  
Expenses after custodian fee reduction excluding interest and fees     1.26 %(4)     1.24 %     1.26 %     1.22 %     1.23 %  
Net investment income     4.06 %     4.21 %     4.30 %     4.61 %     4.69 %  
Senior Securities:  
Total preferred shares outstanding     900       900       900       900       900    
Asset coverage per preferred share(6)   $ 69,658     $ 71,672     $ 69,708     $ 69,471     $ 70,193    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(7)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  Per share net investment income was computed using average common shares outstanding.

(2)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(3)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(4)  The investment adviser was allocated a portion of the Trust's operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.

(5)  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions (see Note 1H).

(6)  Calculated by subtracting the Trust's total liabilities (not including the preferred shares) from the Trust's total assets, and dividing this by the number of preferred shares outstanding.

(7)  Plus accumulated and unpaid dividends.

See notes to financial statements
60




Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. Each Trust seeks to provide current income exempt from regular federal income taxes and taxes in its specified state, as applicable.

The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing service. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued at closing settlement prices. Interest rate swaps are generally valued on the basis of valuations furnished by a pricing service. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income taxes when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

At November 30, 2007, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce each Trust's taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

Trust   Amount   Expiration Date  
California   $ 2,239,451     November 30, 2008  
      995,999     November 30, 2012  
Florida     936,795     November 30, 2008  
      160,909     November 30, 2009  
      1,495,013     November 30, 2012  
      114,338     November 30, 2013  
Massachusetts     594,169     November 30, 2008  
      39,627     November 30, 2009  
      343,176     November 30, 2010  
Michigan     337,655     November 30, 2008  
      165,469     November 30, 2009  
      475,985     November 30, 2010  
      443,883     November 30, 2011  
      697,198     November 30, 2012  
      224,050     November 30, 2013  
New Jersey     1,990,715     November 30, 2008  
      262,308     November 30, 2009  
      177,350     November 30, 2011  
New York     1,621,946     November 30, 2008  
      70,059     November 30, 2009  
Ohio     625,515     November 30, 2008  
      850,745     November 30, 2009  
      764,355     November 30, 2012  
      588,403     November 30, 2013  
Pennsylvania     807,118     November 30, 2008  
      844,973     November 30, 2009  
      41,331     November 30, 2010  
      502,868     November 30, 2012  
      389,289     November 30, 2013  

 

During the year ended November 30, 2007, capital loss carryforwards of $1,313,851, $935,908, $1,499,708, $625,488, $2,220,908, $1,041,781, $1,209,159 and $123,551 were utilized to offset net realized gains by


61



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.

D  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust's custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under each Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust, and shareholders are indemnified against personal liability for the obligations of each Trust. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in inverse floating rate securities, whereby a Trust may sell a fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Trust, and which may have been, but is not required to be, the fixed rate bond purchased from the Trust (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Inverse Floater held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Trust, thereby collapsing the SPV. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities" (FAS 140), the Trusts account for the transaction described above as a secured borrowing by including the Fixed Rate Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption "Payable for floating rate notes issued" in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Trusts' liability with respect to Floating Rate Notes is recorded as incurred. At November 30, 2007, the amounts of the Trusts' Floating Rate Notes and related interest rates and collateral were as follows:

Trust   Floating Rate
Notes Outstanding
  Interest Rate or
Range of
Interest Rates
  Collateral for
Floating Rate
Notes Outstanding
 
California   $ 7,575,000     3.64% – 3.68%   $ 12,338,266    
Florida     12,090,000     3.59% – 3.78%     19,079,116    
Massachusetts     3,043,333     3.54% – 3.82%     4,764,240    
Michigan     1,925,000     3.59% – 3.68%     2,726,237    
New Jersey     12,150,000     3.64% – 3.98%     20,942,876    
New York     19,150,000     3.59% – 3.82%     31,508,744    
Ohio     6,330,000     3.59% – 3.71%     11,044,846    
Pennsylvania     6,335,780     3.59% – 3.71%     9,749,744    

 

The Trusts' investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. The Trusts'


62



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

investment policies do not allow the Trusts to borrow money for purposes of making investments. Management believes that the Trusts' restrictions on borrowings do not apply to the secured borrowings deemed to have occurred for accounting purposes pursuant to FAS 140, which is distinct from a legal borrowing of the Trusts to which the policies apply. Inverse Floaters held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I  Financial Futures Contracts — The Trusts may enter into financial futures contracts. The Trusts' investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Trust bears the risk if the counterparties do not perform under the contracts' terms.

J  Interest Rate Swaps — A Trust may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, a Trust makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Trust is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

K  When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust's Statement of Assets and Liabilities and represents cash on hand at its custodian and does not include any short-term investments.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set.

The number of APS issued and outstanding as of November 30, 2007 was as follows:

Trust   APS
Issued and Outstanding
 
California     2,360    
Florida     1,420    
Massachusetts     860    
Michigan     700    
New Jersey     1,520    
New York     1,780    
Ohio     940    
Pennsylvania     900    

 

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years' dividends, the holders of the APS


63



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts' By-Laws and the 1940 Act. Each Trust pays an annual fee equivalent to 0.25% of the liquidation value of the APS for the remarketing efforts associated with the APS auctions.

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Trusts intend to distribute all or substantially all of their net realized capital gains, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at November 30, 2007, and the amount of dividends (including capital gains, if any) paid to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

Trust   APS Dividend
Rates at
November 30,
2007
 
Dividends
Paid to
APS
Shareholders
  Average
APS
Dividend
Rates
  Dividend
Rate
Ranges
 
California     4.15 %   $ 2,014,092       3.41 %   2.88% – 4.15%  
Florida     4.25 %     1,305,923       3.68 %   3.45% – 4.25%  
Massachusetts     4.25 %     734,875       3.42 %   1.90% – 4.25%  
Michigan     4.20 %     625,544       3.57 %   3.20% – 5.00%  
New Jersey     4.10 %     1,262,219       3.32 %   2.50% – 4.10%  
New York     4.25 %     1,544,549       3.47 %   2.39% – 4.25%  
Ohio     4.20 %     839,516       3.57 %   3.20% – 4.20%  
Pennsylvania     4.25 %     813,684       3.62 %   3.00% – 4.25%  

 

The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.

The tax character of distributions paid for the years ended November 30, 2007 and November 30, 2006 was as follows:

Year Ended
November 30,
2007
  California
Trust
  Florida
Trust
  Massachusetts
Trust
  Michigan
Trust
 
Distributions
declared from:
 
Tax-exempt
income
  $ 6,839,097     $ 4,063,314     $ 2,460,878     $ 1,979,161    
Ordinary income   $     $     $ 8,295     $ 13,508    
Year Ended
November 30,
2007
  New Jersey
Trust
  New York
Trust
  Ohio
Trust
  Pennsylvania
Trust
 
Distributions
declared from:
 
Tax-exempt
income
  $ 4,256,604     $ 5,417,963     $ 2,683,661     $ 2,606,900    
Ordinary income   $     $ 409     $ 11,930     $    
Year Ended
November 30,
2006
  California
Trust
  Florida
Trust
  Massachusetts
Trust
  Michigan
Trust
 
Distributions
declared from:
 
Tax-exempt
income
  $ 7,036,042     $ 4,238,803     $ 2,596,774     $ 2,024,327    
Ordinary income   $     $ 10,268     $     $ 2,275    
Year Ended
November 30,
2006
  New Jersey
Trust
  New York
Trust
  Ohio
Trust
  Pennsylvania
Trust
 
Distributions
declared from:
 
Tax-exempt
income
  $ 4,518,352     $ 5,528,109     $ 2,764,739     $ 2,721,593    
Ordinary income   $     $ 389     $ 177     $ 3,064    

 


64



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

During the year ended November 30, 2007, the following amounts were reclassified due to differences between book and tax accounting, primarily for accretion of market discount and expired capital loss carryforwards:

    California
Trust
  Florida
Trust
  Massachusetts
Trust
  Michigan
Trust
 
Increase (decrease):  
Paid-in capital   $ (11,946 )   $     $     $    
Accumulated net
realized gain (loss)
  $ 82,868     $ 14,227     $ (10,613 )   $ (9,826 )  
Accumulated
undistributed
net investment
income
  $ (70,922 )   $ (14,227 )   $ 10,613     $ 9,826    
    New Jersey
Trust
  New York
Trust
  Ohio
Trust
  Pennsylvania
Trust
 
Increase (decrease):  
Paid-in capital   $     $     $     $ (446,327 )  
Accumulated net
realized gain (loss)
  $ 13,579     $ 6,353     $ (21,533 )   $ 462,377    
Accumulated
undistributed
net investment
income
  $ (13,579 )   $ (6,353 )   $ 21,533     $ (16,050 )  

 

These reclassifications had no effect on the net assets or net asset value per share of the Trusts.

As of November 30, 2007, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

    California
Trust
  Florida
Trust
  Massachusetts
Trust
  Michigan
Trust
 
Undistributed
income
  $ 470,128     $ 229,667     $ 268,938     $ 123,465    
Capital loss
carryforward
  $ (3,235,450 )   $ (2,707,055 )   $ (976,972 )   $ (2,344,240 )  
Unrealized
appreciation
(depreciation)
  $ 4,809,905     $ 1,945,562     $ 835,813     $ 1,463,027    
Other temporary
differences
  $     $ (8,272 )   $ (10,017 )   $ (4,030 )  

 

    New Jersey
Trust
  New York
Trust
  Ohio
Trust
  Pennsylvania
Trust
 
Undistributed
income
  $ 369,307     $ 396,661     $ 199,264     $ 165,291    
Capital loss
carryforward
  $ (2,430,373 )   $ (1,692,005 )   $ (2,829,018 )   $ (2,585,579 )  
Unrealized
appreciation
(depreciation)
  $ 2,417,452     $ 3,394,667     $ 2,528,509     $ 2,783,118    
Other temporary
differences
  $     $ (5,187 )   $ (8,115 )   $ (10,482 )  

 

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, dividends payable and differences between book and tax accounting for futures contracts, accretion of market discount and inverse floaters.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.70% of each Trust's average weekly gross assets and is payable monthly. Average weekly gross assets as referred to herein exclude assets deemed held pursuant to FAS 140 (see Note 1H). The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust's average weekly gross assets. In addition, pursuant to a voluntary expense reimbursement, EVM was allocated certain operating expenses of the Trusts. For the year ended November 30, 2007, the investment adviser fee, administration fee and expenses allocated to EVM were as follows:

Trust   Investment
Adviser Fee
  Administration
Fee
  Expenses
Allocated
to EVM
 
California   $ 1,205,401     $ 344,400     $ 4,176    
Florida     705,323       201,521       2,505    
Massachusetts     444,954       127,130       2,505    
Michigan     343,465       98,133       2,088    
New Jersey     770,702       220,200       2,923    
New York     909,875       259,964       5,846    
Ohio     465,356       132,959       2,505    
Pennsylvania     445,271       127,221       3,758    

 


65



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

Except for Trustees of the Trusts who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustee Deferred Compensation Plan. For the year ended November 30, 2007, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

Pursuant to FAS 140, an Inverse Floater sold by the Florida Trust to an affiliated fund was deemed to be held by the Florida Trust at November 30, 2007. Interest income of $35,674 paid by the SPV to the affiliated fund for the year ended November 30, 2007 was deemed paid by the Florida Trust and is included in interest expense.

5  Purchase and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2007 were as follows:

Trust   Purchases   Sales  
California   $ 72,818,516     $ 81,498,827    
Florida     29,664,133       29,139,258    
Massachusetts     29,189,261       38,447,442    
Michigan     11,132,995       13,586,638    
New Jersey     52,957,822       59,475,513    
New York     43,268,528       47,202,547    
Ohio     17,668,587       20,723,538    
Pennsylvania     16,338,521       18,291,945    

 

6  Common Shares of Beneficial Interest

For the year ended November 30, 2007, there were no transactions in common shares by the Trusts. For the year ended November 30, 2006, the Massachusetts Trust, New Jersey Trust and Pennsylvania Trust issued 3,132, 2,349 and 2,527 common shares, respectively, pursuant to the Trust's dividend reinvestment plan, and there were no transactions in common shares by the other Trusts.

7  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation of investments of each Trust at November 30, 2007, as determined on a federal income tax basis, were as follows:

California Trust    
Aggregate cost   $ 161,367,994    
Gross unrealized appreciation   $ 7,295,276    
Gross unrealized depreciation     (1,749,547 )  
Net unrealized appreciation   $ 5,545,729    

 

Florida Trust    
Aggregate cost   $ 94,872,440    
Gross unrealized appreciation   $ 3,833,342    
Gross unrealized depreciation     (1,459,204 )  
Net unrealized appreciation   $ 2,374,138    
Massachusetts Trust    
Aggregate cost   $ 59,441,053    
Gross unrealized appreciation   $ 2,191,412    
Gross unrealized depreciation     (1,024,210 )  
Net unrealized appreciation   $ 1,167,202    
Michigan Trust    
Aggregate cost   $ 45,854,840    
Gross unrealized appreciation   $ 2,095,245    
Gross unrealized depreciation     (581,427 )  
Net unrealized appreciation   $ 1,513,818    
New Jersey Trust    
Aggregate cost   $ 103,667,679    
Gross unrealized appreciation   $ 4,565,214    
Gross unrealized depreciation     (1,563,953 )  
Net unrealized appreciation   $ 3,001,261    
New York Trust    
Aggregate cost   $ 122,245,678    
Gross unrealized appreciation   $ 4,282,302    
Gross unrealized depreciation     (329,980 )  
Net unrealized appreciation   $ 3,952,322    
Ohio Trust    
Aggregate cost   $ 61,905,538    
Gross unrealized appreciation   $ 3,146,135    
Gross unrealized depreciation     (438,425 )  
Net unrealized appreciation   $ 2,707,710    
Pennsylvania Trust    
Aggregate cost   $ 59,518,784    
Gross unrealized appreciation   $ 3,360,030    
Gross unrealized depreciation     (497,002 )  
Net unrealized appreciation   $ 2,863,028    

 


66



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

8  Overdraft Advances

Pursuant to the respective custodian agreements, SSBT may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on a Trust's assets to the extent of any overdraft. At November 30, 2007, the New Jersey Trust had a payment due to SSBT pursuant to the foregoing arrangement of $667,305.

9  Financial Instruments

The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities to assist in managing exposure to various market risks. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at November 30, 2007 is as follows:

Futures Contracts




Trust 
 

Expiration
Date
 


Contracts
 


Position
 

Aggregate
Cost
 


Value
  Net
Unrealized
Appreciation
(Depreciation)
 
California   3/08   71
U.S. Treasury Bond
  Short   $ (8,305,088 )   $ (8,320,313 )   $ (15,225 )  
Florida   3/08   25
U.S. Treasury Bond
  Short   $ (2,924,327 )   $ (2,929,688 )   $ (5,361 )  
New York   3/08   72
U.S. Treasury Bond
  Short   $ (8,471,560 )   $ (8,437,500 )   $ 34,060    
Ohio   3/08   8
U.S. Treasury Bond
  Short   $ (941,285 )   $ (937,500 )   $ 3,785    
Pennsylvania   3/08   25
U.S. Treasury Bond
  Short   $ (2,946,967 )   $ (2,929,688 )   $ 17,279    

 

Interest Rate Swaps

California Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 4,250,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (26,280 )  
Merrill Lynch
Capital
Services, Inc.
  $ 6,825,000       5.426 %   3-month
USD-LIBOR-BBA
 
July 9, 2008/
July 9, 2038
  $ (518,506 )  
Morgan Stanley
Capital
Services, Inc.
  $ 2,575,000       5.428 %   3-month
USD-LIBOR-BBA
 
September 10, 2008/
September 10, 2038
  $ (191,038 )  
                                $ (735,824 )  

 

Florida Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 2,475,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (15,304 )  
Merrill Lynch
Capital
Services, Inc.
  $ 3,975,000       5.426 %   3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (301,988 )  
Morgan Stanley
Capital
Services, Inc.
  $ 1,500,000       5.428 %   3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (111,284 )  
                                $ (428,576 )  

 

Massachusetts Trust



Counterparty
  Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 1,800,000       4.003 %   3-month
USD-BMA
Municipal
Swap Index
  July 24, 2008/
July 24, 2038
  $ (63,096 )  
Lehman
Brothers, Inc.
  $ 1,575,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (9,739 )  
Merrill Lynch
Capital
Services, Inc.
  $ 2,500,000       5.426 %   3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (189,929 )  
Morgan Stanley
Capital
Services, Inc.
  $ 925,000       5.428 %   3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (68,625 )  
                                $ (331,389 )  

 


67



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

Michigan Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Merrill Lynch
Capital
Services, Inc.
  $ 400,000       5.426 %  
3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (30,389 )  
Morgan Stanley
Capital
Services, Inc.
  $ 275,000    
5.428%
  3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (20,402 )  
                    $ (50,791 )  

 

New Jersey Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 3,200,000       4.003 %   3-month
USD-BMA-
Municipal
Swap Index
  July 24, 2008/
July 24, 2038
  $ (112,169 )  
Lehman
Brothers, Inc.
  $ 2,725,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (16,850 )  
Merrill Lynch
Capital
Services, Inc.
  $ 4,375,000       5.426 %   3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (332,376 )  
Morgan Stanley
Capital
Services, Inc.
  $ 1,650,000       5.428 %   3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (122,413 )  
                                $ (583,808 )  

 

New York Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 3,200,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (19,787 )  
Merrill Lynch
Capital
Services, Inc.
  $ 5,200,000       5.426 %   3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (395,052 )  
Morgan Stanley
Capital
Services Inc.
  $ 1,925,000       5.428 %   3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (142,816 )  
                                $ (557,655 )  

 

Ohio Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 1,625,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (10,048 )  
Merrill Lynch
Capital
Services, Inc
  $ 1,250,000       5.426 %   3-month
USD-LIBOR-BBA
  July 9, 2008/
July 9, 2038
  $ (94,964 )  
Morgan Stanley
Capital
Services, Inc.
  $ 1,000,000       5.428 %   3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (74,190 )  
                                $ (179,202 )  

 

Pennsylvania Trust



Counterparty
 
Notional
Amount
  Annual
Fixed Rate
Paid By Fund
  Floating
Rate
Paid To Fund
  Effective Date/
Termination
Date
  Net Unrealized
Depreciation
 
Lehman
Brothers, Inc.
  $ 1,825,000       4.985 %   3-month
USD-LIBOR-BBA
  September 28, 2008/
September 28, 2038
  $ (11,285 )  
Morgan Stanley
Capital
Services, Inc
  $ 925,000    
5.428%
  3-month
USD-LIBOR-BBA
  September 10, 2008/
September 10, 2038
  $ (68,625 )  
                    $ (79,910 )  

 

The effective date represents the date on which the Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

At November 30, 2007, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

10  Recently Issued Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. As of November 30, 2007, management does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures may be required about the inputs used to develop the measurements of fair value and the effect of certain of the measurements on changes in net assets for the period.


68



Eaton Vance Municipal Income Trusts as of November 30, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

11  Subsequent Event

Effective January 1, 2008, the name of the Florida Trust was changed to Eaton Vance Florida Plus Municipal Income Trust. In connection with this change, the Florida Trust's investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities was eliminated.


69




Eaton Vance Municipal Income Trusts as of November 30, 2007

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (individually, the "Trust," collectively, the "Trusts"), as of November 30, 2007, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statements of cash flows of Eaton Vance Florida Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust for the year then ended. These financial statements and financial highlights are the responsibility of each Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2007, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, their financial highlights for each of the five years in the period then ended, and the cash flows of Eaton Vance Florida Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 15, 2008


70



Eaton Vance Municipal Income Trusts as of November 30, 2007

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2008 will show the tax status of all distributions paid to your account in calendar 2007. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Trust. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Trust's fiscal year-end regarding exempt-interest dividends.

Exempt-Interest Dividends — The Trusts designate the following percentages of dividends from net investment income as an exempt-interest dividend.

Eaton Vance California Municipal Income Trust     100 %  
Eaton Vance Florida Municipal Income Trust     100 %  
Eaton Vance Massachusetts Municipal Income Trust     99.66 %  
Eaton Vance Michigan Municipal Income Trust     99.32 %  
Eaton Vance New Jersey Municipal Income Trust     100 %  
Eaton Vance New York Municipal Income Trust     99.99 %  
Eaton Vance Ohio Municipal Income Trust     99.56 %  
Eaton Vance Pennsylvania Municipal Income Trust     100 %  

 


71




Eaton Vance Municipal Income Trusts

DIVIDEND REINVESTMENT PLAN

Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with each Trust's transfer agent, PFPC Inc., or you will not be able to participate.

The Plan Agent's service fee for handling distributions will be paid by each Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC Inc., at 1-866-439-6787.


72



Eaton Vance Municipal Income Trusts

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

  Please print exact name on account

  Shareholder signature  Date

  Shareholder signature  Date  

  Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Municipal Income Trusts
c/o PFPC Inc.
P.O. Box 43027
Providence, RI 02940-3027
866-439-6787

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees.

Number of Shareholders

As of November 30, 2007, our records indicate that there are 50, 34, 51, 24, 63, 46, 44 and 61 registered shareholders for California Municipal Income Trust, Florida Plus Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,898, 2,210, 1,337, 1,381, 2,454, 2,609, 1,637 and 1,604 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Florida Plus Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265

American Stock Exchange symbols

California Municipal Income Trust  CEV

Florida Plus Municipal Income Trust  FEV

Massachusetts Municipal Income Trust  MMV

Michigan Municipal Income Trust  EMI

New Jersey Municipal Income Trust  EVJ

New York Municipal Income Trust  EVY

Ohio Municipal Income Trust  EVO

Pennsylvania Municipal Income Trust  EVP


73



Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund's total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser's proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and

•  The terms of each advisory agreement.

In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007,


74



Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D

the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreements of the following funds:

•  Eaton Vance California Municipal Income Trust

•  Eaton Vance Florida Municipal Income Trust

•  Eaton Vance Massachusetts Municipal Income Trust

•  Eaton Vance Michigan Municipal Income Trust

•  Eaton Vance New Jersey Municipal Income Trust

•  Eaton Vance New York Municipal Income Trust

•  Eaton Vance Ohio Municipal Income Trust

•  Eaton Vance Pennsylvania Municipal Income Trust

(the "Funds"), each with Eaton Vance Management (the "Adviser"), including their fee structures, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for each Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser's 30-person municipal bond team, which includes six portfolio managers and nine credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.


75



Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONT'D

The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.

Fund Performance

The Board compared each Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2006 for each Fund in operation over such periods. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to collectively as "management fees"). The Board considered the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering. As part of its review, the Board considered each Fund's management fees and total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds selected by an independent data provider.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Funds.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Funds are not continuously offered and concluded that, in light of the level of the Adviser's profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund.


76




Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Florida Municipal Income Trust (FEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP) (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts' affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR" refers to Boston Management and Research and "EVD" refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Interested Trustee                          
Thomas E. Faust Jr.
5/31/58
  Trustee   Until 2010. 3 years. Trustee since 2007   Chairman, Chief Executive Officer and President of EVC, President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 175 registered investment companies and 5 private investment companies in the Eaton Vance Fund Complex. Mr. Faust is an interested person because of his positions with EVM, BMR, EVC and EV which are affiliates of the Trusts.     175     Director of EVC  
Noninterested Trustee(s)                          
Benjamin C. Esty
1/26/63
  Trustee   Until 2009. 3 years. Trustee since 2006   Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration (since 2003). Formerly, Associate Professor, Harvard University Graduate School of Business Administration (2000-2003).     175     None  
Allen R. Freedman
4/3/40
  Trustee   Until 2010. 3 years. Trustee since 2007   Former Chairman and Chief Executive Officer of Assurant, Inc. (insurance provider) (1978-2000). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007).     175     Director of Assurant, Inc. and Stonemor Partners L.P. (owner and operator of cemeteries)  
William H. Park
9/19/47
  Trustee   Until 2008. 3 years. Trustee since 2003   Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005).     175     None  
Ronald A. Pearlman
7/10/40
  Trustee   Until 2009. 3 years. Trustee since 2003   Professor of Law, Georgetown University Law Center.     175     None  
Norton H. Reamer (A)
9/21/35
  Trustee   Until 2008. 3 years. Trustee since 1998   President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman and Chief Operating Officer, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003).     175     None  

 


77



Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION CONT'D

Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Noninterested Trustee(s) (continued)                          
Heidi L. Steiger
7/8/53
  Trustee   Until 2008. 1 year. Trustee since 2007   President, Lowenhaupt Global Advisors, LLC (global wealth management firm) (since 2005); Formerly, President and Contributing Editor, Worth Magazine (2004); Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).     173     Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider)  
Lynn A. Stout
9/14/57
  Trustee   Until 2009. 3 years. Trustee since 1998   Paul Hastings Professor of Corporate and Securities Law, University of California at Los Angeles School of Law.     175     None  
Ralph F. Verni (A)
1/26/43
  Chairman of the Board and Trustee   Chairman of the Board since 2007. Trustee Until 2010. 3 years. Trustee since 2006   Consultant and private investor.     175     None  

 

Principal Officers who are not Trustees              
Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
 
Cynthia J. Clemson
3/2/63
  President and Vice President   President of CEV, FEV, EMI, EVY, EVO and EVP since 2005; Vice President of MMV and EVJ since 2004   Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM or BMR.  
Robert B. MacIntosh
1/22/57
  President and Vice President   President of MMV and EVJ since 2005; Vice President of CEV, FEV, EMI, EVY, EVO and EVP since 1998   Vice President of EVM and BMR. Officer of 90 registered investment companies managed by EVM and BMR.  
William H. Ahern, Jr.
7/28/59
  Vice President of EMI and EVO   Vice President of EMI since 2000 and EVO since 2005   Vice President of EVM and BMR. Officer of 75 registered investment companies managed by EVM or BMR.  
Craig R. Brandon
12/21/66
  Vice President of EVY   Since 2005   Vice President of EVM and BMR. Officer of 44 registered investment companies managed by EVM or BMR.  
Thomas M. Metzold
8/3/58
  Vice President of EVP   Since 2005   Vice President of EVM and BMR. Officer of 43 registered investment companies managed by EVM or BMR.  
Adam A. Weigold
3/22/75
  Vice President of EVP   Since 2007   Vice President of EVM and BMR. Officer of 70 registered investment companies managed by EVM or BMR.  
Barbara E. Campbell
6/19/57
  Treasurer   Since 2005   Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR.  
Maureen A. Gemma
5/24/60
  Secretary   Since 2007   Deputy Chief Legal Officer and Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR.  
Paul M. O'Neil
7/11/53
  Chief Compliance Officer   Since 2004   Vice President of EVM and BMR. Officer of 175 registered investment companies managed by EVM or BMR.  

 

(1)  Includes both master and feeder funds in a master-feeder structure.

(A)  APS Trustee.


78



Eaton Vance Florida Municipal Income Trust

NOTICE TO SHAREHOLDERS

The Florida state intangibles tax was repealed effective January 1, 2007. Accordingly, the Board of Trustees of Eaton Vance Florida Municipal Income Trust approved a revision of the Fund's investment objective. Prior to January 1, 2007, the Fund's objective was "to provide current income exempt from federal income tax in the form of an investment exempt from Florida intangibles tax." As of January 1, 2007, the Fund's objective is "to provide current income exempt from federal income tax."

As part of this objective, the Fund has an investment policy to invest substantially all of its assets (at least 80%) in municipal obligations, the interest on which is exempt from regular federal income tax. The Fund will continue to invest pursuant to this policy and seek income exempt from regular federal income tax, but will increase its exposure to municipal obligations of issuers outside the State of Florida, transforming the Fund in an orderly manner over time into a diversified, national municipal bond fund. In connection with this change, the Fund eliminated its investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities. The Fund's other investment policies remain unchanged. In connection with this, the Fund changed its name to "Eaton Vance Florida Plus Municipal Income Trust." These changes went into effect on January 1, 2008.


79



Eaton Vance Michigan Municipal Income Trust

NOTICE TO SHAREHOLDERS

The Michigan single business tax was repealed effective December 31, 2007 and replaced with the Michigan business tax effective January 1, 2008, and, accordingly, the investment objective of Eaton Vance Michigan Municipal Income Trust was revised to reflect this change. Prior to January 1, 2008, the objective of Eaton Vance Michigan Municipal Income Trust was "to provide current income exempt from regular federal income tax and Michigan state and city income and single business taxes." As of January 1, 2008, the Fund's objective is "to provide current income exempt from regular federal income tax and Michigan state and city income taxes and the net income tax portion of the Michigan business tax."

The new Michigan business tax has two components consisting of a tax (4.95%) on business income and a tax (0.8%) on gross receipts. In general, an additional surcharge of 21.99% of a taxpayer's liability under the Michigan business tax will also be imposed on those taxpayers subject to the tax. Fund dividends that are exempt-interest dividends attributable to Michigan tax-exempt obligations will be exempt from the tax on business income. These dividends should also be exempt from the tax on gross receipts for individuals, estates, and partnerships and trusts organized for estate or gift planning purposes (but not for other entities). Based on legislation enacted in early December 2007, it appears that individuals, estates, and partnerships and trusts organized for estate or gift planning purposes will generally not be subject to either component of the Michigan business tax with respect to interest, dividends, and gains from stocks and securities. Other distributions with respect to shares of the Michigan Fund including, but not limited to, long or short-term capital gains, will be subject to the Michigan income tax or single business tax or business tax and may be subject to the city income taxes imposed by certain Michigan cities. While it is contemplated that there may be additional legislation to make technical corrections to the Michigan business tax, the applicability of the tax on gross receipts is currently the most asked question of the Michigan Department of Treasury. Shareholders should consult their tax advisers concerning the applicability of Michigan state and city taxes to their investment in the Fund.


80




Investment Adviser and Administrator of Eaton Vance Municipal Income Trusts
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
State Street Bank and Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
(866) 439-6787

Overnight Mail:
PFPC Inc.
Attn: Eaton Vance Funds
250 Royall Street
Canton, MA 02021

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkeley Street
Boston, MA 02116-5022

Eaton Vance Municipal Income Trusts
The Eaton Vance Building
255 State Street
Boston, MA 02109



147-1/08  CE-MUNISRC




 

Item 2. Code of Ethics

 

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

 

Item 3. Audit Committee Financial Expert

 

The registrant’s Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

 

Item 4. Principal Accountant Fees and Services

 

(a) –(d)

 

The following table presents the aggregate fees billed to the registrant for the fiscal years ended November 30, 2006 and November 30, 2007 by the registrant’s principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

 

Fiscal Years Ended

 

11/30/2006

 

11/30/2007

 

 

 

 

 

 

 

Audit Fees

 

$

38,671

 

$

31,820

 

 

 

 

 

 

 

Audit-Related Fees(1)

 

$

3,675

 

$

3,785

 

 

 

 

 

 

 

Tax Fees(2)

 

$

6,650

 

$

6,883

 

 

 

 

 

 

 

All Other Fees(3)

 

$

0

 

$

0

 

 

 

 

 

 

 

Total

 

$

48,996

 

$

42,488

 

 


(1)           Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred shares.

(2)           Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters.

(3)           All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services.

 



 

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities.  As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

 

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually.  The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

 

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

 

(f) Not applicable.

 

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrant’s principal accountant for the registrant’s fiscal years ended November 30, 2006 and November 30, 2007; and (ii) the aggregate non-audit fees (i.e., fees for audit related, tax, and other services) billed to the Eaton Vance organization by the registrant’s principal accountant for the same time periods, respectively.

 

Fiscal Years Ended

 

11/30/2006

 

11/30/2007

 

 

 

 

 

 

 

Registrant

 

$

10,325

 

$

10,668

 

 

 

 

 

 

 

Eaton Vance(1)

 

$

66,100

 

$

286,446

 

 


(1)Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrant’s investment adviser and administrator.

 

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 



 

Item 5.  Audit Committee of Listed registrants

 

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended.  Norton H. Reamer (Chair), William H. Park, Lynn A. Stout, Heidi L. Steiger and Ralph E. Verni are the members of the registrant’s audit committee.

 

Item 6. Schedule of Investments

 

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below.  The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year.  In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy.  The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

 

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services.  The investment adviser will generally vote proxies through the Agent.  The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies.  It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent.  The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies.  The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies.  The investment adviser generally supports management on social and environmental proposals.  The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

 

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients.  The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund

 



 

will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists.  If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

 

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

California, Florida Plus, Massachusetts, Michigan, New York, New Jersey, Ohio and Pennsylvania Municipal Income Trusts

 

Portfolio Management

 

Cynthia J. Clemson, portfolio manager of Eaton Vance California Municipal Income Trust and Eaton Vance Florida Plus Municipal Income Trust, Robert B. MacIntosh, portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New Jersey Municipal Income Trust, William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Insured Ohio Municipal Income Trust, Craig R. Brandon, portfolio manager of Eaton Vance New York Municipal Income Trust and Adam A. Weigold, portfolio manager of Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Fund’s investments.

 

Ms. Clemson has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (“BMR”).  Mr. MacIntosh has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and BMR.  Mr. Ahern has been an Eaton Vance portfolio manager since 1993 and is a Vice President of EVM and BMR.  Mr. Brandon has been an Eaton Vance analyst since 1998 and a portfolio manager since 2004, and is a Vice President of EVM and BMR.  Mr. Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007.  He is a Vice President of EVM and BMR.  This information is provided as of the date of filing of this report.

 

The following tables show, as of each Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category.  The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

 



 

 

 

Number
of All
Accounts

 

Total Assets of
All Accounts*

 

Number of
Accounts
Paying a
Performance Fee

 

Total Assets of
Accounts Paying a
Performance Fee*

 

California Municipal Income Trust

 

 

 

 

 

 

 

 

 

Florida Plus Municipal Income Trust

 

 

 

 

 

 

 

 

 

Cynthia J. Clemson

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

10

 

$

3,589.0

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

Massachusetts Municipal Income Trust

 

 

 

 

 

 

 

 

 

New Jersey Municipal Income Trust

 

 

 

 

 

 

 

 

 

Robert B. MacIntosh

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

10

 

$

2,602.6

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

238

 

$

190.6

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

Michigan Municipal Income Trust

 

 

 

 

 

 

 

 

 

Ohio Municipal Income Trust

 

 

 

 

 

 

 

 

 

William H. Ahern

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

14

 

$

1,896.3

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

New York Municipal Income Trust

 

 

 

 

 

 

 

 

 

Craig R. Brandon

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

12

 

$

1,474.6

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania Municipal Income Trust

 

 

 

 

 

 

 

 

 

Adam A. Weigold

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

12

 

$

1,021.8

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 


*In millions of dollars.  For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.

 

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of each Fund’s most recent fiscal year end.

 



 

 

 

Dollar Range of
Equity Securities
Owned in the
Fund

 

 

 

 

 

California Municipal Income Trust

 

None

 

Florida Municipal Income Trust

 

None

 

Cynthia J. Clemson

 

 

 

 

 

 

 

Massachusetts Municipal Income Trust

 

$10,001 - $50,000

 

New Jersey Municipal Income Trust

 

None

 

Robert B. MacIntosh

 

 

 

 

 

 

 

Michigan Municipal Income Trust

 

None

 

Ohio Municipal Income Trust

 

None

 

William H. Ahern, Jr.

 

 

 

 

 

 

 

New York Municipal Income Trust

 

None

 

Craig R. Brandon

 

 

 

 

 

 

 

Pennsylvania Municipal Income Trust

 

None

 

Adam A. Weigold

 

 

 

 

Potential for Conflicts of Interest.  The portfolio managers manage multiple investment portfolios.  Conflicts of interest may arise between a portfolio manager’s management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio manager’s time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information.   In addition, some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time and investment opportunities.  EVM has adopted policies and procedures that it believes are reasonably designed to address these conflicts.  There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.

 

Portfolio Manager Compensation Structure

 

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

 

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on

 



 

periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

 

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

 

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

No such purchases this period.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

No Material Changes.

 

Item 11. Controls and Procedures

 

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that

 



 

the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits

 

(a)(1)

 

Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

 

Treasurer’s Section 302 certification.

(a)(2)(ii)

 

President’s Section 302 certification.

(b)

 

Combined Section 906 certification.

 



 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Eaton Vance California Municipal Income Trust

 

By:

/s/Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

President

 

 

Date:

January 15, 2008

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/Barbara E. Campbell

 

 

Barbara E. Campbell

 

Treasurer

 

 

 

 

Date:

January 15, 2008

 

 

 

By:

/s/Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

President

 

 

Date:

January 15, 2008