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)

 

Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

November 30

 

 

Date of reporting period:

May 31, 2006

 

 



 

Item 1. Reports to Stockholders

 



Semiannual Report May 31, 2006

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 May 31, 2006

 

TABLE OF CONTENTS

 

Investment Update

2

 

 

Performance Information and Portfolio Composition

 

 

 

California

3

Florida

4

Massachusetts

5

Michigan

6

New Jersey

7

New York

8

Ohio

9

Pennsylvania

10

 

 

Financial Statements

11

 

 

Dividend Reinvestment Plan

66

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

68

 

 

Investment Management

71

 

1



 

Eaton Vance Municipal Income Trusts as of May 31, 2006

 

INVESTMENT UPDATE

 

Eaton Vance Municipal Income Trusts (the “Trusts”) are closed-end Trusts, traded on the American Stock Exchange, which are designed to provide current income exempt from regular federal income tax and state personal income taxes. This income is earned by investing primarily in investment-grade municipal securities.

 

Economic and Market Conditions

 

The economy expanded at a 5.3% pace in the first quarter of 2006, an increase from the 1.7% rate in the fourth quarter of 2005. Even with a cooling housing market, the economy generated respectable growth in 2005 and early 2006. Despite high energy prices, rising mortgage rates and a persistent tightening by the Federal Reserve (the “Fed”), the economy continued to create jobs and appeared to be sustaining growth in both the manufacturing and service sectors, with moderate signs of inflationary pressures.

 

At May 31, 2006, investor sentiment regarding the Fed’s monetary policy appeared to have stabilized in recent months as investors began to anticipate the end of the Fed’s series of interest rate hikes (which began in June 2004). By the end of the period, the Fed had raised rates at all of the last 16 Open Market Committee meetings, with the Federal Funds rate standing at 5.00% on May 31, 2006.

 

Boosted by lower-than-anticipated long-term interest rates, the municipal market saw record supply in 2005, more than $400 billion in new issuance. However, supply has lagged thus far in 2006, contributing to municipal bond outperformance. At May 31, 2006, long-term AAA-rated insured municipal bonds yielded 88% of U.S. Treasury bonds with similar maturities.*

 

For the six months ended May 31, 2006, the Lehman Brothers Municipal Bond Index† (the “Index”), a broad-based, unmanaged municipal market index, posted a modest gain of 1.52%. For information about each Trust’s performance and the performance of funds in the same Lipper Classification†, see the Performance Information and Portfolio Composition pages that follow.

 

Management Discussion

 

The Trusts invest primarily in bonds with maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds. Given the flattening of the yield curve for fixed-income securities over the past 18 months — with shorter-maturity yields rising more than longer-maturity yields — the long end of the municipal yield curve was a relatively attractive place to be positioned. However, given the leveraged nature of the Trusts, rising short-term rates have increased the borrowing costs associated with the leverage. As borrowing costs have risen, the income generated by the Trusts has declined. Please see the Performance Information and Portfolio Composition pages that follow for a description of each Trust’s leverage as of May 31, 2006.

 

During the six months ended May 31, 2006, the Fed raised short-term interest rates at regular intervals, and commodities prices rose significantly. However, the economy grew at a solid pace, with moderate inflation. In this climate, management continued to maintain a somewhat cautious outlook on interest rates and positioned the Trusts’ durations accordingly. Duration measures a bond fund’s sensitivity to changes in interest rates.

 

Management continued to focus on finding relative value within the marketplace — in issuer names, coupons, maturities and sectors. Relative value trading, which seeks to capitalize on undervalued securities, has enhanced the Trusts’ returns during the period. Finally, management continued to monitor closely call protection in the Trusts. Call protection remains an important strategic consideration for municipal bond investors.

 


*  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.

 

†  It is not possible to invest directly in an Index or 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.

 

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 May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

12.95

%

One Year

 

8.65

 

Five Years

 

11.27

 

Life of Trust (1/29/99)

 

6.29

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.86

%

One Year

 

5.08

 

Five Years

 

9.44

 

Life of Trust (1/29/99)

 

6.84

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper California Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

2.36

%

One Year

 

3.38

 

Five Years

 

6.90

 

Life of Trust (1/31/99)

 

5.54

 

 

Market Yields

 

Market Yield(4)

 

5.37

%(6)

Taxable Equivalent Market Yield(5)

 

9.11

(6)

 

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

86

 

Average Maturity:

 

22.8

 years

Effective Maturity:

 

11.1

 years

Average Rating:

 

AA-

 

Average Call:

 

9.4

 years

Average Dollar Price:

 

$

92.21

 

Leverage:*

 

34

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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 25, 25, 16, and 14 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) 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. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.010833 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

3



 

Eaton Vance Florida Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

-2.36

%

One Year

 

-5.22

 

Five Years

 

9.62

 

Life of Trust (1/29/99)

 

4.79

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.45

%

One Year

 

5.26

 

Five Years

 

8.88

 

Life of Trust (1/29/99)

 

6.58

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper Florida Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

2.13

%

One Year

 

2.26

 

Five Years

 

6.42

 

Life of Trust (1/31/99)

 

5.26

 

 

Market Yields

 

Market Yield(4)

 

5.38

%

Taxable Equivalent Market Yield(5)

 

8.28

 

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: Cynthia J. Clemson

 

Rating Distribution(6), (7)

 

By total investments

 

 

Trust Statistics(7)

 

Number of Issues:

 

84

 

Average Maturity:

 

25.0

 years

Effective Maturity:

 

8.3

 years

Average Rating:

 

AA

 

Average Call:

 

6.5

 years

Average Dollar Price:

 

$

98.96

 

Leverage:*

 

35

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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 17, 17, 11, and 11 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) Taxable-equivalent figure assumes a maximum 35.00% federal tax rate. A lower tax rate would result in a lower tax-equivalent figure. (6) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

4



 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

7.48

%

One Year

 

2.07

 

Five Years

 

11.69

 

Life of Trust (1/29/99)

 

6.60

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.29

%

One Year

 

3.48

 

Five Years

 

9.45

 

Life of Trust (1/29/99)

 

6.48

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

1.91

%

One Year

 

1.74

 

Five Years

 

7.13

 

Life of Trust (1/31/99)

 

5.69

 

 

Market Yields

 

Market Yield(4)

 

5.09

%(6)

Taxable Equivalent Market Yield(5)

 

8.27

(6)

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

60

 

Average Maturity:

 

27.1

 years

Effective Maturity:

 

12.7

 years

Average Rating:

 

AA-

 

Average Call:

 

11.0

 years

Average Dollar Price:

 

$

104.39

 

Leverage:*

 

34

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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, 27, and 20 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) 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. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.0125 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

5



 

Eaton Vance Michigan Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

3.65

%

One Year

 

-9.89

 

Five Years

 

9.29

 

Life of Trust (1/29/99)

 

4.85

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

2.66

%

One Year

 

2.80

 

Five Years

 

8.01

 

Life of Trust (1/29/99)

 

6.05

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper Michigan Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

1.90

%

One Year

 

1.40

 

Five Years

 

6.75

 

Life of Trust (1/31/99)

 

5.57

 

 

Market Yields

 

Market Yield(4)

 

5.10

%

Taxable Equivalent Market Yield(5)

 

8.17

 

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution(6), (7)

 

By total investments

 

 

Trust Statistics(7)

 

Number of Issues:

 

57

 

Average Maturity:

 

22.1

 years

Effective Maturity:

 

7.1

 years

Average Rating:

 

AA

 

Average Call:

 

5.8

 years

Average Dollar Price:

 

$

101.21

 

Leverage:*

 

34

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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, 5, and 5 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) 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. (6) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

6



 

Eaton Vance New Jersey Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

10.46

%

One Year

 

7.73

 

Five Years

 

12.40

 

Life of Trust (1/29/99)

 

6.48

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.46

%

One Year

 

4.07

 

Five Years

 

9.13

 

Life of Trust (1/29/99)

 

6.52

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper New Jersey Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

2.37

%

One Year

 

2.43

 

Five Years

 

6.94

 

Life of Trust (1/31/99)

 

5.61

 

 

Market Yields

 

Market Yield(4)

 

5.13

%(6)

Taxable Equivalent Market Yield(5)

 

8.67

(6)

 

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: Robert B. MacIntosh, CFA

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

62

 

Average Maturity:

 

23.9

 years

Effective Maturity:

 

11.4

 years

Average Rating:

 

A+

 

Average Call:

 

10.2

 years

Average Dollar Price:

 

$

91.33

 

Leverage:*

 

35

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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, 9, and 8 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) 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. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.008333 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

7



 

Eaton Vance New York Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

4.20

%

One Year

 

0.56

 

Five Years

 

11.17

 

Life of Trust (1/29/99)

 

6.57

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.09

%

One Year

 

3.47

 

Five Years

 

9.34

 

Life of Trust (1/29/99)

 

7.05

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper New York Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

2.72

%

One Year

 

3.50

 

Five Years

 

6.59

 

Life of Trust (1/31/99)

 

5.48

 

 

Market Yields

 

Market Yield(4)

 

5.39

%(6)

Taxable Equivalent Market Yield(5)

 

8.98

(6)

 

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: Craig R. Brandon, CFA

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

74

 

Average Maturity:

 

24.3

 years

Effective Maturity:

 

12.2

 years

Average Rating:

 

A+

 

Average Call:

 

9.8

 years

Average Dollar Price:

 

$

101.39

 

Leverage:*

 

34

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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 18, 18, 10, and 8 funds for the 6-month 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) Taxable-equivalent figure assumes a maximum 40.01% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.0075 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

8



 

Eaton Vance Ohio Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

4.57

%

One Year

 

0.79

 

Five Years

 

9.47

 

Life of Trust (1/29/99)

 

5.62

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

4.06

%

One Year

 

3.55

 

Five Years

 

8.90

 

Life of Trust (1/29/99)

 

6.29

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper Other States Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

1.91

%

One Year

 

1.74

 

Five Years

 

7.13

 

Life of Trust (1/31/99)

 

5.69

 

 

Market Yields

 

Market Yield(4)

 

4.99

%(6)

Taxable Equivalent Market Yield(5)

 

8.24

(6)

 

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: William H. Ahern, CFA

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

61

 

Average Maturity:

 

22.3

 years

Effective Maturity:

 

8.2

 years

Average Rating:

 

AA

 

Average Call:

 

7.4

 years

Average Dollar Price:

 

$

100.82

 

Leverage:*

 

35

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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, 27, and 20 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) Taxable-equivalent figure assumes a maximum 39.47% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.0025 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

9



 

Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2006

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 5/31/06(1)

 

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

 

Six Months

 

1.12

%

One Year

 

-1.97

 

Five Years

 

10.92

 

Life of Trust (1/29/99)

 

5.67

 

 

Average Annual Total Returns (by net asset value)

 

Six Months

 

3.14

%

One Year

 

4.57

 

Five Years

 

8.46

 

Life of Trust (1/29/99)

 

6.16

 

 


(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.

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index – Average Annual Total Returns

 

Six Months

 

1.52

%

One Year

 

1.89

 

Five Years

 

5.27

 

Life of Trust (1/31/99)

 

4.98

 

 

Lipper Averages(3)

 

Lipper Pennsylvania Municipal Debt Funds Classification – Average Annual Total Returns

 

Six Months

 

1.98

%

One Year

 

2.12

 

Five Years

 

7.27

 

Life of Trust (1/31/99)

 

5.78

 

 

Market Yields

 

Market Yield(4)

 

5.19

%(6)

Taxable Equivalent Market Yield(5)

 

8.24

(6)

 

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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Performance is for the stated time period only; due to market volatility, the Trust’s current performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

Portfolio Manager: Thomas M. Metzold, CFA

 

Rating Distribution(7), (8)

 

By total investments

 

 

Trust Statistics(8)

 

Number of Issues:

 

68

 

Average Maturity:

 

21.8

 years

Effective Maturity:

 

7.5

 years

Average Rating:

 

AA

 

Average Call:

 

6.4

 years

Average Dollar Price:

 

$

99.92

 

Leverage:*

 

35

%

 


*  The leverage amount is a percentage of the Trust’s total assets. 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).

 

(2) 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. (3) The Lipper Averages are the average 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, 7, and 5 funds for the 6-month, 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend paid per share of the semiannual period by the share price at the end of the period and annualizing the result. (5) 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. (6) The dividend declared on May 31, 2006 reflects a reduction of the monthly dividend of $0.005 per share. (7) As of 5/31/06. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (8) As of 5/31/06. Trust information may not be representative of the Trust’s current or future investments and may change due to active management.

 

10



Eaton Vance California Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.2%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 11.6%      
$ 1,000     California Educational Facilities Authority,
(Dominican University), 5.75%, 12/1/30
  $ 1,033,760    
  2,770     California Educational Facilities Authority,
(Lutheran University), 5.00%, 10/1/29
    2,797,451    
  500     California Educational Facilities Authority,
(Pepperdine University), 5.00%, 11/1/29
    510,195    
  1,850     California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23
    1,972,655    
  4,000     California Educational Facilities Authority,
(Stanford University), 5.125%, 1/1/31
    4,061,640    
  2,500     San Diego County, Certificates of Participation,
(University of San Diego), 5.375%, 10/1/41
    2,569,475    
          $ 12,945,176    
Electric Utilities — 2.3%      
$ 2,500     Chula Vista, (AMT), 5.00%, 12/1/27   $ 2,525,300    
          $ 2,525,300    
Escrowed / Prerefunded — 1.9%      
$ 1,590     Tahoe Forest Hospital District,
Prerefunded to 7/1/09, 5.85%, 7/1/22
  $ 1,713,750    
  410     Tahoe Forest Hospital District,
Prerefunded to 7/1/09, 5.85%, 7/1/22
    432,353    
          $ 2,146,103    
General Obligations — 4.4%      
$ 1,100     California, 5.25%, 4/1/30   $ 1,139,281    
  3,500     California, 5.50%, 11/1/33     3,783,780    
          $ 4,923,061    
Hospital — 24.1%      
$ 4,200     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 4,239,606    
  750     California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31
    779,625    
  4,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    4,955,076    
  1,750     California Statewide Communities Development Authority,
(John Muir Health), 5.00%, 8/15/36(1)
    1,772,207    
  600     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.00%, 3/1/41(1)
    602,712    
  800     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.25%, 3/1/45(1)
    821,752    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
  $ 1,708,558    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,824,602    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,565,385    
  1,500     Duarte, COP, (City of Hope), 5.25%, 4/1/24(2)     1,528,260    
  1,000     Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,035,770    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,073,820    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%,10/15/34
    2,045,460    
  2,000     Washington Township, Health Care District,
5.25%, 7/1/29
    2,041,440    
          $ 26,994,273    
Housing — 3.4%      
$ 2,500     California Housing Finance Agency, (AMT),
4.85%, 8/1/26
  $ 2,500,400    
  758     Commerce, (Hermitage III Senior Apartments),
6.50%, 12/1/29
    798,984    
  434     Commerce, (Hermitage III Senior Apartments),
6.85%, 12/1/29
    452,045    
          $ 3,751,429    
Industrial Development Revenue — 1.2%      
$ 1,250     California Pollution Control Financing Authority,
(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29
  $ 1,284,487    
          $ 1,284,487    
Insured-Education — 8.6%      
$ 6,510     California Educational Facilities Authority,
(Loyola Marymount University), (MBIA),
0.00%, 10/1/33
  $ 1,692,405    
  3,270     California Educational Facilities Authority,
(Pooled College and University), (MBIA), 5.10%, 4/1/23
    3,397,170    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,070,080    
  1,500     California State University, (FGIC), 4.75%, 5/15/37     1,495,140    
          $ 9,654,795    
Insured-Electric Utilities — 13.8%      
$ 3,250     California Pollution Control Financing Authority,
(Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31
  $ 3,423,842    

 

See notes to financial statements

11



Eaton Vance California Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Electric Utilities (continued)      
$ 2,500     California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16
  $ 2,640,975    
  3,625     Los Angeles Department of Water and Power, (FSA),
4.625%, 7/1/37
    3,554,530    
  4,000     Puerto Rico Electric Power Authority, (FSA),
Variable Rate, 6.80%, 7/1/29(3)(4)
    4,416,640    
  665     Puerto Rico Electric Power Authority, (FSA),
Variable Rate, 8.28%, 7/1/29(3)(5)
    768,900    
  500     Puerto Rico Electric Power Authority, (MBIA),
Variable Rate, 9.115%, 7/1/16(3)(5)
    668,685    
          $ 15,473,572    
Insured-Escrowed / Prerefunded — 7.5%      
$ 5,000     California Infrastructure and Economic Development,
(Bay Area Toll Bridges), Prerefunded to 1/1/28, (FGIC),
5.00%, 7/1/29
  $ 5,339,150    
  5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
    2,022,400    
  945     Puerto Rico Infrastructure Financing Authority,
(AMBAC), Prerefunded to 1/1/08, Variable Rate,
7.334%, 7/1/28(3)(5)
    1,028,103    
          $ 8,389,653    
Insured-General Obligations — 11.9%      
$ 1,650     California RITES, (AMBAC), Variable Rate,
8.326%, 5/1/26(3)(5)
  $ 1,995,758    
  2,500     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(3)(5)     2,867,325    
  1,600     San Diego Unified School District, (MBIA),
Variable Rate, 9.135%, 7/1/24(3)(5)
    2,250,352    
  3,000     Simi Valley Unified School District, (MBIA),
5.00%, 8/1/28
    3,100,350    
  7,995     Sweetwater, Union High School District,
(Election 2000), (FSA), 0.00%, 8/1/25
    3,155,387    
          $ 13,369,172    
Insured-Hospital — 4.3%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(6)
  $ 3,340,320    
  1,245     California Statewide Communities Development Authority,
(Sutter Health), (FSA), Variable Rate,
9.989%, 8/15/27(3)(5)
    1,486,418    
          $ 4,826,738    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Lease Revenue / Certificates of
Participation — 10.8%
     
$ 10,750     Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/25
  $ 4,233,458    
  6,500     Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/17
    3,904,095    
  11,500     Anaheim Public Financing Authority, (Public Improvements),
(FSA), 0.00%, 9/1/28
    3,892,865    
          $ 12,030,418    
Insured-Special Tax Revenue — 3.9%      
$ 3,880     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
  $ 1,350,667    
  2,070     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    459,975    
  17,000     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/45
    2,589,610    
          $ 4,400,252    
Insured-Transportation — 13.6%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,597,600    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,306,560    
  1,500     Los Angeles County Metropolitan Transportation Authority,
(AMBAC), 4.50%, 7/1/32
    1,445,505    
  2,500     Los Angeles County Metropolitan Transportation Authority,
(FGIC), 5.25%, 7/1/30
    2,632,025    
  1,400     Puerto Rico Highway and Transportation Authority, (AGC),
5.00%, 7/1/45
    1,431,752    
  2,515     Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 6.479%, 7/1/28(3)(5)
    2,706,165    
  250     Puerto Rico Highway and Transportaton Authority, RITES,
(CIFG), Variable Rate, 7.293%, 7/1/41(3)(5)
    315,750    
  10,000     San Joaquin Hills Transportation Corridor Agency, (MBIA),
0.00%, 1/15/32
    2,835,500    
          $ 15,270,857    
Insured-Water and Sewer — 3.3%      
$ 5,000     Los Angeles Department of Water and Power, (MBIA),
3.00%, 7/1/30
  $ 3,702,750    
          $ 3,702,750    
Insured-Water Revenue — 2.5%      
$ 3,100     San Francisco, City and County Water Revenue, (FSA),
4.25%, 11/1/33(2)
  $ 2,848,094    
          $ 2,848,094    

 

See notes to financial statements

12



Eaton Vance California Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Lease Revenue / Certificates of Participation — 3.9%      
$ 4,000     Sacramento Financing Authority, 5.40%, 11/1/20   $ 4,316,360    
          $ 4,316,360    
Other Revenue — 1.4%      
$ 1,470     California Statewide Communities Development Authority,
(East Valley Tourist Development Authority),
8.25%, 10/1/14(3)
  $ 1,576,649    
          $ 1,576,649    
Special Tax Revenue — 17.8%      
$ 1,500     Bonita Canyon Public Facilities Financing Authority,
5.375%, 9/1/28
  $ 1,513,200    
  1,545     Brentwood Infrastructure Financing Authority,
6.375%, 9/2/33
    1,593,250    
  1,665     Corona, Public Financing Authority, 5.80%, 9/1/20     1,667,264    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,649,418    
  500     Jurupa Community Services District, (Community
Facilities District No. 16), 5.30%, 9/1/34
    504,055    
  1,310     Lincoln Public Financing Authority,
Improvement Bond Act of 1915 (Twelve Bridges),
6.20%, 9/2/25
    1,377,989    
  420     Moreno Valley Unified School District,
(Community School District No. 2003-2), 5.75%, 9/1/24
    429,017    
  750     Moreno Valley Unified School District,
(Community School District No. 2003-2), 5.90%, 9/1/29
    766,298    
  750     Murrieta Valley Unified School District, 6.20%, 9/1/35     766,470    
  2,460     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,554,661    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,036,044    
  700     Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20
    729,463    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,387,805    
  1,500     Santa Margarita Water District, 6.20%, 9/1/20     1,606,815    
  250     Santaluz Community Facilities District No. 2,
6.10%, 9/1/21
    255,130    
  500     Santaluz Community Facilities District No. 2,
6.20%, 9/1/30
    510,825    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     512,440    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    1,034,220    
          $ 19,894,364    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Transportation — 1.0%  
$ 1,170     Port Redwood City, (AMT), 5.125%, 6/1/30   $ 1,170,819    
      $ 1,170,819    
Total Tax-Exempt Investments — 153.2%
(identified cost $163,596,007)
      $ 171,494,322    
Other Assets, Less Liabilities — (0.5)%       $ (552,413)    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (52.7)%
      $ (59,020,028)    
Net Assets Applicable to Common
Shares — 100.0%
      $ 111,921,881    

 

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 - CDC IXIS Financial Guaranty 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 California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 52.5% 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 0.2% to 19.3% of total investments.

(1)  When-issued security.

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

(3)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $20,080,745 or 17.9% of the Trust's net assets applicable to common shares.

(4)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(5)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(6)  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 May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 152.7%      
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
  $ 1,040,400    
          $ 1,040,400    
Electric Utilities — 3.1%      
$ 2,000     Jacksonville Electric Authority, Variable Rate,
6.42%, 10/1/32(1)(2)
  $ 2,044,040    
          $ 2,044,040    
Escrowed / Prerefunded — 3.5%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33(1)
  $ 619,490    
  500     Florida Capital Projects Finance Authority,
Student Housing Revenue, (Florida University),
Prerefunded to 8/15/10, 7.75%, 8/15/20
    573,270    
  1,000     Northern Palm Beach County Improvement District,
(Water Control and Improvement),
Prerefunded to 8/1/09, 6.00%, 8/1/25
    1,065,910    
          $ 2,258,670    
General Obligations — 2.6%      
$ 350     Florida Board of Education, 4.75%, 6/1/28   $ 351,309    
  1,250     Florida, Variable Rate, 6.22%, 7/1/27(1)(2)     1,311,512    
          $ 1,662,821    
Health Care - Miscellaneous — 0.2%      
$ 160     Osceola County IDA Community Provider Pooled Loan,
7.75%, 7/1/17
  $ 160,139    
          $ 160,139    
Hospital — 18.6%      
$ 2,000     Brevard County Health Facilities Authority,
(Health First, Inc.), 5.00%, 4/1/36
  $ 2,023,900    
  1,350     Jacksonville, EDA, (Mayo Clinic), 5.00%, 11/15/36     1,382,953    
  1,250     Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36     1,325,812    
  1,750     Lakeland Hospital System, (Lakeland Regional
Health System), 5.50%, 11/15/32
    1,822,082    
  2,000     Orange County Health Facilities Authority,
(Adventist Health System), 5.625%, 11/15/32
    2,115,040    
  900     Orange County Health Facilities Authority,
(Orlando Regional Healthcare), 5.125%, 11/15/39
    913,869    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — (continued)      
$ 1,000     South Miami Health Facility Authority,
(Baptist Health), 5.25%, 11/15/33
  $ 1,025,630    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,459,612    
          $ 12,068,898    
Housing — 2.0%      
$ 650     Capital Trust Agency, (Atlantic Housing Foundation),
5.30%, 7/1/35
  $ 650,487    
  620     Escambia County Housing Finance Authority, SFM,
(Multi-County Program), (AMT), 5.50%, 10/1/31
    633,231    
          $ 1,283,718    
Industrial Development Revenue — 3.8%      
$ 845     Broward County IDR, (Lynxs Cargoport), (AMT),
6.75%, 6/1/19
  $ 830,450    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    1,036,940    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    597,928    
          $ 2,465,318    
Insured-Education — 5.0%      
$ 2,325     Broward County Educational Facilities Authority,
(Nova Southeastern University), (AGC), 4.50%, 4/1/36
  $ 2,238,045    
  1,000     Broward County Educational Facilities Authority,
(Nova Southeastern University), (AGC), 5.00%, 4/1/36
    1,026,120    
          $ 3,264,165    
Insured-Electric Utilities — 9.8%      
$ 1,600     Burke County Development Authority (Georgia Power Co.),
(MBIA), (AMT), 5.45%, 5/1/34
  $ 1,601,600    
  1,100     Guam Power Authority, (MBIA), 5.125%, 10/1/29     1,144,286    
  2,750     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    2,797,465    
  750     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
6.80%, 7/1/29(1)(2)
    828,120    
          $ 6,371,471    
Insured-Escrowed / Prerefunded — 3.0%      
$ 650     Dade County, Professional Sports Franchise Facility,
(MBIA), Escrowed to Maturity, 5.25%, 10/1/30
  $ 721,091    
  1,165     Puerto Rico Highway and Transportation Authority,
(MBIA), Prerefunded to 7/1/06, Variable Rate,
7.979%, 7/1/26(1)(3)
    1,223,320    
          $ 1,944,411    

 

See notes to financial statements

14



Eaton Vance Florida Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations — 2.7%      
$ 1,500     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(1)(3)   $ 1,720,395    
          $ 1,720,395    
Insured-Hospital — 7.5%      
$ 1,000     Coral Gables Health Facilities Authority, (Baptist Health
System of South Florida), (FSA), 5.00%, 8/15/29
  $ 1,029,080    
  1,000     Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC),
5.25%, 11/15/37
    1,030,810    
  1,350     Miami Dade County Health Facilities Authority,
(Miami Children's Hospital), (AMBAC), 5.125%, 8/15/26
    1,394,051    
  105     Sarasota County, Public Hospital Board, (Sarasota
Memorial Hospital), (MBIA), 5.50%, 7/1/28
    118,564    
  1,250     South Miami Health Facility Authority, (Baptist Health),
(AMBAC), 5.25%, 11/15/33
    1,303,038    
          $ 4,875,543    
Insured-Housing — 1.7%      
$ 1,100     Broward County Housing Finance Authority,
Multifamily Housing, (Venice Homes Apartments),
(FSA), (AMT), 5.70%, 1/1/32
  $ 1,118,304    
          $ 1,118,304    
Insured-Miscellaneous — 8.6%      
$ 2,000     Miami-Dade County, (Professional Sport Franchise),
(MBIA), 4.75%, 10/1/30
  $ 2,003,360    
  3,500     Orange County Tourist Development, (AMBAC),
5.125%, 10/1/30
    3,610,005    
          $ 5,613,365    
Insured-Special Tax Revenue — 17.7%      
$ 970     Dade County, Special Obligation Residual Certificates,
(AMBAC), Variable Rate, 7.555%, 10/1/35(1)(3)
  $ 1,000,739    
  2,100     Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30     2,141,685    
  1,470     Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22     1,791,122    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    645,149    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    901,250    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    906,800    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,407,150    
  4,300     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
    1,061,627    
  2,000     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    630,680    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue (continued)      
$ 1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
  $ 999,150    
          $ 11,485,352    
Insured-Transportation — 20.9%      
$ 2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
  $ 2,362,050    
  1,500     Greater Orlando Aviation Authority, (FGIC), (AMT),
Variable Rate, 7.022%, 10/1/18(1)(3)
    1,641,075    
  400     Hillsborough County, Port District, (Tampa Port Authority
Project), (MBIA), (AMT), 5.00%, 6/1/26
    408,688    
  2,000     Hillsborough County, Port District, (Tampa Port Authority
Project), (MBIA), (AMT), 5.00%, 6/1/36
    2,025,300    
  500     Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25     532,615    
  650     Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29     700,895    
  3,500     Miami-Dade County Aviation, (Miami International Airport),
(CIFG), (AMT), 5.00%, 10/1/38
    3,542,735    
  1,000     Palm Beach County Airport, (MBIA), (AMT),
5.00%, 10/1/34
    1,013,230    
  1,250     Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/36
    1,372,175    
          $ 13,598,763    
Insured-Water and Sewer — 20.8%      
$ 2,000     Marco Island Utility System, (MBIA), 5.00%, 10/1/33(4)   $ 2,057,340    
  1,500     Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30     1,583,115    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,034,700    
  7,625     Port Saint Lucie Utility, (MBIA), 0.00%, 9/1/32     1,837,778    
  1,250     Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28     1,271,575    
  4,000     Sunrise Utility System, (AMBAC), 5.00%, 10/1/28     4,185,560    
  1,500     Tampa Bay Water Utility System, (FGIC), Variable Rate,
5.72%, 10/1/27(1)(2)
    1,562,625    
          $ 13,532,693    
Nursing Home — 1.6%      
$ 265     Orange County Health Facilities Authority,
(Westminster Community Care), 6.60%, 4/1/24
  $ 273,281    
  735     Orange County Health Facilities Authority,
(Westminster Community Care), 6.75%, 4/1/34
    758,594    
          $ 1,031,875    
Senior Living / Life Care — 2.3%      
$ 1,500     Lee County IDA, (Shell Point Village), 5.50%, 11/15/29   $ 1,509,420    
          $ 1,509,420    

 

See notes to financial statements

15



Eaton Vance Florida Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue — 15.7%      
$ 95     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/21
  $ 93,836    
  500     Covington Park Community Development District,
(Capital Improvements), 5.00%, 5/1/31
    491,240    
  520     Dupree Lakes Community Development District,
5.00%, 11/1/10
    521,102    
  320     Heritage Harbour South Community Development District,
6.20%, 5/1/35
    337,562    
  30     Heritage Harbour South Community Development District,
(Capital Improvements), 5.40%, 11/1/08
    30,065    
  770     Heritage Springs Community Development District,
6.75%, 5/1/21
    786,909    
  660     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    674,177    
  1,000     River Hall Community Development District,
(Capital Improvement), 5.45%, 5/1/36
    1,000,270    
  490     Southern Hills Plantation I Community
Development District, 5.80%, 5/1/35
    501,020    
  600     Sterling Hill Community Development District,
6.20%, 5/1/35
    629,574    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    533,480    
  1,000     Tisons Landing Community Development District,
5.625%, 5/1/37
    1,009,020    
  820     University Square Community Development District,
6.75%, 5/1/20
    882,049    
  450     Vista Lakes Community Development District,
7.20%, 5/1/32
    482,945    
  725     Waterlefe Community Development District,
6.95%, 5/1/31
    784,849    
  175     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/29
    176,507    
  1,270     West Palm Beach Community Redevelopment Agency,
(Northwood Pleasant Community), 5.00%, 3/1/35
    1,276,236    
          $ 10,210,841    
  Total Tax-Exempt Investments — 152.7%
(identified cost $94,970,986)
        $ 99,260,602    
  Other Assets, Less Liabilities — 1.9%         $ 1,247,170    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.6)%
        $ (35,500,000)    
  Net Assets Applicable to Common
Shares — 100.0%
        $ 65,007,772    

 

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 - CDC IXIS Financial Guaranty 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 May 31, 2006, 64.0% 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 3.3% to 23.4% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $11,951,316 or 18.4% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(3)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(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 May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 149.2%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 31.5%      
$ 500     Massachusetts Development Finance Agency,
(Belmont Hill School), 5.00%, 9/1/31
  $ 508,780    
  2,525     Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59
    2,687,534    
  500     Massachusetts Development Finance Agency,
(Massachusetts College of Pharmacy), 5.75%, 7/1/33
    524,660    
  600     Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33
    609,066    
  500     Massachusetts Development Finance Agency,
(Mount Holyoke College), 5.25%, 7/1/31
    518,690    
  1,500     Massachusetts Development Finance Agency,
(Wheeler School), 6.50%, 12/1/29
    1,586,775    
  1,000     Massachusetts Development Finance Agency,
(Xaverian Brothers High School), 5.65%, 7/1/29
    1,028,030    
  1,000     Massachusetts HEFA, (Boston College), 5.125%, 6/1/33     1,031,120    
  900     Massachusetts HEFA, (Williams College), 4.50%, 7/1/33     875,916    
  500     Massachusetts IFA, (Babson College), 5.25%, 10/1/27     510,370    
  400     Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28     407,248    
  2,500     Massachustts HEFA, (Massachusetts Institute of Technology),
5.50%, 7/1/32
    2,879,300    
          $ 13,167,489    
Electric Utilities — 5.1%      
$ 1,065     Massachusetts Development Finance Agency, (Dominion
Energy Brayton Point), (AMT), 5.00%, 2/1/36
  $ 1,067,034    
  1,000     Massachusetts IFA, (Devens Electric System),
6.00%, 12/1/30
    1,057,450    
          $ 2,124,484    
Escrowed / Prerefunded — 4.8%      
$ 400     Massachusetts Development Finance Agency,
(Western New England College),
Prerefunded to 12/1/12, 6.125%, 12/1/32
  $ 453,484    
  1,000     Massachusetts HEFA, (Winchester Hospital),
Prerefunded to 7/1/10, 6.75%, 7/1/30
    1,106,860    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 0.00%, 7/1/20
    447,530    
          $ 2,007,874    
General Obligations — 0.7%      
$ 250     Massachusetts, 5.25%, 8/1/28   $ 276,672    
          $ 276,672    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 2.9%      
$ 510     Massachusetts Development Finance Agency,
(MCHSP Human Services), 6.60%, 8/15/29
  $ 510,178    
  700     Massachusetts HEFA, (Learning Center for Deaf Children),
6.125%, 7/1/29
    704,200    
          $ 1,214,378    
Hospital — 14.2%      
$ 1,000     Massachusetts Development Finance Agency,
(Biomedical Research Corp.), 6.25%, 8/1/20
  $ 1,068,040    
  1,000     Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/33
    1,048,220    
  400     Massachusetts HEFA, (Berkshire Health System),
6.25%, 10/1/31
    423,596    
  105     Massachusetts HEFA, (Central New England
Health Systems), 6.30%, 8/1/18
    104,844    
  1,100     Massachusetts HEFA, (Covenant Health), 6.00%, 7/1/31     1,173,766    
  2,000     Massachusetts HEFA, (South Shore Hospital),
5.75%, 7/1/29
    2,106,600    
          $ 5,925,066    
Housing — 6.4%      
$ 650     Massachusetts Housing Finance Agency, (AMT),
5.00%, 12/1/28
  $ 653,510    
  2,000     Massachusetts Housing Finance Agency, (AMT),
5.10%, 12/1/37
    2,014,200    
          $ 2,667,710    
Industrial Development Revenue — 1.7%      
$ 695     Massachusetts IFA, (American Hingham Water Co.),
(AMT), 6.60%, 12/1/15
  $ 705,592    
          $ 705,592    
Insured-Education — 16.7%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39(1)
  $ 1,145,840    
  1,000     Massachusetts Development Finance Agency,
(Boston University), (XLCA), 5.375%, 5/15/39
    1,106,230    
  455     Massachusetts Development Finance Agency,
(College of the Holy Cross), (AMBAC), Variable Rate,
8.34%, 9/1/32(2)(3)
    610,542    
  1,600     Massachusetts Development Finance Agency,
(Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,670,560    
  850     Massachusetts HEFA, (Berklee College of Music), (MBIA),
Variable Rate, 6.48%, 10/1/27(2)(4)
    898,416    
  1,000     Massachusetts HEFA, (Northeastern University), (MBIA),
5.00%, 10/1/29
    1,021,750    

 

See notes to financial statements

17



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Education (continued)      
$ 500     Massachusetts HEFA, (UMass-Worcester Campus),
(FGIC), 5.25%, 10/1/31
  $ 526,165    
          $ 6,979,503    
Insured-Electric Utilities — 1.9%      
$ 750     Puerto Rico Electric Power Authority, (FSA),
5.25%, 7/1/29
  $ 789,060    
          $ 789,060    
Insured-General Obligations — 7.2%      
$ 1,000     Massachusetts, (AMBAC), Variable Rate,
9.075%, 8/1/30(2)(3)
  $ 1,441,470    
  500     Plymouth, (MBIA), 5.25%, 10/15/20     531,030    
  900     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(2)(3)     1,032,237    
          $ 3,004,737    
Insured-Miscellaneous — 12.7%      
$ 2,000     Boston Convention Center, (AMBAC), 5.00%, 5/1/27   $ 2,047,720    
  2,750     Massachusetts Development Finance Agency, (WGBH),
(AMBAC), 5.75%, 1/1/42
    3,265,515    
          $ 5,313,235    
Insured-Special Tax Revenue — 6.1%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,539,165    
  680     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
    236,715    
  385     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    85,551    
  570     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    179,744    
  3,250     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/45
    495,073    
          $ 2,536,248    
Insured-Transportation — 6.1%      
$ 1,020     Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), 0.00%, 1/1/29
  $ 340,323    
  1,100     Massachusetts Turnpike Authority, Metropolitan
Highway System, (MBIA), Variable Rate,
6.456%, 1/1/37(2)(3)
    1,144,044    
  1,000     Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 6.479%, 7/1/28(2)(3)
    1,076,010    
          $ 2,560,377    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Nursing Home — 2.7%      
$ 500     Boston, IDA (Alzheimers Center), (FHA),
6.00%, 2/1/37
  $ 516,240    
  600     Massachusetts HEFA, (Christopher House),
6.875%, 1/1/29
    603,120    
          $ 1,119,360    
Senior Living / Life Care — 3.6%      
$ 1,500     Massachusetts Development Finance Agency,
(Berkshire Retirement), 5.625%, 7/1/29
  $ 1,509,795    
          $ 1,509,795    
Special Tax Revenue — 2.7%      
$ 1,000     Massachusetts Bay Transportation Authority,
(Sales Tax Revenue), 5.25%, 7/1/34
  $ 1,112,870    
          $ 1,112,870    
Transportation — 5.8%      
$ 1,350     Massachusetts Bay Transportation Authority, Variable Rate,
6.23%, 3/1/27(2)(4)
  $ 1,404,918    
  1,000     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/36
    1,000,740    
          $ 2,405,658    
Water and Sewer — 16.4%      
$ 2,000     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 2,049,420    
  2,000     Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33
    2,102,780    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    1,010,210    
  2,000     Massachusetts Water Resources Authority, 4.00%, 8/1/46     1,677,160    
          $ 6,839,570    
  Total Tax-Exempt Investments — 149.2%
(identified cost $59,269,853)
        $ 62,259,678    
  Other Assets, Less Liabilities — 2.3%         $ 966,325    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (51.5)%
        $ (21,503,886)    
  Net Assets Applicable to Common
Shares — 100.0%
        $ 41,722,117    

 

See notes to financial statements

18



Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

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.

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 May 31, 2006, 34.0% 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 1.9% to 16.5% of total investments.

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

(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 May 31, 2006, the aggregate value of the securities is $7,607,637 or 18.2% of the Trust's net assets applicable to common shares.

(3)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(4)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

See notes to financial statements

19



Eaton Vance Michigan Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 158.0%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 5.9%      
$ 1,250     Michigan Higher Education Facilities Authority,
(Creative Studies), 5.90%, 12/1/27
  $ 1,312,387    
  540     Michigan Higher Education Facilities Authority,
(Hillsdale College), 5.00%, 3/1/35
    545,141    
          $ 1,857,528    
Electric Utilities — 7.4%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,282,662    
  1,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     1,025,500    
          $ 2,308,162    
Escrowed / Prerefunded — 7.0%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 543,155    
  750     Michigan Hospital Finance Authority, (Ascension Health
Care), Prerefunded to 11/15/09, 6.125%, 11/15/26
    814,192    
  800     Woodhaven Brownstown School District,
Prerefunded to 5/1/12, 5.125%, 5/1/32
    854,448    
          $ 2,211,795    
General Obligations — 17.7%      
$ 500     East Grand Rapids Public Schools, 5.00%, 5/1/25   $ 517,180    
  500     Garden City School District, 5.00%, 5/1/26     511,895    
  5,335     Grand Rapids and Kent County Joint Building Authority,
0.00%, 12/1/29
    1,686,927    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,035,710    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    772,357    
  1,000     White Cloud Public Schools, 5.125%, 5/1/31     1,025,880    
          $ 5,549,949    
Health Care-Miscellaneous — 0.7%      
$ 220     Pittsfield Township EDC, (Arbor Hospice),
7.875%, 8/15/27
  $ 225,953    
          $ 225,953    
Hospital — 26.8%      
$ 500     Allegan Hospital Finance Authority, (Allegan General
Hospital), 7.00%, 11/15/21
  $ 537,765    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    128,471    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
  $ 128,866    
  530     Macomb County Hospital Finance Authority, (Mount
Clemens General Hospital), 5.875%, 11/15/34
    560,581    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    514,005    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,013,390    
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health),
5.25%, 11/15/20
    1,013,270    
  1,000     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,012,410    
  750     Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21
    780,720    
  750     Michigan Hospital Finance Authority, (Sparrow
Obligation Group), 5.625%, 11/15/36
    781,237    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,083,540    
  800     Saginaw Hospital Finance Authority,
(Covenant Medical Center), 6.50%, 7/1/30
    872,744    
          $ 8,426,999    
Industrial Development Revenue — 7.7%      
$ 1,000     Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21
  $ 1,009,530    
  800     Dickinson County Economic Development Corp.,
(International Paper Co.), 5.75%, 6/1/16
    850,992    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    567,475    
          $ 2,427,997    
Insured-Education — 0.8%      
$ 250     Central Michigan University, (AMBAC), 4.75%, 10/1/29   $ 251,578    
          $ 251,578    
Insured-Electric Utilities — 6.3%      
$ 1,000     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (MBIA), (AMT), 5.55%, 9/1/29
  $ 1,045,210    
  500     Michigan Strategic Fund Resource Recovery,
(Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
    518,480    
  400     Puerto Rico Electric Power Authority, (MBIA),
Variable Rate, 5.793%, 7/1/33(1)(2)
    408,208    
          $ 1,971,898    

 

See notes to financial statements

20



Eaton Vance Michigan Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) 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
  $ 1,063,430    
  2,000     Fenton Area Public Schools, (FGIC),
Prerefunded to 5/1/08, 5.00%, 5/1/24
    2,049,660    
  2,000     Novi Building Authority, (FSA),
Prerefunded to 10/1/10, 5.50%, 10/1/25(3)
    2,157,780    
  600     Puerto Rico Highway and Transportation Authority,
(MBIA), Prerefunded to 7/1/06, Variable Rate,
7.979%, 7/1/26(1)(2)
    630,036    
  455     Puerto Rico Infrastructure Financing Authority,
(AMBAC), Prerefunded to 1/1/08, Variable Rate,
7.334%, 7/1/28(1)(2)
    495,013    
          $ 6,395,919    
Insured-General Obligations — 18.7%      
$ 1,000     Brandon School District, (FSA), 4.50%, 5/1/33(4)   $ 967,370    
  1,000     Brandon School District, (FSA), 4.50%, 5/1/35(4)     963,160    
  650     Detroit School District, (FGIC), 4.75%, 5/1/28(3)     651,528    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     201,210    
  595     Paw Paw Public School District, (MBIA), 4.75%, 5/1/28     599,897    
  600     Paw Paw Public School District, (MBIA), 4.75%, 5/1/31     602,568    
  700     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(1)(2)     802,851    
  1,000     St. Johns Public Schools, (FGIC), 5.10%, 5/1/25     1,085,580    
          $ 5,874,164    
Insured-Hospital — 6.6%      
$ 1,000     Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,031,020    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical
Center), (MBIA), 5.50%, 7/1/24
    1,047,470    
          $ 2,078,490    
Insured-Sewer Revenue — 3.3%      
$ 1,000     Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31   $ 1,030,230    
          $ 1,030,230    
Insured-Special Tax Revenue — 7.4%      
$ 2,250     Wayne Charter County, (Airport Hotel-Detroit
Metropolitan Airport), (MBIA), 5.00%, 12/1/30
  $ 2,309,603    
          $ 2,309,603    
Insured-Student Loan — 3.3%      
$ 1,000     Michigan Higher Education Student Loan Authority
Revenue, (AMBAC), (AMT), 5.50%, 6/1/25(5)
  $ 1,027,220    
          $ 1,027,220    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 8.7%      
$ 670     Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 6.479%, 7/1/28(1)(2)
  $ 720,927    
  2,000     Wayne Charter County Airport, Residual Certificates,
(MBIA), (AMT), Variable Rate, 6.24%, 12/1/28(1)(6)
    2,021,600    
          $ 2,742,527    
Insured-Water Revenue — 7.2%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,679,931    
  550     Detroit Water Supply System, (MBIA), 5.00%, 7/1/30     566,368    
          $ 2,246,299    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government
Center Lease), 5.625%, 7/1/22
  $ 254,628    
          $ 254,628    
Transportation — 1.3%      
$ 375     Kent County Airport Facility, Variable Rate,
8.69%, 1/1/25(1)(2)
  $ 393,075    
          $ 393,075    
  Total Tax-Exempt Investments — 158.0%
(identified cost $46,362,184)
        $ 49,584,014    
  Other Assets, Less Liabilities — (2.2)%         $ (695,112)    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.8)%
        $ (17,500,000)    
  Net Assets Applicable to Common
Shares — 100.0%
        $ 31,388,902    

 

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006,

See notes to financial statements

21



Eaton Vance Michigan Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

52.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 23.2% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $5,471,710 or 17.4% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

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

(4)  When-issued security.

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

(6)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

See notes to financial statements

22




Eaton Vance New Jersey Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.6%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 4.8%      
$ 3,250     New Jersey Educational Facilities Authority, (Stevens
Institute of Technology), 5.25%, 7/1/32
  $ 3,328,000    
            $ 3,328,000    
Electric Utilities — 9.5%      
$ 5,000     Puerto Rico Electric Power Authority, 5.125%, 7/1/29   $ 5,087,400    
  1,500     Salem County Pollution Control Financing Authority, (Public
Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
    1,585,530    
            $ 6,672,930    
Escrowed / Prerefunded — 5.8%      
$ 3,935     New Jersey Educational Facilities Authority, (Princeton
University), Prerefunded to 7/1/10, 5.00%, 7/1/20
  $ 4,080,241    
            $ 4,080,241    
General Obligations — 5.2%      
$ 3,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
  $ 3,604,335    
            $ 3,604,335    
Hospital — 25.6%      
$ 100     Camden County, Improvements Authority, (Cooper
Health System), 5.00%, 2/15/25
  $ 100,301    
  90     Camden County, Improvements Authority, (Cooper
Health System), 5.00%, 2/15/35
    89,504    
  100     Camden County, Improvements Authority, (Cooper
Health System), 5.25%, 2/15/27
    102,129    
  2,750     Camden County, Improvements Authority, (Cooper
Health System), 5.75%, 2/15/34
    2,887,967    
  1,035     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    1,097,493    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,158,361    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,806,107    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,110,800    
  450     New Jersey Health Care Facilities Financing Authority,
(Hunterdon Medical Center), 5.125%, 7/1/35
    453,330    
  750     New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21
    823,612    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31
    2,109,380    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,450     New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20
  $ 1,576,802    
  1,900     New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20
    1,964,087    
  600     New Jersey Health Care Facilities Financing Authority,
(Trinitas Hospital), 7.50%, 7/1/30
    660,936    
            $ 17,940,809    
Industrial Development Revenue — 9.9%      
$ 1,000     Gloucester County, Improvements Authority, (Waste
Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,089,580    
  3,000     Middlesex County Pollution Control Authority, (Amerada
Hess Corp.), 6.05%, 9/15/34
    3,208,200    
  1,000     New Jersey EDA, (Anheuser-Busch), (AMT),
5.85%, 12/1/30
    1,021,380    
  750     New Jersey EDA, (Continental Airlines), (AMT),
6.25%, 9/15/29
    744,457    
  750     New Jersey EDA, (Continental Airlines), (AMT),
9.00%, 6/1/33
    829,965    
            $ 6,893,582    
Insured-Education — 3.9%      
$ 1,100     New Jersey Educational Facilities Authority, (Kean
University), (MBIA), 4.50%, 7/1/37
  $ 1,059,850    
  1,600     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA),
Variable Rate, 7.615%, 7/1/33(1)(2)
    1,682,160    
            $ 2,742,010    
Insured-Electric Utilities — 1.8%      
$ 1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $ 1,292,037    
            $ 1,292,037    
Insured-Escrowed / Prerefunded — 5.1%      
$ 1,580     New Jersey EDA, (FSA), Prerefunded to 5/1/09,
Variable Rate, 7.137%, 5/1/17(1)(2)
  $ 1,787,217    
  1,500     New Jersey Turnpike Authority, RITES, (MBIA),
Prerefunded to 1/1/10, Variable Rate,
7.933%, 1/1/30(1)(2)
    1,771,695    
            $ 3,558,912    
Insured-Gas Utilities — 7.2%      
$ 5,000     New Jersey EDA, (New Jersey Natural Gas Co.),
(FGIC), 4.90%, 10/1/40
  $ 5,022,350    
            $ 5,022,350    

 

See notes to financial statements

23



Eaton Vance New Jersey Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations — 13.4%      
$ 1,065     Freehold Township, Board of Education, (MBIA),
4.375%, 2/15/32
  $ 1,023,433    
  3,500     Irvington Township, (FSA), 0.00%, 7/15/24     1,471,225    
  5,500     Irvington Township, (FSA), 0.00%, 7/15/25     2,191,640    
  750     Madison Boro, Board of Education, (MBIA),
4.75%, 7/15/35
    754,103    
  600     Monroe Township, Board of Education, (MBIA),
4.50%, 4/1/33
    585,798    
  1,531     Stafford Township, (MBIA), 3.00%, 7/1/30     1,162,672    
  1,945     Washington Township, Board of Education, Gloucester
County, (FSA), 5.25%, 1/1/28
    2,157,900    
            $ 9,346,771    
Insured-Housing — 5.2%      
$ 3,390     New Jersey Housing and Mortgage Finance Agency,
(FSA), (AMT), 5.05%, 5/1/34
  $ 3,396,712    
  230     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25
    238,982    
            $ 3,635,694    
Insured-Lease Revenue / Certificates of
Participation — 1.0%
     
$ 700     Gloucester County, Improvements Authority, (MBIA),
4.75%, 9/1/30
  $ 705,425    
            $ 705,425    
Insured-Special Tax Revenue — 14.1%      
$ 12,030     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/24
  $ 4,986,074    
  7,100     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/27
    2,522,914    
  6,000     Garden Preservation Trust and Open Space and Farmland,
(FSA), 0.00%, 11/1/25(3)
    2,357,280    
            $ 9,866,268    
Insured-Transportation — 14.0%      
$ 1,000     Delaware River Port Authority, (FSA), 5.625%, 1/1/26   $ 1,055,760    
  3,250     Delaware River Port Authority, (FSA), 5.75%, 1/1/26(4)     3,448,023    
  9,230     New Jersey Transportation Trust Fund Authority,
(AMBAC), 0.00%, 12/15/36(5)
    2,045,183    
  1,250     Newark Housing Authority, (Newark Marine Terminal),
(MBIA), Variable Rate, 6.358%, 1/1/37(1)(2)
    1,348,613    
  2,000     Port Authority of New York and New Jersey, (CIFG),
(AMT), 4.50%, 9/1/35
    1,898,560    
            $ 9,796,139    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Water and Sewer — 6.8%      
$ 5,000     Rahway Valley Sewerage Authority, (MBIA),
0.00%, 9/1/27
  $ 1,766,000    
  10,000     Rahway Valley Sewerage Authority, (MBIA),
0.00%, 9/1/30
    3,013,500    
            $ 4,779,500    
Nursing Home — 2.9%      
$ 1,000     New Jersey EDA, (Masonic Charity Foundation),
5.50%, 6/1/31
  $ 1,053,410    
  960     New Jersey EDA, (Victoria Health), 5.20%, 12/20/36(1)     1,003,574    
            $ 2,056,984    
Other Revenue — 4.7%      
$ 7,200     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
  $ 454,032    
  6,100     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
    205,875    
  950     Tobacco Settlement Financing Corp., 6.75%, 6/1/39     1,059,934    
  1,250     Tobacco Settlement Financing Corp., Variable Rate,
9.264%, 6/1/39(1)(6)(7)
    1,539,313    
            $ 3,259,154    
Senior Living / Life Care — 2.4%      
$ 1,700     New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25   $ 1,708,959    
            $ 1,708,959    
Special Tax Revenue — 5.5%      
$ 750     New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/31   $ 779,333    
  1,310     New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29     1,391,718    
  1,500     New Jersey EDA, (Cigarette Tax), Variable Rate,
7.40%, 6/15/34(1)(6)
    1,666,680    
            $ 3,837,731    
Transportation — 4.8%      
$ 1,600     Port Authority of New York and New Jersey, Variable Rate,
7.512%, 3/1/28(1)(2)
  $ 2,125,200    
  1,175     South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
    1,201,038    
            $ 3,326,238    

 

See notes to financial statements

24



Eaton Vance New Jersey Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

       
Value
 
Total Tax-Exempt Investments — 153.6%
(identified cost $102,090,153)
    $ 107,454,069    
Other Assets, Less Liabilities — 0.7%       $ 520,969    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.3)%
      $ (38,006,662)    
Net Assets Applicable to Common
Shares — 100.0%
    $ 69,968,376    

 

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 - CDC IXIS Financial Guaranty 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 New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 47.2% 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 1.8% to 23.8% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $12,924,452 or 18.5% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

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

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

(5)  When-issued security.

(6)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(7)  Security is subject to a shortfall and forbearance agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security.

See notes to financial statements

25



Eaton Vance New York Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 150.9%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Cogeneration — 1.3%      
$ 1,150     Suffolk County IDA, (Nissequogue Cogeneration Partners
Facility), (AMT), 5.50%, 1/1/23
  $ 1,064,463    
            $ 1,064,463    
Education — 9.0%      
$ 1,000     Dutchess County IDA, (Marist College), 5.00%, 7/1/20   $ 1,022,390    
  1,145     Hempstead IDA, (Adelphi University), 4.50%, 10/1/24     1,110,833    
  450     Hempstead IDA, (Adelphi University), 5.00%, 10/1/35     456,844    
  4,980     Hempstead IDA, (Hofstra University Civic Facilities),
5.00%, 7/1/33
    5,044,989    
            $ 7,635,056    
Electric Utilities — 15.5%      
$ 455     Long Island Power Authority, Electric System Revenue,
4.50%, 12/1/24
  $ 446,319    
  1,575     Long Island Power Authority, Electric System Revenue,
5.00%, 12/1/35
    1,614,249    
  1,000     Long Island Power Authority, Electric System Revenue,
5.375%, 9/1/25
    1,052,850    
  4,100     New York Power Authority, 5.25%, 11/15/40     4,263,918    
  1,500     Puerto Rico Electric Power Authority, 5.125%, 7/1/29     1,526,220    
  2,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     2,051,000    
  2,100     Suffolk County IDA, (Keyspan-Port Jefferson), (AMT),
5.25%, 6/1/27
    2,150,736    
            $ 13,105,292    
Escrowed / Prerefunded — 5.9%      
$ 200     New York City IDA, (Ohel Children's Home),
Prerefunded to 3/15/22, 6.25%, 8/15/22
  $ 212,610    
  4,385     New York Dormitory Authority, (Court Facility),
Prerefunded to 5/15/10, 6.00%, 5/15/39
    4,787,411    
            $ 5,000,021    
General Obligations — 10.6%      
$ 1,275     New York, 4.25%, 3/15/36   $ 1,176,723    
  6,000     New York City, 5.25%, 9/15/33     6,267,120    
  1,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    1,544,715    
            $ 8,988,558    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 6.3%      
$ 1,250     New York City IDA, (A Very Special Place, Inc.),
5.75%, 1/1/29
  $ 1,222,125    
  1,300     New York City IDA, Civic Facility Revenue, (Ohel
Children's Home), 6.25%, 8/15/22
    1,180,257    
  100     Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15
    107,754    
  140     Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15
    150,856    
  2,600     Westchester County IDA, (Children's Village),
5.375%, 3/15/19
    2,639,754    
            $ 5,300,746    
Hospital — 17.8%      
$ 220     Chautauqua County IDA, (Womans Christian Association),
6.35%, 11/15/17
  $ 230,771    
  485     Chautauqua County IDA, (Womans Christian Association),
6.40%, 11/15/29
    505,108    
  1,250     Fulton County IDA, (Nathan Littauer Hospital),
6.00%, 11/1/18
    1,235,937    
  2,500     Monroe County IDA, (Highland Hospital of Rochester),
5.00%, 8/1/25
    2,481,250    
  400     Nassau County IDA, Civic Facility Revenue, (North Shore
Health System), 6.25%, 11/1/21
    429,880    
  2,700     New York City Health and Hospital Corp., (Health System),
5.25%, 2/15/17
    2,769,147    
  300     New York City Health and Hospital Corp., (Health System),
5.375%, 2/15/26
    308,934    
  1,500     New York Dormitory Authority Revenue, (Lenox Hill Hospital),
5.50%, 7/1/30
    1,506,450    
  2,000     New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33
    2,062,340    
  1,250     Oneida County IDA, (St. Elizabeth Hospital),
5.75%, 12/1/19
    1,265,962    
  2,105     Suffolk County IDA, Civic Facility, (Huntington Hospital),
6.00%, 11/1/22
    2,233,216    
            $ 15,028,995    
Housing — 6.4%      
$ 1,045     New York City Housing Development Corp.,
(Multi-Family Housing), 4.65%, 5/1/26
  $ 1,042,941    
  3,000     New York City Housing Development Corp.,
(Multi-Family Housing), 4.95%, 11/1/33
    3,074,370    
  1,250     New York City Housing Development Corp.,
(Multi-Family Housing), (AMT), 5.00%, 11/1/24
    1,259,937    
            $ 5,377,248    

 

See notes to financial statements

26



Eaton Vance New York Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Industrial Development Revenue — 13.7%      
$ 2,000     Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
  $ 2,172,320    
  1,000     Liberty Development Corp., (Goldman Sachs Group, Inc.),
(Residuals), Variable Rate, 8.36%, 10/1/35(1)(2)
    1,258,480    
  1,500     New York City IDA, (American Airlines, Inc.-JFK International
Airport), (AMT), 8.00%, 8/1/12
    1,642,860    
  2,440     New York City IDA, (Liberty-IAC), 5.00%, 9/1/35     2,452,371    
  775     Onondaga County IDA, (Aero Syracuse Cargo), (AMT),
6.125%, 1/1/32
    816,253    
  2,500     Onondaga County IDA, (Anheuser-Busch), (AMT),
6.25%, 12/1/34
    2,649,775    
  550     Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
    568,122    
            $ 11,560,181    
Insured-Education — 1.9%      
$ 900     New York Dormitory Authority, (New York University),
(MBIA), Variable Rate, 13.955%, 7/1/27(1)(2)
  $ 1,630,305    
            $ 1,630,305    
Insured-Electric Utilities — 1.0%      
$ 800     Puerto Rico Electric Power Authority, RITES, (MBIA),
Variable Rate, 5.793%, 7/1/33(1)(2)
  $ 816,416    
            $ 816,416    
Insured-Escrowed / Prerefunded — 3.0%      
$ 1,000     New York City, Trust for Cultural Resources,
(Museum of History), Prerefunded to 7/1/19,
(AMBAC), Variable Rate, 9.749%, 7/1/29(1)(2)
  $ 1,200,730    
  1,190     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
7.334%, 7/1/28(1)(2)
    1,294,649    
            $ 2,495,379    
Insured-General Obligations — 2.8%      
$ 575     Brookhaven, (MBIA), 2.00%, 5/1/26   $ 374,198    
  1,750     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(1)(2)     2,007,127    
            $ 2,381,325    
Insured-Hospital — 6.7%      
$ 5,000     New York Dormitory Authority, (Memorial Sloan Kettering
Cancer Center), (MBIA), 5.50%, 7/1/23(3)(4)
  $ 5,658,700    
            $ 5,658,700    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue — 12.6%      
$ 1,500     New York Convention Center, (AMBAC),
4.75%, 11/15/45
  $ 1,480,470    
  1,750     New York Convention Center, (AMBAC),
5.00%, 11/15/44
    1,792,228    
  2,975     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
    1,035,627    
  4,500     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34
    1,167,660    
  11,625     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    2,583,191    
  12,000     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/43
    2,017,080    
  1,800     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    567,612    
            $ 10,643,868    
Insured-Transportation — 12.5%      
$ 2,325     Monroe County Airport Authority, (MBIA), (AMT),
Variable Rate, 7.87%, 1/1/17(1)(5)
  $ 2,856,402    
  2,735     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29
    2,873,829    
  1,750     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), Variable Rate,
7.38%, 4/1/29(1)(5)
    1,927,678    
  970     Port Authority of New York and New Jersey, (CIFG), (AMT),
4.50%, 9/1/35
    920,802    
  1,950     Puerto Rico Highway and Transportation Authority, (AGC),
5.00%, 7/1/45
    1,994,226    
            $ 10,572,937    
Insured-Water Revenue — 1.2%      
$ 1,000     Nassau County IDA, (AMBAC), 5.00%, 12/1/35   $ 1,017,020    
            $ 1,017,020    
Other Revenue — 3.3%      
$ 1,285     Albany Industrial Development Agency Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26
  $ 1,323,679    
  1,250     Puerto Rico Infrastructure Financing Authority,
Variable Rate, 6.837%, 10/1/32(1)(2)
    1,500,825    
            $ 2,824,504    
Senior Living / Life Care — 3.4%      
$ 1,450     Mount Vernon IDA, (Wartburg Senior Housing, Inc. -
Meadowview), 6.20%, 6/1/29
  $ 1,480,726    
  250     Suffolk County IDA, (Jeffersons Ferry),
5.00%, 11/1/28(6)
    248,158    

 

See notes to financial statements

27



Eaton Vance New York Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Senior Living / Life Care (continued)      
$ 1,000     Suffolk County IDA, (Jeffersons Ferry),
7.20%, 11/1/19
  $ 1,117,470    
            $ 2,846,354    
Transportation — 12.1%      
$ 6,000     Metropolitan Transportation Authority of New York,
5.25%, 11/15/32
  $ 6,272,580    
  1,300     Port Authority of New York and New Jersey, (AMT),
Variable Rate, 5.162%, 6/15/33(1)(5)
    1,236,170    
  333     Port Authority of New York and New Jersey, (AMT),
Variable Rate, 5.562%, 12/1/34(1)(2)
    313,886    
  1,800     Port Authority of New York and New Jersey, Variable Rate,
7.512%, 3/1/28(1)(2)
    2,390,850    
            $ 10,213,486    
Water and Sewer — 3.9%      
$ 735     New York City, Municipal Water Finance Authority,
4.50%, 6/15/33
  $ 713,163    
  2,625     New York City, Municipal Water Finance Authority,
4.75%, 6/15/38
    2,601,454    
            $ 3,314,617    
  Total Tax-Exempt Investments — 150.9%
(identified cost $122,175,366)
        $ 127,475,471    
  Other Assets, Less Liabilities — 1.8%         $ 1,505,244    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (52.7)%
        $ (44,521,939)    
  Net Assets Applicable to Common
Shares — 100.0%
        $ 84,458,776    

 

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 - CDC IXIS Financial Guaranty 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 New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 27.6% 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 0.4% to 12.7% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $18,433,518 or 21.8% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

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

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

(5)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(6)  When-issued security.

See notes to financial statements

28



Eaton Vance Ohio Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 153.1%      
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
  $ 388,149    
  200     Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 6.625%, 9/1/20
    206,614    
            $ 594,763    
Education — 3.8%      
$ 1,500     Ohio Higher Educational Facilities Authority, (Oberlin
College), Variable Rate, 6.22%, 10/1/29(1)(2)
  $ 1,640,370    
            $ 1,640,370    
Electric Utilities — 3.6%      
$ 500     Clyde Electric System Revenue, (AMT),
6.00%, 11/15/14
  $ 516,815    
  1,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     1,025,500    
            $ 1,542,315    
Escrowed / Prerefunded — 8.9%      
$ 1,000     Delaware County, Prerefunded to 12/1/10,
6.00%, 12/1/25
  $ 1,101,620    
  1,000     Franklin County, (Childrens Hospital), Prerefunded to
5/1/09, 5.20%, 5/1/29
    1,058,620    
  1,530     Hamilton City School District, Prerefunded to 12/1/09,
5.625%, 12/1/24
    1,640,099    
            $ 3,800,339    
Hospital — 17.8%      
$ 550     Cuyahoga County, (Cleveland Clinic Health System),
5.50%, 1/1/29
  $ 579,271    
  600     Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.25%, 8/15/46(3)
    618,414    
  1,500     Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.625%, 8/15/32
    1,571,265    
  600     Highland County, (Joint Township Hospital District),
6.75%, 12/1/29
    629,994    
  1,250     Parma Community General Hospital Association,
5.35%, 11/1/18
    1,307,837    
  1,750     Parma Community General Hospital Association,
5.375%, 11/1/29
    1,831,970    
  1,000     Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22
    1,076,320    
            $ 7,615,071    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing — 8.2%      
$ 1,000     Ohio Housing Finance Agency, (Residential Mortgage
Backed Securities), (AMT), 5.00%, 9/1/36
  $ 1,001,610    
  2,500     Ohio Housing Finance Agency, (Uptown Community
Partners), (AMT), 5.25%, 4/20/48
    2,521,650    
            $ 3,523,260    
Industrial Development Revenue — 11.5%      
$ 1,385     Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27
  $ 1,217,997    
  1,300     Dayton Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18
    1,355,952    
  2,250     Ohio Water Development Authority, (Anheuser-Busch),
(AMT), 6.00%, 8/1/38
    2,368,417    
            $ 4,942,366    
Insured-Education — 5.6%      
$ 1,000     Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), 5.50%, 12/1/30
  $ 1,069,160    
  1,250     University of Cincinnati, (FGIC), 5.25%, 6/1/24     1,322,162    
            $ 2,391,322    
Insured-Electric Utilities — 4.7%      
$ 2,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/25
  $ 822,060    
  3,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/26
    1,171,350    
            $ 1,993,410    
Insured-Escrowed / Prerefunded — 8.5%      
$ 245     Cuyahoga County Hospital, (MBIA), Escrowed to Maturity,
5.125%, 1/1/29(4)
  $ 252,210    
  1,000     Lima City School District, (AMBAC), Prerefunded to
12/1/10, 5.50%, 12/1/22
    1,093,040    
  495     Lima City School District, (AMBAC), Prerefunded to
12/1/10, 6.00%, 12/1/22
    551,024    
  1,500     University of Akron, (FGIC), Prerefunded to 1/1/10,
Variable Rate, 7.72%, 1/1/29(1)(2)
    1,731,345    
            $ 3,627,619    
Insured-General Obligations — 14.8%      
$ 2,455     Canal Winchester Local School District, (MBIA),
0.00%, 12/1/30
  $ 742,883    
  1,255     Canal Winchester Local School District, (MBIA),
0.00%, 12/1/33
    325,246    

 

See notes to financial statements

29



Eaton Vance Ohio Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations (continued)      
$ 610     Pickerington Ohio Local School District, (MBIA),
4.00%, 12/1/26
  $ 553,825    
  1,000     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(1)(5)     1,146,930    
  400     Puerto Rico, (MBIA), Variable Rate, 9.115%, 7/1/20(1)(5)     546,160    
  2,860     Springfield City School District, Clark County, (FGIC),
5.20%, 12/1/23
    3,033,116    
            $ 6,348,160    
Insured-Hospital — 6.6%      
$ 255     Cuyahoga County, (Cleveland Clinic), (MBIA),
5.125%, 1/1/29(4)
  $ 262,505    
  1,000     Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.00%, 5/15/32
    1,024,570    
  1,500     Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.125%, 5/15/28
    1,557,000    
            $ 2,844,075    
Insured-Industrial Development Revenue — 1.7%      
$ 725     Ohio Air Quality Development Authority, (Dayton Power &
Light Co.), (FGIC), 4.80%, 1/1/34
  $ 725,710    
            $ 725,710    
Insured-Lease Revenue / Certificates of
Participation — 6.6%
     
$ 1,500     Cleveland, Certificates of Participation, (Cleveland Stadium),
(AMBAC), 5.25%, 11/15/22
  $ 1,555,635    
  600     Puerto Rico Public Finance Corp., (AMBAC), Variable Rate,
7.90%, 6/1/24(1)(5)
    750,564    
  500     Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
    510,230    
            $ 2,816,429    
Insured-Special Tax Revenue — 13.3%      
$ 2,000     Delaware County, Sewer District, (MBIA),
4.75%, 12/1/24
  $ 2,021,780    
  2,000     Hamiliton County Sales Tax Revenue, (AMBAC),
5.25%, 12/1/32
    2,093,640    
  2,235     Hamilton County Sales Tax Revenue, (AMBAC),
0.00%, 12/1/28
    755,341    
  5,000     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/44
    800,100    
            $ 5,670,861    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 9.0%      
$ 500     Cleveland Airport System Revenue, (FSA),
5.00%, 1/1/31
  $ 508,265    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24     1,141,570    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26     1,138,890    
  1,000     Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 6.479%, 7/1/28(1)(5)
    1,076,010    
            $ 3,864,735    
Lease Revenue / Certificates of Participation — 3.2%      
$ 1,300     Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19
  $ 1,359,410    
            $ 1,359,410    
Other Revenue — 2.8%      
$ 1,000     Puerto Rico Infrastructure Financing Authority,
Variable Rate, 6.837%, 10/1/32(1)(5)
  $ 1,200,660    
            $ 1,200,660    
Pooled Loans — 11.4%      
$ 530     Cleveland-Cuyahoga County Port Authority, (Myers
University), 5.60%, 5/15/25
  $ 544,156    
  550     Ohio Economic Development Commission, (Ohio Enterprise
Bond Fund), (AMT), 4.85%, 6/1/25
    561,710    
  1,020     Ohio Economic Development, (Ohio Enterprise Bond Fund),
(AMT), 5.85%, 12/1/22
    1,061,749    
  1,215     Rickenbacker Port Authority, Oasbo Expanded Asset Pooled
Loan, 5.375%, 1/1/32
    1,283,028    
  325     Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25
    325,111    
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     1,117,149    
            $ 4,892,903    
Special Tax Revenue — 5.2%      
$ 600     Cleveland-Cuyahoga County Port Authority,
7.00%, 12/1/18
  $ 641,232    
  1,400     Cuyahoga County, Economic Development, (Shaker
Square), 6.75%, 12/1/30(6)
    1,586,074    
            $ 2,227,306    
Transportation — 2.1%      
$ 875     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/34
  $ 875,831    
            $ 875,831    

 

See notes to financial statements

30



Eaton Vance Ohio Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Water and Sewer — 2.4%  
$ 1,000     Ohio Water Development Authority, (Fresh Water
Improvement), 5.00%, 12/1/28
  $ 1,032,940    
        $ 1,032,940    
Total Tax-Exempt Investments — 153.1%
(identified cost $61,274,073)
      $ 65,529,855    
Other Assets, Less Liabilities — 1.8%       $ 787,288    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.9)%
      $ (23,502,026)    
Net Assets Applicable to Common
Shares — 100.0%
      $ 42,815,117    

 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2006, 46.2% 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 2.5% to 17.8% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2006, the aggregate value of the securities is $8,092,039 or 18.9% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

(3)  When-issued security.

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

(5)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

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

See notes to financial statements

31



Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited)

Tax-Exempt Investments — 154.8%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Cogeneration — 5.5%      
$ 525     Carbon County IDA, (Panther Creek Partners), (AMT),
6.65%, 5/1/10
  $ 555,403    
  500     Pennsylvania EDA, (Northampton Generating), (AMT),
6.50%, 1/1/13
    499,940    
  500     Pennsylvania EDA, (Northampton Generating), (AMT),
6.60%, 1/1/19
    500,915    
  675     Pennsylvania EDA, (Resource Recovery-Colver), (AMT),
5.125%, 12/1/15
    668,952    
            $ 2,225,210    
Education — 1.5%      
$ 600     Philadelphia HEFA, (Chestnut Hill College),
6.00%, 10/1/29
  $ 609,084    
            $ 609,084    
Electric Utilities — 3.1%      
$ 600     Pennsylvania EDA, (Reliant Energy, Inc.), (AMT),
6.75%, 12/1/36
  $ 638,886    
  600     York County IDA, Pollution Control, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20
    631,428    
            $ 1,270,314    
Escrowed / Prerefunded — 5.5%      
$ 1,500     Pennsylvania HEFA, (Drexel University), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,593,435    
  600     Philadelphia, IDA, (Franklin Institute), Escrowed to Maturity,
5.20%, 6/15/26
    615,654    
            $ 2,209,089    
Health Care-Miscellaneous — 5.4%      
$ 600     Allegheny County IDA, (Residential Resources, Inc.),
6.50%, 9/1/21
  $ 628,980    
  1,500     Chester County HEFA, (Devereux Foundation),
6.00%, 11/1/29
    1,560,825    
            $ 2,189,805    
Hospital — 11.7%      
$ 750     Lancaster County Hospital Authority, 5.50%, 3/15/26   $ 778,312    
  1,250     Lehigh County, General Purpose Authority, (Lehigh Valley
Health Network), 5.25%, 7/1/32
    1,288,650    
  500     Monroe County Hospital Authority, (Pocono Medical Center),
6.00%, 1/1/43
    526,760    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 360     Montgomery County Higher Education and Health Authority,
(Catholic Health East), 5.375%, 11/15/34
  $ 373,504    
  850     Pennsylvania HEFA, (UPMC Health System),
6.00%, 1/15/31
    920,830    
  300     St. Mary Hospital Authority, (Catholic Health East),
5.375%, 11/15/34
    311,952    
  500     Washington County Hospital Authority, (Monongahela
Hospital), 5.50%, 6/1/17
    525,235    
            $ 4,725,243    
Housing — 3.0%      
$ 1,200     Pennsylvania HFA, (AMT), 4.875%, 4/1/26   $ 1,203,768    
            $ 1,203,768    
Industrial Development Revenue — 8.6%      
$ 500     New Morgan IDA, (New Morgan Landfill), (AMT),
6.50%, 4/1/19
  $ 496,255    
  1,000     Pennsylvania EDA, (Proctor & Gamble Paper Products Co.),
(AMT), 5.375%, 3/1/31
    1,086,500    
  500     Pennsylvania EDA, Solid Waste Disposal, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27
    503,605    
  1,550     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    1,407,338    
            $ 3,493,698    
Insured-Education — 16.6%      
$ 1,900     Lycoming County Authority, (Pennsylvania College of
Technology), (AMBAC), 5.25%, 5/1/32
  $ 1,996,083    
  1,000     Northampton County HEFA, (Lafayette College), (MBIA),
5.00%, 11/1/27
    1,013,630    
  1,000     Pennsylvania HEFA, (Bryn Mawr College), (AMBAC),
5.125%, 12/1/29
    1,038,820    
  2,000     Pennsylvania HEFA, (State System Higher Education),
(FSA), 5.00%, 6/15/24
    2,053,200    
  600     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA), Variable Rate,
7.615%, 7/1/33(1)(2)
    630,810    
            $ 6,732,543    
Insured-Electric Utilities — 5.2%      
$ 460     Lehigh County, IDA, Pollution Control, (FGIC), Variable Rate,
6.82%, 2/15/27(1)(2)
  $ 459,982    
  600     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
8.28%, 7/1/29(1)(2)
    693,744    
  835     Puerto Rico Electric Power Authority, DRIVERS, (FSA),
Variable Rate, 8.28%, 7/1/29(1)(2)
    965,460    
            $ 2,119,186    

 

See notes to financial statements

32



Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 23.6%      
$ 1,000     Allegheny County Sanitation and Sewer Authority, (MBIA),
Prerefunded to 12/1/10, 5.50%, 12/1/24
  $ 1,075,490    
  650     Berks County Municipal Authority, (Reading Hospital and
Medical Center), (FSA), Prerefunded to 11/1/09,
6.00%, 11/1/29
    709,124    
  490     Dauphin County General Authority, (Pinnacle Health System),
(MBIA), Prerefunded to 5/15/07, 5.50%, 5/15/27
    503,372    
  2,000     Pennsylvania HEFA, (Temple University), (MBIA), Escrowed
to Maturity, 5.00%, 4/1/29(3)
    2,044,580    
  2,600     Pennsylvania Turnpike Commission, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27
    2,620,098    
  800     Puerto Rico Highway and Transportation Authority,
(MBIA), Prerefunded to 7/1/06, Variable Rate,
7.979%, 7/1/26(1)(2)
    840,048    
  595     Puerto Rico Infrastructure Financing Authority,
(AMBAC), Prerefunded to 1/1/08, Variable Rate,
7.334%, 7/1/28(1)(2)
    647,324    
  2,000     Westmoreland County Municipal Authority, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19
    1,095,580    
            $ 9,535,616    
Insured-General Obligations — 11.3%      
$ 1,000     Butler Area School District, (FGIC), 0.00%, 9/15/28   $ 338,460    
  1,410     McKeesport Area School District, (FSA), 0.00%, 10/1/34     344,421    
  2,000     Philadelphia, (FSA), 5.00%, 3/15/28     2,037,780    
  1,000     Puerto Rico, (FSA), Variable Rate, 6.199%, 7/1/27(1)(2)     1,146,930    
  2,295     Reading School District, (FGIC), 0.00%, 1/15/30     721,502    
            $ 4,589,093    
Insured-Hospital — 13.9%      
$ 510     Dauphin County General Authority, (Pinnacle Health System),
(MBIA), 5.50%, 5/15/27
  $ 521,664    
  500     Delaware County Authority, (Catholic Health East), (AMBAC),
4.875%, 11/15/26
    504,070    
  1,500     Lehigh County General Purpose Authority, (Lehigh Valley
Health Network), (MBIA), 5.25%, 7/1/29
    1,558,245    
  3,000     Montgomery County HEFA, (Abington Memorial Hospital),
(AMBAC), 5.00%, 6/1/28
    3,040,110    
            $ 5,624,089    
Insured-Special Tax Revenue — 6.0%      
$ 1,000     Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24
  $ 1,035,220    
  6,000     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/36
    1,403,520    
            $ 2,438,740    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 10.1%      
$ 1,000     Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29   $ 1,022,730    
  950     Pennsylvania Turnpike Commission, (FSA), Variable Rate,
8.21%, 1/15/23(1)(2)
    1,270,416    
  1,005     Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29     1,040,637    
  600     Puerto Rico Highway and Transportaton Authority, RITES,
(CIFG) Variable Rate, 7.293%, 7/1/41(1)(2)
    757,800    
            $ 4,091,583    
Insured-Water and Sewer — 9.0%      
$ 500     Delaware County IDA, (Water Facilities), (FGIC), (AMT),
6.00%, 6/1/29
  $ 531,205    
  1,000     Philadelphia Water and Wastewater, (FGIC),
5.00%, 11/1/31
    1,023,360    
  2,000     Pittsburgh Water and Sewer Authority, (AMBAC),
5.125%, 12/1/31
    2,076,160    
            $ 3,630,725    
Senior Living / Life Care — 9.3%      
$ 600     Bucks County IDA, (Pennswood), 6.00%, 10/1/27   $ 630,210    
  1,000     Cliff House Trust (AMT), 6.625%, 6/1/27     588,300    
  500     Crawford County Hospital Authority, (Wesbury United
Methodist Community), 6.25%, 8/15/29
    513,020    
  500     Lancaster County Hospital Authority, (Health Center),
5.875%, 6/1/31
    521,300    
  925     Montgomery County HEFA, (Faulkeways at Gwynedd),
6.75%, 11/15/30
    1,018,314    
  200     Montgomery County, IDA, (Foulkeways at Gwynedd),
5.00%, 12/1/24(4)
    200,016    
  300     Montgomery County, IDA, (Foulkeways at Gwynedd),
5.00%, 12/1/30(4)
    296,658    
            $ 3,767,818    
Transportation — 5.5%      
$ 11,200     Delaware River Joint Toll Bridge Commission,
5.00%, 7/1/28
  $ 1,225,776    
  225     Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09     226,285    
  495     Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16     493,480    
  270     Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31     289,030    
            $ 2,234,571    

 

See notes to financial statements

33



Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2006

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

       
Value
 
Total Tax-Exempt Investments — 154.8%
(identified cost $59,280,486)
    $ 62,690,175    
Other Assets, Less Liabilities — 0.8%       $ 316,917    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.6)%
      $ (22,504,129)    
Net Assets Applicable to Common
Shares — 100.0%
    $ 40,502,963    

 

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 - CDC IXIS Financial Guaranty 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 May 31, 2006, 61.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 24.6% 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 May 31, 2006, the aggregate value of the securities is $7,412,514 or 18.3% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at May 31, 2006.

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

(4)  When-issued security.

See notes to financial statements

34




Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited)

Statements of Assets and Liabilities

As of May 31, 2006

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Assets  
Investments —  
Identified cost   $ 163,596,007     $ 94,970,986     $ 59,269,853     $ 46,362,184    
Unrealized appreciation     7,898,315       4,289,616       2,989,825       3,221,830    
Investments, at value   $ 171,494,322     $ 99,260,602     $ 62,259,678     $ 49,584,014    
Cash   $ 529,954     $ 538,863     $     $ 162    
Receivable for investments sold     7,500                   634,757    
Interest receivable     2,204,115       944,167       1,023,721       686,034    
Receivable for daily variation margin on open financial futures contracts     85,938       45,312       31,963       5,480    
Prepaid expenses     6,235       6,235       6,236       2,507    
Total assets   $ 174,328,064     $ 100,795,179     $ 63,321,598     $ 50,912,954    
Liabilities  
Payable for investments purchased   $     $ 158,780     $     $    
Payable to affiliate for administration fee     28,946       17,037       10,710       8,294    
Payable for when-issued securities     3,193,623                   1,936,580    
Due to custodian                 3,779          
Payable to affiliate for Trustees' fees     1,150       897       212       234    
Payable to affiliate for investment advisory fees     101,309       59,630       37,486       29,028    
Accrued expenses     61,127       51,063       43,408       49,916    
Total liabilities   $ 3,386,155     $ 287,407     $ 95,595     $ 2,024,052    
Auction preferred shares at liquidation value plus cumulative unpaid dividends     59,020,028       35,500,000       21,503,886       17,500,000    
Net assets applicable to common shares   $ 111,921,881     $ 65,007,772     $ 41,722,117     $ 31,388,902    
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     106,462,788       63,254,539       40,196,540       31,450,960    
Accumulated net realized loss (computed on the basis of identified cost)     (3,335,851)       (3,065,878)       (1,732,015)       (3,509,546)    
Accumulated undistributed net investment income     650,954       395,250       208,238       194,072    
Net unrealized appreciation (computed on the basis of identified cost)     8,072,175       4,381,287       3,022,213       3,232,253    
Net assets applicable to common shares   $ 111,921,881     $ 65,007,772     $ 41,722,117     $ 31,388,902    
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
  $ 15.58     $ 15.27     $ 15.37     $ 14.83    

 

See notes to financial statements

35



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Assets and Liabilities

As of May 31, 2006

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Assets  
Investments —  
Identified cost   $ 102,090,153     $ 122,175,366     $ 61,274,073     $ 59,280,486    
Unrealized appreciation     5,363,916       5,300,105       4,255,782       3,409,689    
Investments, at value   $ 107,454,069     $ 127,475,471     $ 65,529,855     $ 62,690,175    
Cash   $ 596,574     $ 60,678     $     $    
Receivable for investments sold     234,496             511,075       10,050    
Interest receivable     1,783,478       1,788,245       1,082,031       1,047,322    
Receivable for daily variation margin on open financial futures contracts     54,336       70,781       22,054          
Receivable for open interest rate swap contracts                       91,004    
Prepaid expenses     6,235       2,356       6,235       2,507    
Total assets   $ 110,129,188     $ 129,397,531     $ 67,151,250     $ 63,841,058    
Liabilities  
Payable to affiliate for administration fee   $ 18,300     $ 21,830     $ 11,223     $ 10,656    
Payable for when-issued securities     2,012,509       247,990       611,826       495,827    
Due to custodian                 130,610       236,056    
Payable to affiliate for Trustees' fees     897       897       211       224    
Payable to affiliate for investment advisory fees     64,051       76,406       39,280       37,295    
Accrued expenses     58,393       69,693       40,957       53,908    
Total liabilities   $ 2,154,150     $ 416,816     $ 834,107     $ 833,966    
Auction preferred shares at liquidation value plus cumulative unpaid dividends     38,006,662       44,521,939       23,502,026       22,504,129    
Net assets applicable to common shares   $ 69,968,376     $ 84,458,776     $ 42,815,117     $ 40,502,963    
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     68,598,221       79,783,608       42,034,343       40,248,830    
Accumulated net realized loss (computed on the basis of identified cost)     (4,457,975)       (1,233,797)       (3,788,928)       (3,488,324)    
Accumulated undistributed net investment income     362,940       483,361       252,498       214,679    
Net unrealized appreciation (computed on the basis of identified cost)     5,418,975       5,371,851       4,288,911       3,500,693    
Net assets applicable to common shares   $ 69,968,376     $ 84,458,776     $ 42,815,117     $ 40,502,963    
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
  $ 15.14     $ 15.71     $ 15.13     $ 14.95    

 

See notes to financial statements

36



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Operations

For the Six Months Ended May 31, 2006

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Investment Income  
Interest   $ 4,474,449     $ 2,696,733     $ 1,656,295     $ 1,325,998    
Total investment income   $ 4,474,449     $ 2,696,733     $ 1,656,295     $ 1,325,998    
Expenses  
Investment adviser fee   $ 597,984     $ 350,319     $ 220,836     $ 171,096    
Administration fee     170,907       100,091       63,096       48,885    
Trustees' fees and expenses     3,364       2,620       620       636    
Legal and accounting services     19,922       17,299       15,864       16,703    
Printing and postage     6,561       5,151       3,491       3,640    
Custodian fee     59,138       28,309       18,853       17,578    
Transfer and dividend disbursing agent fees     55,764       33,217       23,828       18,925    
Preferred shares remarketing agent fee     73,548       44,253       26,801       21,815    
Miscellaneous     15,898       15,583       14,409       15,452    
Total expenses   $ 1,003,086     $ 596,842     $ 387,798     $ 314,730    
Deduct —  
Reduction of custodian fee     16,276       4,564       4,068       2,281    
Total expense reductions   $ 16,276     $ 4,564     $ 4,068     $ 2,281    
Net expenses   $ 986,810     $ 592,278     $ 383,730     $ 312,449    
Net investment income   $ 3,487,639     $ 2,104,455     $ 1,272,565     $ 1,013,549    
Realized and Unrealized Gain (Loss)  
Net realized gain  
Investment transactions (identified cost basis)     1,415,362       945,011       254,183       115,941    
Financial futures contracts     1,838,143       799,336       805,827       169,706    
Net realized gain   $ 3,253,505     $ 1,744,347     $ 1,060,010     $ 285,647    
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)     (1,862,944)       (1,214,100)       (608,265)       (238,790)    
Financial futures contracts     (12,046)       (17,394)       (68,320)       (15,095)    
Net change in unrealized appreciation (depreciation)   $ (1,874,990)     $ (1,231,494)     $ (676,585)     $ (253,885)    
Net realized and unrealized gain   $ 1,378,515     $ 512,853     $ 383,425     $ 31,762    
Distributions to preferred shareholders
From net investment income
  $ (809,957)     $ (533,466)     $ (308,092)     $ (259,637)    
Net increase in net assets from operations   $ 4,056,197     $ 2,083,842     $ 1,347,898     $ 785,674    

 

See notes to financial statements

37



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Operations

For the Six Months Ended May 31, 2006

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Investment Income  
Interest   $ 2,860,199     $ 3,403,146     $ 1,760,083     $ 1,740,158    
Total investment income   $ 2,860,199     $ 3,403,146     $ 1,760,083     $ 1,740,158    
Expenses  
Investment adviser fee   $ 378,033     $ 451,662     $ 231,020     $ 220,060    
Administration fee     108,009       129,046       66,006       62,874    
Trustees' fees and expenses     2,620       3,103       620       636    
Legal and accounting services     17,318       19,132       16,103       16,803    
Printing and postage     6,114       9,296       2,511       5,232    
Custodian fee     36,139       55,460       18,495       24,723    
Transfer and dividend disbursing agent fees     36,941       42,483       24,231       22,204    
Preferred shares remarketing agent fee     47,369       55,472       29,215       28,048    
Miscellaneous     14,657       4,771       15,930       16,363    
Total expenses   $ 647,200     $ 770,425     $ 404,131     $ 396,943    
Deduct —  
Reduction of custodian fee     6,044       7,374       6,045       1,765    
Total expense reductions   $ 6,044     $ 7,374     $ 6,045     $ 1,765    
Net expenses   $ 641,156     $ 763,051     $ 398,086     $ 395,178    
Net investment income   $ 2,219,043     $ 2,640,095     $ 1,361,997     $ 1,344,980    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —  
Investment transactions (identified cost basis)     151,696       499,941       (149,470)       113,246    
Financial futures contracts     1,390,621       1,330,532       732,735       333,798    
Net realized gain   $ 1,542,317     $ 1,830,473     $ 583,265     $ 447,044    
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)     (740,365)       (1,309,030)       89,411       (248,587)    
Financial futures contracts     (119,502)       (21,398)       (17,284)       (445)    
Interest rate swap contracts                       91,004    
Net change in unrealized appreciation (depreciation)   $ (859,867)     $ (1,330,428)     $ 72,127     $ (158,028)    
Net realized and unrealized gain   $ 682,450     $ 500,045     $ 655,392     $ 289,016    
Distributions to preferred shareholders
From net investment income
  $ (553,521)     $ (634,133)     $ (354,160)     $ (353,098)    
Net increase in net assets from operations   $ 2,347,972     $ 2,506,007     $ 1,663,229     $ 1,280,898    

 

See notes to financial statements

38



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Changes in Net Assets

For the Six Months Ended May 31, 2006

Increase (Decrease) in Net Assets   California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
From operations —  
Net investment income   $ 3,487,639     $ 2,104,455     $ 1,272,565     $ 1,013,549    
Net realized gain from investment transactions and financial
futures contracts
    3,253,505       1,744,347       1,060,010       285,647    
Net change in unrealized appreciation (depreciation)
from investments and financial futures contracts
    (1,874,990)       (1,231,494)       (676,585)       (253,885)    
Distributions to preferred shareholders
From net investment income
    (809,957)       (533,466)       (308,092)       (259,637)    
Net increase in net assets from operations   $ 4,056,197     $ 2,083,842     $ 1,347,898     $ 785,674    
Distributions to common shareholders —
From net investment income
  $ (2,894,240)     $ (1,577,370)     $ (1,069,977)     $ (754,105)    
Total distributions to common shareholders   $ (2,894,240)     $ (1,577,370)     $ (1,069,977)     $ (754,105)    
Capital share transactions —
Reinvestment of distributions to common shareholders
  $     $     $ 48,702     $    
Net increase in net assets from capital transactions   $     $     $ 48,702     $    
Net increase in net assets   $ 1,161,957     $ 506,472     $ 326,623     $ 31,569    
Net Assets Applicable to Common Shares  
At beginning of period   $ 110,759,924     $ 64,501,300     $ 41,395,494     $ 31,357,333    
At end of period   $ 111,921,881     $ 65,007,772     $ 41,722,117     $ 31,388,902    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of period   $ 650,954     $ 395,250     $ 208,238     $ 194,072    

 

See notes to financial statements

39



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS (Unaudited) CONT'D

Statements of Changes in Net Assets

For the Six Months Ended May 31, 2006

Increase (Decrease) in Net Assets   New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
From operations —  
Net investment income   $ 2,219,043     $ 2,640,095     $ 1,361,997     $ 1,344,980    
Net realized gain (loss) from investment transactions and
financial futures contracts
    1,542,317       1,830,473       583,265       447,044    
Net change in unrealized appreciation (depreciation) from investments,
financial futures contracts and interest rate swap contracts
    (859,867)       (1,330,428)       72,127       (158,028)    
Distributions to preferred shareholders
From net investment income
    (553,521)       (634,133)       (354,160)       (353,098)    
Net increase in net assets from operations   $ 2,347,972     $ 2,506,007     $ 1,663,229     $ 1,280,898    
Distributions to common shareholders —
From net investment income
  $ (1,790,085)     $ (2,241,519)     $ (1,041,212)     $ (1,049,054)    
Total distributions to common shareholders   $ (1,790,085)     $ (2,241,519)     $ (1,041,212)     $ (1,049,054)    
Capital share transactions —
Reinvestment of distributions to common shareholders
  $ 35,506     $     $     $ 37,735    
Net increase in net assets from capital transactions   $ 35,506     $     $     $ 37,735    
Net increase in net assets   $ 593,393     $ 264,488     $ 622,017     $ 269,579    
Net Assets Applicable to Common Shares  
At beginning of period   $ 69,374,983     $ 84,194,288     $ 42,193,100     $ 40,233,384    
At end of period   $ 69,968,376     $ 84,458,776     $ 42,815,117     $ 40,502,963    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of period   $ 362,940     $ 483,361     $ 252,498     $ 214,679    

 

See notes to financial statements

40



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2005

Increase (Decrease) in Net Assets   California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
From operations —  
Net investment income   $ 7,274,373     $ 4,312,380     $ 2,633,250     $ 2,104,211    
Net realized gain (loss) from investment transactions and financial
futures contracts
    2,019,988       (241,899)       (26,706)       (248,298)    
Net change in unrealized appreciation (depreciation)
from investments and financial futures contracts
    782,433       1,014,453       644,728       256,848    
Distributions to preferred shareholders
From net investment income
    (1,102,773)       (754,098)       (392,797)       (363,695)    
Net increase in net assets from operations   $ 8,974,021     $ 4,330,836     $ 2,858,475     $ 1,749,066    
Distributions to common shareholders —
From net investment income
  $ (6,406,670)     $ (3,850,086)     $ (2,386,249)     $ (1,845,027)    
Total distributions to common shareholders   $ (6,406,670)     $ (3,850,086)     $ (2,386,249)     $ (1,845,027)    
Capital share transactions —
Reinvestment of distributions to common shareholders
  $     $ 109,762     $ 261,722     $ 90,130    
Net increase in net assets from capital transactions   $     $ 109,762     $ 261,722     $ 90,130    
Net increase (decrease) in net assets   $ 2,567,351     $ 590,512     $ 733,948     $ (5,831)    
Net Assets Applicable to Common Shares  
At beginning of year   $ 108,192,573     $ 63,910,788     $ 40,661,546     $ 31,363,164    
At end of year   $ 110,759,924     $ 64,501,300     $ 41,395,494     $ 31,357,333    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 867,512     $ 401,631     $ 313,742     $ 194,26    

 

See notes to financial statements

41



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2005

Increase (Decrease) in Net Assets   New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
From operations —  
Net investment income   $ 4,683,176     $ 5,743,713     $ 2,836,869     $ 2,718,721    
Net realized gain (loss) from investment transactions and financial
futures contracts
    1,349,891       726,543       (648,550)       (415,008)    
Net change in unrealized appreciation (depreciation) from investments and
financial futures contracts
    (251,423)       573,200       495,857       690,441    
Distributions to preferred shareholders
From net investment income
    (781,913)       (873,271)       (495,350)       (487,092)    
Net increase in net assets from operations   $ 4,999,731     $ 6,170,185     $ 2,188,826     $ 2,507,062    
Distributions to common shareholders —
From net investment income
  $ (4,033,521)     $ (5,260,606)     $ (2,551,147)     $ (2,562,431)    
Total distributions to common shareholders   $ (4,033,521)     $ (5,260,606)     $ (2,551,147)     $ (2,562,431)    
Capital share transactions —
Reinvestment of distributions to common shareholders
  $ 110,426     $ 240,734     $ 111,872     $ 265,890    
Net increase in net assets from capital transactions   $ 110,426     $ 240,734     $ 111,872     $ 265,890    
Net increase (decrease) in net assets   $ 1,076,636     $ 1,150,313     $ (250,449)     $ 210,521    
Net Assets Applicable to Common Shares  
At beginning of year   $ 68,298,347     $ 83,043,975     $ 42,443,549     $ 40,022,863    
At end of year   $ 69,374,983     $ 84,194,288     $ 42,193,100     $ 40,233,384    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 487,503     $ 718,918     $ 285,873     $ 271,851    

 

See notes to financial statements

42




Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    California Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 15.420     $ 15.070     $ 15.320     $ 14.590     $ 14.410     $ 13.210    
Income (loss) from operations  
Net investment income   $ 0.486     $ 1.013     $ 1.079     $ 1.079     $ 1.069     $ 1.035    
Net realized and unrealized gain (loss)     0.190       0.383       (0.227)       0.682       0.155       1.120    
Distributions to preferred shareholders  
From net investment income     (0.113)       (0.154)       (0.079)       (0.068)       (0.110)       (0.222)    
Total income from operations   $ 0.563     $ 1.242     $ 0.773     $ 1.693     $ 1.114     $ 1.933    
Less distributions to common shareholders  
From net investment income   $ (0.403)     $ (0.892)     $ (1.023)     $ (0.963)     $ (0.934)     $ (0.733)    
Total distributions to common shareholders   $ (0.403)     $ (0.892)     $ (1.023)     $ (0.963)     $ (0.934)     $ (0.733)    
Net asset value — End of period (Common shares)   $ 15.580     $ 15.420     $ 15.070     $ 15.320     $ 14.590     $ 14.410    
Market value — End of period (Common shares)   $ 15.000     $ 13.650     $ 15.160     $ 14.950     $ 13.660     $ 14.320    
Total Return(3)      12.95 %     (4.34) %     8.60 %     17.06 %     1.84 %     29.65 %  

 

See notes to financial statements

43



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    California Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 111,922     $ 110,760     $ 108,193     $ 109,991     $ 104,703     $ 102,664    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.79 %(5)     1.78 %     1.78 %     1.78 %     1.82 %     1.83 %  
Expenses after custodian fee reduction(4)     1.76 %(5)     1.76 %     1.77 %     1.78 %     1.80 %     1.76 %  
Net investment income(4)     6.23 %(5)     6.52 %     7.10 %     7.17 %     7.44 %     7.32 %  
Portfolio Turnover     23 %     31 %     17 %     9 %     11 %     47 %  

 

†  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):  
Expenses     1.18 %(5)     1.16 %     1.15 %     1.15 %     1.16 %     1.15 %  
Expenses after custodian fee reduction     1.16 %(5)     1.15 %     1.15 %     1.15 %     1.15 %     1.11 %  
Net investment income     4.08 %(5)     4.26 %     4.61 %     4.64 %     4.73 %     4.62 %  
Senior Securities:  
Total preferred shares outstanding     2,360       2,360       2,360       2,360       2,360       2,360    
Asset coverage per preferred share(6)   $ 72,433     $ 71,942     $ 70,849     $ 71,608     $ 69,366     $ 68,507    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.012, decrease net realized and unrealized gains per share by $0.012, increase the ratio of net investment income to average net assets applicable to common shares from 7.36% to 7.44%, and increase the ratio of net investment income to average total net assets from 4.68% to 4.73%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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

44



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Florida Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 15.150     $ 15.040     $ 15.530     $ 14.730     $ 14.340     $ 13.070    
Income (loss) from operations  
Net investment income   $ 0.494     $ 1.013     $ 1.082     $ 1.096     $ 1.103     $ 1.056    
Net realized and unrealized gain (loss)     0.122       0.179       (0.450)       0.775       0.358       1.162    
Distributions to preferred shareholders  
From net investment income     (0.125)       (0.177)       (0.087)       (0.076)       (0.118)       (0.243)    
Total income from operations   $ 0.491     $ 1.015     $ 0.545     $ 1.795     $ 1.343     $ 1.975    
Less distributions to common shareholders  
From net investment income   $ (0.371)     $ (0.905)     $ (1.035)     $ (0.995)     $ (0.953)     $ (0.705)    
Total distributions to common shareholders   $ (0.371)     $ (0.905)     $ (1.035)     $ (0.995)     $ (0.953)     $ (0.705)    
Net asset value — End of period (Common shares)   $ 15.270     $ 15.150     $ 15.040     $ 15.530     $ 14.730     $ 14.340    
Market value — End of period (Common shares)   $ 13.490     $ 14.180     $ 15.250     $ 15.455     $ 14.400     $ 13.380    
Total Return(3)      (2.36) %     (1.25) %     5.76 %     14.67 %     15.18 %     34.91 %  

 

See notes to financial statements

45



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Florida Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 65,008     $ 64,501     $ 63,911     $ 65,902     $ 62,302     $ 60,646    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.84 %(5)     1.86 %     1.84 %     1.83 %     1.87 %     1.90 %  
Expenses after custodian fee reduction(4)     1.83 %(5)     1.85 %     1.83 %     1.82 %     1.86 %     1.82 %  
Net investment income(4)     6.50 %(5)     6.65 %     7.09 %     7.20 %     7.61 %     7.46 %  
Portfolio Turnover     23 %     15 %     4 %     15 %     14 %     24 %  

 

  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):  
Expenses     1.19 %(5)     1.20 %     1.18 %     1.18 %     1.18 %     1.19 %  
Expenses after custodian fee reduction     1.18 %(5)     1.19 %     1.18 %     1.18 %     1.18 %     1.14 %  
Net investment income     4.20 %(5)     4.30 %     4.58 %     4.64 %     4.82 %     4.68 %  
Senior Securities:  
Total preferred shares outstanding     1,420       1,420       1,420       1,420       1,420       1,420    
Asset coverage per preferred share(6)   $ 70,780     $ 70,423     $ 70,011     $ 71,412     $ 68,878     $ 67,695    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.60% to 7.61%, and increase the ratio of net investment income to average total net assets from 4.81% to 4.82%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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 May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Massachusetts Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 15.270     $ 15.090     $ 15.380     $ 14.350     $ 14.110     $ 12.530    
Income (loss) from operations  
Net investment income   $ 0.469     $ 0.973     $ 1.054     $ 1.091     $ 1.065     $ 1.044    
Net realized and unrealized gain (loss)     0.140       0.234       (0.251)       0.982       0.218       1.486    
Distributions to preferred shareholders  
From net investment income     (0.114)       (0.145)       (0.070)       (0.070)       (0.106)       (0.227)    
Total income from operations   $ 0.495     $ 1.062     $ 0.733     $ 2.003     $ 1.177     $ 2.303    
Less distributions to common shareholders  
From net investment income   $ (0.395)     $ (0.882)     $ (1.023)     $ (0.973)     $ (0.937)     $ (0.723)    
Total distributions to common shareholders   $ (0.395)     $ (0.882)     $ (1.023)     $ (0.973)     $ (0.937)     $ (0.723)    
Net asset value — End of period (Common shares)   $ 15.370     $ 15.270     $ 15.090     $ 15.380     $ 14.350     $ 14.110    
Market value — End of period (Common shares)   $ 15.500     $ 14.800     $ 16.810     $ 15.400     $ 15.510     $ 14.370    
Total Return(3)      7.48 %     (6.89) %     16.71 %     5.91 %     15.16 %     40.54 %  

 

See notes to financial statements

47



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Massachusetts Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 41,722     $ 41,395     $ 40,662     $ 41,035     $ 37,795     $ 36,634    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.86 %(5)     1.88 %     1.87 %     1.86 %     1.97 %     1.97 %  
Expenses after custodian fee reduction(4)     1.84 %(5)     1.87 %     1.86 %     1.86 %     1.94 %     1.88 %  
Net investment income(4)     6.11 %(5)     6.29 %     6.97 %     7.27 %     7.55 %     7.60 %  
Portfolio Turnover     21 %     13 %     39 %     26 %     7 %     13 %  

 

  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):  
Expenses     1.23 %(5)     1.24 %     1.22 %     1.21 %     1.24 %     1.23 %  
Expenses after custodian fee reduction     1.22 %(5)     1.24 %     1.22 %     1.21 %     1.22 %     1.17 %  
Net investment income     4.03 %(5)     4.15 %     4.55 %     4.72 %     4.77 %     4.74 %  
Senior Securities:  
Total preferred shares outstanding     860       860       860       860       860       860    
Asset coverage per preferred share(6)   $ 73,519     $ 73,138     $ 72,281     $ 72,719     $ 68,951     $ 67,602    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.55%, and increase the ratio of net investment income to average total net assets from 4.75% to 4.77%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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 May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Michigan Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 14.820     $ 14.860     $ 15.240     $ 14.400     $ 14.490     $ 13.060    
Income (loss) from operations  
Net investment income   $ 0.479     $ 0.995     $ 1.072     $ 1.092     $ 1.085     $ 1.045    
Net realized and unrealized gain (loss)     0.010       0.010       (0.334)       0.802       (0.109)       1.317    
Distributions to preferred shareholders  
From net investment income     (0.123)       (0.172)       (0.086)       (0.072)       (0.113)       (0.242)    
Total income from operations   $ 0.366     $ 0.833     $ 0.652     $ 1.822     $ 0.863     $ 2.120    
Less distributions to common shareholders  
From net investment income   $ (0.356)     $ (0.873)     $ (1.032)     $ (0.982)     $ (0.953)     $ (0.690)    
Total distributions to common shareholders   $ (0.356)     $ (0.873)     $ (1.032)     $ (0.982)     $ (0.953)     $ (0.690)    
Net asset value — End of period (Common shares)   $ 14.830     $ 14.820     $ 14.860     $ 15.240     $ 14.400     $ 14.490    
Market value — End of period (Common shares)   $ 13.640     $ 13.500     $ 16.600     $ 15.635     $ 13.940     $ 13.000    
Total Return(3)      3.65 %     (13.87) %     13.63 %     19.82 %     14.72 %     31.69 %  

 

See notes to financial statements

49



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Michigan Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 31,389     $ 31,357     $ 31,363     $ 31,963     $ 30,064     $ 30,213    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     2.00 %(5)     2.00 %     1.96 %     1.97 %     2.00 %     1.99 %  
Expenses after custodian fee reduction(4)     1.99 %(5)     1.99 %     1.96 %     1.97 %     1.99 %     1.90 %  
Net investment income(4)     6.45 %(5)     6.60 %     7.16 %     7.31 %     7.54 %     7.36 %  
Portfolio Turnover     12 %     14 %     5 %     8 %     13 %     33 %  

 

  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):  
Expenses     1.29 %(5)     1.29 %     1.26 %     1.26 %     1.27 %     1.25 %  
Expenses after custodian fee reduction     1.28 %(5)     1.28 %     1.26 %     1.26 %     1.26 %     1.19 %  
Net investment income     4.15 %(5)     4.26 %     4.60 %     4.69 %     4.76 %     4.63 %  
Senior Securities:  
Total preferred shares outstanding     700       700       700       700       700       700    
Asset coverage per preferred share(6)   $ 69,841     $ 69,796     $ 69,810     $ 70,664     $ 67,952     $ 68,163    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, increase net realized and unrealized losses per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.51% to 7.54% and increase the ratio of net investment income to average total net assets from 4.74% to 4.76%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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 May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New Jersey Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 15.020     $ 14.810     $ 15.190     $ 14.060     $ 13.880     $ 12.680    
Income (loss) from operations  
Net investment income   $ 0.480     $ 1.014     $ 1.082     $ 1.120     $ 1.098     $ 1.057    
Net realized and unrealized gain (loss)     0.148       0.238       (0.313)       1.099       0.163       1.089    
Distributions to preferred shareholders  
From net investment income     (0.120)       (0.169)       (0.081)       (0.071)       (0.105)       (0.234)    
Total income from operations   $ 0.508     $ 1.083     $ 0.688     $ 2.148     $ 1.156     $ 1.912    
Less distributions to common shareholders  
From net investment income   $ (0.388)     $ (0.873)     $ (1.068)     $ (1.018)     $ (0.976)     $ (0.712)    
Total distributions to common shareholders   $ (0.388)     $ (0.873)     $ (1.068)     $ (1.018)     $ (0.976)     $ (0.712)    
Net asset value — End of period (Common shares)   $ 15.140     $ 15.020     $ 14.810     $ 15.190     $ 14.060     $ 13.880    
Market value — End of period (Common shares)   $ 15.100     $ 14.030     $ 15.540     $ 15.415     $ 14.400     $ 13.340    
Total Return(3)      10.46 %     (4.22) %     8.31 %     14.75 %     15.70 %     31.34 %  

 

See notes to financial statements

51



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New Jersey Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 69,968     $ 69,375     $ 68,298     $ 69,500     $ 63,803     $ 62,237    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.85 %(5)     1.86 %     1.85 %     1.84 %     1.89 %     1.95 %  
Expenses after custodian fee reduction(4)     1.83 %(5)     1.84 %     1.84 %     1.84 %     1.88 %     1.90 %  
Net investment income(4)     6.33 %(5)     6.66 %     7.28 %     7.64 %     7.80 %     7.64 %  
Portfolio Turnover     13 %     46 %     52 %     28 %     25 %     35 %  

 

  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):  
Expenses     1.20 %(5)     1.21 %     1.19 %     1.18 %     1.19 %     1.21 %  
Expenses after custodian fee reduction     1.19 %(5)     1.19 %     1.18 %     1.18 %     1.18 %     1.18 %  
Net investment income     4.11 %(5)     4.33 %     4.68 %     4.87 %     4.88 %     4.74 %  
Senior Securities:  
Total preferred shares outstanding     1,520       1,520       1,520       1,520       1,520       1,520    
Asset coverage per preferred share(6)   $ 71,036     $ 70,651     $ 69,935     $ 70,724     $ 66,976     $ 65,951    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.78% to 7.80% and increase the ratio of net investment income to average total net assets from 4.87% to 4.88%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized

(6)  Calculated by substracting 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

52



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New York Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 15.660     $ 15.490     $ 15.810     $ 14.860     $ 14.280     $ 13.020    
Income (loss) from operations  
Net investment income   $ 0.491     $ 1.070     $ 1.126     $ 1.108     $ 1.114     $ 1.057    
Net realized and unrealized gain (loss)     0.094       0.243       (0.332)       0.936       0.553       1.150    
Distributions to preferred shareholders  
From net investment income     (0.118)       (0.163)       (0.074)       (0.068)       (0.103)       (0.220)    
Total income from operations   $ 0.467     $ 1.150     $ 0.720     $ 1.976     $ 1.564     $ 1.987    
Less distributions to common shareholders  
From net investment income   $ (0.417)     $ (0.980)     $ (1.040)     $ (1.026)     $ (0.984)     $ (0.727)    
Total distributions to common shareholders   $ (0.417)     $ (0.980)     $ (1.040)     $ (1.026)     $ (0.984)     $ (0.727)    
Net asset value — End of period (Common shares)   $ 15.710     $ 15.660     $ 15.490     $ 15.810     $ 14.860     $ 14.280    
Market value — End of period (Common shares)   $ 15.200     $ 14.990     $ 15.370     $ 15.460     $ 13.990     $ 14.050    
Total Return(3)      4.20 %     3.81 %     6.46 %     18.34 %     6.56 %     38.30 %  

 

See notes to financial statements

53



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New York Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 84,459     $ 84,194     $ 83,044     $ 84,744     $ 79,589     $ 75,658    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.82 %(5)     1.81 %     1.78 %     1.77 %     1.86 %     1.88 %  
Expenses after custodian fee reduction(4)     1.80 %(5)     1.80 %     1.78 %     1.77 %     1.86 %     1.86 %  
Net investment income(4)     6.24 %(5)     6.72 %     7.23 %     7.21 %     7.64 %     7.45 %  
Portfolio Turnover     27 %     40 %     31 %     19 %     8 %     21 %  

 

  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):  
Expenses     1.19 %(5)     1.19 %     1.16 %     1.15 %     1.18 %     1.19 %  
Expenses after custodian fee reduction     1.18 %(5)     1.19 %     1.16 %     1.15 %     1.18 %     1.17 %  
Net investment income     4.09 %(5)     4.42 %     4.71 %     4.68 %     4.84 %     4.68 %  
Senior Securities:  
Total preferred shares outstanding     1,780       1,780       1,780       1,780       1,780       1,780    
Asset coverage per preferred share(6)   $ 72,461     $ 72,311     $ 71,659     $ 72,603     $ 69,714     $ 67,506    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.002, decrease net realized and unrealized gains per share by $0.002, increase the ratio of net investment income to average net assets applicable to common shares from 7.62% to 7.64% and increase the ratio of net investment income to average total net assets from 4.83% to 4.84%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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

54



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Ohio Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 14.910     $ 15.040     $ 15.070     $ 14.150     $ 14.070     $ 12.820    
Income (loss) from operations  
Net investment income   $ 0.481     $ 1.003     $ 1.081     $ 1.083     $ 1.107     $ 1.068    
Net realized and unrealized gain (loss)     0.232       (0.055)       (0.011)       0.913       0.036       1.134    
Distributions to preferred shareholders  
From net investment income     (0.125)       (0.175)       (0.091)       (0.077)       (0.109)       (0.242)    
Total income from operations   $ 0.588     $ 0.773     $ 0.979     $ 1.919     $ 1.034     $ 1.960    
Less distributions to common shareholders  
From net investment income   $ (0.368)     $ (0.903)     $ (1.009)     $ (0.999)     $ (0.954)     $ (0.710)    
Total distributions to common shareholders   $ (0.368)     $ (0.903)     $ (1.009)     $ (0.999)     $ (0.954)     $ (0.710)    
Net asset value — End of period (Common shares)   $ 15.130     $ 14.910     $ 15.040     $ 15.070     $ 14.150     $ 14.070    
Market value — End of period (Common shares)   $ 14.450     $ 14.170     $ 16.750     $ 15.715     $ 14.730     $ 13.620    
Total Return(3)      4.57 %     (10.31) %     13.96 %     14.12 %     15.59 %     26.39 %  

 

See notes to financial statements

55



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Ohio Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 42,815     $ 42,193     $ 42,444     $ 42,304     $ 39,507     $ 39,072    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.90 %(5)     1.91 %     1.91 %     1.90 %     1.96 %     1.99 %  
Expenses after custodian fee reduction(4)     1.87 %(5)     1.90 %     1.90 %     1.88 %     1.87 %     1.90 %  
Net investment income(4)     6.40 %(5)     6.57 %     7.23 %     7.37 %     7.84 %     7.69 %  
Portfolio Turnover     9 %     13 %     12 %     23 %     8 %     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):  
Expenses     1.22 %(5)     1.24 %     1.23 %     1.21 %     1.23 %     1.24 %  
Expenses after custodian fee reduction     1.21 %(5)     1.23 %     1.22 %     1.20 %     1.17 %     1.18 %  
Net investment income     4.13 %(5)     4.25 %     4.64 %     4.69 %     4.91 %     4.78 %  
Senior Securities:  
Total preferred shares outstanding     940       940       940       940       940       940    
Asset coverage per preferred share(6)   $ 70,550     $ 69,888     $ 70,153     $ 70,007     $ 67,032     $ 66,569    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums on fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.005, decrease net realized and unrealized gains per share by $0.005, increase the ratio of net investment income to average net assets applicable to common shares from 7.80% to 7.84% and increase the ratio of net investment income to average total net assets from 4.88% to 4.91%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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 May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Pennsylvania Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Net asset value — Beginning of period (Common shares)   $ 14.870     $ 14.890     $ 15.210     $ 14.260     $ 14.160     $ 12.960    
Income (loss) from operations  
Net investment income   $ 0.497     $ 1.008     $ 1.076     $ 1.089     $ 1.059     $ 1.015    
Net realized and unrealized gain (loss)     0.101       0.103       (0.301)       0.884       0.039       1.107    
Distributions to preferred shareholders  
From net investment income     (0.130)       (0.181)       (0.092)       (0.080)       (0.111)       (0.244)    
Total income from operations   $ 0.468     $ 0.930     $ 0.683     $ 1.893     $ 0.987     $ 1.878    
Less distributions to common shareholders  
From net investment income   $ (0.388)     $ (0.950)     $ (1.003)     $ (0.943)     $ (0.887)     $ (0.678)    
Total distributions to common shareholders   $ (0.388)     $ (0.950)     $ (1.003)     $ (0.943)     $ (0.887)     $ (0.678)    
Net asset value — End of period (Common shares)   $ 14.950     $ 14.870     $ 14.890     $ 15.210     $ 14.260     $ 14.160    
Market value — End of period (Common shares)   $ 14.450     $ 14.660     $ 15.540     $ 15.980     $ 13.960     $ 12.750    
Total Return(3)      1.12 %     0.39 %     4.07 %     22.05 %     16.77 %     26.88 %  

 

See notes to financial statements

57



Eaton Vance Municipal Income Trusts as of May 31, 2006

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Pennsylvania Trust  
    Six Months Ended
May 31, 2006
  Year Ended November 30,  
    (Unaudited)(1)    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of period (000's omitted)   $ 40,503     $ 40,233     $ 40,023     $ 40,670     $ 38,027     $ 37,723    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.96 %(5)     1.97 %     1.91 %     1.92 %     1.95 %     1.97 %  
Expenses after custodian fee reduction(4)     1.95 %(5)     1.95 %     1.91 %     1.92 %     1.95 %     1.94 %  
Net investment income(4)     6.65 %(5)     6.69 %     7.18 %     7.35 %     7.48 %     7.26 %  
Portfolio Turnover     21 %     28 %     8 %     6 %     20 %     34 %  

 

  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):  
Expenses     1.26 %(5)     1.27 %     1.23 %     1.23 %     1.22 %     1.23 %  
Expenses after custodian fee reduction     1.25 %(5)     1.26 %     1.22 %     1.23 %     1.22 %     1.20 %  
Net investment income     4.28 %(5)     4.30 %     4.61 %     4.69 %     4.68 %     4.53 %  
Senior Securities:  
Total preferred shares outstanding     900       900       900       900       900       900    
Asset coverage per preferred share(6)   $ 70,008     $ 69,708     $ 69,471     $ 70,193     $ 67,257     $ 66,920    
Involuntary liquidation preference per preferred share(7)   $ 25,000     $ 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     $ 25,000    

 

(1)  Computed using average common shares outstanding.

(2)  The Trust has adopted the provisions of the revised AICPA Audit and Accounting Guide for Investment Companies and began using the interest method to amortize premiums of fixed-income securities. The effect of this change for the year ended November 30, 2002 was to increase net investment income per share by $0.003, decrease net realized and unrealized gains per share by $0.003, increase the ratio of net investment income to average net assets applicable to common shares from 7.45% to 7.48% and increase the ratio of net investment income to average total net assets from 4.67% to 4.68%. Per-share data and ratios for the periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

(3)  Returns are historical and are calculated by determining the percentage change in market value with all distributions reinvested. Total return is not computed on an annualized basis.

(4)  Ratios do not reflect the effect of dividend payments to preferred shareholders. Ratios to average net assets applicable to common shares reflect the Trust's leveraged capital structure.

(5)  Annualized.

(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 May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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), (individually referred to as the Trust or collectively the Trusts) are registered under the Investment Company Act of 1940, as amended, as non-diversified, closed-end management investment companies. The Trusts were organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated December 10, 1998. Each Trust's investment objective is to provide current income exempt from regular federal income taxes and taxes in its specified state. Each Trust seeks to achieve its objective by investing primarily in investment grade municipal obligations issued by its specified state.

The following is a summary of significant accounting policies consistently followed by each Trust in the preparation of its financial statements. 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 normally 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. Over-the-counter options on financial futures contracts are normally valued at the mean between the latest bid and asked prices. Interest rate swaps are normally 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 value. Investments for which valuations or market quotations are unavailable, and investments for which the price of the 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  Income — 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 all of its taxable, if any, and tax-exempt income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At November 30, 2005, the Trusts, for federal income tax purposes, had capital loss carryovers which will reduce each Trust's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the 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 carryovers are as follows:

Trust   Amount   Expires  
California   $ 3,466,091     November 30, 2007  
      2,239,451     November 30, 2008  
      995,999     November 30, 2012  
Florida     1,207,714     November 30, 2007  
      1,777,536     November 30, 2008  
      160,909     November 30, 2009  
      1,495,013     November 30, 2012  
      114,338     November 30, 2013  
Massachusetts     574,842     November 30, 2007  
      1,739,252     November 30, 2008  
      39,627     November 30, 2009  
      343,176     November 30, 2010  
Michigan     1,193,621     November 30, 2007  
      624,509     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     2,224,594     November 30, 2007  
      3,178,038     November 30, 2008  
      262,308     November 30, 2009  
      177,350     November 30, 2011  
New York     1,002,537     November 30, 2007  
      1,920,646     November 30, 2008  
      70,059     November 30, 2009  
Ohio     1,531,618     November 30, 2007  
      643,577     November 30, 2008  
      850,745     November 30, 2009  
      764,355     November 30, 2012  
      588,403     November 30, 2013  

 

59



Eaton Vance Municipal Income Trusts as of May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Trust   Amount   Expires  
Pennsylvania   $ 1,395,577     November 30, 2007  
      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  

 

In addition, 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 for investors.

D  Financial Futures Contracts — Upon the entering of a financial futures contract, a Trust is required to deposit (initial margin) either in cash or securities an amount equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by a Trust (margin maintenance) each day, dependent on the daily fluctuations in the value of the underlying security, and are recorded for book purposes as unrealized gains or losses by a Trust. A Trust's investment in financial futures contracts is designed for both hedging against anticipated future changes in interest rates and investment purposes. Should interest rates move unexpectedly, a Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

E  Options on Financial Futures Contracts — Upon the purchase of a put option on a financial futures contract by a Trust, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, a Trust will realize a loss in the amount of the cost of the option. When a Trust enters into a closing sale transaction, a Trust will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When a Trust exercises a put option, settlement is made in cash. The risk associated with purchasing put options is limited to the premium originally paid.

F  When-Issued and Delayed Delivery Transactions — The Trusts may engage in when-issued and delayed delivery transactions. The Trusts record when-issued securities on trade date and maintain security positions such that sufficient liquid assets will be available to make payments for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on settlement date.

G  Interest Rate Swaps — Each 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, the Trust makes bi-annual payments at a fixed interest rate. In exchange, the Trust receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. The value of the swap is determined by changes in the relationship between two rates of interest. The Trust is exposed to credit loss in the event of non-performance by the swap counterparty. However, the Trust does not anticipate non-performance by the counterparty. Risk may also arise from the unanticipated movements in value of interest rates.

H  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirements 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.

I  Expense Reduction — Investors Bank & Trust Company (IBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, IBT receives a fee reduced by credits which are determined based on the average daily cash balance each Trust maintains with IBT. All credit balances used to reduce the Trusts' custodian fees are reported as a reduction of total expenses in the Statements of Operations.

J  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.

K  Indemnifications — Under each Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising

60



Eaton Vance Municipal Income Trusts as of May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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.

L  Other — Investment transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities sold are determined on the basis of identified cost.

M  Interim Financial Statements — The interim financial statements relating to May 31, 2006 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts' management reflects all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Auction Preferred Shares (APS)

Each Trust issued Auction Preferred Shares on March 1, 1999 in a public offering. The underwriting discounts and other offering costs were recorded as a reduction of capital of the common shares of each Trust. Dividends on the APS, which accrue daily, are cumulative at a rate which was established at the offering of each Trust's APS and have been reset every seven days thereafter by an auction.

Auction Preferred Shares issued and outstanding as of May 31, 2006 and dividend rate ranges for the six months ended May 31, 2006 are as indicated below:

Trust   Preferred Shares
Issued and Outstanding
  Dividends Rate
Ranges
 
California     2,360     2.18% – 3.60%  
Florida     1,420     2.70% – 3.70%  
Massachusetts     860     1.20% – 4.35%  
Michigan     700     1.787% – 3.70%  
New Jersey     1,520     2.44% – 4.35%  
New York     1,780     2.35% – 3.60%  
Ohio     940     2.74% – 3.65%  
Pennsylvania     900     2.84% – 3.75%  

 

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

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding APS. Distributions are recorded on the ex-dividend date. Distributions of realized capital gains, if any, are made at least annually. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. Each dividend payment period for the Auction Preferred Shares is generally seven days. The applicable dividend rate for Auction Preferred Shares on May 31, 2006 are listed below. For the six months ended May 31, 2006, the amount of dividends each Trust paid to Auction Preferred shareholders and average APS dividend rates for such period were as follows:

Trust   APS
Dividend Rates
as of
May 31, 2006
  Dividends Paid
to Preferred
Shareholders
for the six
months ended
May 31, 2006
  Average APS
Dividend
Rates for the
six months
ended
May 31, 2006
 
California     3.098 %   $ 809,957       2.75 %  
Florida     3.40 %     533,466       3.01 %  
Massachusetts     3.30 %     308,092       2.87 %  
Michigan     3.25 %     259,637       2.98 %  
New Jersey     3.20 %     553,521       2.92 %  
New York     3.00 %     634,133       2.86 %  
Ohio     3.15 %     354,160       3.02 %  
Pennsylvania     3.35 %     353,098       3.16 %  

 

61



Eaton Vance Municipal Income Trusts as of May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

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.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee, computed at an annual rate of 0.70% of each Trust's average weekly gross assets, was earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. Except for Trustees of each Trust who are not members of EVM's organization, officers and Trustees receive remuneration for their services to each Trust out of such investment adviser fee. For the six months ended May 31, 2006, the fee was equivalent to 0.70% of each Trust's average weekly gross assets and amounted to $597,984, $350,319, $220,836, $171,096, $378,033, $451,662, $231,020 and $220,060, for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively. EVM also serves as the administrator of each Trust. An administration fee, computed at the annual rate of 0.20% of the average weekly gross assets of each Trust is paid to EVM for administering business affairs of each Trust. For the six months ended May 31, 2006, the administrative fee amounted to $170,907, $100,091, $63,096, $48,885, $108,009, $129,046, $66,006 and $62,874 for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.

Certain officers and Trustees of each Trust are officers of the above organization.

5  Investments

Purchases and sales of investments, other than U.S. Government securities and short-term obligations, for the six months ended May 31, 2006 were as follows:

California Trust      
Purchases   $ 40,868,721    
Sales     39,215,855    
Florida Trust      
Purchases   $ 23,429,788    
Sales     25,549,151    

 

Massachusetts Trust      
Purchases   $ 13,522,930    
Sales     12,931,184    
Michigan Trust      
Purchases   $ 6,684,027    
Sales     5,692,326    
New Jersey Trust      
Purchases   $ 15,376,588    
Sales     13,566,027    
New York Trust      
Purchases   $ 34,888,257    
Sales     33,934,941    
Ohio Trust      
Purchases   $ 6,590,957    
Sales     6,168,140    
Pennsylvania Trust      
Purchases   $ 14,216,772    
Sales     13,022,700    

 

6  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of the investments owned by each Trust at May 31, 2006, as determined on a federal income tax basis, were as follows:

California Trust      
Aggregate cost   $ 163,256,529    
Gross unrealized appreciation   $ 8,821,203    
Gross unrealized depreciation     (583,410)    
Net unrealized appreciation   $ 8,237,793    
Florida Trust      
Aggregate cost   $ 94,924,989    
Gross unrealized appreciation   $ 4,560,569    
Gross unrealized depreciation     (224,956)    
Net unrealized appreciation   $ 4,335,613    

 

62



Eaton Vance Municipal Income Trusts as of May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

Massachusetts Trust      
Aggregate cost   $ 59,239,127    
Gross unrealized appreciation   $ 3,199,889    
Gross unrealized depreciation     (179,338)    
Net unrealized appreciation   $ 3,020,551    
Michigan Trust      
Aggregate cost   $ 46,302,528    
Gross unrealized appreciation   $ 3,375,525    
Gross unrealized depreciation     (94,039)    
Net unrealized appreciation   $ 3,281,486    
New Jersey Trust      
Aggregate cost   $ 102,069,629    
Gross unrealized appreciation   $ 5,796,626    
Gross unrealized depreciation     (412,186)    
Net unrealized appreciation   $ 5,384,440    
New York Trust      
Aggregate cost   $ 122,149,902    
Gross unrealized appreciation   $ 6,295,703    
Gross unrealized depreciation     (970,134)    
Net unrealized appreciation   $ 5,325,569    
Ohio Trust      
Aggregate cost   $ 61,206,558    
Gross unrealized appreciation   $ 4,382,086    
Gross unrealized depreciation     (58,789)    
Net unrealized appreciation   $ 4,323,297    
Pennsylvania Trust      
Aggregate cost   $ 59,227,066    
Gross unrealized appreciation   $ 3,763,208    
Gross unrealized depreciation     (300,099)    
Net unrealized appreciation   $ 3,463,109    

 

7  Shares of Beneficial Interest

Each Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional $0.01 par value common shares of beneficial interest. Transactions in common shares were as follows:

    Florida Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
          7,185    
Net increase           7,185    
    Massachusetts Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
    3,132       16,386    
Net increase     3,132       16,386    
    Michigan Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
          5,779    
Net increase           5,779    
    New Jersey Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
    2,349       7,346    
Net increase     2,349       7,346    
    New York Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
          15,026    
Net increase           15,026    

 

63



Eaton Vance Municipal Income Trusts as of May 31, 2006

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

    Ohio Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
          7,120    
Net increase           7,120    
    Pennsylvania Trust  
    Six Months Ended
May 31, 2006
(Unaudited)
  Year Ended
November 30, 2005
 
Shares issued pursuant to the
Trust's dividend reinvestment plan
    2,527       17,414    
Net increase     2,527       17,414    

 

California Trust did not have any transactions in common shares for the six months ended May 31, 2006 and the year ended November 30, 2005.

8  Financial Instruments

The Trusts regularly 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 include futures contracts 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 May 31, 2006 is as follows:

Futures Contracts

Trust   Expiration
Date(s)
  Contracts   Position   Aggregate
Cost
  Value   Net
Unrealized
Appreciation
 
California   09/06   275
U.S. Treasury Bond
  Short   $ (29,384,016)     $ (29,210,156)     $ 173,860    
Florida   09/06   145
U.S. Treasury Bond
  Short   $ (15,493,390)     $ (15,401,719)     $ 91,671    
Massachusetts   09/06   100
U.S. Treasury Bond
  Short   $ (10,654,263)     $ (10,621,875)     $ 32,388    

 

Trust   Expiration
Date(s)
  Contracts   Position   Aggregate
Cost
  Value   Net
Unrealized
Appreciation
 
Michigan   09/06   6
U.S. Treasury Bond
  Short   $ (640,194)     $ (637,313)     $ 2,881    
    09/06   12
U.S. Treasury Note
  Short   $ (1,266,605)     $ (1,259,063)     $ 7,542    
New Jersey   09/06   170
U.S. Treasury Bond
  Short   $ (18,112,247)     $ (18,057,188)     $ 55,059    
New York   09/06   227
U.S. Treasury Bond
  Short   $ (24,183,402)     $ (24,111,656)     $ 71,746    
Ohio   09/06   69
U.S. Treasury Bond
  Short   $ (7,362,223)     $ (7,329,094)     $ 33,129    

 

At May 31, 2006, the Pennsylvania Trust had entered into an interest rate swap agreement with JPMorgan Chase Bank, N.A. whereby the Pennsylvania Trust makes bi-annual payments at a fixed rate equal to 5.77% on the notional amount of $10,000,000. In exchange, the Pennsylvania Trust receives quarterly payments at a rate equal to the three month USD-LIBOR on the same notional amount. The effective date of the interest rate swap is February 26, 2007. The value of the contract, which terminates February 26, 2037, is recorded as a receivable for open swap contracts of $91,004 on May 31, 2006.

At May 31, 2006, the Trusts had sufficient cash and/or securities to cover margin requirements on these contracts.

9  Overdraft Advances

Pursuant to the custodian agreement between the Trusts and IBT, IBT may in its discretion advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft by the Trusts, the Trusts are obligated to repay IBT at the current rate of interest charged by IBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to IBT. IBT has a lien on the Trust's assets to the extent of any overdraft. At May 31, 2006, Massachusetts Trust, Ohio Trust and Pennsylvania Trust had payments due to IBT pursuant to the foregoing arrangement of $3,779, $130,610 and $236,056 respectively.

64



Eaton Vance Municipal Income Trusts as of May 31, 2006

OTHER MATTERS (Unaudited)

Each Trust held its Annual Meeting of Shareholders on March 24, 2006. The following action was taken by the shareholders of each Trust:

Item 1:  The election of Benjamin C. Esty, Ronald A. Pearlman, Lynn A. Stout and Ralph F. Verni as Class I Trustees of the Trust for a three-year term expiring in 2009.

Trust   Nominee for
Class I Trustee
Elected by All
Shareholders:
Benjamin C. Esty
  Nominee for
Class I Trustee
Elected by All
Shareholders:
Ronald A. Pearlman
  Nominee for
Class I Trustee
Elected by All
Shareholders:
Lynn A. Stout
  Nominee for
Class I Trustee
Elected by All
Shareholders:
Ralph F. Verni
 
California  
For     5,960,741       5,962,257       5,961,501       5,959,257    
Withheld     81,416       79,900       80,656       82,900    
Florida  
For     3,667,884       3,677,551       3,677,884       3,677,884    
Withheld     40,835       41,168       40,835       40,835    
Massachusetts  
For     2,265,645       2,260,172       2,263,272       2,264,582    
Withheld     21,655       27,128       24,028       22,718    
Michigan  
For     1,916,370       1,916,371       1,915,371       1,916,371    
Withheld     40,376       40,376       41,376       40,376    
New Jersey  
For     4,048,227       4,052,251       4,054,824       4,054,739    
Withheld     42,621       38,597       36,024       36,109    
New York  
For     4,729,015       4,726,565       4,714,865       4,731,065    
Withheld     45,708       48,158       59,858       43,658    
Ohio  
For     2,331,652       2,331,852       2,331,852       2,331,264    
Withheld     24,542       24,342       24,342       24,930    
Pennsylvania  
For     2,574,045       2,569,005       2,574,845       2,574,845    
Withheld     16,437       21,477       15,637       15,637    

 

65




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 1-800-331-1710.

66



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
800-331-1710

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 May 31, 2006, our records indicate that there are 60, 35, 57, 26, 70, 57, 49 and 66 registered shareholders for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively, and approximately 7,700, 1,800, 1,200, 1,100, 2,100, 2,300, 1,500 and 1,400 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania 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 Trust   CEV  
Florida Trust   FEV  
Massachusetts Trust   MMV  
Michigan Trust   EMI  
New Jersey Trust   EVJ  
New York Trust   EVY  
Ohio Trust   EVO  
Pennsylvania Trust   EVP  

 

67



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 March 27, 2006, 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 and March 2006. 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 managed by it;

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;

•  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.

68



Eaton Vance Municipal Income Trusts

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

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 March 31, 2006, the Board met nine times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twelve and five 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 seven 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 in the complex 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.

69



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, 2005 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 is satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including administrative fees, payable by each Fund (referred to collectively as "management fees").

The Board considered the financial resources committed by the Adviser in structuring the 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 one year period ended September 30, 2005, 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.

70




Eaton Vance Municipal Income Trusts

INVESTMENT MANAGEMENT

Eaton Vance Municipal Income Trusts

Officers
Cynthia J. Clemson
President of CEV, FEV, EMI, EVY, EVO and EVP; Vice President of MMV and EVJ; Portfolio Manager of CEV and FEV
Robert B. MacIntosh
President of MMV and EVJ; Vice President of CEV, FEV, EMI, EVY, EVO and EVP; Portfolio Manager of MMV and EVJ
William H. Ahern, Jr.
Vice President and Portfolio Manager of EMI and EVO
Craig R. Brandon
Vice President and Portfolio Manager of EVY
James B. Hawkes
Vice President and Trustee
Thomas M. Metzold
Vice President and Portfolio Manager of EVP
Barbara E. Campbell
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer
  Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
Ralph F. Verni
 

 

American Stock Exchange symbols

California Trust  CEV
Florida Trust  FEV
Massachusetts Trust  MMV
Michigan Trust  EMI
New Jersey Trust  EVJ
New York Trust  EVY
Ohio Trust  EVO
Pennsylvania Trust  EVP

71



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

The Eaton Vance Building

255 State Street

Boston, MA 02109

Custodian
Investors Bank & Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent and Dividend Disbursing Agent
PFPC Inc.

P.O. Box 43027

Providence, RI 02940-3027

(800) 331-1710

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



147-7/06  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, Samuel L. Hayes, III 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. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration. 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 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

 

Not required in this filing

 

Item 5. Audit Committee of Listed registrants

 

Not required in this filing.

 

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. The investment adviser will generally support company management on proposals relating to environmental and social policy issues, on matters regarding the state of organization of the company and routine matters related to corporate administration which are not expected to have a significant economic impact on the company or its shareholders. On all other matters, the investment adviser will review each matter on a case-by-case basis and reserves the right to deviate from the Policies’ guidelines when it believes the situation warrants such a deviation. The Policies include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. 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.

 

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 members of senior management of the investment adviser identified in the Policies. Such members of senior management will determine if a conflict exists. If a 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

 

Not required in this filing.

 



 

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:

July 18, 2006

 

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:

July 18, 2006

 

 

 

 

By:

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

President

 

 

 

 

Date:

July 18, 2006