-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GAZ37eRaP/DXhE1CypAbot4M2JnIGj7vScq9NC33X6pvnV5vrsjLNH63vnIFoFtz eM1125DHXWb5HSOEi14vEQ== 0001104659-06-005547.txt : 20060202 0001104659-06-005547.hdr.sgml : 20060202 20060202131015 ACCESSION NUMBER: 0001104659-06-005547 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20051130 FILED AS OF DATE: 20060202 DATE AS OF CHANGE: 20060202 EFFECTIVENESS DATE: 20060202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATON VANCE FLORIDA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001074684 IRS NUMBER: 046880056 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09143 FILM NUMBER: 06572608 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-598-8880 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-CSR 1 a06-1217_3ncsr.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

 

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

811-09143

 

Eaton Vance Florida 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:

November 30, 2005

 

 



 

Item 1. Reports to Stockholders

 



Annual Report November 30, 2005

EATON VANCE
MUNICIPAL
INCOME
TRUSTS

CLOSED-END FUNDS:

California

Florida

Massachusetts

Michigan

New Jersey

New York

Ohio

Pennsylvania



IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e. fund shares) is held in the name of a third-party financial adviser/broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at
1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.




 

Eaton Vance Municipal Income Trusts as of November 30, 2005

 

TABLE OF CONTENTS

 

Management’s Discussion of Fund Performance

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

 

 

Federal Tax Information

67

 

 

Dividend Reinvestment Plan

68

 

 

Board of Trustees’ Annual Approval of the Investment Advisory Agreements

70

 

 

Management and Organization

72

 

1



 

Eaton Vance Municipal Income Trusts as of November of 30, 2005

 

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

 

Eaton Vance Municipal Income Trusts (the “Trusts”) 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 state municipal securities.

 

Economic and Market Conditions

 

The economy expanded at a 4.3% pace in the third quarter of 2005, up from the 3.3% growth rate of the second quarter. Despite high energy prices, rising mortgage rates and a persistent tightening by the Federal Reserve, the economy continued to expand and to create jobs – 200,000 in November 2005 alone. Recent economic data suggest that the hurricanes that pummeled the Gulf Coast region in late summer and early fall did not have a significant effect on the nation’s overall economy. The economy appeared to be performing much the way it was prior to the hurricanes – in both the manufacturing and service sectors – with little evidence of inflationary pressures. Moreover, worries about a pickup in inflation appear to have waned recently, as prices for crude oil, gasoline and jet fuel have backed off their previous highs.

 

Investor sentiment regarding the Fed’s monetary policy appears to have shifted in recent months as investors have begun to anticipate the end of the Fed’s series of interest rate hikes (which began in June 2004). The improved investor sentiment has likely accounted, in part, for the improved performance of the financial markets in the fourth quarter of 2005.

 

The municipal market continued to be adversely affected by strong primary market supply. Municipal issuers are collectively in the midst of their characteristic year-end rush to bring issues to market. As a result, the municipal market may see a record supply of new issuance for 2006. Combined with lackluster retail demand, the large supply pressures pushed tax-exempt yields to more attractive levels. At November 30, 2005, long-term AAA-rated insured municipal bonds yielded 98% of U.S. Treasury bonds with similar maturities.*

 

For the year ended November 30, 2005, the Lehman Brothers Municipal Bond Index† (the “Index”) posted a modest gain of 3.88%. The Index is an unmanaged index commonly used as a broad measure of municipal bond performance. While offering some insights into the overall performance of the municipal market, the Index is broadly based and is not necessarily reflective of the performance of a fund that invests primarily in municipal bonds issued by a particular state. For information about each Trust’s performance and the performance of funds in the same Lipper classification as the Trust, see the Performance Information and Portfolio Composition pages that follow.  

 

Management Discussion

 

The Trusts invest primarily in bonds with maturities of 20 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 over the past 18 months — with shorter-maturity yields rising as longer-maturity yields declined slightly — the long end of the curve was an attractive place to be positioned. However, given the leveraged nature of the Trusts, the flattening yield curve has negatively affected 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 Compostion pages that follow for a description of each Trust’s leverage as of November 30, 2005.

 

During the year ended November 30, 2005, the Federal Reserve has raised short-term interest rates at regular intervals, commodities prices have raised significantly, and yet the economy has grown at a solid pace with low to moderate inflation. In this environment, we continued to maintain a somewhat cautious outlook on interest rates and adjusted the Trusts’ durations accordingly. Duration measures a bond fund’s sensitivity to changes in interest rates.

 

During the past year, credit spreads, which measure the difference in yield between higher-risk bonds and lower risk bonds, have narrowed. As a result, the lower-rated bonds owned by the Trusts have performed well and made an important contribution to performance. Where prudent, we have taken advantage of the narrow credit spreads in an effort to lower the Trusts’ exposure to credit risk.

 

We continued to focus on finding relative value within the marketplace — in issuer names, coupons, maturites, and sectors. Relative value trading, which seeks to capitalize on undervalued securities that may have been overlooked, has enhanced the returns of the Trusts during the past year.

 

Finally, we continued to closely monitor call protection in the Trusts. Call protection remains an important strategic consideration for municipal bond investors, especially since refinancing activity has increased over the past 12 months.

 


*    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. 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-4.34

%

Five Years

 

9.93

 

Life of Trust (1/29/99)

 

4.88

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

8.72

%

Five Years

 

9.92

 

Life of Trust (1/29/99)

 

6.77

 

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

 5.12

 

 

Lipper Averages(3)

 

Lipper California Municipal Debt Funds Classification

 

One Year

 

7.43

%

Five Years

 

7.23

 

Life of Trust (1/31/99)

 

 5.68

 

 

Market Yields

 

Market Yield(4)

 

5.90

%

Taxable Equivalent Market Yield(5)

 

10.01

%

 

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.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

88

Average Maturity:

23.2 years

Effective Maturity:

10.5 years

Average Rating:

 AA-

Average Call:

9.5 years

Average Dollar Price:

$94.05

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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares.(2) 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 Average is the average total return 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 average total return 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 contained 26, 15, and 14 funds for the 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 per share of the fiscal year by the Of 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 lower tax-equivalent figures (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.(7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-1.25

%

Five Years

 

13.23

 

Life of Trust (1/29/99)

 

5.52

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

6.98

%

Five Years

 

9.82

 

Life of Trust (1/29/99)

 

 6.54

 

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

 

Lipper Averages(3)

 

Lipper Florida Municipal Debt Funds Classification Average

 

One Year

 

5.55

%

Five Years

 

7.18

 

Life of Trust (1/31/99)

 

5.41

 

 

Market Yields

 

Market Yield(4)

 

5.75

%

Taxable Equivalent Market Yield(5)

 

8.85

%

 

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.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

81

Average Maturity:

24.0 years

Effective Maturity:

8.3 years

Average Rating:

AA

Average Call:

5.8 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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 17, 11, and 11 funds for the 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 per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-6.89

%

Five Years

 

13.25

 

Life of Trust (1/29/99)

 

5.98

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

7.02

%

Five Years

 

10.65

 

Life of Trust (1/29/99)

 

6.46

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper Other States Municipal Debt Funds Classification Average

 

One Year

 

5.49

%

Five Years

 

7.76

 

Life of Trust (1/31/99)

 

5.82

 

 

Market Yields

 

Market Yield(4)

 

5.33

%

Taxable Equivalent Market Yield(5)

 

8.66

%

 

 

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 Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This 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.

 

Rating Distribution (6)(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

 

61

Average Maturity:

 

26.2 years

Effective Maturity:

 

12.5 years

Average Rating:

 

AA

Average Call:

 

10.7 years

Average Dollar Price:

 

$105.15

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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 43, 18, and 18 funds for the 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 per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-13.87

%

Five Years

 

12.12

 

Life of Trust (1/29/99)

 

4.66

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

5.62

%

Five Years

 

9.22

 

Life of Trust (1/29/99)

 

6.10

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper Michigan Municipal Debt Funds Classification Average

 

One Year

 

5.25

%

Five Years

 

7.73

 

Life of Trust (1/31/99)

 

5.75

 

 

Market Yields

 

Market Yield(4)

 

5.90

%

Taxable Equivalent Market Yield(5)

 

9.45

%

 

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.

 

Rating Distribution(6),(7)

 

By total investments

 

Fund Statistics(7)

 

Number of Issues:

 

56

Average Maturity:

 

21.9 years

Effective Maturity:

 

6.5 years

Average Rating:

 

AA-

Average Call:

 

5.7 years

Average Dollar Price:

 

$101.88

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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 7, 5, and 5 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-4.22

%

Five Years

 

12.58

 

Life of Trust (1/29/99)

 

5.42

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

7.58

%

Five Years

 

10.42

 

Life of Trust (1/29/99)

 

6.48

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper New Jersey Municipal Debt Funds Classification Average

 

One Year

 

6.59

%

Five Years

 

7.89

 

Life of Trust (1/31/99)

 

5.75

 

 

Market Yields

 

Market Yield(4)

 

5.52

%

Taxable Equivalent Market Yield(5)

 

9.33

%

 

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 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 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. 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 Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This 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 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 only; due to market volatility, the Trust's current performance may be lower or higher than the quoted return.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

 

57

Average Maturity:

 

24.4 years

Effective Maturity:

 

10.8 years

Average Rating:

 

A+

Average Call:

 

9.8 years

Average Dollar Price:

 

$96.49

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 risks price of common shares).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 13, 8, and 8 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

3.81

%

Five Years

 

14.03

 

Life of Trust (1/29/99)

 

6.43

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

7.62

%

Five Years

 

10.70

 

Life of Trust (1/29/99)

 

7.11

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper New York Municipal Debt Funds Classification Average

 

One Year

 

7.27

%

Five Years

 

7.26

 

Life of Trust (1/31/99)

 

5.59

 

 

Market Yields

 

Market Yield(4)

 

6.06

%

Taxable Equivalent Market Yield(5)

 

10.10

%

 

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 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.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

 

72

Average Maturity:

 

24.0 years

Effective Maturity:

 

11.3 years

Average Rating:

 

A+

Average Call:

 

8.6 years

Average Dollar Price:

 

$104.04

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.

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 20, 9, and 8 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

-10.31

%

Five Years

 

11.25

 

Life of Trust (1/29/99)

 

5.35

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

5.11

%

Five Years

 

9.74

 

Life of Trust (1/29/99)

 

6.14

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper Other States Municipal Debt Funds Classification Average

 

One Year

 

5.49

%

Five Years

 

7.76

 

Life of Trust (1/31/99)

 

5.82

 

 

Market Yields

 

Market Yield(4)

 

5.72

%

Taxable Equivalent Market Yield(5)

 

9.51

%

 

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.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

 

61

Average Maturity:

 

22.0 years

Effective Maturity:

 

9.0 years

Average Rating:

 

AA

Average Call:

 

7.7 years

Average Dollar Price:

 

$101.33

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).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares.  (2) 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 Average is the average total return 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 contained 43, 18, and 18 funds for the 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 per share of the fiscal year by the share price at the end of the period and annualizing the result.  (5) Taxable-equivalent figure assumes a maximum 39.88% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures.  (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust.  (7) Portfolio 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 November 30, 2005

 

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

 

Trust Performance as of 11/30/05(1)

 

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

 

One Year

 

0.39

%

Five Years

 

13.57

 

Life of Trust (1/29/99)

 

5.92

 

 

Average Annual Total Return (by net asset value)

 

One Year

 

6.27

%

Five Years

 

9.45

 

Life of Trust (1/29/99)

 

6.14

 

 

Index Performance(2)

 

Lehman Brothers Municipal Bond Index

 

One Year

 

3.88

%

Five Years

 

5.92

 

Life of Trust (1/31/99)

 

5.12

 

 

Lipper Averages(3)

 

Lipper Pennsylvania Municipal Debt Funds Classification Average

 

One Year

 

5.60

%

Five Years

 

7.89

 

Life of Trust (1/31/99)

 

5.94

 

 

Market Yields

 

Market Yield(4)

 

6.14

%

Taxable Equivalent Market Yield(5)

 

9.75

%

 

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.

 

Rating Distribution(6),(7)

 

By total investments

 

 

Fund Statistics(7)

 

Number of Issues:

 

64

Average Maturity:

 

21.7 years

Effective Maturity:

 

6.2 years

Average Rating:

 

AA

Average Call:

 

5.3 years

Average Dollar Price:

 

$104.06

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 risks price of common shares).

 

(1) Returns are historical and are calculated by determining the percentage change in share price or net asset value with all distributions reinvested. The Trust’s performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trust’s shares, or changes in Trust distributions. Performance results reflect the effect of leverage resulting from the Trust’s issuance of Auction Preferred Shares. (2) 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 Average is the average total return 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 contained 9, 6, and 5 funds for the 1-year, 5-year, and Life-Of-Trust time periods, respectively. Lipper Averages are available as of month-end only. (4) The Trust’s market yield is calculated by dividing the last dividend per share of the fiscal year 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 lower tax-equivalent figures. (6) As of 11/30/05. Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. (7) Portfolio 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 November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 153.1%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 11.7%      
$ 1,000     California Educational Facilities Authority, (Dominican
University), 5.75%, 12/1/30
  $ 1,029,570    
  2,770     California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
    2,798,392    
  500     California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
    514,470    
  1,850     California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
    1,986,844    
  4,000     California Educational Facilities Authority, (Stanford
University), 5.125%, 1/1/31
    4,076,320    
  2,500     San Diego County, Certificates of Participation, (University
of San Diego), 5.375%, 10/1/41
    2,577,750    
            $ 12,983,346    
Electric Utility — 2.3%      
$ 2,500     Chula Vista, (AMT), 5.00%, 12/1/27(1)   $ 2,523,625    
            $ 2,523,625    
Escrowed / Prerefunded — 6.1%      
$ 2,000     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), Prerefunded to 12/1/09,
6.25%, 12/1/34
  $ 2,229,500    
  960     California Statewide Communities Development Authority,
(Corporate Fund for Housing), Prerefunded to 12/1/09,
6.50%, 12/1/29
    964,541    
  500     California Statewide Communities Development Authority,
(Corporate Fund for Housing), Prerefunded to 12/1/09,
7.25%, 12/1/34
    499,695    
  1,750     Capistrano Unified School District, Prerefunded to 9/1/09,
5.75%, 9/1/29
    1,922,655    
  1,000     Corona-Norco Unified School District Public Financing
Authority, Prerefunded to 9/1/10, 6.125%, 9/1/31
    1,110,600    
            $ 6,726,991    
General Obligations — 6.5%      
$ 2,250     California, 5.00%, 6/1/34   $ 2,294,955    
  1,100     California, 5.25%, 4/1/30     1,150,710    
  3,500     California, 5.50%, 11/1/33     3,766,595    
            $ 7,212,260    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital — 22.6%      
$ 2,500     California Health Facilities Financing Authority,
(Cedars-Sinai Medical Center), 5.00%, 11/15/34
  $ 2,525,950    
  850     California Health Facilities Financing Authority, Variable
Rate, 6.59%, 11/15/34(2)(3)
    867,637    
  750     California Infrastructure and Economic Development,
(Kaiser Hospital), 5.50%, 8/1/31
    780,375    
  4,900     California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35
    4,966,101    
  1,650     California Statewide Communities Development Authority,
(Kaiser Permanente), 5.50%, 11/1/32
    1,710,571    
  1,750     California Statewide Communities Development Authority,
(Sonoma County Indian Health), 6.40%, 9/1/29
    1,793,417    
  1,500     California Statewide Communities Development Authority,
(Sutter Health), 5.50%, 8/15/28
    1,569,570    
  1,500     Duarte, COP, (City of Hope), 5.25%, 4/1/24(4)     1,522,530    
  1,000     Stockton Health Facilities Authority, (Dameron Hospital),
5.70%, 12/1/14
    1,043,950    
  2,000     Tahoe Forest Hospital District, 5.85%, 7/1/22     2,065,440    
  2,000     Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31
    2,081,380    
  2,000     Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
    2,021,380    
  2,000     Washington Township, Health Care District,
5.25%, 7/1/29
    2,050,940    
            $ 24,999,241    
Housing — 1.1%      
$ 763     Commerce, (Hermitage III Senior Apartments),
6.50%, 12/1/29
  $ 797,917    
  436     Commerce, (Hermitage III Senior Apartments),
6.85%, 12/1/29
    449,420    
            $ 1,247,337    
Industrial Development Revenue — 1.2%      
$ 1,250     California Pollution Control Financing Authority,
(Mobil Oil Corp.), (AMT), 5.50%, 12/1/29
  $ 1,297,238    
            $ 1,297,238    
Insured-Education — 8.7%      
$ 6,510     California Educational Facilities Authority, (Loyola
Marymount University), (MBIA), 0.00%, 10/1/33
  $ 1,625,156    
  3,270     California Educational Facilities Authority, (Pooled College
and University), (MBIA), 5.10%, 4/1/23
    3,426,600    
  3,000     California State University, (AMBAC), 5.00%, 11/1/33     3,081,960    
  1,500     California State University, (FGIC), 4.75%, 5/15/37     1,502,865    
            $ 9,636,581    

 

See notes to financial statements

11



Eaton Vance California Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Electric Utilities — 10.9%      
$ 3,250     California Pollution Control Financing Authority,
(Southern California Edison Co.), (MBIA), (AMT),
5.55%, 9/1/31
  $ 3,454,165    
  2,500     California Pollution Control Financing Authority, PCR,
(Pacific Gas and Electric), (MBIA), (AMT),
5.35%, 12/1/16
    2,653,000    
  4,000     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
7.29%, 7/1/29(2)(3)
    4,519,360    
  665     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
9.187%, 7/1/29(2)(5)
    794,515    
  500     Puerto Rico Electric Power Authority, (MBIA), Variable Rate,
10.095%, 7/1/16(2)(5)
    697,430    
            $ 12,118,470    
Insured-Escrowed / Prerefunded — 8.9%      
$ 5,130     Foothill/Eastern Transportation Corridor Agency, (FSA),
Escrowed to Maturity, 0.00%, 1/1/26
  $ 1,974,640    
  250     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
6.824%, 7/1/28(2)(3)
    272,120    
  945     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
8.243%, 7/1/28(2)(5)
    1,070,420    
  6,000     San Francisco, (Bay Area Rapid Transportation District),
(FGIC), Prerefunded to 7/1/09, 5.50%, 7/1/34
    6,497,220    
            $ 9,814,400    
Insured-General Obligations — 13.9%      
$ 1,650     California RITES, (AMBAC), Variable Rate,
10.593%, 5/1/26(2)(5)
  $ 2,039,945    
  1,000     California, (AMBAC), 4.25%, 3/1/28     933,920    
  1,000     California, (AMBAC), 4.50%, 5/1/28     977,170    
  2,500     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(2)(5)     2,961,075    
  1,600     San Diego Unified School District, (MBIA), Variable Rate,
10.095%, 7/1/24(2)(5)
    2,308,480    
  3,000     Simi Valley Unified School District, (MBIA),
5.00%, 8/1/28
    3,120,720    
  7,995     Sweetwater, Union High School District, (Election 2000),
(FSA), 0.00%, 8/1/25
    3,079,354    
            $ 15,420,664    
Insured-Hospital — 4.4%      
$ 3,200     California Statewide Communities Development Authority,
(Children's Hospital Los Angeles), (MBIA),
5.25%, 8/15/29(4)(6)
  $ 3,371,936    
  1,245     California Statewide Communities Development Authority,
(Sutter Health), (FSA), Variable Rate,
10.853%, 8/15/27(2)(5)
    1,539,081    
            $ 4,911,017    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Lease Revenue / Certificates of
Participation — 10.6%
     
$ 10,750     Anaheim Public Financing Authority, (Public
Improvements), (FSA), 0.00%, 9/1/25
  $ 4,163,690    
  6,500     Anaheim Public Financing Authority, (Public
Improvements), (FSA), 0.00%, 9/1/17
    3,851,445    
  11,500     Anaheim Public Financing Authority, (Public
Improvements), (FSA), 0.00%, 9/1/28
    3,771,885    
            $ 11,787,020    
Insured-Special Tax Revenue — 3.7%      
$ 3,880     Puerto Rico Infrastructure Financing Authority,
(AMBAC), 0.00%, 7/1/28
  $ 1,302,128    
  2,070     Puerto Rico Infrastructure Financing Authority,
(AMBAC), 0.00%, 7/1/37
    434,762    
  17,000     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/45
    2,376,260    
            $ 4,113,150    
Insured-Transportation — 14.9%      
$ 5,000     Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29
  $ 1,539,700    
  8,000     Alameda Corridor Transportation Authority, (MBIA),
0.00%, 10/1/31
    2,188,800    
  3,250     Los Angeles County Metropolitan Transportation
Authority, (AMBAC), 4.50%, 7/1/32
    3,147,008    
  2,500     Los Angeles County Metropolitan Transportation
Authority, (FGIC), 5.25%, 7/1/30
    2,641,050    
  1,400     Puerto Rico Highway and Transportation Authority,
(AGC), 5.00%, 7/1/45
    1,435,868    
  2,515     Puerto Rico Highway and Transportation Authority,
(AMBAC), Variable Rate, 8.663%, 7/1/28(2)(5)
    2,804,200    
  10,000     San Joaquin Hills Transportation Corridor Agency,
(MBIA), 0.00%, 1/15/32
    2,713,200    
            $ 16,469,826    
Lease Revenue / Certificates of Participation — 4.0%      
$ 4,000     Sacramento Financing Authority, 5.40%, 11/1/20   $ 4,378,400    
            $ 4,378,400    
Other Revenue — 1.4%      
$ 1,470     California Statewide Communities Development
Authority, (East Valley Tourist Development Authority),
8.25%, 10/1/14
  $ 1,580,324    
            $ 1,580,324    

 

See notes to financial statements

12



Eaton Vance California Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue — 19.2%      
$ 1,500     Bonita Canyon Public Facilities Financing Authority,
5.375%, 9/1/28
  $ 1,507,455    
  1,545     Brentwood Infrastructure Financing Authority,
6.375%, 9/2/33
    1,593,219    
  1,665     Corona, Public Financing Authority, 5.80%, 9/1/20     1,667,031    
  1,590     Fontana Redevelopment Agency, (Jurupa Hills),
5.60%, 10/1/27
    1,655,906    
  500     Jurupa Community Services District, (Community
Facilities District No. 16), 5.30%, 9/1/34
    504,860    
  1,325     Lincoln Public Financing Authority, Improvement Bond Act
of 1915 (Twelve Bridges), 6.20%, 9/2/25
    1,386,639    
  420     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
    429,001    
  750     Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
    766,178    
  750     Murrieta Valley Unified School District, 6.20%, 9/1/35     795,578    
  2,460     Oakland Joint Powers Financing Authority, 5.40%, 9/2/18     2,572,324    
  995     Oakland Joint Powers Financing Authority, 5.50%, 9/2/24     1,041,188    
  700     Rancho Cucamonga Public Financing Authority,
6.00%, 9/2/20
    728,014    
  1,195     Roseville Special Tax, 6.30%, 9/1/25     1,298,810    
  1,325     San Pablo Redevelopment Agency, 5.65%, 12/1/23     1,392,085    
  1,500     Santa Margarita Water District, 6.20%, 9/1/20     1,598,385    
  250     Santaluz Community Facilities District No. 2,
6.10%, 9/1/21
    253,560    
  500     Santaluz Community Facilities District No. 2,
6.20%, 9/1/30
    506,210    
  500     Turlock Public Financing Authority, 5.45%, 9/1/24     507,220    
  1,000     Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
    1,037,560    
            $ 21,241,223    
Transportation — 1.0%      
$ 1,170     Port Redwood City, (AMT), 5.125%, 6/1/30   $ 1,127,330    
            $ 1,127,330    
  Total Tax-Exempt Investments — 153.1%
(identified cost $159,827,184)
        $ 169,588,443    
  Other Assets, Less Liabilities — 0.2%         $ 194,100    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.3)%
        $ (59,022,619 )  
  Net Assets Applicable to Common
Shares — 100.0%
        $ 110,759,924    

 

AGC - Assured Guaranty Corp.

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2005, 49.7% of the securities in the portfolio of 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 0.8% to 15.7% of total investments.

(1)  When-issued security.

(2)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005, the aggregate value of the securities is $19,874,263 or 17.9% of the Trust's net assets applicable to common shares.

(3)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

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

(5)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(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 November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 157.4%      
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
  $ 1,037,940    
          $ 1,037,940    
Electric Utilities — 3.2%      
$ 2,000     Jacksonville Electric Authority, Variable Rate,
6.91%, 10/1/32(1)(2)
  $ 2,054,380    
          $ 2,054,380    
Escrowed / Prerefunded — 6.0%      
$ 500     Capital Trust Agency, (Seminole Tribe Convention),
Prerefunded to 10/1/12, 8.95%, 10/1/33
  $ 617,980    
  1,000     Northern Palm Beach County Improvement District, (Water
Control and Improvement), Prerefunded to 8/1/09,
6.00%, 8/1/25
    1,081,840    
  2,000     Seminole County, Water and Sewer, Prerefunded to
10/1/09, 5.375%, 10/1/22
    2,154,300    
          $ 3,854,120    
General Obligations — 2.6%      
$ 350     Florida Board of Education, 4.75%, 6/1/28   $ 351,624    
  1,250     Florida, Variable Rate, 6.71%, 7/1/27(1)(2)     1,339,800    
          $ 1,691,424    
Health Care-Miscellaneous — 0.3%      
$ 160     Osceola County IDA Community Provider Pooled Loan,
7.75%, 7/1/17
  $ 160,134    
          $ 160,134    
Hospital — 15.1%      
$ 2,000     Brevard County Health Facilities Authority, (Health First, Inc.),
5.00%, 4/1/36(3)
  $ 1,982,580    
  1,250     Jacksonville, EDA, (Mayo Clinic), 5.50%, 11/15/36     1,309,725    
  1,750     Lakeland Hospital System, (Lakeland Regional Health
System), 5.50%, 11/15/32
    1,820,227    
  2,000     Orange County Health Facilities Authority, (Adventist Health
System), 5.625%, 11/15/32
    2,126,200    
  1,000     South Miami Health Facility Authority, (Baptist Health),
5.25%, 11/15/33
    1,027,870    
  1,400     West Orange Health Care District, 5.80%, 2/1/31     1,464,834    
          $ 9,731,436    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Housing — 2.2%      
$ 800     Escambia County Housing Finance Authority, SFM,
(Multi-County Program), (AMT), 5.50%, 10/1/31
  $ 819,176    
  500     Florida Capital Projects Finance Authority, Student Housing
Revenue, (Florida University), 7.75%, 8/15/20
    584,250    
          $ 1,403,426    
Industrial Development Revenue — 3.5%      
$ 845     Broward County IDR, (Lynxs Cargoport), (AMT),
6.75%, 6/1/19
  $ 787,603    
  1,000     Capital Trust Agency, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
    1,009,800    
  650     Puerto Rico Port Authority, (American Airlines), (AMT),
6.30%, 6/1/23
    463,248    
          $ 2,260,651    
Insured-Electric Utilities — 12.6%      
$ 1,600     Burke County Development Authority (Georgia Power Co.),
(MBIA), (AMT), 5.45%, 5/1/34(4)
  $ 1,610,224    
  1,100     Guam Power Authority, (MBIA), 5.125%, 10/1/29     1,157,365    
  1,700     JEA, (FSA), 4.75%, 10/1/34     1,709,163    
  2,750     Jupiter Island, Utility System, (South Martin Regional Utility),
(MBIA), 5.00%, 10/1/28
    2,808,410    
  750     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
7.29%, 7/1/29(1)(2)
    847,380    
          $ 8,132,542    
Insured-Escrowed / Prerefunded — 4.8%      
$ 650     Dade County, Professional Sports Franchise Facility, (MBIA),
Escrowed to Maturity, 5.25%, 10/1/30
  $ 727,123    
  1,165     Puerto Rico Highway and Transportation Authority, (MBIA),
Prerefunded to 7/1/06, Variable Rate,
10.163%, 7/1/26(1)(5)
    1,265,866    
  1,000     Tampa Bay Water Utility System, (FGIC), Prerefunded to
10/1/11, 5.75%, 10/1/29
    1,110,820    
          $ 3,103,809    
Insured-General Obligations — 2.8%      
$ 1,500     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(1)(5)   $ 1,776,645    
          $ 1,776,645    
Insured-Hospital — 7.5%      
$ 1,000     Coral Gables Health Facilities Authority, (Baptist Health System
of South Florida), (FSA), 5.00%, 8/15/29
  $ 1,030,180    
  1,000     Maricopa County IDA, (Mayo Clinic Hospital), (AMBAC),
5.25%, 11/15/37
    1,042,340    

 

See notes to financial statements

14



Eaton Vance Florida Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Hospital (continued)      
$ 1,350     Miami Dade County Health Facilities Authority, (Miami
Children's Hospital), (AMBAC), 5.125%, 8/15/26
  $ 1,400,274    
  30     Sarasota County, Public Hospital Board, (Sarasota Memorial
Hospital), (MBIA), 5.50%, 7/1/28
    34,202    
  1,250     South Miami Health Facility Authority, (Baptist Health),
(AMBAC), 5.25%, 11/15/33
    1,307,213    
          $ 4,814,209    
Insured-Housing — 1.7%      
$ 1,100     Broward County Housing Finance Authority, Multifamily
Housing, (Venice Homes Apartments), (FSA), (AMT),
5.70%, 1/1/32(4)
  $ 1,120,394    
          $ 1,120,394    
Insured-Miscellaneous — 11.8%      
$ 4,000     Miami-Dade County, (Professional Sport Franchise), (MBIA),
4.75%, 10/1/30
  $ 4,009,160    
  3,500     Orange County Tourist Development, (AMBAC),
5.125%, 10/1/30
    3,626,035    
          $ 7,635,195    
Insured-Special Tax Revenue — 18.0%      
$ 970     Dade County, Special Obligation Residual Certificates,
(AMBAC), Variable Rate, 8.535%, 10/1/35(1)(5)
  $ 1,016,754    
  2,250     Jacksonville, Sales Tax, (AMBAC), 5.00%, 10/1/30     2,302,988    
  1,470     Miami Beach Resort Tax, (AMBAC), 6.25%, 10/1/22     1,809,820    
  3,040     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/35
    651,107    
  5,000     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/38
    911,900    
  5,610     Miami-Dade County, Special Obligation, (MBIA),
0.00%, 10/1/40
    916,169    
  1,395     Miami-Dade County, Special Obligation, (MBIA),
5.00%, 10/1/37
    1,408,978    
  4,300     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/35
    1,003,577    
  2,000     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    604,820    
  1,000     Sumter Landing Community Development District,
(Recreational Revenue), (MBIA), 4.75%, 10/1/35
    991,270    
          $ 11,617,383    
Insured-Transportation — 19.1%      
$ 2,250     Florida Ports Financing Commission, (FGIC), (AMT),
5.50%, 10/1/29
  $ 2,375,213    
  3,700     Florida Turnpike Authority, (Department of Transportation),
(FGIC), 4.50%, 7/1/27(6)
    3,617,342    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation (continued)      
$ 1,500     Greater Orlando Aviation Authority, (FGIC), (AMT), Variable
Rate, 9.236%, 10/1/18(1)(5)
  $ 1,657,755    
  500     Lee County Airport, (FSA), (AMT), 5.75%, 10/1/25     535,955    
  650     Lee County Airport, (FSA), (AMT), 6.00%, 10/1/29     706,745    
  1,000     Miami-Dade County Expressway Authority, (FGIC),
5.125%, 7/1/29
    1,036,690    
  1,000     Orlando and Orange County Expressway Authority, (FGIC),
5.00%, 7/1/28
    1,020,260    
  1,250     Puerto Rico Highway and Transportation Authority, (MBIA),
5.50%, 7/1/36
    1,377,900    
          $ 12,327,860    
Insured-Water and Sewer — 25.5%      
$ 3,000     Marco Island Utility System, (MBIA), 5.00%, 10/1/33   $ 3,088,950    
  1,500     Miami Beach Storm Water, (FGIC), 5.375%, 9/1/30     1,596,780    
  1,000     Okeechobee Utility Authority, (FSA), 5.00%, 10/1/25     1,037,950    
  1,250     Saint Petersburg Public Utilities, (FSA), 5.00%, 10/1/28     1,276,550    
  4,000     Sunrise Utility System, (AMBAC), 5.00%, 10/1/28     4,211,120    
  1,500     Tampa Bay Water Utility System, (FGIC), Variable Rate,
6.21%, 10/1/27(1)(2)
    1,549,110    
  3,650     Winter Haven Utilities System, (MBIA), 4.75%, 10/1/28     3,661,826    
          $ 16,422,286    
Nursing Home — 2.7%      
$ 785     Okaloosa County Retirement Rental Housing, (Encore
Retirement Partners), 6.125%, 2/1/14
  $ 717,160    
  265     Orange County Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24
    272,537    
  735     Orange County Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34
    756,947    
          $ 1,746,644    
Senior Living / Life Care — 2.3%      
$ 1,500     Lee County IDA, (Shell Point Village), 5.50%, 11/15/29   $ 1,513,215    
          $ 1,513,215    
Special Tax Revenue — 14.1%      
$ 100     Covington Park Community Development District, (Capital
Improvements), 5.00%, 5/1/21
  $ 100,182    
  500     Covington Park Community Development District, (Capital
Improvements), 5.00%, 5/1/31
    493,955    
  550     Dupree Lakes Community Development District,
5.00%, 11/1/10
    549,857    
  325     Heritage Harbour South Community Development District,
6.20%, 5/1/35
    341,656    

 

See notes to financial statements

15



Eaton Vance Florida Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Special Tax Revenue (continued)      
$ 325     Heritage Harbour South Community Development District,
(Capital Improvements), 5.40%, 11/1/08
  $ 326,732    
  805     Heritage Springs Community Development District,
6.75%, 5/1/21
    824,610    
  375     Longleaf Community Development District, 6.65%, 5/1/20     385,650    
  465     Longleaf Community Deveolpment District, 6.65%, 5/1/20     479,917    
  690     North Springs Improvement District, (Heron Bay),
7.00%, 5/1/19
    708,678    
  1,000     River Hall Community Development District, (Capital
Improvement), 5.45%, 5/1/36
    1,009,020    
  500     Southern Hills Plantation I Community Development District,
5.80%, 5/1/35
    510,385    
  600     Sterling Hill Community Development District, 6.20%, 5/1/35     627,762    
  500     Stoneybrook West Community Development District,
7.00%, 5/1/32
    535,105    
  855     University Square Community Development District,
6.75%, 5/1/20
    925,025    
  460     Vista Lakes Community Development District, 7.20%, 5/1/32     495,494    
  735     Waterlefe Community Development District, 6.95%, 5/1/31     789,618    
          $ 9,103,646    
  Total Tax-Exempt Investments — 157.4%
(identified cost $96,003,623)
        $ 101,507,339    
  Other Assets, Less Liabilities — (2.3)%         $ (1,506,039 )  
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.1)%
        $ (35,500,000 )  
  Net Assets Applicable to Common
Shares — 100.0%
        $ 64,501,300    

 

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 Florida municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2005, 66.0% of the securities in the portfolio of 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 9.9% to 24.3% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005, the aggregate value of the securities is $11,507,690 or 17.8% 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 November 30, 2005.

(3)  When-issued security.

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

(5)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

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

See notes to financial statements

16



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 149.7%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 21.3%      
$ 500     Massachusetts Development Finance Agency, (Belmont Hill
School), 5.00%, 9/1/31
  $ 509,615    
  2,000     Massachusetts Development Finance Agency, (Boston
University), 5.45%, 5/15/59
    2,097,960    
  500     Massachusetts Development Finance Agency, (Massachusetts
College of Pharmacy), 5.75%, 7/1/33
    525,895    
  600     Massachusetts Development Finance Agency, (Middlesex
School), 5.00%, 9/1/33
    610,368    
  500     Massachusetts Development Finance Agency, (Mount Holyoke
College), 5.25%, 7/1/31
    521,205    
  1,500     Massachusetts Development Finance Agency, (Wheeler School),
6.50%, 12/1/29
    1,587,705    
  1,000     Massachusetts Development Finance Agency, (Xaverian
Brothers High School), 5.65%, 7/1/29
    1,030,220    
  1,000     Massachusetts HEFA, (Boston College), 5.125%, 6/1/33     1,034,210    
  500     Massachusetts IFA, (Babson College), 5.25%, 10/1/27     511,100    
  400     Massachusetts IFA, (Belmont Hill School), 5.25%, 9/1/28     407,964    
          $ 8,836,242    
Electric Utilities — 2.6%      
$ 1,000     Massachusetts IFA, (Devens Electric System),
6.00%, 12/1/30
  $ 1,060,490    
          $ 1,060,490    
Escrowed / Prerefunded — 4.9%      
$ 400     Massachusetts Development Finance Agency, (Western
New England College), Prerefunded to 12/1/12,
6.125%, 12/1/32
  $ 458,404    
  1,000     Massachusetts HEFA, (Winchester Hospital), Prerefunded to
7/1/10, 6.75%, 7/1/30
    1,126,290    
  1,000     Rail Connections, Inc., (Route 128 Parking), (ACA),
Prerefunded to 7/1/09, 0.00%, 7/1/20
    441,250    
          $ 2,025,944    
General Obligations — 2.9%      
$ 875     Dover and Sherborn, Regional School District,
5.00%, 5/15/23
  $ 920,430    
  250     Massachusetts, 5.25%, 8/1/28     278,930    
          $ 1,199,360    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous — 3.0%      
$ 510     Massachusetts Development Finance Agency, (MCHSP Human
Services), 6.60%, 8/15/29
  $ 517,793    
  700     Massachusetts HEFA, (Learning Center for Deaf Children),
6.125%, 7/1/29
    705,873    
          $ 1,223,666    
Hospital — 14.4%      
$ 1,000     Massachusetts Development Finance Agency, (Biomedical
Research Corp.), 6.25%, 8/1/20
  $ 1,079,480    
  1,000     Massachusetts HEFA, (Baystate Medical Center),
5.75%, 7/1/33
    1,049,890    
  400     Massachusetts HEFA, (Berkshire Health System),
6.25%, 10/1/31
    421,464    
  105     Massachusetts HEFA, (Central New England Health Systems),
6.30%, 8/1/18
    105,147    
  1,100     Massachusetts HEFA, (Covenant Health), 6.00%, 7/1/31     1,167,870    
  2,000     Massachusetts HEFA, (South Shore Hospital), 5.75%, 7/1/29     2,125,200    
          $ 5,949,051    
Industrial Development Revenue — 1.7%      
$ 695     Massachusetts IFA, (American Hingham Water Co.), (AMT),
6.60%, 12/1/15
  $ 715,919    
          $ 715,919    
Insured-Education — 18.1%      
$ 1,000     Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39(1)
  $ 1,155,280    
  1,000     Massachusetts Development Finance Agency, (Boston
University), (XLCA), 5.375%, 5/15/39
    1,087,890    
  1,000     Massachusetts Development Finance Agency, (College of the
Holy Cross), (AMBAC), 5.25%, 9/1/32
    1,120,110    
  1,600     Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33
    1,675,808    
  850     Massachusetts HEFA, (Berklee College of Music), (MBIA),
Variable Rate, 6.97%, 10/1/27(2)(3)
    917,643    
  1,000     Massachusetts HEFA, (Northeastern University), (MBIA),
5.00%, 10/1/29
    1,025,610    
  500     Massachusetts HEFA, (UMass-Worcester Campus), (FGIC),
5.25%, 10/1/31
    526,735    
          $ 7,509,076    
Insured-Electric Utilities — 1.9%      
$ 750     Puerto Rico Electric Power Authority, (FSA), 5.25%, 7/1/29   $ 798,690    
          $ 798,690    

 

See notes to financial statements

17



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 6.6%      
$ 2,500     Massachusetts State Special Obligation - Convention Center,
(FGIC), Prerefunded to 1/1/14, 5.25%, 1/1/29
  $ 2,731,150    
          $ 2,731,150    
Insured-General Obligations — 9.2%      
$ 1,000     Massachusetts, (AMBAC), Variable Rate,
10.055%, 8/1/30(2)(4)
  $ 1,481,050    
  500     Plymouth, (MBIA), 5.25%, 10/15/20     536,960    
  900     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(2)(4)     1,065,987    
  740     Sandwich, (MBIA), 4.50%, 7/15/29     732,630    
          $ 3,816,627    
Insured-Hospital — 0.6%      
$ 250     Massachusetts HEFA, (Lahey Clinic Medical Center), (FGIC),
4.50%, 8/15/35
  $ 238,177    
          $ 238,177    
Insured-Miscellaneous — 12.9%      
$ 2,000     Boston Convention Center, (AMBAC), 5.00%, 5/1/27   $ 2,054,580    
  2,750     Massachusetts Development Finance Agency, (WGBH),
(AMBAC), 5.75%, 1/1/42
    3,301,402    
          $ 5,355,982    
Insured-Special Tax Revenue — 6.3%      
$ 1,500     Martha's Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32   $ 1,543,470    
  720     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
    241,632    
  385     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    80,862    
  1,000     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    302,410    
  3,250     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/45
    454,285    
          $ 2,622,659    
Insured-Transportation — 10.0%      
$ 1,020     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 0.00%, 1/1/29
  $ 327,797    
  1,500     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), 5.25%, 1/1/29
    1,553,955    
  1,100     Massachusetts Turnpike Authority, Metropolitan Highway
System, (MBIA), Variable Rate, 8.643%, 1/1/37(2)(4)
    1,139,798    
  1,000     Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 8.663%, 7/1/28(2)(4)
    1,114,990    
          $ 4,136,540    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Nursing Home — 2.7%      
$ 500     Boston, IDA (Alzheimers Center), (FHA), 6.00%, 2/1/37   $ 522,200    
  600     Massachusetts HEFA, (Christopher House), 6.875%, 1/1/29     603,054    
          $ 1,125,254    
Senior Living / Life Care — 3.6%      
$ 1,500     Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.625%, 7/1/29
  $ 1,469,235    
          $ 1,469,235    
Special Tax Revenue — 8.6%      
$ 1,000     Massachusetts Bay Transportation Authority, (Sales Tax
Revenue), 4.50%, 7/1/35
  $ 960,610    
  1,000     Massachusetts Bay Transportation Authority, (Sales Tax
Revenue), 5.00%, 7/1/28
    1,084,550    
  1,350     Massachusetts Bay Transportation Authority, (Sales Tax
Revenue), 5.25%, 7/1/30
    1,511,474    
          $ 3,556,634    
Transportation — 5.9%      
$ 1,350     Massachusetts Bay Transportation Authority, Variable Rate,
6.72%, 3/1/27(2)(3)
  $ 1,431,959    
  1,000     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/36
    991,750    
          $ 2,423,709    
Water and Sewer — 12.5%      
$ 2,000     Massachusetts Water Pollution Abatement Trust,
5.00%, 8/1/32
  $ 2,055,200    
  2,000     Massachusetts Water Pollution Abatement Trust,
5.25%, 8/1/33
    2,110,180    
  965     Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27
    1,021,954    
          $ 5,187,334    
  Total Tax-Exempt Investments — 149.7%
(identified cost $58,383,649)
        $ 61,981,739    
  Other Assets, Less Liabilities — 2.2%         $ 916,990    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (51.9)%
        $ (21,503,235 )  
  Net Assets Applicable to Common
Shares — 100.0%
        $ 41,395,494    

 

See notes to financial statements

18



Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

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 Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2005, 43.9% of the securities in the portfolio of 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 3.0% to 17.6% 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 November 30, 2005, the aggregate value of the securities is $7,151,427 or 17.3% of the Trust's net assets applicable to common shares.

(3)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

See notes to financial statements

19



Eaton Vance Michigan Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 155.2%      
Principal Amount
(000's omitted)
 
Security
 
Value
 
Education — 5.8%      
$ 1,250     Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27
  $ 1,281,212    
  540     Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
    545,416    
          $ 1,826,628    
Electric Utilities — 7.4%      
$ 1,250     Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
  $ 1,295,337    
  1,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     1,035,620    
          $ 2,330,957    
Escrowed / Prerefunded — 4.4%      
$ 500     Kent Hospital Finance Authority, (Spectrum Health),
Prerefunded to 7/15/11, 5.50%, 1/15/31
  $ 548,705    
  750     Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26
    827,685    
          $ 1,376,390    
General Obligations — 20.2%      
$ 500     East Grand Rapids Public Schools, 5.00%, 5/1/25   $ 519,930    
  500     Garden City School District, 5.00%, 5/1/26     513,700    
  5,335     Grand Rapids and Kent County Joint Building Authority,
0.00%, 12/1/29
    1,635,871    
  1,000     Manistee Area Public Schools, 5.00%, 5/1/24     1,042,660    
  750     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    770,827    
  1,000     White Cloud Public Schools, 5.125%, 5/1/31     1,029,240    
  800     Woodhaven Brownstown School District, 5.125%, 5/1/32     826,632    
          $ 6,338,860    
Health Care-Miscellaneous — 0.7%      
$ 220     Pittsfield Township EDC, (Arbor Hospice), 7.875%, 8/15/27   $ 230,912    
          $ 230,912    
Hospital — 30.5%      
$ 500     Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21
  $ 530,355    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.20%, 1/1/25
    127,917    
  125     Gaylord Hospital Finance Authority, (Otsego Memorial
Hospital Association), 6.50%, 1/1/37
    128,422    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 500     Macomb County Hospital Finance Authority, (Mount Clemens
General Hospital), 5.875%, 11/15/34
  $ 506,700    
  500     Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
    512,110    
  1,000     Michigan Hospital Finance Authority, (Central Michigan
Community Hospital), 6.25%, 10/1/27
    1,016,600    
  450     Michigan Hospital Finance Authority, (Chelsea Community
Hospital), 5.00%, 5/15/37
    440,010    
  1,000     Michigan Hospital Finance Authority, (Henry Ford Health),
5.25%, 11/15/20
    1,019,000    
  1,000     Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
    1,005,800    
  750     Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21
    786,472    
  750     Michigan Hospital Finance Authority, (Sparrow Obligation
Group), 5.625%, 11/15/36
    783,105    
  1,000     Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27
    1,088,110    
  750     Royal Oak Hospital Finance Authority, (William Beaumount
Hospital), 5.25%, 1/1/20
    765,675    
  800     Saginaw Hospital Finance Authority, (Covenant Medical
Center), 6.50%, 7/1/30
    864,352    
          $ 9,574,628    
Industrial Development Revenue — 9.7%      
$ 1,000     Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21
  $ 1,015,850    
  800     Dickinson County Economic Development Corp., (International
Paper Co.), 5.75%, 6/1/16
    844,760    
  750     Michigan Strategic Fund, (Waste Management, Inc.), (AMT),
4.625%, 12/1/12(1)
    750,015    
  625     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    432,294    
          $ 3,042,919    
Insured-Education — 0.8%      
$ 250     Central Michigan University, (AMBAC), 4.75%, 10/1/29   $ 252,433    
          $ 252,433    
Insured-Electric Utilities — 5.0%      
$ 1,000     Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.),
(MBIA), (AMT), 5.55%, 9/1/29
  $ 1,048,180    
  500     Michigan Strategic Fund Resource Recovery, (Detroit Edison Co.),
(XLCA), 5.25%, 12/15/32
    519,655    
          $ 1,567,835    

 

See notes to financial statements

20



Eaton Vance Michigan Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 22.9%      
$ 1,000     Central Montcalm Public Schools, (MBIA), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,082,160    
  2,000     Fenton Area Public Schools, (FGIC), Prerefunded to 5/1/08,
5.00%, 5/1/24
    2,076,120    
  2,000     Novi Building Authority, (FSA), Prerefunded to 10/1/10,
5.50%, 10/1/25(2)
    2,191,940    
  600     Puerto Rico Highway and Transportation Authority, (MBIA),
Prerefunded to 7/1/06, Variable Rate,
10.163%, 7/1/26(3)(4)
    651,948    
  600     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
6.824%, 7/1/28(3)(5)
    653,088    
  455     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
8.243%, 7/1/28(3)(4)
    515,388    
          $ 7,170,644    
Insured-General Obligations — 8.9%      
$ 650     Detroit School District, (FGIC), 4.75%, 5/1/28   $ 654,141    
  200     Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25     201,466    
  700     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(3)(4)     829,101    
  1,000     St. Johns Public Schools, (FGIC), 5.10%, 5/1/25     1,095,550    
          $ 2,780,258    
Insured-Hospital — 6.7%      
$ 1,000     Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (MBIA), 5.25%, 11/15/35
  $ 1,033,520    
  1,000     Saginaw Hospital Finance Authority, (Covenant Medical Center),
(MBIA), 5.50%, 7/1/24
    1,062,080    
          $ 2,095,600    
Insured-Sewer Revenue — 5.1%      
$ 550     Detriot Sewer Disposal, (MBIA), 5.00%, 7/1/30   $ 570,114    
  1,000     Detroit Sewer Disposal, (FGIC), 5.125%, 7/1/31     1,032,070    
          $ 1,602,184    
Insured-Special Tax Revenue — 7.4%      
$ 2,250     Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
  $ 2,316,263    
          $ 2,316,263    
Insured-Student Loan — 3.3%      
$ 1,000     Michigan Higher Education Student Loan Authority Revenue,
(AMBAC), (AMT), 5.50%, 6/1/25(6)
  $ 1,031,250    
          $ 1,031,250    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 8.9%      
$ 670     Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 8.663%, 7/1/28(3)(4)
  $ 747,043    
  2,000     Wayne Charter County Airport, Residual Certificates, (MBIA),
(AMT), Variable Rate, 6.71%, 12/1/28(3)(5)
    2,036,100    
          $ 2,783,143    
Insured-Water Revenue — 5.4%      
$ 1,650     Detroit Water Supply System, (FGIC), 5.00%, 7/1/30   $ 1,688,247    
          $ 1,688,247    
Lease Revenue / Certificates of Participation — 0.8%      
$ 250     Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22
  $ 255,865    
          $ 255,865    
Transportation — 1.3%      
$ 375     Kent County Airport Facility, Variable Rate,
10.16%, 1/1/25(3)(5)
  $ 397,058    
          $ 397,058    
  Total Tax-Exempt Investments — 155.2%
(identified cost $45,201,454)
        $ 48,662,074    
  Other Assets, Less Liabilities — 0.6%         $ 195,259    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.8)%
      $ (17,500,000 )  
  Net Assets Applicable to Common
Shares — 100.0%
        $ 31,357,333    

 

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.

See notes to financial statements

21



Eaton Vance Michigan Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2005, 47.3% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 20.6% 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 November 30, 2005, the aggregate value of the securities is $5,829,726 or 18.6% of the Trust's net assets applicable to common shares.

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(5)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

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

See notes to financial statements

22




Eaton Vance New Jersey Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 152.6%      
Principal Amount
(000's omitted)
  Security   Value  
Education — 6.9%      
$ 1,420     New Jersey Educational Facilities Authority,
(Bloomfield College), 6.85%, 7/1/30
  $ 1,444,012    
  3,250     New Jersey Educational Facilities Authority,
(Stevens Institute of Technology), 5.25%, 7/1/32
    3,334,663    
          $ 4,778,675    
Electric Utilities — 9.7%      
$ 5,000     Puerto Rico Electric Power Authority, 5.125%, 7/1/29   $ 5,143,700    
  1,500     Salem County Pollution Control Financing Authority,
(Public Service Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
    1,586,955    
          $ 6,730,655    
Escrowed / Prerefunded — 5.9%      
$ 3,935     New Jersey Educational Facilities Authority,
(Princeton University), Prerefunded to 7/1/10,
5.00%, 7/1/20
  $ 4,102,434    
          $ 4,102,434    
General Obligations — 5.2%      
$ 3,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
  $ 3,597,195    
          $ 3,597,195    
Hospital — 24.9%      
$ 2,750     Camden County, Improvements Authority,
(Cooper Health), 5.75%, 2/15/34
  $ 2,873,200    
  1,035     New Jersey Health Care Facilities Financing Authority,
(Atlantic City Medical Center), 5.75%, 7/1/25
    1,101,623    
  2,140     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.25%, 7/1/27
    2,166,022    
  1,765     New Jersey Health Care Facilities Financing Authority,
(Capital Health System), 5.375%, 7/1/33
    1,811,878    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34
    2,123,200    
  750     New Jersey Health Care Facilities Financing Authority,
(Palisades Medical Center), 6.50%, 7/1/21
    820,718    
  2,000     New Jersey Health Care Facilities Financing Authority,
(Robert Wood Johnson University Hospital), 5.75%, 7/1/31
    2,123,300    
  1,450     New Jersey Health Care Facilities Financing Authority,
(Saint Peters University Hospital), 6.875%, 7/1/20
    1,598,770    
  1,900     New Jersey Health Care Facilities Financing Authority,
(St. Elizabeth's Hospital), 6.00%, 7/1/20
    1,977,140    
  600     New Jersey Health Care Facilities Financing Authority,
(Trinitas Hospital), 7.50%, 7/1/30
    667,758    
          $ 17,263,609    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Industrial Development Revenue — 9.7%      
$ 1,000     Gloucester County, Improvements Authority,
(Waste Management, Inc.), (AMT), 7.00%, 12/1/29
  $ 1,104,390    
  3,000     Middlesex County Pollution Control Authority,
(Amerada Hess Corp.), 6.05%, 9/15/34
    3,208,410    
  1,000     New Jersey EDA, (Anheuser-Busch), (AMT),
5.85%, 12/1/30
    1,021,670    
  750     New Jersey EDA, (Continental Airlines), (AMT),
6.25%, 9/15/29
    622,193    
  750     New Jersey EDA, (Continental Airlines), (AMT),
9.00%, 6/1/33
    779,565    
          $ 6,736,228    
Insured-Education — 2.6%      
$ 1,600     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA), Variable Rate,
8.595%, 7/1/33(1)(2)
  $ 1,794,880    
          $ 1,794,880    
Insured-Electric Utilities — 1.9%      
$ 1,250     Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
  $ 1,297,038    
          $ 1,297,038    
Insured-Escrowed / Prerefunded — 5.3%      
$ 1,580     New Jersey EDA, (FSA), Prerefunded to 5/1/09,
Variable Rate, 9.334%, 5/1/17(1)(2)
  $ 1,846,277    
  1,500     New Jersey Turnpike Authority, RITES, (MBIA),
Prerefunded to 1/1/10, Variable Rate,
10.124%, 1/1/30(1)(2)
    1,847,745    
          $ 3,694,022    
Insured-Gas Utilities — 7.2%      
$ 5,000     New Jersey EDA, (New Jersey Natural Gas Co.),
(FGIC), 4.90%, 10/1/40
  $ 5,028,000    
          $ 5,028,000    
Insured-General Obligations — 13.5%      
$ 3,500     Irvington Township, (FSA), 0.00%, 7/15/24   $ 1,465,310    
  5,500     Irvington Township, (FSA), 0.00%, 7/15/25     2,181,080    
  750     Madison Boro, Board of Education, (MBIA),
4.75%, 7/15/35
    756,015    
  1,596     Stafford Township, (MBIA), 3.00%, 7/1/30     1,216,439    
  1,400     Washington Township, Board of Education,
Gloucester County, (FSA), 5.25%, 1/1/27
    1,567,524    
  1,945     Washington Township, Board of Education,
Gloucester County, (FSA), 5.25%, 1/1/28
    2,178,439    
          $ 9,364,807    

 

See notes to financial statements

23



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Housing — 5.3%      
$ 3,390     New Jersey Housing and Mortgage Finance Agency,
(FSA), (AMT), 5.05%, 5/1/34
  $ 3,401,492    
  230     New Jersey Housing and Mortgage Finance Agency,
Multifamily Housing, (FSA), 5.75%, 5/1/25
    240,102    
          $ 3,641,594    
Insured-Lease Revenue / Certificates of
Participation — 1.4%
     
$ 1,000     Gloucester County, Improvements Authority, (MBIA),
4.75%, 9/1/30
  $ 1,004,200    
          $ 1,004,200    
Insured-Special Tax Revenue — 7.0%      
$ 7,100     Garden Preservation Trust and Open Space and
Farmland, (FSA), 0.00%, 11/1/27
  $ 2,488,834    
  6,000     Garden Preservation Trust and Open Space and
Farmland, (FSA), 0.00%, 11/1/25(3)
    2,346,120    
          $ 4,834,954    
Insured-Transportation — 16.1%      
$ 1,000     Delaware River Port Authority, (FSA), 5.625%, 1/1/26   $ 1,068,430    
  3,250     Delaware River Port Authority, (FSA), 5.75%, 1/1/26     3,485,105    
  1,250     Newark Housing Authority, (Newark Marine Terminal),
(MBIA), Variable Rate, 8.56%, 1/1/37(1)(2)
    1,360,400    
  4,000     Port Authority of New York and New Jersey,
(JFK International Terminal), (MBIA), (AMT),
5.75%, 12/1/25
    4,151,160    
  1,100     Puerto Rico Highway and Transportation Authority,
(AGC), 5.00%, 7/1/45
    1,128,182    
          $ 11,193,277    
Insured-Water and Sewer — 6.7%      
$ 5,000     Rahway Valley Sewerage Authority, (MBIA),
0.00%, 9/1/27
  $ 1,730,750    
  10,000     Rahway Valley Sewerage Authority, (MBIA),
0.00%, 9/1/30
    2,935,200    
          $ 4,665,950    
Nursing Home — 3.0%      
$ 1,000     New Jersey EDA, (Masonic Charity Foundation),
5.50%, 6/1/31
  $ 1,059,230    
  965     New Jersey EDA, (Victoria Health), 5.20%, 12/20/36     1,012,854    
          $ 2,072,084    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Other Revenue — 4.7%      
$ 7,200     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50
  $ 444,168    
  6,100     Children's Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55
    201,605    
  950     Tobacco Settlement Financing Corp., 6.75%, 6/1/39     1,060,941    
  1,250     Tobacco Settlement Financing Corp., Variable Rate,
10.555%, 6/1/39(1)(4)(5)
    1,541,950    
          $ 3,248,664    
Senior Living / Life Care — 2.5%      
$ 1,700     New Jersey EDA, (Fellowship Village), 5.50%, 1/1/25   $ 1,706,375    
          $ 1,706,375    
Special Tax Revenue — 5.4%      
$ 750     New Jersey EDA, (Cigarette Tax), 5.50%, 6/15/31   $ 770,280    
  1,310     New Jersey EDA, (Cigarette Tax), 5.75%, 6/15/29     1,374,347    
  1,500     New Jersey EDA, (Cigarette Tax), Variable Rate,
7.89%, 6/15/34(1)(4)
    1,632,525    
          $ 3,777,152    
Transportation — 7.7%      
$ 1,600     Port Authority of New York and New Jersey,
Variable Rate, 9.709%, 3/1/28(1)(2)
  $ 2,175,424    
  2,000     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/42
    1,966,900    
  1,175     South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33
    1,203,423    
          $ 5,345,747    
  Total Tax-Exempt Investments — 152.6%
(identified cost $99,773,259)
      $ 105,877,540    
  Other Assets, Less Liabilities — 2.2%         $ 1,512,011    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (54.8)%
        $ (38,014,568 )  
  Net Assets Applicable to
Common Shares — 100.0%
        $ 69,374,983    

 

AGC - Assured Guaranty Corp.

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

See notes to financial statements

24



Eaton Vance New Jersey Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

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 November 30, 2005, 43.9% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 21.0% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005, the aggregate value of the securities is $12,199,201 or 17.6% of the Trust's net assets applicable to common shares.

(2)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

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

(4)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(5)  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 November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 151.1%      
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
  $ 1,134,406    
          $ 1,134,406    
Education — 9.3%      
$ 1,000     Dutchess County IDA, (Marist College), 5.00%, 7/1/20   $ 1,026,940    
  1,200     Hempstead IDA, (Adelphi University), 4.50%, 10/1/24     1,163,580    
  600     Hempstead IDA, (Adelphi University), 5.00%, 10/1/35     610,932    
  4,980     Hempstead IDA, (Hofstra University Civic Facilities),
5.00%, 7/1/33
    5,055,148    
          $ 7,856,600    
Electric Utilities — 17.8%      
$ 2,000     Long Island Power Authority, 5.50%, 12/1/23   $ 2,105,700    
  1,655     Long Island Power Authority, Electric System Revenue,
5.25%, 12/1/26
    1,729,028    
  1,000     Long Island Power Authority, Electric System Revenue,
5.375%, 9/1/25
    1,066,160    
  4,100     New York Power Authority, 5.25%, 11/15/40     4,292,495    
  1,500     Puerto Rico Electric Power Authority, 5.125%, 7/1/29     1,543,110    
  2,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     2,071,240    
  2,100     Suffolk County IDA, (Keyspan-Port Jefferson), (AMT),
5.25%, 6/1/27
    2,152,437    
          $ 14,960,170    
Escrowed / Prerefunded — 6.0%      
$ 200     New York City IDA, Ohel Children's Home Project,
Prerefunded to 3/15/22, 6.25%, 8/15/22
  $ 215,728    
  4,385     New York Dormitory Authority, (Court Facility),
Prerefunded to 5/15/10, 6.00%, 5/15/39
    4,859,895    
          $ 5,075,623    
General Obligations — 10.5%      
$ 6,000     New York City, 5.25%, 9/15/33   $ 6,279,720    
  2,500     Puerto Rico Public Buildings Authority, Commonwealth
Guaranteed, 5.25%, 7/1/29
    2,569,425    
          $ 8,849,145    
Health Care-Miscellaneous — 6.3%      
$ 1,250     New York City IDA, (A Very Special Place, Inc.),
5.75%, 1/1/29
  $ 1,220,287    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Health Care-Miscellaneous (continued)      
$ 1,300     New York City IDA, Civic Facility Revenue,
Ohel Children's Home, 6.25%, 8/15/22
  $ 1,177,228    
  100     Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15
    108,299    
  140     Suffolk County IDA, Civic Facility Revenue, (Alliance of LI),
7.50%, 9/1/15
    151,618    
  2,600     Westchester County IDA, (Children's Village),
5.375%, 3/15/19
    2,628,990    
          $ 5,286,422    
Hospital — 16.8%      
$ 220     Chautauqua County IDA, (Womans Christian Association),
6.35%, 11/15/17
  $ 231,161    
  485     Chautauqua County IDA, (Womans Christian Association),
6.40%, 11/15/29
    504,933    
  1,250     Fulton County IDA, (Nathan Littauer Hospital),
6.00%, 11/1/18
    1,230,100    
  1,500     Monroe County IDA, (Highland Hospital of Rochester),
5.00%, 8/1/25
    1,524,630    
  400     Nassau County IDA, Civic Facility Revenue, (North Shore
Health System), 6.25%, 11/1/21
    434,600    
  2,700     New York City Health and Hospital Corp., (Health System),
5.25%, 2/15/17
    2,795,607    
  300     New York City Health and Hospital Corp., (Health System),
5.375%, 2/15/26
    310,038    
  1,500     New York Dormitory Authority Revenue, (Lenox Hill Hospital),
5.50%, 7/1/30
    1,477,065    
  2,000     New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33
    2,079,760    
  1,250     Oneida County IDA, (St. Elizabeth Hospital),
5.75%, 12/1/19
    1,280,012    
  2,105     Suffolk County IDA, Civic Facility, (Huntington Hospital),
6.00%, 11/1/22
    2,252,771    
          $ 14,120,677    
Housing — 5.2%      
$ 3,000     New York City Housing Development Corp.,
(Multi-Family Housing), 4.95%, 11/1/33
  $ 3,082,620    
  1,250     New York City Housing Development Corp.,
(Multi-Family Housing), (AMT), 5.00%, 11/1/24
    1,265,650    
          $ 4,348,270    
Industrial Development Revenue — 11.0%      
$ 1,000     Liberty Development Corp., (Residuals), Variable Rate,
9.285%, 10/1/35(1)(2)
  $ 1,306,800    
  1,500     New York City IDA, (American Airlines, Inc.-JFK International
Airport), (AMT), 8.00%, 8/1/12
    1,525,380    

 

See notes to financial statements

26



Eaton Vance New York Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Industrial Development Revenue (continued)      
$ 2,440     New York City IDA, (Liberty-IAC), 5.00%, 9/1/35   $ 2,434,193    
  775     Onondaga County IDA, (Aero Syracuse Cargo), (AMT),
6.125%, 1/1/32
    793,933    
  2,500     Onondaga County IDA, (Anheuser-Busch), (AMT),
6.25%, 12/1/34
    2,683,700    
  550     Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
    552,145    
          $ 9,296,151    
Insured-Education — 4.8%      
$ 1,000     Madison County IDA, (Colgate University), (MBIA),
5.00%, 7/1/39
  $ 1,029,360    
  1,200     New York Dormitory Authority, (Cooper Union), (MBIA),
6.25%, 7/1/29
    1,314,264    
  900     New York Dormitory Authority, (New York University),
(MBIA), Variable Rate, 15.835%, 7/1/27(2)(3)
    1,737,387    
          $ 4,081,011    
Insured-Escrowed / Prerefunded — 7.5%      
$ 1,000     Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26
  $ 1,014,970    
  1,400     Metropolitan Transportation Authority of New York,
Escrowed to Maturity, (FGIC), 4.75%, 7/1/26
    1,420,958    
  1,000     New York City, Trust for Cultural Resources, (Museum
of History), Prerefunded to 7/1/09, (AMBAC),
Variable Rate, 10.689%, 7/1/29(2)(3)
    1,215,520    
  1,175     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
6.824%, 7/1/28(2)(4)
    1,278,964    
  1,190     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
8.243%, 7/1/28(2)(3)
    1,347,937    
          $ 6,278,349    
Insured-General Obligations — 2.5%      
$ 1,750     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(2)(3)   $ 2,072,752    
          $ 2,072,752    
Insured-Hospital — 6.8%      
$ 5,000     New York Dormitory Authority, (Memorial Sloan Kettering
Cancer Center), (MBIA), 5.50%, 7/1/23(5)(6)
  $ 5,704,800    
          $ 5,704,800    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Special Tax Revenue — 7.6%      
$ 1,500     New York Convention Center, (AMBAC), 4.75%, 11/15/45   $ 1,489,065    
  3,050     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/28
    1,023,580    
  4,500     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34
    1,107,810    
  1,625     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/37
    341,299    
  12,000     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/43
    1,858,080    
  1,800     Puerto Rico Infrastructure Financing Authority, (FGIC),
0.00%, 7/1/30
    544,338    
          $ 6,364,172    
Insured-Transportation — 12.0%      
$ 2,325     Monroe County Airport Authority, (MBIA), (AMT),
Variable Rate, 8.367%, 1/1/17(2)(4)
  $ 2,906,041    
  2,735     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29(6)
    2,893,247    
  1,750     Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), Variable Rate,
7.874%, 4/1/29(2)(4)
    1,952,493    
  400     Port Authority of New York and New Jersey, (CIFG),
(AMT), 4.50%, 9/1/35
    379,068    
  1,950     Puerto Rico Highway and Transportation Authority, (AGC),
5.00%, 7/1/45
    1,999,959    
          $ 10,130,808    
Insured-Water Revenue — 4.0%      
$ 3,500     New York Environmental Facilities Corp., (MBIA),
4.25%, 6/15/28
  $ 3,331,510    
          $ 3,331,510    
Other Revenue — 3.4%      
$ 1,285     Albany Industrial Development Agency Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26
  $ 1,326,338    
  1,250     Puerto Rico Infrastructure Financing Authority,
Variable Rate, 10.188%, 10/1/32(2)(3)
    1,537,013    
          $ 2,863,351    
Senior Living / Life Care — 3.0%      
$ 1,450     Mount Vernon IDA, (Wartburg Senior Housing,
Inc. - Meadowview), 6.20%, 6/1/29
  $ 1,482,669    
  1,000     Suffolk County IDA, (Jeffersons Ferry), 7.20%, 11/1/19     1,083,240    
          $ 2,565,909    

 

See notes to financial statements

27



Eaton Vance New York Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Transportation — 15.3%      
$ 1,000     Metropolitan Transportation Authority of New York,
5.00%, 11/15/35(7)
  $ 1,022,420    
  6,000     Metropolitan Transportation Authority of New York,
5.25%, 11/15/32
    6,296,040    
  1,300     Port Authority of New York and New Jersey, (AMT),
Variable Rate, 6.265%, 6/15/33(2)(4)
    1,258,738    
  333     Port Authority of New York and New Jersey, (AMT),
Variable Rate, 7.769%, 12/1/34(2)(3)
    319,074    
  1,800     Port Authority of New York and New Jersey, Variable Rate,
9.709%, 3/1/28(2)(3)
    2,447,352    
  1,550     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/42
    1,524,348    
          $ 12,867,972    
  Total Tax-Exempt Investments — 151.1%
(identified cost $120,578,963)
        $ 127,188,098    
  Other Assets, Less Liabilities — 1.8%         $ 1,525,949    
  Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (52.9)%
        $ (44,519,759 )  
  Net Assets Applicable to
Common Shares — 100.0%
        $ 84,194,288    

 

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 November 30, 2005, 29.8% of the securities in the portfolio of 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 0.3% to 16.4% of total investments.

(1)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at December 31, 2004.

(2)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005, the aggregate value of the securities is $19,380,071 or 23.0% of the Trust's net assets applicable to common shares.

(3)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(4)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

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

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

(7)  When-issued security.

See notes to financial statements

28



Eaton Vance Ohio Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 154.2%      
Principal Amount
(000's omitted)
  Security   Value  
Bond Bank — 0.8%      
$ 325     Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25
  $ 322,660    
          $ 322,660    
Cogeneration — 1.4%      
$ 385     Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 5.875%, 9/1/20
  $ 387,764    
  200     Ohio Water Development Authority, Solid Waste Disposal,
(Bay Shore Power), (AMT), 6.625%, 9/1/20
    206,922    
          $ 594,686    
Education — 3.7%      
$ 1,500     Ohio Higher Educational Facilities Authority, (Oberlin
College), Variable Rate, 6.72%, 10/1/29(1)(2)
  $ 1,559,790    
          $ 1,559,790    
Electric Utilities — 3.7%      
$ 500     Clyde Electric System Revenue, (AMT), 6.00%, 11/15/14   $ 520,705    
  1,000     Puerto Rico Electric Power Authority, 5.25%, 7/1/31     1,035,620    
          $ 1,556,325    
Escrowed / Prerefunded — 9.1%      
$ 1,000     Delaware County, Prerefunded to 12/1/10,
6.00%, 12/1/25
  $ 1,120,370    
  1,000     Franklin County, (Childrens Hospital), Prerefunded to
5/1/09, 5.20%, 5/1/29
    1,072,340    
  1,530     Hamilton City School District, Prerefunded to 12/01/09,
5.625%, 12/1/24
    1,666,461    
          $ 3,859,171    
Hospital — 17.4%      
$ 550     Cuyahoga County, (Cleveland Clinic Health System),
5.50%, 1/1/29
  $ 577,065    
  1,500     Erie County Hospital Facilities, (Firelands Regional
Medical Center), 5.625%, 8/15/32
    1,558,755    
  600     Highland County, (Joint Township Hospital District),
6.75%, 12/1/29
    630,126    
  400     Mahoning County Hospital Facility, (Forum Health
Obligation Group), 6.00%, 11/15/32
    425,584    
  1,250     Parma Community General Hospital Association,
5.35%, 11/1/18
    1,290,800    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 1,750     Parma Community General Hospital Association,
5.375%, 11/1/29
  $ 1,787,030    
  1,000     Richland County Hospital Facilities, (Medcentral
Health Systems), 6.375%, 11/15/22
    1,087,480    
          $ 7,356,840    
Industrial Development Revenue — 13.9%      
$ 1,385     Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27
  $ 1,011,493    
  1,300     Dayton Special Facilities Revenue, (Emery Air Freight),
5.625%, 2/1/18
    1,369,355    
  1,350     Ohio Environmental Facilities, (Ford Motor Co.), (AMT),
5.75%, 4/1/35
    1,110,699    
  2,250     Ohio Water Development Authority, (Anheuser-Busch),
(AMT), 6.00%, 8/1/38
    2,357,797    
          $ 5,849,344    
Insured-Education — 5.7%      
$ 1,000     Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), 5.50%, 12/1/30
  $ 1,079,000    
  1,250     University of Cincinnati, (FGIC), 5.25%, 6/1/24     1,338,075    
          $ 2,417,075    
Insured-Electric Utilities — 4.6%      
$ 2,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/25
  $ 801,440    
  3,000     Ohio Municipal Electric Generation Agency, (MBIA),
0.00%, 2/15/26
    1,137,480    
          $ 1,938,920    
Insured-Escrowed / Prerefunded — 7.5%      
$ 245     Cuyahoga County Hospital, (MBIA), Escrowed to
Maturity, 5.125%, 1/1/29(3)
  $ 254,489    
  1,000     Lima City School District, (AMBAC), Prerefunded to
12/1/10, 5.50%, 12/1/22
    1,111,390    
  1,500     University of Akron, (FGIC), Prerefunded to 1/1/10,
Variable Rate, 8.22%, 1/1/29(1)(2)
    1,783,860    
          $ 3,149,739    
Insured-General Obligations — 20.2%      
$ 2,455     Canal Winchester Local School District, (MBIA),
0.00%, 12/1/30
  $ 715,903    
  1,255     Canal Winchester Local School District, (MBIA),
0.00%, 12/1/33
    310,449    

 

See notes to financial statements

29



Eaton Vance Ohio Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-General Obligations (continued)      
$ 1,000     Cincinnati City School District, (Classroom Facilities
Construction & Improvement), (FSA), 5.00%, 12/1/31
  $ 1,032,950    
  500     Lima City School District, (AMBAC), 6.00%, 12/1/22     564,625    
  1,015     Marysville, Exempt Village School District, (FSA),
5.00%, 12/1/29
    1,056,757    
  1,000     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(1)(4)     1,184,430    
  400     Puerto Rico, (MBIA), Variable Rate, 10.095%, 7/1/20(1)(4)     570,928    
  2,860     Springfield City School District, Clark County, (FGIC),
5.20%, 12/1/23
    3,079,791    
          $ 8,515,833    
Insured-Hospital — 6.8%      
$ 255     Cuyahoga County, (Cleveland Clinic), (MBIA),
5.125%, 1/1/29(3)
  $ 264,876    
  1,000     Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.00%, 5/15/32
    1,026,760    
  1,500     Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
5.125%, 5/15/28
    1,561,035    
          $ 2,852,671    
Insured-Industrial Development Revenue — 2.4%      
$ 1,000     Ohio Air Quality Development Authority, (Dayton Power &
Light Co.), (FGIC), 4.80%, 1/1/34
  $ 1,002,250    
          $ 1,002,250    
Insured-Lease Revenue / Certificates of
Participation — 8.0%
     
$ 1,500     Cleveland, Certificates of Participation, (Cleveland Stadium),
(AMBAC), 5.25%, 11/15/22
  $ 1,573,005    
  600     Puerto Rico Public Finance Corp., (AMBAC), Variable Rate,
8.804%, 6/1/24(1)(4)
    774,852    
  1,000     Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33
    1,023,670    
          $ 3,371,527    
Insured-Special Tax Revenue — 13.3%      
$ 2,000     Delaware County, Sewer District, (MBIA), 4.75%, 12/1/24   $ 2,029,340    
  2,000     Hamiliton County Sales Tax Revenue, (AMBAC),
5.25%, 12/1/32
    2,106,040    
  2,235     Hamilton County Sales Tax Revenue, (AMBAC),
0.00%, 12/1/28
    740,254    
  5,000     Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/44
    735,600    
          $ 5,611,234    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 9.3%      
$ 500     Cleveland Airport System Revenue, (FSA), 5.00%, 1/1/31   $ 509,300    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/24     1,152,450    
  1,000     Ohio Turnpike Commission, (FGIC), 5.50%, 2/15/26     1,151,300    
  1,000     Puerto Rico Highway and Transportation Authority, (AMBAC),
Variable Rate, 8.663%, 7/1/28(1)(4)
    1,114,990    
          $ 3,928,040    
Lease Revenue / Certificates of Participation — 3.2%      
$ 1,300     Union County, (Pleasant Valley Joint Fire District),
6.125%, 12/1/19
  $ 1,370,213    
          $ 1,370,213    
Other Revenue — 2.9%      
$ 1,000     Puerto Rico Infrastructure Financing Authority,
Variable Rate, 10.188%, 10/1/32(1)(4)
  $ 1,229,610    
          $ 1,229,610    
Pooled Loans — 10.5%      
$ 530     Cleveland-Cuyahoga County Port Authority, (Myers
University), 5.60%, 5/15/25
  $ 545,206    
  550     Ohio Economic Development Commission, (Ohio Enterprise
Bond Fund), (AMT), 4.85%, 6/1/25
    563,508    
  1,020     Ohio Economic Development, (Ohio Enterprise Bond Fund),
(AMT), 5.85%, 12/1/22
    1,066,808    
  1,065     Rickenbacker Port Authority, Oasbo Expanded Asset
Pooled Loan, 5.375%, 1/1/32
    1,130,040    
  1,100     Toledo-Lucas County Port Authority, 5.40%, 5/15/19     1,113,750    
          $ 4,419,312    
Special Tax Revenue — 5.3%      
$ 600     Cleveland-Cuyahoga County Port Authority,
7.00%, 12/1/18
  $ 635,154    
  1,400     Cuyahoga County, Economic Development,
(Shaker Square), 6.75%, 12/1/30
    1,602,776    
          $ 2,237,930    
Transportation — 2.0%      
$ 875     Puerto Rico Highway and Transportation Authority,
5.00%, 7/1/34
  $ 869,033    
          $ 869,033    
Water and Sewer — 2.5%      
$ 1,000     Ohio Water Development Authority, (Fresh Water
Improvement), 5.00%, 12/1/28
  $ 1,039,660    
          $ 1,039,660    

 

See notes to financial statements

30



Eaton Vance Ohio Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

   
Value
 
Total Tax-Exempt Investments — 154.2%
(identified cost $60,885,492)
  $ 65,051,863    
Other Assets, Less Liabilities — 1.5%   $ 643,003    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.7)%
  $ (23,501,766 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 42,193,100    

 

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 November 30, 2005, 50.4% of the securities in the portfolio of investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 5.8% to 18.6% of total investments.

(1)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2005, the aggregate value of the securities is $8,218,460 or 19.5% 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 November 30, 2005.

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

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

See notes to financial statements

31



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS

Tax-Exempt Investments — 153.0%      
Principal Amount
(000's omitted)
  Security   Value  
Cogeneration — 5.3%      
$ 425     Carbon County IDA, (Panther Creek Partners), (AMT),
6.65%, 5/1/10
  $ 455,362    
  500     Pennsylvania EDA, (Northampton Generating), (AMT),
6.50%, 1/1/13
    501,500    
  500     Pennsylvania EDA, (Northampton Generating), (AMT),
6.60%, 1/1/19
    502,035    
  675     Pennsylvania EDA, (Resource Recovery-Colver), (AMT),
5.125%, 12/1/15
    671,868    
          $ 2,130,765    
Education — 1.5%      
$ 600     Philadelphia HEFA, (Chestnut Hill College), 6.00%, 10/1/29   $ 611,304    
          $ 611,304    
Electric Utilities — 3.1%      
$ 600     Pennsylvania EDA, (Reliant Energy, Inc.), (AMT),
6.75%, 12/1/36
  $ 638,088    
  600     York County IDA, Pollution Control, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20
    631,854    
          $ 1,269,942    
Escrowed / Prerefunded — 4.0%      
$ 1,500     Pennsylvania HEFA, (Drexel University), Prerefunded to
5/1/09, 6.00%, 5/1/29
  $ 1,619,715    
          $ 1,619,715    
Health Care-Miscellaneous — 5.5%      
$ 600     Allegheny County IDA, (Residential Resources, Inc.),
6.50%, 9/1/21
  $ 634,176    
  1,500     Chester County HEFA, (Devereux Foundation),
6.00%, 11/1/29
    1,569,165    
          $ 2,203,341    
Hospital — 13.0%      
$ 750     Lancaster County Hospital Authority, 5.50%, 3/15/26   $ 782,002    
  1,250     Lehigh County, General Purpose Authority, (Lehigh Valley
Health Network), 5.25%, 7/1/32
    1,277,812    
  500     Monroe County Hospital Authority, (Pocono Medical Center),
6.00%, 1/1/43
    529,080    
  360     Montgomery County Higher Education and Health Authority,
(Catholic Health East), 5.375%, 11/15/34
    374,602    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Hospital (continued)      
$ 850     Pennsylvania HEFA, (UPMC Health System),
6.00%, 1/15/31
  $ 921,188    
  800     St. Mary Hospital Authority, (Catholic Health East),
5.375%, 11/15/34
    832,448    
  500     Washington County Hospital Authority, (Monongahela
Hospital), 5.50%, 6/1/17
    531,460    
          $ 5,248,592    
Industrial Development Revenue — 7.8%      
$ 500     New Morgan IDA, (New Morgan Landfill), (AMT),
6.50%, 4/1/19
  $ 498,225    
  1,000     Pennsylvania EDA, (Proctor & Gamble Paper Products Co.),
(AMT), 5.375%, 3/1/31
    1,082,780    
  500     Pennsylvania EDA, Solid Waste Disposal, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27
    494,125    
  1,550     Puerto Rico Port Authority, (American Airlines), (AMT),
6.25%, 6/1/26
    1,072,089    
          $ 3,147,219    
Insured-Education — 22.1%      
$ 1,900     Lycoming County Authority, (Pennsylvania College of
Technology), (AMBAC), 5.25%, 5/1/32(1)
  $ 2,000,035    
  1,000     Northampton County HEFA, (Lafayette College), (MBIA),
5.00%, 11/1/27
    1,023,510    
  1,000     Pennsylvania HEFA, (Bryn Mawr College), (AMBAC),
5.125%, 12/1/29
    1,048,250    
  2,000     Pennsylvania HEFA, (State System Higher Education),
(FSA), 5.00%, 6/15/24
    2,070,000    
  2,000     Pennsylvania HEFA, (Temple University), (MBIA),
5.00%, 4/1/29(2)
    2,063,660    
  600     Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental, Residual Certificates, (MBIA), Variable Rate,
8.595%, 7/1/33(3)(4)
    673,080    
          $ 8,878,535    
Insured-Electric Utilities — 7.7%      
$ 1,390     Lehigh County IDA, (PPL Electric Utilities Corp.), (FGIC),
4.75%, 2/15/27
  $ 1,401,773    
  600     Puerto Rico Electric Power Authority, (FSA), Variable Rate,
9.187%, 7/1/29(3)(4)
    716,856    
  835     Puerto Rico Electric Power Authority, DRIVERS, (FSA),
Variable Rate, 9.192%, 7/1/29(3)(4)
    997,625    
          $ 3,116,254    

 

See notes to financial statements

32



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Escrowed / Prerefunded — 20.1%      
$ 1,000     Allegheny County Sanitation and Sewer Authority, (MBIA),
Prerefunded to 12/1/10, 5.50%, 12/1/24
  $ 1,087,070    
  650     Berks County Municipal Authority, (Reading Hospital and
Medical Center), (FSA), Prerefunded to 11/1/09,
6.00%, 11/1/29
    721,247    
  490     Dauphin County General Authority, (Pinnacle Health
System), (MBIA), Prerefunded to 5/15/07,
5.50%, 5/15/27
    509,649    
  3,100     Pennsylvania Turnpike Commision, Oil Franchise Tax,
(AMBAC), Escrowed to Maturity, 4.75%, 12/1/27
    3,133,480    
  800     Puerto Rico Highway and Transportation Authority, (MBIA),
Prerefunded to 7/1/06, Variable Rate,
10.163%, 7/1/26(3)(4)
    869,264    
  595     Puerto Rico Infrastructure Financing Authority, (AMBAC),
Prerefunded to 1/1/08, Variable Rate,
8.243%, 7/1/28(3)(4)
    673,968    
  2,000     Westmoreland County Municipal Authority, (FGIC),
Escrowed to Maturity, 0.00%, 8/15/19
    1,080,840    
          $ 8,075,518    
Insured-Gas Utilities — 3.5%      
$ 1,325     Philadelphia Natural Gas Works, (FSA), Variable Rate,
6.71%, 7/1/28(5)
  $ 1,391,369    
          $ 1,391,369    
Insured-General Obligations — 9.2%      
$ 400     Erie County, (FGIC), 5.50%, 9/1/22(6)   $ 457,644    
  2,000     Philadelphia, (FSA), 5.00%, 3/15/28     2,045,080    
  1,000     Puerto Rico, (FSA), Variable Rate, 9.44%, 7/1/27(3)(4)     1,184,430    
          $ 3,687,154    
Insured-Hospital — 14.0%      
$ 510     Dauphin County General Authority, (Pinnacle Health
System), (MBIA), 5.50%, 5/15/27
  $ 527,243    
  500     Delaware County Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26
    504,700    
  1,500     Lehigh County General Purpose Authority, (Lehigh Valley
Health Network), (MBIA), 5.25%, 7/1/29
    1,567,440    
  3,000     Montgomery County HEFA, (Abington Memorial Hospital),
(AMBAC), 5.00%, 6/1/28
    3,044,640    
          $ 5,644,023    
Insured-Special Tax Revenue — 2.6%      
$ 1,000     Pittsburgh and Allegheny County Public Auditorium
Authority, (AMBAC), 5.00%, 2/1/24
  $ 1,042,150    
          $ 1,042,150    

 

Principal Amount
(000's omitted)
 
Security
 
Value
 
Insured-Transportation — 8.4%      
$ 1,000     Allegheny County Port Authority, (FGIC), 5.00%, 3/1/29   $ 1,026,100    
  950     Pennsylvania Turnpike Commission, (FSA),
Variable Rate, 9.201%, 1/15/23(3)(4)
    1,289,150    
  1,005     Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29     1,049,712    
          $ 3,364,962    
Insured-Water and Sewer — 9.0%      
$ 500     Delaware County IDA, (Water Facilities), (FGIC), (AMT),
6.00%, 6/1/29
  $ 537,840    
  1,000     Philadelphia Water and Wastewater, (FGIC),
5.00%, 11/1/31
    1,025,520    
  2,000     Pittsburgh Water and Sewer Authority, (AMBAC),
5.125%, 12/1/31
    2,080,080    
          $ 3,643,440    
Miscellaneous — 1.5%      
$ 600     Philadelphia IDA, (Franklin Institute), 5.20%, 6/15/26   $ 601,542    
          $ 601,542    
Nursing Home — 1.3%      
$ 250     Clarion County IDA, (Beverly Enterprises, Inc.),
5.875%, 5/1/07
  $ 248,330    
  260     Cumberland County IDA, (Beverly Enterprises, Inc.),
5.50%, 10/1/08
    259,992    
          $ 508,322    
Senior Living / Life Care — 7.8%      
$ 600     Bucks County IDA, (Pennswood), 6.00%, 10/1/27   $ 633,486    
  1,000     Cliff House Trust (AMT), 6.625%, 6/1/27     503,200    
  500     Crawford County Hospital Authority, (Wesbury United
Methodist Community), 6.25%, 8/15/29
    516,360    
  500     Lancaster County Hospital Authority, (Health Center),
5.875%, 6/1/31
    523,500    
  925     Montgomery County HEFA, (Faulkeways at Gwynedd),
6.75%, 11/15/30
    973,905    
          $ 3,150,451    
Transportation — 5.6%      
$ 1,200     Delaware River Joint Toll Bridge Commission,
5.00%, 7/1/28
  $ 1,227,312    
  225     Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09     227,648    
  495     Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16     495,921    
  270     Pennsylvania EDA, (Amtrak), (AMT), 6.25%, 11/1/31     289,896    
          $ 2,240,777    

 

See notes to financial statements

33



Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2005

PORTFOLIO OF INVESTMENTS CONT'D

   
Value
 
Total Tax-Exempt Investments — 153.0%
(identified cost $57,917,099)
  $ 61,575,375    
Other Assets, Less Liabilities — 2.9%   $ 1,161,471    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.9)%
  $ (22,503,462 )  
Net Assets Applicable to
Common Shares — 100.0%
  $ 40,233,384    

 

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 Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2005, 63.1% of the securities in the portfolio of 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 9.0% to 22.0% of total investments.

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

(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 November 30, 2005, the aggregate value of the securities is $6,404,373or 15.9% of the Trust's net assets applicable to common shares.

(4)  Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(5)  Security has been issued as an inverse floater bond. The stated interest rate represents the rate in effect at November 30, 2005.

(6)  When-issued security.

See notes to financial statements

34




Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

As of November 30, 2005

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Assets  
Investments —  
Identified cost   $ 159,827,184     $ 96,003,623     $ 58,383,649     $ 45,201,454    
Unrealized appreciation     9,761,259       5,503,716       3,598,090       3,460,620    
Investments, at value   $ 169,588,443     $ 101,507,339     $ 61,981,739     $ 48,662,074    
Cash   $ 461,141     $     $     $ 288,593    
Receivable for investments sold     1,432,668                      
Interest receivable     2,348,257       1,086,113       1,101,501       737,588    
Receivable for daily variation margin on open financial futures contracts     58,594       34,375       23,437       7,969    
Prepaid expenses     9,294       9,293       9,295          
Total assets   $ 173,898,397     $ 102,637,120     $ 63,115,972     $ 49,696,224    
Liabilities  
Payable for investments purchased   $ 1,423,668     $     $     $    
Payable to affiliate for investment advisory fees     97,229       57,386       36,087       28,055    
Payable to affiliate for administration fee     27,780       16,396       10,311       8,016    
Payable to affiliate for Trustees' fees     1,238       968       225       232    
Payable for when-issued securities     2,500,000       1,972,180             750,000    
Due to custodian           525,201       115,192          
Accrued expenses     65,939       63,689       55,428       52,588    
Total liabilities   $ 4,115,854     $ 2,635,820     $ 217,243     $ 838,891    
Auction preferred shares at liquidation value plus cumulative unpaid dividends     59,022,619       35,500,000       21,503,235       17,500,000    
Net assets applicable to common shares   $ 110,759,924     $ 64,501,300     $ 41,395,494     $ 31,357,333    
Sources of Net Assets  
Common Shares, $0.01 par value, unlimited number of shares authorized   $ 71,815     $ 42,574     $ 27,109     $ 21,163    
Additional paid-in capital     106,462,788       63,254,539       40,147,870       31,450,960    
Accumulated net realized loss (computed on the basis of identified cost)     (6,589,356 )     (4,810,225 )     (2,792,025 )     (3,795,193 )  
Accumulated undistributed net investment income     867,512       401,631       313,742       194,265    
Net unrealized appreciation (computed on the basis of identified cost)     9,947,165       5,612,781       3,698,798       3,486,138    
Net assets applicable to common shares   $ 110,759,924     $ 64,501,300     $ 41,395,494     $ 31,357,333    
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       2,710,931       2,116,294    
Net Asset Value Per Common Share  
Net assets applicable to common shares ÷ common shares issued
and outstanding
  $ 15.42     $ 15.15     $ 15.27     $ 14.82    

 

See notes to financial statements

35



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Assets and Liabilities

As of November 30, 2005

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Assets  
Investments —  
Identified cost   $ 99,773,259     $ 120,578,963     $ 60,885,492     $ 57,917,099    
Unrealized appreciation     6,104,281       6,609,135       4,166,371       3,658,276    
Investments, at value   $ 105,877,540     $ 127,188,098     $ 65,051,863     $ 61,575,375    
Cash   $     $ 620,539     $ 639,895     $ 562,802    
Receivable for investments sold     484,185             15,000          
Interest receivable     1,921,915       2,059,098       1,126,326       1,133,344    
Receivable for daily variation margin on open financial futures contracts     40,625       30,312       16,406       19,445    
Prepaid expenses     9,294       880       11,159          
Total assets   $ 108,333,559     $ 129,898,927     $ 66,860,649     $ 63,290,966    
Liabilities  
Payable for investments purchased   $     $     $ 1,059,244     $    
Payable to affiliate for investment advisory fees     61,605       73,821       37,716       36,048    
Payable to affiliate for administration fee     17,601       21,092       10,776       10,300    
Payable to affiliate for Trustees' fees     968       484       225       222    
Payable for when-issued securities           1,013,260             450,712    
Due to custodian     797,768                      
Accrued expenses     66,066       76,223       57,822       56,838    
Total liabilities   $ 944,008     $ 1,184,880     $ 1,165,783     $ 554,120    
Auction preferred shares at liquidation value plus cumulative unpaid dividends     38,014,568       44,519,759       23,501,766       22,503,462    
Net assets applicable to common shares   $ 69,374,983     $ 84,194,288     $ 42,193,100     $ 40,233,384    
Sources of Net Assets  
Common Shares, $0.01 par value, unlimited number of shares authorized   $ 46,191     $ 53,753     $ 28,293     $ 27,059    
Additional paid-in capital     68,562,739       79,783,608       42,034,343       40,211,121    
Accumulated net realized loss (computed on the basis of identified cost)     (6,000,292 )     (3,064,270 )     (4,372,193 )     (3,935,368 )  
Accumulated undistributed net investment income     487,503       718,918       285,873       271,851    
Net unrealized appreciation (computed on the basis of identified cost)     6,278,842       6,702,279       4,216,784       3,658,721    
Net assets applicable to common shares   $ 69,374,983     $ 84,194,288     $ 42,193,100     $ 40,233,384    
Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)  
      1,520       1,780       940       900    
Common Shares Outstanding  
      4,619,136       5,375,346       2,829,304       2,705,935    
Net Asset Value Per Common Share  
Net assets applicable to common shares ÷ common shares issued
and outstanding
  $ 15.02     $ 15.66     $ 14.91     $ 14.87    

 

See notes to financial statements

36



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Operations

For the Year Ended November 30, 2005

    California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
Investment Income  
Interest   $ 9,239,533     $ 5,511,076     $ 3,418,197     $ 2,737,686    
Total investment income   $ 9,239,533     $ 5,511,076     $ 3,418,197     $ 2,737,686    
Expenses  
Investment adviser fee   $ 1,194,429     $ 702,711     $ 443,779     $ 345,747    
Administration fee     341,265       200,774       126,794       98,785    
Trustees fees and expenses     7,461       5,861       1,333       1,293    
Legal and accounting services     39,530       35,536       32,107       35,354    
Printing and postage     25,673       13,810       9,119       6,510    
Custodian fee     81,431       61,096       47,929       37,576    
Transfer and dividend disbursing agent fees     107,853       68,325       47,577       36,406    
Preferred shares remarketing agent fee     147,500       88,750       53,750       43,749    
Miscellaneous     38,361       29,982       25,738       32,960    
Total expenses   $ 1,983,503     $ 1,206,845     $ 788,126     $ 638,380    
Deduct —  
Reduction of custodian fee     18,343       8,149       3,179       4,905    
Total expense reductions   $ 18,343     $ 8,149     $ 3,179     $ 4,905    
Net expenses   $ 1,965,160     $ 1,198,696     $ 784,947     $ 633,475    
Net investment income   $ 7,274,373     $ 4,312,380     $ 2,633,250     $ 2,104,211    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —  
Investment transactions (identified cost basis)     3,490,569       497,048       569,532       322,346    
Financial futures contracts     (1,470,581 )     (738,947 )     (596,238 )     (570,644 )  
Net realized gain (loss)   $ 2,019,988     $ (241,899 )   $ (26,706 )   $ (248,298 )  
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)     571,496       890,703       552,757       233,925    
Financial futures contracts     210,937       123,750       91,971       22,923    
Net change in unrealized appreciation (depreciation)   $ 782,433     $ 1,014,453     $ 644,728     $ 256,848    
Net realized and unrealized gain   $ 2,802,421     $ 772,554     $ 618,022     $ 8,550    
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    

 

See notes to financial statements

37



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Operations

For the Year Ended November 30, 2005

    New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
Investment Income  
Interest   $ 5,976,208     $ 7,283,584     $ 3,656,176     $ 3,512,776    
Total investment income   $ 5,976,208     $ 7,283,584     $ 3,656,176     $ 3,512,776    
Expenses  
Investment adviser fee   $ 758,317     $ 909,565     $ 467,049     $ 442,244    
Administration fee     216,662       259,875       133,443       126,355    
Trustees fees and expenses     5,861       5,378       1,333       1,283    
Legal and accounting services     40,982       41,489       32,016       32,984    
Printing and postage     15,825       9,168       11,060       8,497    
Custodian fee     70,309       82,744       48,408       53,615    
Transfer and dividend disbursing agent fees     74,296       83,026       49,161       43,731    
Preferred shares remarketing agent fee     94,999       111,248       58,590       56,250    
Miscellaneous     28,059       43,834       23,532       35,155    
Total expenses   $ 1,305,310     $ 1,546,327     $ 824,592     $ 800,114    
Deduct —  
Reduction of custodian fee     12,278       6,456       5,285       6,059    
Total expense reductions   $ 12,278     $ 6,456     $ 5,285     $ 6,059    
Net expenses   $ 1,293,032     $ 1,539,871     $ 819,307     $ 794,055    
Net investment income   $ 4,683,176     $ 5,743,713     $ 2,836,869     $ 2,718,721    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —  
Investment transactions (identified cost basis)     2,383,369       1,762,217       (124,137 )     49,369    
Financial futures contracts     (1,033,478 )     (1,035,674 )     (524,413 )     (464,377 )  
Net realized gain (loss)   $ 1,349,891     $ 726,543     $ (648,550 )   $ (415,008 )  
Change in unrealized appreciation (depreciation) —  
Investments (identified cost basis)     (410,839 )     498,851       453,499       681,319    
Financial futures contracts     159,416       74,349       42,358       9,122    
Net change in unrealized appreciation (depreciation)   $ (251,423 )   $ 573,200     $ 495,857     $ 690,441    
Net realized and unrealized gain (loss)   $ 1,098,468     $ 1,299,743     $ (152,693 )   $ 275,433    
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    

 

See notes to financial statements

38



Eaton Vance Municipal Income Trusts as of November 30, 2005

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     $ 194,265    

 

See notes to financial statements

39



Eaton Vance Municipal Income Trusts as of November 30, 2005

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 financials 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

40



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2004

Increase (Decrease) in Net Assets   California Trust   Florida Trust   Massachusetts Trust   Michigan Trust  
From operations —  
Net investment income   $ 7,746,358     $ 4,593,255     $ 2,826,512     $ 2,255,367    
Net realized gain (loss) from investment transactions
and financial futures contracts
    (578,059 )     (1,253,376 )     449,455       (601,468 )  
Net change in unrealized appreciation (depreciation) from investments
and financial futures contracts
    (1,119,538 )     (666,032 )     (1,128,965 )     (102,166 )  
Distributions to preferred shareholders
from net investment income
    (568,421 )     (371,078 )     (188,013 )     (181,468 )  
Net increase in net assets from operations   $ 5,480,340     $ 2,302,769     $ 1,958,989     $ 1,370,265    
Distributions to common shareholders —
From net investment income
  $ (7,342,534 )   $ (4,394,421 )   $ (2,741,889 )   $ (2,170,802 )  
Total distributions to common shareholders   $ (7,342,534 )   $ (4,394,421 )   $ (2,741,889 )   $ (2,170,802 )  
Capital share transactions —  
Reinvestment of distributions to common shareholders   $ 63,513     $ 100,028     $ 409,239     $ 200,473    
Net increase in net assets from capital transactions   $ 63,513     $ 100,028     $ 409,239     $ 200,473    
Net decrease in net assets   $ (1,798,681 )   $ (1,991,624 )   $ (373,661 )   $ (600,064 )  
Net Assets Applicable to Common Shares  
At beginning of year   $ 109,991,254     $ 65,902,412     $ 41,035,207     $ 31,963,228    
At end of year   $ 108,192,573     $ 63,910,788     $ 40,661,546     $ 31,363,164    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 1,182,913     $ 715,986     $ 468,712     $ 312,526    

 

See notes to financial statements

41



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

For the Year Ended November 30, 2004

Increase (Decrease) in Net Assets   New Jersey Trust   New York Trust   Ohio Trust   Pennsylvania Trust  
From operations —  
Net investment income   $ 4,967,958     $ 6,033,627     $ 3,043,131     $ 2,886,737    
Net realized gain (loss) from investment transactions
and financial futures contracts
    794,863       2,202,103       (658,241 )     (346,022 )  
Net change in unrealized appreciation (depreciation) from investments
and financials futures contracts
    (2,254,006 )     (3,964,920 )     635,272       (466,325 )  
Distributions to preferred shareholders
from net investment income
    (373,643 )     (396,309 )     (255,482 )     (245,569 )  
Net increase in net assets from operations   $ 3,135,172     $ 3,874,501     $ 2,764,680     $ 1,828,821    
Distributions to common shareholders —
From net investment income
  $ (4,902,864 )   $ (5,574,755 )   $ (2,839,891 )   $ (2,689,270 )  
Total distributions to common shareholders   $ (4,902,864 )   $ (5,574,755 )   $ (2,839,891 )   $ (2,689,270 )  
Capital share transactions —  
Reinvestment of distributions to common shareholders   $ 565,589     $     $ 215,222     $ 213,411    
Net increase in net assets from capital transactions   $ 565,589     $     $ 215,222     $ 213,411    
Net increase (decrease) in net assets   $ (1,202,103 )   $ (1,700,254 )   $ 140,011     $ (647,038 )  
Net Assets Applicable to Common Shares  
At beginning of year   $ 69,500,450     $ 84,744,229     $ 42,303,538     $ 40,669,901    
At end of year   $ 68,298,347     $ 83,043,975     $ 42,443,549     $ 40,022,863    
Accumulated undistributed
net investment income included in
net assets applicable to common shares
 
At end of year   $ 625,325     $ 1,120,981     $ 510,369     $ 615,007    

 

See notes to financial statements

42




Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

43



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    California Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 110,760     $ 108,193     $ 109,991     $ 104,703     $ 102,664    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.78 %     1.78 %     1.78 %     1.82 %     1.83 %  
Expenses after custodian fee reduction(4)     1.76 %     1.77 %     1.78 %     1.80 %     1.76 %  
Net investment income(4)     6.52 %     7.10 %     7.17 %     7.44 %     7.32 %  
Portfolio Turnover     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     1.16 %     1.15 %     1.15 %     1.16 %     1.15 %  
Expenses after custodian fee reduction     1.15 %     1.15 %     1.15 %     1.15 %     1.11 %  
Net investment income     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    
Asset coverage per preferred share(5)   $ 71,942     $ 70,849     $ 71,608     $ 69,366     $ 68,507    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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 reflec t 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

44



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

45



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Florida Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 64,501     $ 63,911     $ 65,902     $ 62,302     $ 60,646    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.86 %     1.84 %     1.83 %     1.87 %     1.90 %  
Expenses after custodian fee reduction(4)     1.85 %     1.83 %     1.82 %     1.86 %     1.82 %  
Net investment income(4)     6.65 %     7.09 %     7.20 %     7.61 %     7.46 %  
Portfolio Turnover     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     1.20 %     1.18 %     1.18 %     1.18 %     1.19 %  
Expenses after custodian fee reduction     1.19 %     1.18 %     1.18 %     1.18 %     1.14 %  
Net investment income     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    
Asset coverage per preferred share(5)   $ 70,423     $ 70,011     $ 71,412     $ 68,878     $ 67,695    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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 reflec t 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

46



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

47



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Massachusetts Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data††   
Net assets applicable to common shares, end of year (000's omitted)   $ 41,395     $ 40,662     $ 41,035     $ 37,795     $ 36,634    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.88 %     1.87 %     1.86 %     1.97 %     1.97 %  
Expenses after custodian fee reduction(4)     1.87 %     1.86 %     1.86 %     1.94 %     1.88 %  
Net investment income(4)     6.29 %     6.97 %     7.27 %     7.55 %     7.60 %  
Portfolio Turnover     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     1.24 %     1.22 %     1.21 %     1.24 %     1.23 %  
Expenses after custodian fee reduction     1.24 %     1.22 %     1.21 %     1.22 %     1.17 %  
Net investment income     4.15 %     4.55 %     4.72 %     4.77 %     4.74 %  
Senior Securities:  
Total preferred shares outstanding     860       860       860       860       860    
Asset coverage per preferred share(5)   $ 73,138     $ 72,281     $ 72,719     $ 68,951     $ 67,602    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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 reflec t 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

48



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

49



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Michigan Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 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 %     1.96 %     1.97 %     2.00 %     1.99 %  
Expenses after custodian fee reduction(4)     1.99 %     1.96 %     1.97 %     1.99 %     1.90 %  
Net investment income(4)     6.60 %     7.16 %     7.31 %     7.54 %     7.36 %  
Portfolio Turnover     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 %     1.26 %     1.26 %     1.27 %     1.25 %  
Expenses after custodian fee reduction     1.28 %     1.26 %     1.26 %     1.26 %     1.19 %  
Net investment income     4.26 %     4.60 %     4.69 %     4.76 %     4.63 %  
Senior Securities:  
Total preferred shares outstanding     700       700       700       700       700    
Asset coverage per preferred share(5)   $ 69,796     $ 69,810     $ 70,664     $ 67,952     $ 68,163    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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 tp reflec t 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

50



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

51



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New Jersey Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 69,375     $ 68,298     $ 69,500     $ 63,803     $ 62,237    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.86 %     1.85 %     1.84 %     1.89 %     1.95 %  
Expenses after custodian fee reduction(4)     1.84 %     1.84 %     1.84 %     1.88 %     1.90 %  
Net investment income(4)     6.66 %     7.28 %     7.64 %     7.80 %     7.64 %  
Portfolio Turnover     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     1.21 %     1.19 %     1.18 %     1.19 %     1.21 %  
Expenses after custodian fee reduction     1.19 %     1.18 %     1.18 %     1.18 %     1.18 %  
Net investment income     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    
Asset coverage per preferred share(5)   $ 70,651     $ 69,935     $ 70,724     $ 66,976     $ 65,951    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

52



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

53



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    New York Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 84,194     $ 83,044     $ 84,744     $ 79,589     $ 75,658    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.81 %     1.78 %     1.77 %     1.86 %     1.88 %  
Expenses after custodian fee reduction(4)     1.80 %     1.78 %     1.77 %     1.86 %     1.86 %  
Net investment income(4)     6.72 %     7.23 %     7.21 %     7.64 %     7.45 %  
Portfolio Turnover     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 %     1.16 %     1.15 %     1.18 %     1.19 %  
Expenses after custodian fee reduction     1.19 %     1.16 %     1.15 %     1.18 %     1.17 %  
Net investment income     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    
Asset coverage per preferred share(5)   $ 72,311     $ 71,659     $ 72,603     $ 69,714     $ 67,506    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

54



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

55



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

56



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

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

 

See notes to financial statements

57



Eaton Vance Municipal Income Trusts as of November 30, 2005

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated

    Pennsylvania Trust  
    Year Ended November 30,  
    2005(1)    2004(1)    2003(1)    2002(1)(2)    2001(1)   
Ratios/Supplemental Data   
Net assets applicable to common shares, end of year (000's omitted)   $ 40,233     $ 40,023     $ 40,670     $ 38,027     $ 37,723    
Ratios (As a percentage of average net assets applicable to common shares):  
Expenses(4)     1.97 %     1.91 %     1.92 %     1.95 %     1.97 %  
Expenses after custodian fee reduction(4)     1.95 %     1.91 %     1.92 %     1.95 %     1.94 %  
Net investment income(4)     6.69 %     7.18 %     7.35 %     7.48 %     7.26 %  
Portfolio Turnover     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     1.27 %     1.23 %     1.23 %     1.22 %     1.23 %  
Expenses after custodian fee reduction     1.26 %     1.22 %     1.23 %     1.22 %     1.20 %  
Net investment income     4.30 %     4.61 %     4.69 %     4.68 %     4.53 %  
Senior Securities:  
Total preferred shares outstanding     900       900       900       900       900    
Asset coverage per preferred share(5)   $ 69,708     $ 69,471     $ 70,193     $ 67,257     $ 66,920    
Involuntary liquidation preference per preferred share(6)   $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(6)   $ 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)  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.

(6)  Plus accumulated and unpaid dividends.

See notes to financial statements

58




Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Florida Municipal Income Trust (Florida Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust), and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (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 futures contracts are normally valued at the mean between the latest bid and asked prices. 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 not readily available, 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 a t the direction of the Trustees.

B  Income — Interest income is determined on the basis of interest accrued, adjusted for amortization of premium or 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. Therefore, 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 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 of each Trust 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  
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  

 

59



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

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 cont racts 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 Funds may engage in when-issued and delayed delivery transactions. The Funds 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  Use of Estimates — The preparation of 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.

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

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 balances 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  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses are computed based on the specific identification of the securities sold.

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.

60



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

Auction Preferred Shares issued and outstanding as of November 30, 2005 and dividend rate ranges for the year ended November 30, 2005 are as indicated below:

Trust   Preferred Shares
Issued and Outstanding
  Dividends Rate
Ranges
 
California     2,360     1.05% – 2.80%  
Florida     1,420     0.10% – 2.85%  
Massachusetts     860     0.80% – 2.75%  
Michigan     700     1.35% – 2.70%  
New Jersey     1,520     1.15% – 2.80%  
New York     1,780     1.00% – 2.70%  
Ohio     940     1.173% – 2.75%  
Pennsylvania     900     1.43% – 2.85%  

 

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if any Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS shall remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the Common Shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends . Each Trust is required to maintain certain asset coverage with respect to the APS as defined in each Trust's By-Laws and the Investment Company Act of 1940. Each Trust pays an annual fee equivalent to 0.25% of the preferred shares liquidation value for the remarketing efforts associated with the preferred auction.

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income, after payment of any dividends on any outstanding Auction Preferred Shares. 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 November 30, 2005 are listed below. For the year ended November 30, 2005, 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
November 30,
2005
  Dividends
Paid to
Preferred
Shareholders
for the year
ended
November 30,
2005
  Average
APS
Dividend
Rates
for the year
ended
November 30,
2005
 
California     2.80 %   $ 1,102,773       1.87 %  
Florida     2.80 %     754,098       2.12 %  
Massachusetts     2.75 %     392,797       1.83 %  
Michigan     2.70 %     363,695       2.08 %  
New Jersey     2.80 %     781,913       2.06 %  
New York     2.70 %     873,271       1.96 %  
Ohio     2.75 %     495,350       2.11 %  
Pennsylvania     2.81 %     487,092       2.17 %  

 

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

The tax character of distributions paid for the years ended November 30, 2005 and November 30, 2004 was as follows:

Year Ended 11/30/05   California   Florida   Massachusetts   Michigan  
Distributions declared from:  
Tax-exempt income   $ 7,509,443     $ 4,603,967     $ 2,778,926     $ 2,208,722    
Ordinary income         $ 217     $ 120          
Year Ended 11/30/04  
Distributions declared from:  
Tax-exempt income   $ 7,910,955     $ 4,765,499     $ 2,929,902     $ 2,352,270    

 

61



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

Year Ended 11/30/05   New Jersey   New York   Ohio   Pennsylvania  
Distributions declared from:  
Tax-exempt income   $ 4,812,835     $ 6,133,877     $ 3,046,497     $ 3,049,523    
Ordinary income   $ 2,599                      
Year Ended 11/30/04  
Distributions declared from:  
Tax-exempt income   $ 5,276,507     $ 5,971,064     $ 3,094,707     $ 2,934,839    
Ordinary income               $ 666          

 

During the year ended November 30, 2005, the following amounts were reclassified due to differences between book and tax accounting for amortization and accretion on debt securities, market discount on disposal of securities, and capital losses:

    California   Florida   Massachusetts   Michigan  
Increase (decrease):
Paid in capital
                         
Accumulated net realized
gain/(loss) on
investments
  $ 80,331     $ 22,551     $ 9,174     $ 13,750    
Accumulated
undistributed income
  $ (80,331 )   $ (22,551 )   $ (9,174 )   $ (13,750 )  
    New Jersey   New York   Ohio   Pennsylvania  
Increase (decrease):
Paid in capital
              $ (9 )   $ (1 )  
Accumulated net realized
gain/(loss) on
investments
  $ 5,564     $ 11,899     $ 14,877     $ 12,355    
Accumulated
undistributed income
  $ (5,564 )   $ (11,899 )   $ (14,868 )   $ (12,354 )  

 

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

As of November 30, 2005, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

    California   Florida   Massachusetts   Michigan  
Undistributed Income   $ 890,131     $ 401,631     $ 316,978     $ 194,265    
Capital loss carryforward   $ (6,701,541 )   $ (4,755,510 )   $ (2,696,897 )   $ (3,824,715 )  
Unrealized gain/(loss)   $ 10,245,256     $ 5,667,131     $ 3,704,378     $ 3,541,178    
Other temporary
differences
  $ (208,525 )   $ (109,065 )   $ (103,944 )   $ (25,518 )  

 

    New Jersey   New York   Ohio   Pennsylvania  
Undistributed income   $ 502,071     $ 738,677     $ 287,639     $ 275,313    
Capital loss carryforward   $ (5,842,290 )   $ (2,993,242 )   $ (4,378,698 )   $ (3,981,156 )  
Unrealized gain/(loss)   $ 6,295,401     $ 6,724,395     $ 4,273,702     $ 3,704,954    
Other temporary
differences
  $ (189,129 )   $ (112,903 )   $ (52,179 )   $ (3,907 )  

 

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 year ended November 30, 2005, the fee was equivalent to 0.70% of each Trust's average weekly gross assets and amounted to $1,194,429, $702,711, $443,779, $345,747, $758,317, $909,565, $467,049, and $442,244, 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 year ended November 30, 2005, the administrative fee amounted to $341,265, $200,774, $126,794, $98,785, $216,662, $259,875, $133,443, and $126,355 for California Trust, Florida Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust, respectively.

Certain officers and one Trustee 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 year ended November 30, 2005 were as follows:

California Trust  
Purchases   $ 53,077,984    
Sales     52,589,024    

 

62



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

Florida Trust  
Purchases   $ 17,460,975    
Sales     14,840,156    
Massachusetts Trust  
Purchases   $ 8,598,118    
Sales     8,449,734    
Michigan Trust  
Purchases   $ 6,728,003    
Sales     6,723,065    
New Jersey Trust  
Purchases   $ 49,708,788    
Sales     49,847,802    
New York Trust  
Purchases   $ 52,263,033    
Sales     52,561,533    
Ohio Trust  
Purchases   $ 8,573,131    
Sales     8,335,020    
Pennsylvania Trust  
Purchases   $ 17,789,347    
Sales     17,300,367    

 

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 November 30, 2005, as computed for Federal income tax purposes, were as follows:

California Trust  
Aggregate Cost   $ 159,529,093    
Gross unrealized appreciation   $ 11,035,743    
Gross unrealized depreciation     (976,393 )  
Net unrealized appreciation   $ 10,059,350    

 

Florida Trust  
Aggregate Cost   $ 95,949,273    
Gross unrealized appreciation   $ 5,849,487    
Gross unrealized depreciation     (291,421 )  
Net unrealized appreciation   $ 5,558,066    
Massachusetts Trust  
Aggregate Cost   $ 58,378,069    
Gross unrealized appreciation   $ 3,830,459    
Gross unrealized depreciation     (226,789 )  
Net unrealized appreciation   $ 3,603,670    
Michigan Trust  
Aggregate Cost   $ 45,146,414    
Gross unrealized appreciation   $ 3,780,858    
Gross unrealized depreciation     (265,198 )  
Net unrealized appreciation   $ 3,515,660    
New Jersey Trust  
Aggregate Cost   $ 99,756,700    
Gross unrealized appreciation   $ 6,505,495    
Gross unrealized depreciation     (384,655 )  
Net unrealized appreciation   $ 6,120,840    
New York Trust  
Aggregate Cost   $ 120,556,847    
Gross unrealized appreciation   $ 7,325,727    
Gross unrealized depreciation     (694,476 )  
Net unrealized appreciation   $ 6,631,251    
Ohio Trust  
Aggregate Cost   $ 60,828,574    
Gross unrealized appreciation   $ 4,572,839    
Gross unrealized depreciation     (349,550 )  
Net unrealized appreciation   $ 4,223,289    

 

63



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

Pennsylvania Trust  
Aggregate Cost   $ 57,870,866    
Gross unrealized appreciation   $ 4,170,602    
Gross unrealized depreciation     (466,093 )  
Net unrealized appreciation   $ 3,704,509    

 

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. Transactions in common shares were as follows:

    California Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
          4,201    
Net increase           4,201    
    Florida Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    7,185       6,514    
Net increase     7,185       6,514    
    Massachusetts Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    16,386       26,699    
Net increase     16,386       26,699    
    Michigan Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    5,779       13,221    
Net increase     5,779       13,221    

 

    New Jersey Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    7,346       37,840    
Net increase     7,346       37,840    
    New York Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    15,026          
Net increase     15,026          
    Ohio Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    7,120       14,182    
Net increase     7,120       14,182    
    Pennsylvania Trust  
    Year Ended November 30,  
    2005   2004  
Shares issued pursuant to the
Trust's dividend reinvestment plan
    17,414       13,939    
Net increase     17,414       13,939    

 

8  Financial Instruments

Each Trust regularly trades in financial instruments with off-balance sheet risk in the normal course of its 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.

64



Eaton Vance Municipal Income Trusts as of November 30, 2005

NOTES TO FINANCIAL STATEMENTS CONT'D

A summary of obligations under these financial instruments at November 30, 2005 is as follows:

Futures Contracts

Trust   Expiration
Date(s)
  Contracts   Position   Aggregate
Cost
  Value   Net Unrealized
Appreciation
 
California   03/06   375 U.S.
Treasury Bond
 
Short
 
$(42,197,625)
 
$(42,011,719)
 
$185,906
 
Florida   03/06   220 U.S.
Treasury Bond
 
Short
 
$(24,755,940)
 
$(24,646,875)
 
$109,065
 
Massachusetts   03/06   150 U.S.
Treasury Bond
 
Short
 
$(16,905,396)
 
$(16,804,688)
 
$100,708
 
Michigan   03/06   39 U.S.
Treasury Bond
 
Short
 
$(4,387,944)
 
$(4,369,219)
 
$18,725
 
    03/06   12 U.S.
Treasury Note
 
Short
 
$(1,309,168)
 
$(1,302,375)
 
$6,793
 
New Jersey   03/06   260 U.S.
Treasury Bond
 
Short
 
$(29,302,686)
 
$(29,128,125)
 
$174,561
 
New York   03/06   194 U.S.
Treasury Bond
 
Short
 
$(21,827,206)
 
$(21,734,062)
 
$93,144
 
Ohio   03/06   105 U.S.
Treasury Bond
 
Short
 
$(11,813,694)
 
$(11,763,281)
 
$50,413
 
Pennsylvania   03/06   125 U.S.
Treasury Bond
 
Short
 
$(14,004,351)
 
$(14,003,906)
 
$445
 

 

At November 30, 2005, each Trust had sufficient cash and/or securities to cover margin requirements on open future contracts.

9  Overdraft Advances

Pursuant to the custodian agreement between the Trusts and Investors Bank & Trust (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 November 30, 2005, Florida Trust, Massachusetts Trust and New Jersey Trust had payments due to IBT pursuant to the foregoing arrangement of $525,201, $115,192, and $797,768 respectively.

65




Eaton Vance Municipal Income Trusts as of November 30, 2005

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust ( collectively, the "Trusts"), (constituting the Eaton Vance Municipal Income Trusts) as of November 30, 2005, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of each Trust's management. Our re sponsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles us ed and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned at November 30, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 19, 2006

66



Eaton Vance Municipal Income Trusts as of November 30, 2005

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2006 will show the tax status of all distributions paid to your account in calendar 2005. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trust. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Trust's fiscal year end regarding exempt-interest dividends.

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

California Trust  100.000%

Florida Trust  99.995%

Massachusetts Trust  99.996%

Michigan Trust  100.000%

New Jersey Trust  99.950%

New York Trust  100.000%

Ohio Trust  100.000%

Pennsylvania Trust  100.000%

67




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.

68



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 November 30, 2005 our records indicate that there are 61, 40, 59, 27, 74, 59, 50 and 63 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 3,100, 2,100, 1,400, 1,200, 2,400, 2,700, 700 and 1,500 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  

 

69



Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

The investment advisory agreements between each of Eaton Vance California Municipal Income Trust, Eaton Vance Florida Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (collectively the "Funds" or individually the "Fund"), and the investment adviser, Eaton Vance Management ("Eaton Vance"), each provide that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Fund cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Fund or by vote of a majority of the outstanding interests of the Fund.

In considering the annual approval of the investment advisory agreements between the Funds and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreements. Such information included, among other things, the following:

•  An independent report comparing the advisory fees of each Fund with those of comparable funds;

•  An independent report comparing the expense ratio of each Fund to those of comparable funds;

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

•  The economic outlook and the general investment outlook in relevant investment markets;

•  Eaton Vance's results and financial condition and the overall organization of the investment adviser;

•  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;

•  Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;

•  The resources devoted to compliance efforts undertaken by Eaton Vance on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;

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

•  The terms of each advisory agreement and the reasonableness and appropriateness of the particular fee paid by each Fund for the services described therein.

The Special Committee also considered the nature, extent and quality of the management services provided by the investment adviser. In so doing, the Special Committee considered the investment adviser's management capabilities with respect to the types of investments held by each Fund, including information relating to the education, experience and number of investment professionals and other personnel who provide services under the investment advisory agreements. Specifically, the Special Committee considered the investment adviser's 30-person municipal bond team, which includes six portfolio managers and nine credit specialists who provide services to each Fund. The Special Committee noted that the investment adviser's municipal bond team affords the investment adviser extensive in-house research capabilities in addition to the other resources available to the investment adviser. The Special Committee also took into account th e time and attention to be devoted by senior management to the Funds and the other funds in the complex. The Special Committee evaluated the level of skill required to manage each Fund and concluded that the human resources available at the investment adviser were appropriate to fulfill effectively its duties on behalf of each Fund.

In its review of comparative information with respect to each Fund's investment performance, the Special Committee concluded that each Fund has performed within a range that the Special Committee deemed competitive. With respect to its review of the advisory fees paid by each Fund and each Fund's expense ratio, the Special Committee noted the benefits that have accrued to shareholders as a result of the financial resources committed by Eaton Vance in structuring the Funds at the time of their initial public offering and concluded that the fees paid by each Fund and each Fund's expense ratio are reasonable.

In addition to the factors mentioned above, the Special Committee reviewed the level of the investment adviser's profits in providing investment management services for each Fund and for all Eaton Vance funds as a group. The Special Committee also reviewed the

70



Eaton Vance Municipal Income Trusts

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

benefits to Eaton Vance and its affiliates in providing administration services for the Fund and for all Eaton Vance funds as a group. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to each Fund and the business reputation of the investment adviser and its financial resources. The Trustees concluded that in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the fact that each Fund is not continuously offered and concluded that, in light of the level of the investment adviser's profits with respect to each Fund, the implementation of breakpoints is not appropriate.

The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreements. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is a part of a large family of funds which provides a large variety of shareholder services.

Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the renewal of the investment advisory agreements, including the fee structures, is in the interests of shareholders.

71




Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION

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

Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Interested Trustee  
James B. Hawkes
11/9/41
  Vice President and Trustee   Until 2007. 3 years.
Trustee since 1998.
  Chairman, President and Chief Executive Officer of BMR, EVM and EV; Chairman and Chief Executive Officer of EVC; Director of EV; Vice President and Director of EVD. Trustee and/or officer of 161 registered investment companies in the Eaton Vance Fund Complex. Mr. Hawkes is an interested person because of his positions with BMR, EVM, EVC and EV, which are affiliates of the Trusts.     161     Director of EVC  
Noninterested Trustee(s)  
Samuel L. Hayes, III
2/23/35
  Trustee and Chairman of the Board   Until 2007. 3 years.
Trustee since 1998 and Chairman of the Board since 2005.
  Jacob H. Schiff Professor of Investment Banking Emeritus, Harvard University Graduate School of Business Administration. Director of Yakima Products, Inc. (manufacturer of automotive accessories) (since 2001) and Director of Telect, Inc. (telecommunication services company) (since 2000).     161     Director of Tiffany & Co. (specialty retailer)  
William H. Park
9/19/47
  Trustee   Until 2008. 3 years.
Trustee since 2003.
  President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (since 2002). Executive Vice President and Chief Financial Officer, United Asset Management Corporation (a holding company owning institutional investment management firms) (1982-2001).     161     None  
Ronald A. Pearlman
7/10/40
  Trustee   Until 2006. 3 years.
Trustee since 2003.
  Professor of Law, Georgetown University Law Center (since 1999). Tax Partner Covington & Burling, Washington, DC (1991-2000).     161     None  
Norton H. Reamer
9/21/35
  Trustee   Until 2008. 3 years.
Trustee since 1998.
  President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003). Formerly Chairman of the Board, United Asset Management Corporation (a holding company owning institutional investment management firms) and Chairman, President and Director, UAM Funds (mutual funds) (1980-2000).     161     None  

 

72



Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION CONT'D

Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Noninterested Trustee(s) (continued)  
Lynn A. Stout
9/14/57
  Trustee   Until 2006. 3 years.
Trustee since 1998.
  Professor of Law, University of California at Los Angeles School of Law (since July 2001). Formerly, Professor of Law, Georgetown University Law Center.     161     None  
Principal Officers who are not Trustees  

 

Name and
Date of Birth
  Position(s)
with the
Trusts
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
 
Cynthia J. Clemson
3/2/63
  President and Vice President   President of CEV, FEV, EMI, EVY, EVO and EVP since 2005; Vice President of MMV and EVJ since 2004(2)   Vice President of EVM and BMR. Officer of 85 registered investment companies managed by EVM or BMR.  
Robert B. MacIntosh
1/22/57
  President and Vice President   President of MMV and EVJ since 2005; Vice President of CEV, FEV, EMI, EVY, EVO and EVP since 1998(2)   Vice President of EVM and BMR. Officer of 85 registered investment companies managed by EVM or BMR.  
William H. Ahern, Jr.
7/28/59
  Vice President of EMI and EVO   Vice President of EMI since 2000 and EVO since 2005   Vice President of EVM and BMR. Officer of 70 registered investment companies managed by EVM or BMR.  
Craig R. Brandon
12/21/66
  Vice President of EVY   Since 2005   Vice President of EVM and BMR. Officer of 44 registered investment companies managed by EVM or BMR.  
Thomas M. Metzold
8/3/58
  Vice President of EVP   Since 2005   Vice President of EVM and BMR. Officer of 43 registered investment companies managed by EVM or BMR.  
Barbara E. Campbell
6/19/57
  Treasurer   Since 2005(2)   Vice President of EVM and BMR. Officer of 161 registered investment companies managed by EVM or BMR.  
Alan R. Dynner
10/10/40
  Secretary   Since 1998   Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD, EV and EVC. Officer of 161 registered investment companies managed by EVM or BMR.  
Paul M. O'Neil
7/11/53
  Chief Compliance Officer   Since 2004   Vice President of EVM and BMR. Officer of 161 registered investment companies managed by EVM or BMR.  

 

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

(2)  Prior to 2005, Ms. Clemson served as Vice President of CEV and FEV since 1998, EMI, EVY and EVO since 2004 and EVP since 2000, Mr. MacIntosh served as Vice President of MMV and EVI since 1998 and Ms. Campbell served as Assistant Treasurer of the Trusts since 1998.

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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

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkley Street

Boston, MA 02116-5022

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



147-1/06  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 President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm).  Previously, he served 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

 

(a)-(d)

 

The following table presents aggregate fees billed to the registrant for the fiscal years ended November 30, 2004 and November 30, 2005 by the registrant’s principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

 

Fiscal Years Ended

 

11/30/2004

 

11/30/2005

 

 

 

 

 

 

 

Audit Fees

 

$

22,540

 

$

24,215

 

 

 

 

 

 

 

Audit-Related Fees(1)

 

$

3,600

 

$

3,640

 

 

 

 

 

 

 

Tax Fees(2)

 

$

6,100

 

$

6,405

 

 

 

 

 

 

 

All Other Fees(3)

 

$

0

 

$

0

 

 

 

 

 

 

 

Total

 

$

32,240

 

$

34,260

 

 


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

 

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

 

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

 

 (e)(1)                 The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-

 



 

Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities.  As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the Audit Committee.

 

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

 

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

 

(f) Not applicable.

 

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrant’s principal accountant for the registrant’s fiscal years ended November 30, 2004 and November 30, 2005; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by the registrant’s principal accountant for the same time periods, respectively.

 

Fiscal Years Ended

 

11/30/2004

 

11/30/2005

 

 

 

 

 

 

 

Registrant

 

$

9,700

 

$

10,045

 

 

 

 

 

 

 

Eaton Vance(1)

 

$

334,713

 

$

179,500

 

 


(1) The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

 

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

 



 

Item 5.  Audit Committee of Listed registrants

 

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

 

Item 6.  Schedule of Investments

 

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

 

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

 

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

 

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders.  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.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

No such purchases this period.

 

Item 9.  Submission of Matters to a Vote of Security Holders.

 

Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Fund’s shareholders may recommend nominees to the registrant’s Board of Trustees to add the following (highlighted):

 

 The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains  (i)sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund).  Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations.

 

Item 10.  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 11.  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 Florida Municipal Income Trust

 

 

By:

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

President

 

 

Date: January 13, 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:

January 13, 2006

 

 

 

 

By:

/s/ Cynthia J. Clemson

 

 

Cynthia J. Clemson

 

President

 

 

 

 

Date:

January 13, 2006

 


EX-99.CERT 2 a06-1217_3ex99dcert.htm CERTIFICATION

Exhibit 99.CERT

 

Eaton Vance Florida Municipal Income Trust

FORM N-CSR

 

Exhibit 11(a)(2)(i)

 

CERTIFICATION

 

I, Barbara E. Campbell, certify that:

 

1.             I have reviewed this report on Form N-CSR of Eaton Vance Florida Municipal Income Trust;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s 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; and

 

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 



 

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: January 13, 2006

 

 

 

 

 

 

 

 

 

/s/ Barbara E. Campbell

 

 

 

Barbara E. Campbell

 

 

 

Treasurer

 

 



 

Eaton Vance Florida Municipal Income Trust

FORM N-CSR

 

Exhibit 11(a)(2)(ii)

 

CERTIFICATION

 

I, Cynthia J. Clemson, certify that:

 

1.             I have reviewed this report on Form N-CSR of Eaton Vance Florida Municipal Income Trust;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s 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; and

 

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 



 

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: January 13, 2006

 

 

 

 

 

 

 

/s/ Cynthia J. Clemson

 

 

 

Cynthia J. Clemson

 

 

President

 


EX-99.906CERT 3 a06-1217_3ex99d906cert.htm CERTIFICATION

Exhibit 99.906CERT

 

Form N-CSR Item 11(b) Exhibit

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Florida Municipal Income Trust (the “Fund 48;), that:

 

(a)                  the Annual Report of the Fund on Form N-CSR for the period ended November 30, 2005 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(b)  < font size="1" face="Times New Roman" style="font-size:3.0pt;">               the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Fund for such period.

 

A signed original of this written statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

&nb sp;

Date: January 13, 2006

 

 

/s/ Barbara E. Campbell

 

Barbara E. Campbell

Treasurer

 

Date: January 13, 2006

 

 

/s/ Cynthia J. Clemson

 

Cynthia J. Clemson

President

 


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