UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Eaton Vance Massachusetts Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

November 30

May 31, 2010

 

 

Item 1. Reports to Stockholders

 

IMPORTANT NOTICES

 

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:

 

 

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. Our Privacy Policy applies only 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(s) (if applicable) will file a schedule of 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 at 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.

 

 

 

 

Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (“APS”) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.

Eaton Vance Municipal Income Trusts as of May 31, 2010

Investment Update			2
Performance Information and Portfolio Composition
California Municipal Income Trust			4
Massachusetts Municipal Income Trust			5
Michigan Municipal Income Trust			6
New Jersey Municipal Income Trust			7
New York Municipal Income Trust			8
Ohio Municipal Income Trust			9
Pennsylvania Municipal Income Trust			10
Financial Statements			11
Annual Meeting of Shareholders			67
Board of Trustees’ Annual Approval of the Investment Advisory Agreements			68
Officers and Trustees			71

Eaton Vance Municipal Income Trusts as of May 31, 2010

INVESTMENT UPDATE

Eaton Vance Municipal Income Trusts (the Trusts) are closed-end funds, traded on the NYSE Amex, 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

During the six months ending May 31, 2010, the U.S. economy remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. U.S. equity and bond markets became more skittish during the period, partially in reaction to the Euro Zone credit problems that began in Greece. The U.S. economy grew at an annualized rate of 5.7% in the fourth quarter of 2009 and 2.7% in the first quarter of 2010, according to the U.S. Department of Commerce.

The municipal bond market’s performance was relatively flat during the period, with slightly negative returns in the final month of 2009 being offset by positive performance in the first part of 2010. For the period, the Trusts’ primary benchmark, the Barclays Capital Municipal Bond Index (the Index)—a broad-based, unmanaged index of municipal bonds—gained 3.60%.¹ Economic fundamentals continued to improve and demand for municipals remained strong.

The significant performance disparities among the municipal market’s segments, which became historically wide during 2008 and the first three quarters of 2009, began to dissipate during the six months ending May 31, 2010. After nearly two years of irrational market behavior, we witnessed a period in which there was more typical—and less volatile—performance across credit quality, maturities and sectors. In the face of limited tax-exempt supply due to the success of the Build America Bond program, demand from municipal investors remained positive during the period, though the gusto with which they purchased municipal funds waned from 2009 levels. We believe lighter inflows were likely driven by lower yields, a continuation of credit-related headline “noise” and investor preparation for tax bills in March and April 2010.

Management Discussion

During the six months ending May 31, 2010, the Trusts outperformed the Index and their respective Lipper peer group averages at net asset value.¹ Given the combination of the Trusts’ objective of providing tax-exempt income and the municipal yield curve’s historically upward slope, the Trusts generally hold longer-maturity bonds relative to the broad market than many of our competitors. The Trusts invest across the credit spectrum; as a result, narrowing credit yield spreads during the period contributed to their outperformance of the Index. However, management’s bias toward long maturities, which was the basis for much of the Trusts’ significant relative outperformance in the first three quarters of 2009, detracted slightly during the six-month period.

Management employed leverage in the Trusts, through which additional exposure to the municipal market was achieved. Leverage has the impact of magnifying a Trust’s exposure to its underlying investments in both up and down markets. During the period, the Trusts’ leverage also contributed to their outperformance of the Index.

As we move ahead, we recognize that many state and local governments face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to closely monitor the economy and its impact on current and future budget deficits, and we will stay abreast of any new solutions provided by state and local officials to address their fiscal problems. As in all environments, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage the Trusts with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, has served municipal investors well over the long term.

Eaton Vance Municipal Income Trusts as of May 31, 2010

INVESTMENT UPDATE

Effective February 19, 2010, Craig R. Brandon became the portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Adam A. Weigold became the portfolio manager of Eaton Vance New Jersey Municipal Income Trust. Mr. Brandon is a Vice President of Eaton Vance Management (EVM) and has been a portfolio manager of Eaton Vance municipal funds since 2004. Mr. Weigold is a Vice President of EVM and has been a portfolio manager of Eaton Vance municipal funds since 2007. In addition, Mr. Weigold has been a municipal credit analyst of Eaton Vance for more than five years.

A Note Regarding The Use Of Leverage

The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and, for certain Trusts, the use of residual interest bond (RIB) financing.¹ Each Trust’s APS and RIB leverage percentage as of May 31, 2010, as applicable, is reflected on the Trust-specific pages following this letter. The leverage created by APS and RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of the common shares).

Eaton Vance California Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		CEV
Average Annual Total Returns (by market price)
Six Months			9.82	%
One Year			25.50
Five Years			3.34
Ten Years			8.08
Life of Trust (1/29/99)			4.78
Average Annual Total Returns (by net asset value)
Six Months			8.88	%
One Year			18.31
Five Years			1.97
Ten Years			7.80
Life of Trust (1/29/99)			4.82
Premium/(Discount) to NAV (5/31/10)			-0.46	%

Market Yields
Market Yield2			6.87	%
Taxable-Equivalent Market Yield3			11.82

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper California Municipal Debt Funds Classification (by net asset value)
Six Months			7.29	%
One Year			16.18
Five Years			3.02
Ten Years			6.39

Portfolio Manager: Cynthia J. Clemson

Rating Distribution*⁶

By total investments

AAA			25.1	%
AA			25.9	%
A			31.3	%
BBB			11.3	%
Not Rated			6.4	%

Trust Statistics⁷

• Number of Issues:		105
• Average Maturity:		21.3	years
• Average Effective Maturity:		12.8	years
• Average Call Protection:		7.1	years
• Average Dollar Price:		$91.04
• APS Leverage**:		30.5	%
• RIB Leverage**:		12.5	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 25, 25, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		MMV
Average Annual Total Returns (by market price)
Six Months			15.05	%
One Year			25.24
Five Years			3.88
Ten Years			8.96
Life of Trust (1/29/99)			5.80
Average Annual Total Returns (by net asset value)
Six Months			8.91	%
One Year			21.51
Five Years			3.72
Ten Years			8.99
Life of Trust (1/29/99)			5.52
Premium/(Discount) to NAV (5/31/10)			3.07	%

Market Yields
Market Yield2			6.13	%
Taxable-Equivalent Market Yield3			9.96

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
Six Months			5.22	%
One Year			14.35
Five Years			4.04
Ten Years			6.78

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution*⁶

By total investments

AAA			7.4	%
AA			40.4	%
A			37.7	%
BBB			8.6	%
BB			1.3	%
Not Rated			4.6	%

Trust Statistics⁷

• Number of Issues:		66
• Average Maturity:		26.2	years
• Average Effective Maturity:		18.2	years
• Average Call Protection:		9.7	years
• Average Dollar Price:		$98.28
• APS Leverage**:		31.3	%
• RIB Leverage**:		7.6	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance Michigan Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		EMI
Average Annual Total Returns (by market price)
Six Months			13.34	%
One Year			23.62
Five Years			1.02
Ten Years			8.42
Life of Trust (1/29/99)			4.53
Average Annual Total Returns (by net asset value)
Six Months			7.70	%
One Year			17.09
Five Years			3.31
Ten Years			8.05
Life of Trust (1/29/99)			5.12
Premium/(Discount) to NAV (5/31/10)			-6.23	%

Market Yields
Market Yield2			6.81	%
Taxable-Equivalent Market Yield3			10.95

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper Michigan Municipal Debt Funds Classification (by net asset value)
Six Months			5.66	%
One Year			12.99
Five Years			3.65
Ten Years			7.07

Portfolio Manager: William H. Ahern, Jr., CFA

Rating Distribution⁶

By total investments

Trust Statistics⁷

• Number of Issues:		71
• Average Maturity:		21.2	years
• Average Effective Maturity:		11.4	years
• Average Call Protection:		5.6	years
• Average Dollar Price:		$96.89
• APS Leverage*:		38.1	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding, which is a form of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. ³ Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 5, 5, 5 and 3 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.6 Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		EVJ
Average Annual Total Returns (by market price)
Six Months			6.84	%
One Year			29.73
Five Years			5.42
Ten Years			9.33
Life of Trust (1/29/99)			5.90
Average Annual Total Returns (by net asset value)
Six Months			7.12	%
One Year			20.86
Five Years			3.98
Ten Years			8.86
Life of Trust (1/29/99)			5.61
Premium/(Discount) to NAV (5/31/10)			3.20	%

Market Yields
Market Yield2			6.54	%
Taxable-Equivalent Market Yield3			11.05

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
Six Months			6.62	%
One Year			16.69
Five Years			4.03
Ten Years			6.84

Portfolio Manager: Adam A. Weigold, CFA

Rating Distribution*⁶

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements. Absent such securities, the Trust’s rating distribution as of 5/31/10 is as follows:

AAA			22.6	%
AA			27.6	%
A			25.2	%
BBB			22.2	%
BB			0.2	%
B			1.0	%
Not Rated			1.2	%

Trust Statistics⁷

• Number of Issues:		80
• Average Maturity:		24.9	years
• Average Effective Maturity:		12.7	years
• Average Call Protection:		8.2	years
• Average Dollar Price:		$94.95
• APS Leverage**:		29.5	%
• RIB Leverage**:		12.9	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 12, 12, 11 and 6 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance New York Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		EVY
Average Annual Total Returns (by market price)
Six Months			9.69	%
One Year			19.50
Five Years			3.29
Ten Years			9.55
Life of Trust (1/29/99)			5.65
Average Annual Total Returns (by net asset value)
Six Months			9.55	%
One Year			23.03
Five Years			2.74
Ten Years			8.33
Life of Trust (1/29/99)			5.44
Premium/(Discount) to NAV (5/31/10)			2.26	%

Market Yields
Market Yield2			6.50	%
Taxable-Equivalent Market Yield3			10.99

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper New York Municipal Debt Funds Classification (by net asset value)
Six Months			6.69	%
One Year			16.04
Five Years			3.48
Ten Years			6.71

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution*⁶

By total investments

AAA			18.6	%
AA			33.4	%
A			19.7	%
BBB			12.2	%
BB			4.7	%
B			1.9	%
CCC			0.9	%
Not Rated			8.6	%

Trust Statistics⁷

• Number of Issues:		94
• Average Maturity:		24.0	years
• Average Effective Maturity:		14.3	years
• Average Call Protection:		9.2	years
• Average Dollar Price:		$96.70
• APS Leverage**:		26.2	%
• RIB Leverage**:		15.9	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. ³ Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 20, 20, 19 and 8 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance Ohio Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		EVO
Average Annual Total Returns (by market price)
Six Months			5.08	%
One Year			18.16
Five Years			3.58
Ten Years			8.09
Life of Trust (1/29/99)			5.15
Average Annual Total Returns (by net asset value)
Six Months			5.53	%
One Year			17.55
Five Years			3.41
Ten Years			8.38
Life of Trust (1/29/99)			5.25
Premium/(Discount) to NAV (5/31/10)			-1.09	%

Market Yields
Market Yield2			6.52	%
Taxable-Equivalent Market Yield3			10.70

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
Six Months			5.22	%
One Year			14.35
Five Years			4.04
Ten Years			6.78

Portfolio Manager: William H. Ahern, Jr., CFA

Rating Distribution*⁶

By total investments

AAA			30.2	%
AA			34.2	%
A			18.4	%
BBB			9.2	%
B			1.4	%
Not Rated			6.6	%

Trust Statistics⁷

• Number of Issues:		80
• Average Maturity:		22.5	years
• Average Effective Maturity:		10.9	years
• Average Call Protection:		7.6	years
• Average Dollar Price:		$96.16
• APS Leverage**:		35.4	%
• RIB Leverage**:		3.6	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 39.06% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance1
NYSE Amex Symbol		EVP
Average Annual Total Returns (by market price)
Six Months			8.78	%
One Year			22.82
Five Years			3.23
Ten Years			8.79
Life of Trust (1/29/99)			5.28
Average Annual Total Returns (by net asset value)
Six Months			7.40	%
One Year			17.74
Five Years			4.12
Ten Years			8.33
Life of Trust (1/29/99)			5.39
Premium/(Discount) to NAV (5/31/10)			-1.22	%

Market Yields
Market Yield2			6.31	%
Taxable-Equivalent Market Yield3			10.02

Index Performance⁴ (Average Annual Total Returns)

		Barclays Capital Municipal Bond Index				Barclays Capital Long (22+) Municipal Bond Index
Six Months			3.60	%			6.08	%
One Year			8.52				13.53
Five Years			4.52				3.86
Ten Years			5.90				6.51

Lipper Averages⁵ (Average Annual Total Returns)

Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
Six Months			6.12	%
One Year			16.67
Five Years			3.76
Ten Years			6.68

Portfolio Manager: Adam A. Weigold, CFA

Rating Distribution*⁶

By total investments

AAA			16.9	%
AA			43.7	%
A			22.7	%
BBB			5.8	%
BB			0.8	%
CCC			1.8	%
CC			0.8	%
Not Rated			7.5	%

Trust Statistics⁷

• Number of Issues:		84
• Average Maturity:		22.1	years
• Average Effective Maturity:		12.1	years
• Average Call Protection:		7.8	years
• Average Dollar Price:		$99.01
• APS Leverage**:		34.5	%
• RIB Leverage**:		3.9	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trust’s performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and RIB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). ² The Trust’s market yield is calculated by dividing the last regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. ⁴ It is not possible to invest directly in an Index. The Indices’ total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. ⁵ The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 9, 9, 8 and 5 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. ⁶ Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. ⁷ Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trust’s financial statements.

Eaton Vance California Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 172.7%
Principal Amount
(000’s omitted)				Security		Value
Education — 15.7%
$	2,000			California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39		$	2,086,460
	745			California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30			763,394
	2,770			California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29			2,692,855
	1,105			California Educational Facilities Authority, (Pomona College), 5.00%, 7/1/45			1,138,205
	1,350			California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23			1,495,868
	4,000			California Educational Facilities Authority, (Stanford University), 5.125%, 1/1/31(1)			4,008,600
	2,500			San Diego County, Certificates of Participation, (University of San Diego), 5.375%, 10/1/41			2,502,525
						$	14,687,907
Electric Utilities — 7.1%
$	270			Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34		$	299,779
	2,275			Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27			2,248,860
	1,020			Los Angeles Department of Water and Power, 5.25%, 7/1/38			1,079,517
	1,500			Northern California Power Agency, 5.25%, 8/1/24			1,599,480
	1,300			Vernon, Electric System Revenue, 5.125%, 8/1/21			1,367,730
						$	6,595,366
General Obligations — 11.3%
$	750			California, 6.00%, 4/1/38		$	818,685
	1,590			California, (AMT), 5.05%, 12/1/36			1,451,575
	4,770			San Francisco Bay Area Rapid Transit District, (Election of 2004), 4.75%, 8/1/37(2)			4,884,766
	3,180			Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)(3)			3,368,145
						$	10,523,171
Hospital — 29.1%
$	1,000			California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		$	1,029,550
	2,310			California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39			2,250,956
	1,500			California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38			1,701,045
	3,480			California Health Facilities Financing Authority, (Sutter Health), 5.25%, 11/15/46(2)			3,461,753
	750			California Infrastructure and Economic Development Bank, (Kaiser Hospital), 5.50%, 8/1/31			755,138
	2,900			California Statewide Communities Development Authority, (Huntington Memorial Hospital), 5.00%, 7/1/35			2,775,996
	1,150			California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34			1,119,985
	1,650			California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36			1,602,925
	1,565			California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32			1,587,583
	1,750			California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29			1,753,325
	1,500			California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28			1,538,190
	1,200			Duarte, (Hope National Medical Center), 5.25%, 4/1/24			1,202,064
	1,900			Torrance Hospital, (Torrance Memorial Medical Center), 5.50%, 6/1/31			1,918,658
	1,250			Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34			1,105,413
	700			Washington Health Care Facilities Authority, (Providence Health Care), 5.25%, 7/1/29			700,623
	2,780			Washington Township Health Care District, 5.00%, 7/1/32			2,679,058
						$	27,182,262
Housing — 2.6%
$	1,750			California Housing Finance Agency, (AMT), 4.75%, 8/1/42		$	1,363,985
	707			Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29			660,965
	414			Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29			382,163
						$	2,407,113
Industrial Development Revenue — 4.1%
$	800			California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27		$	801,288
	1,235			California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23			1,239,940
	2,000			California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46			1,799,600
						$	3,840,828
Insured-Education — 5.3%
$	495			California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35		$	498,074

See notes to financial statements

11

 

Eaton Vance California Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

 

Principal Amount
(000’s omitted)				Security		Value
Insured-Education (continued)
$	1,250			California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		$	1,385,062
	3,000			California State University, (AMBAC), 5.00%, 11/1/33			3,027,810
						$	4,910,946
Insured-Electric Utilities — 6.3%
$	2,500			California Pollution Control Financing Authority, (Pacific Gas and Electric), (NPFG), (AMT), 5.35%, 12/1/16		$	2,599,000
	3,250			California Pollution Control Financing Authority, (Southern California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31			3,253,218
						$	5,852,218
Insured-Escrowed / Prerefunded — 2.9%
$	5,130			Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26		$	2,703,818
						$	2,703,818
Insured-General Obligations — 6.4%
$	7,000			Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34		$	1,560,440
	4,825			Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35			1,001,766
	7,995			Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25			3,420,421
						$	5,982,627
Insured-Hospital — 14.5%
$	2,900			California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37		$	2,940,861
	990			California Statewide Communities Development Authority, (Children’s Hospital Los Angeles), (NPFG), 5.25%, 8/15/29			980,466
	750			California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2)			756,660
	3,750			California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(2)			3,783,182
	5,000			California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)			5,064,400
						$	13,525,569
Insured-Lease Revenue / Certificates of Participation — 10.9%
$	5,510			Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17		$	4,120,764
	2,000			Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27			2,418,820
	3,500			San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2)			3,622,535
						$	10,162,119
Insured-Other Revenue — 1.8%
$	1,740			Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%, 6/1/38		$	1,701,511
						$	1,701,511
Insured-Special Tax Revenue — 4.3%
$	21,285			Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		$	1,343,509
	4,220			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44			542,059
	8,355			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45			998,673
	5,270			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46			585,761
	480			Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28			534,936
						$	4,004,938
Insured-Transportation — 9.5%
$	5,000			Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29		$	1,440,150
	8,000			Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31			2,030,160
	740			Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(2)			788,503
	10,000			San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32			1,817,600
	1,320			San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37			1,325,914
	1,350			San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47			1,436,602
						$	8,838,929
Insured-Water and Sewer — 5.6%
$	1,600			East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32		$	1,693,440
	4,400			Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30			3,490,608
						$	5,184,048

See notes to financial statements

12

 

Eaton Vance California Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

 

Principal Amount
(000’s omitted)				Security		Value
Other Revenue — 2.2%
$	385			California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32		$	380,896
	580			California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37			559,016
	980			Golden State Tobacco Securitization Corp., 0.00%, 6/1/37			628,611
	640			Golden State Tobacco Securitization Corp., 5.75%, 6/1/47			469,293
						$	2,037,816
Senior Living / Life Care — 1.5%
$	175			California Statewide Communities Development Authority, (Senior Living -Presbyterian Homes), 4.75%, 11/15/26		$	156,067
	700			California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 4.875%, 11/15/36			595,371
	600			California Statewide Communities Development Authority, (Senior Living - Presbyterian Homes), 7.25%, 11/15/41			654,900
						$	1,406,338
Special Tax Revenue — 19.2%
$	1,000			Bonita Canyon Public Financing Authority, 5.375%, 9/1/28		$	935,340
	285			Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26			234,472
	460			Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34			353,280
	2,000			California, Economic Recovery Bonds, 5.00%, 7/1/20			2,235,140
	970			Corona Public Financing Authority, 5.80%, 9/1/20			950,115
	200			Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27			174,766
	500			Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36			412,590
	1,590			Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27			1,592,099
	895			Lincoln Public Financing Authority, Improvement Bond Act of 1915, (Twelve Bridges), 6.20%, 9/2/25			899,949
	420			Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24			401,852
	750			Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29			706,365
	2,250			Oakland Joint Powers Financing Authority, 5.40%, 9/2/18			2,294,032
	930			Oakland Joint Powers Financing Authority, 5.50%, 9/2/24			946,442
	1,325			San Pablo Redevelopment Agency, 5.65%, 12/1/23			1,336,051
	1,095			Santa Margarita Water District, 6.20%, 9/1/20			1,109,848
	250			Santaluz Community Facilities District No. 2, 6.10%, 9/1/21			250,240
	500			Santaluz Community Facilities District No. 2, 6.20%, 9/1/30			500,115
	250			Temecula Unified School District, 5.00%, 9/1/27			219,663
	400			Temecula Unified School District, 5.00%, 9/1/37			331,292
	500			Turlock Public Financing Authority, 5.45%, 9/1/24			502,490
	500			Tustin Community Facilities District, 6.00%, 9/1/37			491,385
	1,000			Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23			990,600
						$	17,868,126
Transportation — 7.4%
$	2,000			Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31		$	2,065,280
	2,120			Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)			2,190,554
	5			Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35			5,166
	1,500			Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30			1,551,480
	1,170			Port of Redwood City, (AMT), 5.125%, 6/1/30			1,142,107
						$	6,954,587
Water and Sewer — 5.0%
$	1,840			California Department of Water Resources, 5.00%, 12/1/29		$	1,985,286
	2,500			Metropolitan Water District of Southern California, (Waterworks Revenue Authorization), 5.00%, 1/1/34			2,660,525
						$	4,645,811
Total Tax-Exempt Investments — 172.7%
(identified cost $162,031,524)						$	161,016,048
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.6)%						$	(49,979,998	)
Other Assets, Less Liabilities — (19.1)%						$	(17,784,038	)
Net Assets Applicable to Common Shares — 100.0%						$	93,252,012

See notes to financial statements

13

 

Eaton Vance California Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

 

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

AGC - Assured Guaranty Corp.

 

AGM - Assured Guaranty Municipal Corp.

 

AMBAC - AMBAC Financial Group, Inc.

 

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

 

BHAC - Berkshire Hathaway Assurance Corp.

 

CIFG - CIFG Assurance North America, Inc.

 

FGIC - Financial Guaranty Insurance Company

 

NPFG - National Public Finance Guaranty Corp.

 

RADIAN - Radian Group, Inc.

 

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 39.0% 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 0.5% to 14.3% of total investments.

 

See notes to financial statements

14

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 163.4%
Principal Amount
(000’s omitted)				Security		Value
Education — 34.9%
$	2,290			Massachusetts Development Finance Agency, (Boston University), 5.45%, 5/15/59		$	2,428,957
	600			Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33			607,866
	1,240			Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35			1,310,258
	1,000			Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38			968,560
	1,500			Massachusetts Development Finance Agency, (Wheeler School), 6.50%, 12/1/29			1,507,185
	1,500			Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32			1,527,570
	1,840			Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35			2,176,279
	1,500			Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)			1,594,050
	415			Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38			440,257
	1,000			Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38			1,087,000
						$	13,647,982
Electric Utilities — 7.1%
$	1,000			Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30		$	1,025,780
	1,870			Massachusetts Development Finance Agency, (Dominion Energy Brayton Point), (AMT), 5.00%, 2/1/36			1,742,073
						$	2,767,853
Escrowed / Prerefunded — 4.3%
$	400			Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32		$	456,440
	235			Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), Prerefunded to 1/1/12, 6.00%, 7/1/31			257,299
	940			Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30			954,852
						$	1,668,591
General Obligations — 2.1%
$	750			Newton, 5.00%, 4/1/36		$	807,383
						$	807,383
Hospital — 25.2%
$	1,000			Massachusetts Development Finance Agency, (Biomedical Research Corp.), 6.25%, 8/1/20		$	1,013,180
	1,000			Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36			1,054,950
	400			Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31			405,600
	105			Massachusetts Health and Educational Facilities Authority, (Central New England Health Systems), 6.30%, 8/1/18			105,067
	500			Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39			521,280
	1,135			Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37			1,157,053
	885			Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31			902,567
	755			Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33			750,961
	2,000			Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)			2,021,330
	675			Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29			676,303
	1,255			Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/39			1,237,894
						$	9,846,185
Housing — 14.2%
$	2,100			Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48		$	1,937,544
	1,000			Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40			953,530
	650			Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28			653,139
	2,000			Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37			1,999,980
						$	5,544,193
Industrial Development Revenue — 1.8%
$	695			Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15		$	695,834
						$	695,834
Insured-Education — 11.0%
$	1,000			Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39		$	1,137,870
	1,365			Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)			1,551,632

See notes to financial statements

15

 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

 

Principal Amount
(000’s omitted)				Security		Value
Insured-Education (continued)
$	1,600			Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		$	1,624,512
						$	4,314,014
Insured-Electric Utilities — 1.5%
$	570			Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		$	602,541
						$	602,541
Insured-General Obligations — 8.4%
$	1,000			Massachusetts, (AMBAC), 5.50%, 8/1/30		$	1,200,070
	2,185			Milford, (AGM), 4.25%, 12/15/46			2,105,641
						$	3,305,711
Insured-Hospital — 2.1%
$	400			Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/25		$	406,324
	220			Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/31			221,314
	190			Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare, Inc.), (AGC), 5.125%, 11/15/35			191,341
						$	818,979
Insured-Other Revenue — 3.5%
$	1,225			Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42		$	1,370,077
						$	1,370,077
Insured-Special Tax Revenue — 13.8%
$	1,450			Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32		$	1,475,578
	1,000			Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29			1,149,710
	1,340			Massachusetts School Building Authority, (AMBAC), 5.00%, 8/15/37(1)			1,400,528
	7,595			Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54			479,396
	2,525			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44			324,336
	3,005			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45			359,188
	1,905			Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46			211,741
						$	5,400,477
Insured-Student Loan — 5.8%
$	485			Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30		$	515,836
	1,985			Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33			1,756,566
						$	2,272,402
Insured-Transportation — 3.6%
$	385			Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32		$	381,932
	1,070			Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38			1,041,602
						$	1,423,534
Nursing Home — 1.4%
$	550			Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29		$	543,428
						$	543,428
Other Revenue — 1.4%
$	500			Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22		$	543,070
						$	543,070
Senior Living / Life Care — 5.5%
$	250			Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31		$	210,525
	1,500			Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29			1,366,665
	125			Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30			125,859
	140			Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27			110,471
	475			Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41			342,394
						$	2,155,914
Special Tax Revenue — 6.7%
$	1,665			Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		$	600,516
	5,195			Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34			1,572,994
	75			Virgin Islands Public Finance Authority, 5.00%, 10/1/39			75,050
	335			Virgin Islands Public Finance Authority, 6.75%, 10/1/37			374,587
						$	2,623,147

See notes to financial statements

16

 

Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

 

Principal Amount
(000’s omitted)				Security		Value
Transportation — 3.9%
$	1,500			Massachusetts Department of Transportation, 5.00%, 1/1/37		$	1,527,405
						$	1,527,405
Water and Sewer — 5.2%
$	215			Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27		$	215,688
	2,000			Massachusetts Water Resources Authority, 4.00%, 8/1/46			1,829,100
						$	2,044,788
Total Tax-Exempt Investments — 163.4%
(identified cost $63,061,869)						$	63,923,508
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (51.3)%						$	(20,051,756	)
Other Assets, Less Liabilities — (12.1)%						$	(4,746,387	)
Net Assets Applicable to Common Shares — 100.0%						$	39,125,365

 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.

 

AGC - Assured Guaranty Corp.

 

AGM - Assured Guaranty Municipal Corp.

 

AMBAC - AMBAC Financial Group, Inc.

 

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

 

FGIC - Financial Guaranty Insurance Company

 

NPFG - National Public Finance Guaranty Corp.

 

XLCA - XL Capital Assurance, Inc.

 

The Trust invests primarily in debt securities issued by 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, 2010, 30.5% 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 2.1% to 14.4% of total investments.

 

See notes to financial statements

17

Eaton Vance Michigan Municipal Income Trust as of May 31, 2010

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

Tax-Exempt Investments — 158.9%
Principal Amount
(000’s omitted)				Security		Value
Education — 7.6%
$	525			Grand Valley State University, 5.625%, 12/1/29		$	556,484
	525			Grand Valley State University, 5.75%, 12/1/34			551,397
	540			Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35			522,823
	500			Michigan State University, 5.00%, 2/15/40			521,865
						$	2,152,569
Electric Utilities — 0.2%
$	60			Michigan Strategic Fund, (Detroit Edison Pollution Control), 5.45%, 9/1/29		$	60,313
						$	60,313
Escrowed / Prerefunded — 17.9%
$	500			Kent Hospital Finance Authority, (Spectrum Health), Prerefunded to 7/15/11, 5.50%, 1/15/31		$	532,930
	560			Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34			649,393
	1,250			Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27			1,375,225
	750			Michigan Hospital Finance Authority, (Sparrow Obligation Group), Prerefunded to 11/15/11, 5.625%, 11/15/36			811,125
	15			Michigan Hospital Finance Authority, (Trinity Health), Prerefunded to 12/1/10, 6.00%, 12/1/27			15,581
	600			Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31			663,360
	1,000			White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31			1,044,240
						$	5,091,854
General Obligations — 13.1%
$	500			East Grand Rapids Public School District, 5.00%, 5/1/25		$	514,625
	1,500			Kent County, 5.00%, 1/1/25			1,629,690
	750			Manistee Area Public Schools, 5.00%, 5/1/24			771,098
	270			Michigan, 5.50%, 11/1/25			299,284
	500			Wayne Charter County, 6.75%, 11/1/39			531,335
						$	3,746,032
Hospital — 27.5%
$	500			Allegan Hospital Finance Authority, (Allegan General Hospital), 7.00%, 11/15/21		$	501,010
	185			Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25			168,911
	125			Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37			108,498
	275			Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47			306,317
	455			Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18			442,665
	1,000			Michigan Hospital Finance Authority, (Central Michigan Community Hospital), 6.25%, 10/1/27			1,000,010
	750			Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38			679,402
	1,000			Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46			930,620
	1,080			Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35			1,020,838
	750			Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21			753,675
	500			Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39			534,040
	985			Michigan Hospital Finance Authority, (Trinity Health), 6.00%, 12/1/27			1,002,513
	425			Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26			384,918
						$	7,833,417
Housing — 3.4%
$	1,000			Michigan Housing Development Authority, (Williams Pavilion), (AMT), 4.90%, 4/20/48		$	977,210
						$	977,210
Industrial Development Revenue — 6.0%
$	750			Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21		$	460,755
	800			Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16			823,176
	550			Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26			435,529
						$	1,719,460
Insured-Education — 5.8%
$	570			Ferris State University, (AGC), 5.125%, 10/1/33		$	598,563
	500			Ferris State University, (AGC), 5.25%, 10/1/38			528,660
	500			Wayne State University, (AGM), 5.00%, 11/15/35			520,640
						$	1,647,863