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 National 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)
Maureen A. Gemma
The Eaton Vance Building, 255 State Street, Boston, Massachusetts
02109
(Name and Address of Agent for Services)
(617) 482-8260
(registrants Telephone Number)
November 30
Date of Fiscal Year End
November 30, 2008
Date of Reporting Period
Item 1. Reports to Stockholders
Annual Report November 30 , 2008
EATON VANCE
CLOSED-END FUNDS:
MUNICIPAL
California
INCOME
Massachusetts
TRUSTS
Michigan
National
New Jersey
New York
Ohio
Pennsylvania
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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:
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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.
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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 customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
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Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
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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.
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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 customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances 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 SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs 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 SECs website at
www.sec.gov.
Eaton Vance Municipal Income Trusts
as of November 30, 2008
TABLE OF CONTENTS
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2
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California Municipal Income Trust
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4
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Massachusetts Municipal Income Trust
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5
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Michigan Municipal Income Trust
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6
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National Municipal Income Trust
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7
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New Jersey Municipal Income Trust
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8
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New York Municipal Income Trust
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9
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Ohio Municipal Income Trust
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10
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Pennsylvania Municipal Income Trust
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11
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Financial Statements
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12
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Federal Tax Information
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74
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Notice to Shareholders
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75
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Dividend Reinvestment Plan
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76
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Board of Trustees Annual Approval of the
Investment Advisory Agreements
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78
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Management and Organization
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81
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1
Eaton Vance Municipal Income Trusts
as of November 30, 2008
MANAGEMENTS DISCUSSION OF FUND PERFORMANCE
Eaton Vance Municipal Income Trusts (the Trusts) are closed-end Trusts, traded on the NYSE
Alternext U.S., which are designed to provide current income exempt from regular federal income tax
and state personal income taxes, as applicable. This income is earned by investing primarily in
investment-grade municipal securities.
Economic and Market Conditions
Economic growth in the third quarter of 2008 retracted 0.3%, down from a positive second quarter
growth rate of 2.8%, according to data released by the U.S. Department of Commerce. Most of the
major Gross Domestic Product (GDP) components led to the decline; however, most influential was a
sharp downturn in personal consumption expenditures by consumers, a factor which has continued to
weigh on the economy during the first two months of the fourth quarter of 2008. While high
commodity prices have mitigated since their summertime peaks, management believes consumers
continued to pare costs as they remained cautious of what increasingly has become a weaker economic
environment. Rising unemployment levels, now at a five-year high, have led to constrained personal
consumption and overall economic contraction. The housing market continues to weigh on the economy,
with new home sales continuing to fall and existing home sales beginning to stabilize only as
cautious buyers begin to see value in distressed pricing. Low home prices continue to pressure
consumers and banks, causing increased bank foreclosures and more mark-to-market write downs of
mortgage-backed securities at commercial banks and financial institutions.
During the year ended
November 30, 2008, the capital markets have experienced historic events resulting in unprecedented
volatility. During September 2008, for example, the federal government took control of
federally-chartered mortgage giants Fannie Mae and Freddie Mac. During the same month, Lehman
Brothers filed for bankruptcy protection and Merrill Lynch was acquired by Bank of America. Also in
September 2008, Goldman Sachs and Morgan Stanley petitioned the Federal Reserve (the Fed) to become bank holding companies, a step which brings greater
regulation but also easier access to credit. These actions, in conjunction with Bear Stearns
acquisition by JP Morgan in March 2008, drastically redefined the Wall Street landscape. In
addition to the independent Wall Street brokerages, the banking sector was shaken by the failure of
Washington Mutual and the sale of Wachovia. In the insurance sector, the federal government
provided more than $85 billion in loans to help stabilize American International Group, Inc. (AIG).
Finally, the U.S. Congress approved a $700 billion program authorizing the federal government to
purchase troubled assets from financial institutions, a program which has continued to evolve since
its passing.
During the year ended November 30, 2008, the Fed lowered the Federal Funds rate to 1.00% from as
high as 5.25% in the summer of 2007. In addition to its interest rate policy, the Fed has also
taken extraordinary action through a variety of innovative lending techniques in an attempt to
facilitate an easing of the credit crisis.
Management Discussion
The Trusts invest primarily in bonds with stated maturities of 10 years or longer, as
longer-maturity bonds historically have provided greater tax-exempt income for investors than
shorter-maturity bonds.
Relative to their primary benchmark, the Barclays Capital Municipal Bond
Index
1
(the Index) a broad-based, unmanaged index of municipal bonds the Trusts
underperformed for the year ended November 30, 2008. As a result of an active management style that
focuses on income and longer call protection, each Trust generally holds longer-maturity bonds.
Management believes that much of the Trusts underperformance can be attributed to the shift of
investors capital into shorter-maturity bonds, a result of the broader-based credit crisis that
has rattled the fixed-income markets since the summer of 2007. This underperformance was magnified
by the Trusts
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.
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1
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Formerly called Lehman Brothers Municipal Bond Index. It is not possible to invest
directly in an Index. The Indexs total return does not reflect expenses that would have been
incurred if an investor individually purchased or sold the securities represented in the
Index.
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Past performance is no guarantee of future results.
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The views expressed throughout this report are those of the portfolio managers and are current only
through the end of the period of the report as stated on the cover. These views are subject to
change at any time based upon market or other conditions, and the investment adviser disclaims any
responsibility to update such views. These views may not be relied on as investment advice and,
because investment decisions for a fund are based on many factors, may not be relied on as an
indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in
the report may not be representative of the Trusts current or future investments and may change
due to active management.
2
Eaton Vance Municipal Income Trusts
as of November 30, 2008
MANAGEMENTS DISCUSSION OF FUND PERFORMANCE
use of leverage and leveraged investments. The move to shorter-term investments was originally
driven by uncertainty surrounding financial companies exposure to subprime mortgage-backed debt
but later spread to the municipal market when major municipal bond insurers suffered rating
downgrades due to their exposure to mortgage-related structured products.
The ratio of yields on current coupon AAA-rated insured municipal bonds to the yield on 30-year
Treasury bonds was 157% as of November 30, 2008, with many individual municipal bonds trading at
higher ratios.
1
Management believes that this was the result of continued dislocation in
the fixed-income marketplace caused by a flight to Treasury securities, municipal bond insurance
companies mark-to-market risks and the decentralized nature of the municipal marketplace.
Historically, this is a rare occurrence in the municipal bond market and is generally considered a
signal that municipal bonds are significantly under-valued relative to taxable Treasury bonds.
Against this backdrop, management continues to manage all of its municipal funds with the same
relative value approach that it has traditionally employed maintaining a long-term perspective
when markets exhibit extreme short-term volatility. We believe this approach has provided excellent
long-term benefits to our investors over time.
A Note Regarding Auction Preferred Shares (APS)
As has been widely reported since mid-February 2008, the normal functioning of the auction market
in the United States for certain types of auction rate securities has been disrupted by an
imbalance between buy and sell orders. Consistent with patterns in the broader market for auction
rate securities, the Trusts have, since mid-February, experienced unsuccessful APS auctions. In the
event of an unsuccessful auction, the affected APS remain outstanding, and the dividend rate
reverts to the specified maximum payable rate.
During the year ended November 30, 2008, certain Trusts redeemed a portion of their outstanding
APS. Information relating to these redemptions is contained in Note 2 to the Financial Statements.
Replacement financing for the redeemed APS may have been provided through the creation of tender
option bonds (TOBs).
2
The cost to the Trusts of the new TOB financing is expected, over
time, to be lower than the total cost of APS based on the maximum applicable dividend rates. Each
Trusts APS percentage (i.e., APS at liquidation value as a percentage of the Trusts net assets
applicable to common shares plus APS) as of November 30, 2008 is reflected on the Trust-specific
pages following this letter. The leverage created by APS and TOB investments provides an
opportunity for increased income but, at the same time, creates special risks (including the
likelihood of greater volatility of net asset value and share price of the common shares).
From December 22, 2008 through December 24, 2008, after the end of the reporting period, certain
Trusts voluntarily redeemed a portion of their outstanding APS to reduce the amount of the Trusts
financial leverage. Information relating to these redemptions is contained in Note 14 to the
Financial Statements.
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1
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Source: Bloomberg L.P. Yields are a compilation of a representative variety of general
obligations and are not necessarily representative of a Trusts yield.
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2
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Source: See Note 1H to Financial Statements for more information on TOB investments.
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3
Eaton Vance California Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
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Trust Performance
1
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NYSE Alternext U.S. Symbol
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CEV
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Average Annual Total Returns (by share price)
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One Year
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-26.34
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%
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Five Years
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-4.06
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Life of Trust (1/29/99)
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0.82
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Average Annual Total Returns (by net asset value)
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One Year
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-30.70
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Five Years
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-3.03
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Life of Trust (1/29/99)
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1.62
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Premium/(Discount) to NAV
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-7.48
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%
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Market Yields
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Market Yield
2
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7.50
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Taxable-Equivalent Market Yield
3
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12.72
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Index Performance
4
Average Annual Total Returns
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Barclays Capital Municipal Bond Index
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Barclays Capital Municipal Bond Long 22+ Index
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One Year
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-3.61
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%
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-15.21
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%
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Five Years
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2.58
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0.94
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Life of Trust (1/31/99)
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4.05
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3.26
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Lipper Averages
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Average Annual Total Returns
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Lipper California Municipal Debt Funds Classification (by net asset value)
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One Year
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-19.29
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%
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Five Years
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-0.03
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Life of Trust (1/31/99)
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2.69
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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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Cynthia J. Clemson
Rating Distribution*
6
By total investments
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*
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The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is AA-:
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AAA
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27.5
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BBB
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8.3
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AA
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32.0
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%
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BB
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0.5
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A
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24.1
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%
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Not Rated
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7.6
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%
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Trust Statistics
7
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Number of Issues:
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93
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Average Maturity:
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21.6
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years
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Average Effective Maturity:
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20.3
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years
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Average Call Protection:
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7.6
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years
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Average Dollar Price:
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$
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80.66
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APS Leverage:**
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34.7
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%
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TOB Leverage:**
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16.1
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%
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APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
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1
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Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper
California Municipal Debt Funds Classification (closed-end) contained 24, 24 and 13 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
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4
Eaton Vance Massachusetts Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
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Trust Performance
1
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NYSE Alternext U.S. Symbol
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MMV
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Average Annual Total Returns (by share price)
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One Year
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-27.89
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%
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Five Years
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-5.40
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Life of Trust (1/29/99)
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0.37
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Average Annual Total Returns (by net asset value)
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One Year
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-28.02
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%
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Five Years
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-2.92
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Life of Trust (1/29/99)
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1.68
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Premium/(Discount) to NAV
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-12.20
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%
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Market Yields
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Market Yield
2
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7.49
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%
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Taxable-Equivalent Market Yield
3
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12.17
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Index Performance
4
Average Annual Total Returns
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Barclays Capital Municipal Bond Index
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Barclays Capital Municipal Bond Long 22+ Index
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One Year
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-3.61
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%
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-15.21
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%
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Five Years
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2.58
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0.94
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Life of Trust (1/31/99)
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4.05
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3.26
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Lipper Averages
5
Average Annual Total Returns
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Lipper Other States Municipal Debt Funds Classification (by net asset value)
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One Year
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-14.38
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%
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Five Years
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0.64
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Life of Trust (1/31/99)
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2.99
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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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*
6
By total investments
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*
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The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is A+:
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AAA
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12.2
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%
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BBB
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11.9
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%
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AA
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30.5
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%
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BB
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1.1
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%
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A
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38.0
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%
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Not Rated
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6.3
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%
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Trust Statistics
7
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Number of Issues:
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61
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Average Maturity:
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26.4
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years
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Average Effective Maturity:
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23.9
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years
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Average Call Protection:
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8.2
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years
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Average Dollar Price:
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$
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81.88
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APS Leverage:**
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39.1
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%
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TOB Leverage:**
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11.1
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%
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**
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APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
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1
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Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other
States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
5
Eaton Vance Michigan Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
EMI
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-32.76
|
%
|
Five Years
|
|
|
-7.75
|
|
Life of Trust (1/29/99)
|
|
|
-0.72
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-21.02
|
%
|
Five Years
|
|
|
-1.24
|
|
Life of Trust (1/29/99)
|
|
|
2.52
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-27.07
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
7.84
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
12.61
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper Michigan Municipal Debt Funds Classification (by net asset value)
|
|
|
One Year
|
|
|
-13.98
|
%
|
Five Years
|
|
|
0.62
|
|
Life of Trust (1/31/99)
|
|
|
3.31
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*
6
By total investments
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is AA-:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
21.4
|
%
|
|
BB
|
|
|
1.4
|
%
|
AA
|
|
|
44.3
|
%
|
|
CCC
|
|
|
0.6
|
%
|
A
|
|
|
16.5
|
%
|
|
Not Rated
|
|
|
3.0
|
%
|
BBB
|
|
|
12.8
|
%
|
|
|
|
|
|
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
64
|
|
Average Maturity:
|
|
21.8
|
years
|
Average Effective Maturity:
|
|
16.4
|
years
|
Average Call Protection:
|
|
4.9
|
years
|
Average Dollar Price:
|
|
$
|
87.93
|
|
APS Leverage:**
|
|
|
40.7
|
%
|
TOB Leverage:**
|
|
|
5.9
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper
Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4 and 3 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
6
Eaton Vance National Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
Effective June 19, 2008, the Funds name was changed from Eaton Vance Florida Plus
Municipal Income Trust.
|
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
FEV
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-36.32
|
%
|
Five Years
|
|
|
-8.02
|
|
Life of Trust (1/29/99)
|
|
|
-0.95
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-36.71
|
%
|
Five Years
|
|
|
-5.47
|
|
Life of Trust (1/29/99)
|
|
|
0.48
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-13.18
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
9.11
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
14.02
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper General Municipal Debt Funds (Leveraged) Classification (by net asset value)
|
|
|
One Year
|
|
|
-20.85
|
%
|
Five Years
|
|
|
-0.68
|
|
Life of Trust (1/31/99)
|
|
|
2.46
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Thomas M. Metzold, CFA
Rating Distribution*
6
By total investments
|
|
|
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is A:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
24.6
|
%
|
|
BB
|
|
|
3.5
|
%
|
AA
|
|
|
21.9
|
%
|
|
B
|
|
|
4.5
|
%
|
A
|
|
|
18.4
|
%
|
|
CCC
|
|
|
0.7
|
%
|
BBB
|
|
|
14.2
|
%
|
|
Not Rated
|
|
|
12.2
|
%
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
105
|
|
Average Maturity:
|
|
25.7
|
years
|
Average Effective Maturity:
|
|
24.4
|
years
|
Average Call Protection:
|
|
8.1
|
years
|
Average Dollar Price:
|
|
$
|
84.80
|
|
APS Leverage:**
|
|
|
24.6
|
%
|
TOB Leverage:**
|
|
|
29.7
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent
figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers
Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The
Indices total returns do not reflect the expenses that would have been incurred if an investor
individually purchased or sold the securities represented in the Indices. Index performance is
available as of month end only.
5
The Lipper Averages are the average annual total
returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust.
It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured
and uninsured funds, as well as leveraged and unleveraged funds. The Lipper General Municipal Debt
Funds (Leveraged) Classification (closed-end) contained 60, 59 and 42 funds for the 1-year, 5-year
and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only.
6
Rating Distribution is determined by dividing the total market value of the issues by
the total investments of the Trust. Although the investment adviser considers ratings when making
investment decisions, it performs its own credit and investment analysis and does not rely
primarily on the ratings assigned by the rating services. Credit quality can change from time to
time, and recently issued credit ratings may not fully reflect the actual risks posed by a
particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
7
Eaton Vance New Jersey Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
EVJ
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-29.88
|
%
|
Five Years
|
|
|
-6.13
|
|
Life of Trust (1/29/99)
|
|
|
0.08
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-33.57
|
%
|
Five Years
|
|
|
-3.94
|
|
Life of Trust (1/29/99)
|
|
|
1.11
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-9.57
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
7.88
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
13.32
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
|
|
|
One Year
|
|
|
-18.56
|
%
|
Five Years
|
|
|
-0.08
|
|
Life of Trust (1/31/99)
|
|
|
2.61
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Robert B. MacIntosh, CFA
Rating Distribution*
6
By total investments
|
|
|
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is AA-:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
30.8
|
%
|
|
BBB
|
|
|
24.0
|
%
|
AA
|
|
|
21.5
|
%
|
|
B
|
|
|
1.2
|
%
|
A
|
|
|
21.4
|
%
|
|
Not Rated
|
|
|
1.1
|
%
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
75
|
|
Average Maturity:
|
|
24.4
|
years
|
Average Effective Maturity:
|
|
23.1
|
years
|
Average Call Protection:
|
|
9.4
|
years
|
Average Dollar Price:
|
|
$
|
73.51
|
|
APS Leverage:**
|
|
|
39.9
|
%
|
TOB Leverage:**
|
|
|
9.4
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New
Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10 and 6 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
8
Eaton Vance New York Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
EVY
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-40.71
|
%
|
Five Years
|
|
|
-7.40
|
|
Life of Trust (1/29/99)
|
|
|
-0.59
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-35.07
|
%
|
Five Years
|
|
|
-4.65
|
|
Life of Trust (1/29/99)
|
|
|
1.12
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-15.51
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
9.42
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
15.56
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper New York Municipal Debt Funds Classification (by net asset value)
|
|
|
One Year
|
|
|
-19.18
|
%
|
Five Years
|
|
|
-0.29
|
|
Life of Trust (1/31/99)
|
|
|
2.78
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Craig R. Brandon, CFA
Rating Distribution*
6
By total investments
|
|
|
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is A+:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
21.8
|
%
|
|
BB
|
|
|
3.5
|
%
|
AA
|
|
|
36.1
|
%
|
|
B
|
|
|
2.2
|
%
|
A
|
|
|
12.6
|
%
|
|
Not Rated
|
|
|
6.4
|
%
|
BBB
|
|
|
17.4
|
%
|
|
|
|
|
|
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
80
|
|
Average Maturity:
|
|
24.5
|
years
|
Average Effective Maturity:
|
|
22.7
|
years
|
Average Call Protection:
|
|
9.3
|
years
|
Average Dollar Price:
|
|
$
|
85.23
|
|
APS Leverage:**
|
|
|
32.8
|
%
|
TOB Leverage:**
|
|
|
18.2
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New
York Municipal Debt Funds Classification (closed-end) contained 16, 16 and 6 funds for the 1-year,
5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end
only.
6
Rating Distribution is determined by dividing the total market value of the
issues by the total investments of the Trust. Although the investment adviser considers ratings
when making investment decisions, it performs its own credit and investment analysis and does not
rely primarily on the ratings assigned by the rating services. Credit quality can change from time
to time, and recently issued credit ratings may not fully reflect the actual risks posed by a
particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
9
Eaton Vance Ohio Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
EVO
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-29.83
|
%
|
Five Years
|
|
|
-6.48
|
|
Life of Trust (1/29/99)
|
|
|
-0.01
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-25.69
|
%
|
Five Years
|
|
|
-1.84
|
|
Life of Trust (1/29/99)
|
|
|
2.05
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-18.18
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
7.73
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
12.73
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper Other States Municipal Debt Funds Classification (by net asset value)
|
|
|
One Year
|
|
|
-14.38
|
%
|
Five Years
|
|
|
0.64
|
|
Life of Trust (1/31/99)
|
|
|
2.99
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: William H. Ahern, Jr., CFA
Rating Distribution*
6
By total investments
|
|
|
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is AA-:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
32.3
|
%
|
|
BBB
|
|
|
7.5
|
%
|
AA
|
|
|
36.7
|
%
|
|
B
|
|
|
1.7
|
%
|
A
|
|
|
14.4
|
%
|
|
Not Rated
|
|
|
7.4
|
%
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
76
|
|
Average Maturity:
|
|
22.2
|
years
|
Average Effective Maturity:
|
|
19.6
|
years
|
Average Call Protection:
|
|
7.1
|
years
|
Average Dollar Price:
|
|
$
|
84.60
|
|
APS Leverage:**
|
|
|
40.4
|
%
|
TOB Leverage:**
|
|
|
7.5
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other
States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
10
Eaton Vance Pennsylvania Municipal Income Trust
as of November 30, 2008
PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION
|
|
|
|
|
Trust Performance
1
|
|
|
|
NYSE Alternext U.S. Symbol
|
|
EVP
|
|
|
Average Annual Total Returns (by share price)
|
|
|
|
|
|
One Year
|
|
|
-20.75
|
%
|
Five Years
|
|
|
-4.45
|
|
Life of Trust (1/29/99)
|
|
|
1.24
|
|
|
|
|
|
|
Average Annual Total Returns (by net asset value)
|
|
|
|
|
|
One Year
|
|
|
-26.57
|
%
|
Five Years
|
|
|
-2.10
|
|
Life of Trust (1/29/99)
|
|
|
1.99
|
|
|
|
|
|
|
Premium/(Discount) to NAV
|
|
|
-6.98
|
%
|
|
|
|
|
|
Market Yields
|
|
|
|
|
|
Market Yield
2
|
|
|
7.14
|
%
|
Taxable-Equivalent Market Yield
3
|
|
|
11.33
|
|
Index Performance
4
Average Annual Total Returns
|
|
|
|
|
|
|
|
|
Barclays Capital Municipal Bond Index
|
|
|
Barclays Capital Municipal Bond Long 22+ Index
|
|
|
One Year
|
|
|
-3.61
|
%
|
|
|
-15.21
|
%
|
Five Years
|
|
|
2.58
|
|
|
|
0.94
|
|
Life of Trust (1/31/99)
|
|
|
4.05
|
|
|
|
3.26
|
|
Lipper Averages
5
Average Annual Total Returns
|
|
|
|
|
Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
|
|
|
One Year
|
|
|
-18.22
|
%
|
Five Years
|
|
|
-0.73
|
|
Life of Trust (1/31/99)
|
|
|
2.39
|
|
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 Trusts current performance may be lower or higher than the
quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.
Portfolio Manager: Adam A. Weigold, CFA
Rating Distribution*
6
By total investments
|
|
|
*
|
|
The rating distribution presented above includes the ratings of securities held by special
purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts
financial statements. Absent such securities, the Trusts rating distribution at November 30,
2008, is as follows, and the average rating is A+:
|
|
|
|
|
|
|
|
|
|
|
|
AAA
|
|
|
25.9
|
%
|
|
BB
|
|
|
2.3
|
%
|
AA
|
|
|
30.3
|
%
|
|
CCC
|
|
|
1.3
|
%
|
A
|
|
|
24.8
|
%
|
|
Not Rated
|
|
|
8.0
|
%
|
BBB
|
|
|
7.4
|
%
|
|
|
|
|
|
|
Trust Statistics
7
|
|
|
|
|
Number of Issues:
|
|
|
75
|
|
Average Maturity:
|
|
21.5
|
years
|
Average Effective Maturity:
|
|
18.9
|
years
|
Average Call Protection:
|
|
6.4
|
years
|
Average Dollar Price:
|
|
$
|
86.16
|
|
APS Leverage:**
|
|
|
39.2
|
%
|
TOB Leverage:**
|
|
|
11.4
|
%
|
|
|
|
**
|
|
APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes
outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus
APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs
purchased in secondary market transactions.
|
|
|
|
1
|
|
Returns are historical and are calculated by determining the percentage change in
share price or net asset value (as applicable) with all distributions reinvested. The Trusts
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 Trusts shares, or changes in Trust
distributions. Performance results reflect the effects of APS outstanding and TOB investments,
which are forms of investment leverage. Use of leverage creates an opportunity for increased income
but, at the same time, creates special risks (including the likelihood of greater volatility of net
asset value and market price of common shares).
2
The Trusts market yield is calculated
by dividing the last dividend paid per common share of the fiscal year by the share price at the
end of the fiscal year and annualizing the result.
3
Taxable-equivalent figure assumes a
maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower
tax-equivalent figure.
4
Formerly called Lehman Brothers Municipal Bond Index and Lehman
Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an
Index. The Indices total returns do not reflect the expenses that would have been incurred if an
investor individually purchased or sold the securities represented in the Indices. Index
performance is available as of month end only.
5
The Lipper Averages are the average
annual total returns, at net asset value, of the funds that are in the same Lipper Classification
as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may
include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper
Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7 and 4 funds for the
1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of
month end only.
6
Rating Distribution is determined by dividing the total market value
of the issues by the total investments of the Trust. Although the investment adviser considers
ratings when making investment decisions, it performs its own credit and investment analysis and
does not rely primarily on the ratings assigned by the rating services. Credit quality can change
from time to time, and recently issued credit ratings may not fully reflect the actual risks posed
by a particular security or the issuers current financial condition.
7
Trust holdings
information excludes securities held by special purpose vehicles in which the Trust holds a
residual interest. See Note 1H to the Trusts financial statements.
|
11
Eaton Vance
California Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 186.0%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Education 13.7%
|
|
$
|
2,770
|
|
|
California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29
|
|
$
|
1,980,495
|
|
|
|
|
500
|
|
|
California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29
|
|
|
470,310
|
|
|
|
|
1,350
|
|
|
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23
|
|
|
1,273,009
|
|
|
|
|
4,000
|
|
|
California Educational Facilities Authority, (Stanford
University), 5.125%,
1/1/31
(1)
|
|
|
3,873,920
|
|
|
|
|
2,500
|
|
|
San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41
|
|
|
2,151,475
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,749,209
|
|
|
|
|
|
|
Electric
Utilities 2.4%
|
|
$
|
2,275
|
|
|
Chula Vista, (San Diego Gas), (AMT),
5.00%, 12/1/27
|
|
$
|
1,719,695
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,719,695
|
|
|
|
|
|
|
General
Obligations 7.6%
|
|
$
|
1,610
|
|
|
California, (AMT), 5.05%, 12/1/36
|
|
$
|
1,246,478
|
|
|
|
|
4,770
|
|
|
San Francisco Bay Area Rapid Transit District, (Election of
2004), 4.75%,
8/1/37
(2)
|
|
|
4,157,604
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,404,082
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.3%
|
|
$
|
300
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
$
|
221,175
|
|
|
|
|
|
|
|
|
|
|
|
$
|
221,175
|
|
|
|
|
|
|
Hospital 30.6%
|
|
$
|
1,000
|
|
|
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32
|
|
$
|
832,740
|
|
|
|
|
2,435
|
|
|
California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 11/15/34
|
|
|
1,895,380
|
|
|
|
|
1,500
|
|
|
California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38
|
|
|
1,500,915
|
|
|
|
|
870
|
|
|
California Health Facilities Financing Authority, (Sutter
Health), Variable Rate, 1.49%,
11/15/46
(3)(4)(5)
|
|
|
205,111
|
|
|
|
|
750
|
|
|
California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31
|
|
|
641,858
|
|
|
|
|
3,900
|
|
|
California Statewide Communities Development Authority,
(Huntington Memorial Hospital),
5.00%, 7/1/35
|
|
|
2,958,579
|
|
|
|
|
1,750
|
|
|
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36
|
|
|
1,349,390
|
|
|
|
|
1,650
|
|
|
California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32
|
|
|
1,437,529
|
|
|
|
|
1,750
|
|
|
California Statewide Communities Development Authority, (Sonoma
County Indian Health),
6.40%, 9/1/29
|
|
|
1,492,015
|
|
|
|
|
1,500
|
|
|
California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28
|
|
|
1,375,725
|
|
|
|
|
1,500
|
|
|
Duarte, (Hope National Medical Center),
5.25%, 4/1/24
|
|
|
1,308,315
|
|
|
|
|
410
|
|
|
Tahoe Forest Hospital District, 5.85%, 7/1/22
|
|
|
357,823
|
|
|
|
|
2,000
|
|
|
Torrance Hospital, (Torrance Memorial Medical Center), 5.50%,
6/1/31
|
|
|
1,695,400
|
|
|
|
|
1,250
|
|
|
Turlock, (Emanuel Medical Center, Inc.),
5.375%, 10/15/34
|
|
|
919,813
|
|
|
|
|
2,000
|
|
|
Washington Health Care Facilities Authority, (Providence Health
Care), 5.25%, 7/1/29
|
|
|
1,644,660
|
|
|
|
|
2,780
|
|
|
Washington Township Health Care District,
5.00%, 7/1/32
|
|
|
2,127,812
|
|
|
|
|
|
|
|
|
|
|
|
$
|
21,743,065
|
|
|
|
|
|
|
Housing 3.0%
|
|
$
|
1,750
|
|
|
California Housing Finance Agency, (AMT),
4.75%, 8/1/42
|
|
$
|
1,188,408
|
|
|
|
|
729
|
|
|
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29
|
|
|
597,201
|
|
|
|
|
423
|
|
|
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29
|
|
|
341,949
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,127,558
|
|
|
|
|
|
|
Industrial
Development Revenue 2.6%
|
|
$
|
800
|
|
|
California Pollution Control Financing Authority,
(Browning-Ferris
Industries, Inc.), (AMT),
6.875%, 11/1/27
|
|
$
|
630,968
|
|
|
|
|
2,000
|
|
|
California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46
|
|
|
1,237,540
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,868,508
|
|
|
|
|
|
|
Insured-Education 8.8%
|
|
$
|
400
|
|
|
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35
|
|
$
|
354,616
|
|
|
|
|
3,270
|
|
|
California Educational Facilities Authority, (Pooled College and
University), (MBIA), 5.10%, 4/1/23
|
|
|
3,195,019
|
|
|
|
|
3,000
|
|
|
California State University, (AMBAC),
5.00%, 11/1/33
|
|
|
2,692,860
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,242,495
|
|
|
|
|
|
See
notes to financial statements
12
Eaton Vance
California Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Insured-Electric
Utilities 11.0%
|
|
$
|
2,500
|
|
|
California Pollution Control Financing Authority, (Pacific Gas
and Electric), (MBIA), (AMT),
5.35%, 12/1/16
|
|
$
|
2,373,025
|
|
|
|
|
3,250
|
|
|
California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31
|
|
|
2,600,097
|
|
|
|
|
3,510
|
|
|
Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37
|
|
|
2,849,734
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,822,856
|
|
|
|
|
|
|
Insured-Escrowed/Prerefunded 5.9%
|
|
$
|
5,130
|
|
|
Foothill/Eastern Transportation Corridor Agency, (FSA),
(RADIAN), Escrowed to Maturity,
0.00%, 1/1/26
|
|
$
|
2,060,054
|
|
|
|
|
1,995
|
|
|
Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%,
7/1/29
(2)
|
|
|
2,125,307
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,185,361
|
|
|
|
|
|
|
Insured-General
Obligations 11.0%
|
|
$
|
7,000
|
|
|
Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/34
|
|
$
|
1,339,660
|
|
|
|
|
4,825
|
|
|
Coast Community College District, (Election of 2002), (FSA),
0.00%,
8/1/35
(6)
|
|
|
861,986
|
|
|
|
|
2,500
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(3)(4)
|
|
|
2,681,125
|
|
|
|
|
7,995
|
|
|
Sweetwater Union High School District, (Election 2000), (FSA),
0.00%, 8/1/25
|
|
|
2,925,930
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,808,701
|
|
|
|
|
|
|
Insured-Hospital 20.2%
|
|
$
|
3,100
|
|
|
California Health Facilities Financing Authority, (Kaiser
Permanente), (BHAC), 5.00%, 4/1/37
|
|
$
|
2,772,547
|
|
|
|
|
3,200
|
|
|
California Statewide Communities Development Authority,
(Childrens Hospital Los Angeles), (MBIA), 5.25%, 8/15/29
|
|
|
2,738,144
|
|
|
|
|
750
|
|
|
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%,
3/1/41
(2)
|
|
|
653,085
|
|
|
|
|
5,000
|
|
|
California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC), 5.00%,
11/15/38
(2)
|
|
|
4,473,750
|
|
|
|
|
3,735
|
|
|
California Statewide Communities Development Authority, (Sutter
Health), (FSA),
5.75%,
8/15/27
(2)
|
|
|
3,743,092
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,380,618
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 10.1%
|
|
$
|
6,500
|
|
|
Anaheim Public Financing Authority, Lease Revenue, (Public
Improvements), (FSA), 0.00%, 9/1/17
|
|
$
|
4,117,945
|
|
|
|
|
3,500
|
|
|
San Diego County Water Authority, (FSA),
5.00%,
5/1/38
(2)
|
|
|
3,044,983
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,162,928
|
|
|
|
|
|
|
Insured-Other
Revenue 2.2%
|
|
$
|
1,855
|
|
|
Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%,
6/1/38
|
|
$
|
1,566,177
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,566,177
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 4.7%
|
|
$
|
24,800
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
$
|
860,312
|
|
|
|
|
4,225
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
335,296
|
|
|
|
|
8,380
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
617,438
|
|
|
|
|
5,270
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
359,572
|
|
|
|
|
480
|
|
|
Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28
|
|
|
486,149
|
|
|
|
|
690
|
|
|
Sacramento Area Flood Control Agency, (BHAC), 5.625%, 10/1/37
|
|
|
691,235
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,350,002
|
|
|
|
|
|
|
Insured-Transportation 8.2%
|
|
$
|
5,000
|
|
|
Alameda Corridor Transportation Authority, (AMBAC), 0.00%,
10/1/29
|
|
$
|
1,315,550
|
|
|
|
|
8,000
|
|
|
Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31
|
|
|
1,827,360
|
|
|
|
|
740
|
|
|
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%,
7/1/41
(2)
|
|
|
646,719
|
|
|
|
|
10,000
|
|
|
San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%,
1/15/32
|
|
|
2,014,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,803,729
|
|
|
|
|
|
|
Insured-Water
and Sewer 6.9%
|
|
$
|
4,400
|
|
|
Los Angeles Department of Water and Power, (MBIA), 3.00%, 7/1/30
|
|
$
|
2,813,712
|
|
|
|
|
2,710
|
|
|
San Francisco City and County Public Utilities Commission,
(FSA), 4.25%,
11/1/33
(6)
|
|
|
2,054,261
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,867,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See
notes to financial statements
13
Eaton Vance
California Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 5.9%
|
|
$
|
4,000
|
|
|
Sacramento City Financing Authority,
5.40%, 11/1/20
|
|
$
|
4,168,920
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,168,920
|
|
|
|
|
|
|
Other
Revenue 2.4%
|
|
$
|
385
|
|
|
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32
|
|
$
|
340,359
|
|
|
|
|
580
|
|
|
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37
|
|
|
501,439
|
|
|
|
|
1,420
|
|
|
Golden State Tobacco Securitization Corp.,
5.75%, 6/1/47
|
|
|
895,282
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,737,080
|
|
|
|
|
|
|
Senior
Living/Life Care 0.8%
|
|
$
|
175
|
|
|
California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.75%, 11/15/26
|
|
$
|
126,487
|
|
|
|
|
700
|
|
|
California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36
|
|
|
462,931
|
|
|
|
|
|
|
|
|
|
|
|
$
|
589,418
|
|
|
|
|
|
|
Special
Tax Revenue 19.7%
|
|
$
|
1,000
|
|
|
Bonita Canyon Public Financing Authority,
5.375%, 9/1/28
|
|
$
|
713,970
|
|
|
|
|
285
|
|
|
Brentwood Infrastructure Financing Authority,
5.00%, 9/2/26
|
|
|
195,655
|
|
|
|
|
460
|
|
|
Brentwood Infrastructure Financing Authority,
5.00%, 9/2/34
|
|
|
291,543
|
|
|
|
|
1,000
|
|
|
Corona Public Financing Authority, 5.80%, 9/1/20
|
|
|
844,660
|
|
|
|
|
200
|
|
|
Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
|
|
|
139,874
|
|
|
|
|
500
|
|
|
Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
|
|
|
313,195
|
|
|
|
|
1,590
|
|
|
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27
|
|
|
1,487,191
|
|
|
|
|
900
|
|
|
Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25
|
|
|
747,765
|
|
|
|
|
420
|
|
|
Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24
|
|
|
333,430
|
|
|
|
|
750
|
|
|
Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29
|
|
|
569,805
|
|
|
|
|
2,430
|
|
|
Oakland Joint Powers Financing Authority,
5.40%, 9/2/18
|
|
|
2,482,342
|
|
|
|
|
995
|
|
|
Oakland Joint Powers Financing Authority,
5.50%, 9/2/24
|
|
|
985,607
|
|
|
|
|
1,325
|
|
|
San Pablo Redevelopment Agency, 5.65%, 12/1/23
|
|
|
1,304,992
|
|
|
|
|
1,095
|
|
|
Santa Margarita Water District, 6.20%, 9/1/20
|
|
|
964,410
|
|
|
|
|
250
|
|
|
Santaluz Community Facilities District No.
2, 6.10%, 9/1/21
|
|
|
214,648
|
|
|
|
|
500
|
|
|
Santaluz Community Facilities District No.
2, 6.20%, 9/1/30
|
|
|
399,405
|
|
|
|
|
250
|
|
|
Temecula Unified School District, 5.00%, 9/1/27
|
|
|
174,843
|
|
|
|
|
400
|
|
|
Temecula Unified School District, 5.00%, 9/1/37
|
|
|
248,960
|
|
|
|
|
500
|
|
|
Turlock Public Financing Authority, 5.45%, 9/1/24
|
|
|
413,960
|
|
|
|
|
500
|
|
|
Tustin Community Facilities District, 6.00%, 9/1/37
|
|
|
365,250
|
|
|
|
|
1,000
|
|
|
Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23
|
|
|
818,630
|
|
|
|
|
|
|
|
|
|
|
|
$
|
14,010,135
|
|
|
|
|
|
|
Transportation 5.5%
|
|
$
|
2,000
|
|
|
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.00%, 4/1/31
|
|
$
|
1,852,760
|
|
|
|
|
1,500
|
|
|
Los Angeles Department of Airports, (Los Angeles International
Airport), 5.375%, 5/15/30
|
|
|
1,205,130
|
|
|
|
|
1,170
|
|
|
Port of Redwood City, (AMT), 5.125%, 6/1/30
|
|
|
854,311
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,912,201
|
|
|
|
|
|
|
Water
and Sewer 2.5%
|
|
$
|
1,840
|
|
|
California Department of Water Resources,
5.00%, 12/1/29
|
|
$
|
1,748,184
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,748,184
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 186.0%
|
|
|
(identified
cost $155,084,405)
|
|
$
|
132,190,070
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (70.3)%
|
|
$
|
(49,978,954
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (15.7)%
|
|
$
|
(11,146,313
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
71,064,803
|
|
|
|
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
See
notes to financial statements
14
Eaton Vance
California Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
RADIAN - Radian Group, Inc.
The Trust invests primarily in debt securities issued by
California municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by
economic developments in a specific industry or municipality. In
order to reduce the risk associated with such economic
developments, at November 30, 2008, 47.8% of total
investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The
aggregate percentage insured by an individual financial
institution ranged from 0.5% to 21.0% of total investments.
|
|
|
(1)
|
|
Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
|
|
(2)
|
|
Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
|
|
(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, 2008, the aggregate
value of these securities is $2,886,236 or 4.1% of the
Trusts 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, 2008.
|
|
(5)
|
|
Security is subject to a shortfall 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
underlying the inverse floater. In case of a shortfall, the
maximum potential amount of payments the Trust could ultimately
be required to make under the agreement is $2,610,000. However,
such shortfall payment would be reduced by the proceeds from the
sale of the security underlying the inverse floater.
|
|
(6)
|
|
Security (or a portion thereof) has been pledged as collateral
for open swap contracts.
|
See
notes to financial statements
15
Eaton Vance
Massachusetts Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 179.6%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Education 33.4%
|
|
$
|
2,440
|
|
|
Massachusetts Development Finance Agency, (Boston University),
5.45%, 5/15/59
|
|
$
|
2,149,591
|
|
|
|
|
600
|
|
|
Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33
|
|
|
528,696
|
|
|
|
|
1,000
|
|
|
Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38
|
|
|
732,040
|
|
|
|
|
1,500
|
|
|
Massachusetts Development Finance Agency, (Wheeler School),
6.50%, 12/1/29
|
|
|
1,330,320
|
|
|
|
|
1,000
|
|
|
Massachusetts Development Finance Agency, (Xaverian Brothers
High School), 5.65%, 7/1/29
|
|
|
799,890
|
|
|
|
|
1,500
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music),
5.00%, 10/1/32
|
|
|
1,275,615
|
|
|
|
|
1,500
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%,
10/1/38
(1)
|
|
|
1,435,013
|
|
|
|
|
1,000
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%,
8/15/38
(5)
|
|
|
976,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,227,165
|
|
|
|
|
|
|
Electric
Utilities 9.8%
|
|
$
|
1,000
|
|
|
Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30
|
|
$
|
959,370
|
|
|
|
|
1,870
|
|
|
Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT),
5.00%, 2/1/36
|
|
|
1,273,881
|
|
|
|
|
570
|
|
|
Puerto Rico Electric Power Authority, 5.00%, 7/1/25
|
|
|
463,450
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,696,701
|
|
|
|
|
|
|
Escrowed/Prerefunded 8.2%
|
|
$
|
400
|
|
|
Massachusetts Development Finance Agency, (Western New England
College), Prerefunded to 12/1/12, 6.125%, 12/1/32
|
|
$
|
457,460
|
|
|
|
|
235
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to 1/1/12,
6.00%, 7/1/31
|
|
|
262,652
|
|
|
|
|
960
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30
|
|
|
1,033,325
|
|
|
|
|
1,000
|
|
|
Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded
to 7/1/09, 0.00%, 7/1/20
|
|
|
498,820
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,252,257
|
|
|
|
|
|
|
General
Obligations 4.8%
|
|
$
|
1,250
|
|
|
City of Boston, 5.00%,
1/1/11
(5)
|
|
$
|
1,320,613
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,320,613
|
|
|
|
|
|
Health
Care-Miscellaneous 3.5%
|
|
$
|
510
|
|
|
Massachusetts Development Finance Agency, (MCHSP Human
Services), 6.60%, 8/15/29
|
|
$
|
373,198
|
|
|
|
|
700
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29
|
|
|
524,069
|
|
|
|
|
100
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
|
73,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
970,992
|
|
|
|
|
|
|
Hospital 27.4%
|
|
$
|
1,000
|
|
|
Massachusetts Development Finance Agency, (Biomedical Research
Corp.), 6.25%, 8/1/20
|
|
$
|
1,009,510
|
|
|
|
|
1,000
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center),
5.75%, 7/1/33
|
|
|
868,390
|
|
|
|
|
400
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System),
6.25%, 10/1/31
|
|
|
348,228
|
|
|
|
|
1,370
|
|
|
Massachusetts Health and Educational Facilities Authority, (Beth
Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38
|
|
|
927,572
|
|
|
|
|
105
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18
|
|
|
104,741
|
|
|
|
|
1,575
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute),
5.00%, 12/1/37
|
|
|
1,259,748
|
|
|
|
|
865
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31
|
|
|
790,740
|
|
|
|
|
2,000
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System),
5.00%,
7/1/32
(1)
|
|
|
1,696,920
|
|
|
|
|
675
|
|
|
Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29
|
|
|
540,371
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,546,220
|
|
|
|
|
|
|
Housing 15.0%
|
|
$
|
2,100
|
|
|
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48
|
|
$
|
1,394,694
|
|
|
|
|
1,000
|
|
|
Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40
|
|
|
698,880
|
|
|
|
|
650
|
|
|
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28
|
|
|
523,685
|
|
|
|
|
2,000
|
|
|
Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37
|
|
|
1,526,900
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,144,159
|
|
|
|
|
|
See
notes to financial statements
16
Eaton Vance
Massachusetts Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Industrial
Development Revenue 2.5%
|
|
$
|
695
|
|
|
Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15
|
|
$
|
695,619
|
|
|
|
|
|
|
|
|
|
|
|
$
|
695,619
|
|
|
|
|
|
|
Insured-Education 13.5%
|
|
$
|
1,000
|
|
|
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39
|
|
$
|
954,570
|
|
|
|
|
1,365
|
|
|
Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC), 5.25%,
9/1/32
(1)
|
|
|
1,330,556
|
|
|
|
|
1,600
|
|
|
Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33
|
|
|
1,440,960
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,726,086
|
|
|
|
|
|
|
Insured-General
Obligations 13.5%
|
|
$
|
1,000
|
|
|
Massachusetts, (AMBAC), 5.50%, 8/1/30
|
|
$
|
1,025,510
|
|
|
|
|
2,255
|
|
|
Milford, (FSA), 4.25%, 12/15/46
|
|
|
1,729,111
|
|
|
|
|
900
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(2)(3)
|
|
|
965,205
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,719,826
|
|
|
|
|
|
|
Insured-Other
Revenue 4.2%
|
|
$
|
1,225
|
|
|
Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42
|
|
$
|
1,157,625
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,157,625
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 7.9%
|
|
$
|
1,450
|
|
|
Marthas Vineyard Land Bank, (AMBAC),
5.00%, 5/1/32
|
|
$
|
1,399,511
|
|
|
|
|
8,945
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
310,302
|
|
|
|
|
1,520
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
120,627
|
|
|
|
|
3,015
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
222,146
|
|
|
|
|
1,905
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
129,978
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,182,564
|
|
|
|
|
|
|
Insured-Student
Loan 7.1%
|
|
$
|
600
|
|
|
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%,
1/1/30
(5)
|
|
$
|
573,486
|
|
|
|
|
1,985
|
|
|
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33
|
|
|
1,385,887
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,959,373
|
|
|
|
|
|
|
Insured-Transportation 6.6%
|
|
$
|
800
|
|
|
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA),
(AMT), 5.00%, 7/1/32
|
|
$
|
575,744
|
|
|
|
|
1,820
|
|
|
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA),
(AMT), 5.00%, 7/1/38
|
|
|
1,246,008
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,821,752
|
|
|
|
|
|
|
Nursing
Home 3.4%
|
|
$
|
500
|
|
|
Boston Industrial Development Authority, (Alzheimers
Center), (FHA), 6.00%, 2/1/37
|
|
$
|
462,325
|
|
|
|
|
580
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29
|
|
|
475,780
|
|
|
|
|
|
|
|
|
|
|
|
$
|
938,105
|
|
|
|
|
|
|
Senior
Living/Life Care 8.0%
|
|
$
|
250
|
|
|
Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.15%, 7/1/31
|
|
$
|
168,198
|
|
|
|
|
1,500
|
|
|
Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.625%, 7/1/29
|
|
|
1,120,650
|
|
|
|
|
140
|
|
|
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27
|
|
|
93,990
|
|
|
|
|
425
|
|
|
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41
|
|
|
255,327
|
|
|
|
|
910
|
|
|
Massachusetts Development Finance Agency, (Linden Ponds, Inc.),
5.75%, 11/15/42
|
|
|
561,006
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,199,171
|
|
|
|
|
|
|
Special
Tax Revenue 5.0%
|
|
$
|
1,665
|
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31
|
|
$
|
389,227
|
|
|
|
|
5,195
|
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34
|
|
|
986,998
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,376,225
|
|
|
|
|
|
|
|
Water
and Sewer 5.8%
|
|
$
|
215
|
|
|
Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27
|
|
$
|
215,888
|
|
|
|
|
2,000
|
|
|
Massachusetts Water Resources Authority, 4.00%, 8/1/46
|
|
|
1,384,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,599,888
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 179.6%
|
|
|
(identified
cost $59,628,794)
|
|
$
|
49,534,341
|
|
|
|
|
|
See
notes to financial statements
17
Eaton Vance
Massachusetts Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 6.4%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Description
|
|
Value
|
|
|
|
|
|
$
|
1,750
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Capital Assets Program), (MBIA), (SPA: State Street Bank and
Trust Co.), Variable Rate, 12.00%,
1/1/35
(4)
|
|
$
|
1,750,000
|
|
|
|
|
|
|
|
|
Total
Short-Term
Investments 6.4%
|
|
|
(identified
cost $1,750,000)
|
|
$
|
1,750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments 186.0%
|
|
|
|
|
|
|
(identified
cost $61,378,794)
|
|
$
|
51,284,341
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (72.7)%
|
|
$
|
(20,055,300
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (13.3)%
|
|
$
|
(3,653,081
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
27,575,960
|
|
|
|
|
|
ACA - ACA Financial Guaranty Corporation
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
FHA - Federal Housing Administration
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
SPA - Standby Bond Purchase Agreement
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by
Massachusetts municipalities. The ability of the issuers of the
debt securities to meet their obligations may be affected by
economic developments in a specific industry or municipality. In
order to reduce the risk associated with such economic
developments, at November 30, 2008, 31.8% of total
investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The
aggregate percentage insured by an individual financial
institution ranged from 1.1% to 12.9% of total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
|
|
(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, 2008, the aggregate
value of these securities is $965,205 or 3.5% of the
Trusts 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, 2008.
|
|
(4)
|
|
Variable rate demand obligation. The stated interest rate
represents the rate in effect at November 30, 2008.
|
(5)
|
|
Security (or a portion thereof) has been pledged as collateral
for open swap contracts.
|
See
notes to financial statements
18
Eaton Vance
Michigan Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 180.5%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Education 7.9%
|
|
$
|
1,250
|
|
|
Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27
|
|
$
|
1,383,525
|
|
|
|
|
540
|
|
|
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35
|
|
|
437,697
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,821,222
|
|
|
|
|
|
|
Electric
Utilities 3.9%
|
|
$
|
580
|
|
|
Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29
|
|
$
|
533,333
|
|
|
|
|
435
|
|
|
Puerto Rico Electric Power Authority, 5.00%, 7/1/25
|
|
|
353,686
|
|
|
|
|
|
|
|
|
|
|
|
$
|
887,019
|
|
|
|
|
|
|
Escrowed/Prerefunded 21.1%
|
|
$
|
500
|
|
|
Kent Hospital Finance Authority, (Spectrum Health), Prerefunded
to 7/15/11, 5.50%, 1/15/31
|
|
$
|
545,040
|
|
|
|
|
560
|
|
|
Macomb County Hospital Finance Authority, (Mount Clemens General
Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34
|
|
|
637,056
|
|
|
|
|
750
|
|
|
Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09,
6.125%, 11/15/26
|
|
|
792,892
|
|
|
|
|
750
|
|
|
Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36
|
|
|
830,220
|
|
|
|
|
875
|
|
|
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31
|
|
|
973,945
|
|
|
|
|
1,000
|
|
|
White Cloud Public Schools, Prerefunded to
5/1/11, 5.125%, 5/1/31
|
|
|
1,071,020
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,850,173
|
|
|
|
|
|
|
General
Obligations 8.6%
|
|
$
|
500
|
|
|
East Grand Rapids Public School District,
5.00%, 5/1/25
|
|
$
|
496,660
|
|
|
|
|
750
|
|
|
Manistee Area Public Schools, 5.00%, 5/1/24
|
|
|
739,665
|
|
|
|
|
345
|
|
|
Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29
|
|
|
276,135
|
|
|
|
|
500
|
|
|
Wayne Charter County, 5.70%, 8/1/38
|
|
|
455,540
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,968,000
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.3%
|
|
$
|
100
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
$
|
73,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73,725
|
|
|
|
|
|
|
|
Hospital 30.6%
|
|
$
|
500
|
|
|
Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21
|
|
$
|
468,290
|
|
|
|
|
185
|
|
|
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25
|
|
|
140,961
|
|
|
|
|
125
|
|
|
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37
|
|
|
92,845
|
|
|
|
|
275
|
|
|
Kent Hospital Finance Authority, (Spectrum Health), 5.50%,
1/15/47
|
|
|
278,129
|
|
|
|
|
500
|
|
|
Mecosta County, (Michigan General Hospital),
6.00%, 5/15/18
|
|
|
420,815
|
|
|
|
|
1,000
|
|
|
Michigan Hospital Finance Authority, (Central Michigan Community
Hospital), 6.25%, 10/1/27
|
|
|
859,130
|
|
|
|
|
750
|
|
|
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38
|
|
|
506,355
|
|
|
|
|
1,000
|
|
|
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46
|
|
|
689,540
|
|
|
|
|
1,080
|
|
|
Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35
|
|
|
832,270
|
|
|
|
|
750
|
|
|
Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21
|
|
|
686,302
|
|
|
|
|
1,000
|
|
|
Michigan Hospital Finance Authority, (Trinity Health), 6.00%,
12/1/27
|
|
|
978,390
|
|
|
|
|
425
|
|
|
Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26
|
|
|
284,746
|
|
|
|
|
800
|
|
|
Saginaw Hospital Finance Authority, (Covenant Medical Center),
6.50%, 7/1/30
|
|
|
798,560
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,036,333
|
|
|
|
|
|
|
Housing 6.6%
|
|
$
|
1,065
|
|
|
Michigan Housing Development Authority, (AMT), 5.20%, 6/1/39
|
|
$
|
821,445
|
|
|
|
|
1,000
|
|
|
Michigan Housing Development Authority, (Williams Pavilion),
(AMT), 4.90%, 4/20/48
|
|
|
687,110
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,508,555
|
|
|
|
|
|
|
Industrial
Development Revenue 6.6%
|
|
$
|
1,000
|
|
|
Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21
|
|
$
|
572,660
|
|
|
|
|
800
|
|
|
Dickinson County Electronic Development Corp., (International
Paper Co.), 5.75%, 6/1/16
|
|
|
689,480
|
|
|
|
|
625
|
|
|
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26
|
|
|
251,562
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,513,702
|
|
|
|
|
|
|
Insured-Electric
Utilities 8.7%
|
|
$
|
1,000
|
|
|
Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT),
5.55%, 9/1/29
|
|
$
|
824,890
|
|
|
|
|
500
|
|
|
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%,
12/15/32
|
|
|
404,060
|
|
|
|
See
notes to financial statements
19
Eaton Vance
Michigan Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Insured-Electric
Utilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220
|
|
|
Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/30
|
|
|
179,113
|
|
|
|
|
750
|
|
|
Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/34
|
|
|
590,235
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,998,298
|
|
|
|
|
|
|
Insured-Escrowed/Prerefunded 18.5%
|
|
$
|
1,000
|
|
|
Central Montcalm Public Schools, (MBIA), Prerefunded to 5/1/09,
6.00%, 5/1/29
|
|
$
|
1,021,050
|
|
|
|
|
1,000
|
|
|
Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%,
7/1/31
|
|
|
1,075,240
|
|
|
|
|
2,000
|
|
|
Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%,
10/1/25
|
|
|
2,153,320
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,249,610
|
|
|
|
|
|
|
Insured-General
Obligations 15.1%
|
|
$
|
650
|
|
|
Detroit City School District, (FGIC), 4.75%, 5/1/28
|
|
$
|
567,626
|
|
|
|
|
750
|
|
|
Detroit City School District, (FSA), 5.25%, 5/1/32
|
|
|
735,112
|
|
|
|
|
200
|
|
|
Eaton Rapids Public Schools, (MBIA),
4.75%, 5/1/25
|
|
|
188,236
|
|
|
|
|
100
|
|
|
Lincoln Consolidated School District, (FSA),
5.00%, 5/1/10
|
|
|
104,093
|
|
|
|
|
700
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(1)(2)
|
|
|
750,715
|
|
|
|
|
1,250
|
|
|
Van Dyke Public Schools, (FSA), 5.00%, 5/1/38
|
|
|
1,132,387
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,478,169
|
|
|
|
|
|
|
Insured-Hospital 7.2%
|
|
$
|
1,000
|
|
|
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (MBIA), 5.25%, 11/15/35
|
|
$
|
766,940
|
|
|
|
|
1,000
|
|
|
Saginaw Hospital Finance Authority, (Covenant Medical Center),
(MBIA), 5.50%, 7/1/24
|
|
|
885,370
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,652,310
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 5.1%
|
|
$
|
4,300
|
|
|
Michigan Building Authority, (FGIC),
0.00%, 10/15/30
|
|
$
|
920,587
|
|
|
|
|
1,000
|
|
|
Michigan Building Authority, (FGIC), (FSA),
0.00%, 10/15/29
|
|
|
248,020
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,168,607
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 11.4%
|
|
$
|
5,160
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
$
|
179,000
|
|
|
|
|
1,225
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
97,216
|
|
|
|
|
2,430
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
179,043
|
|
|
|
|
1,470
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
100,298
|
|
|
|
|
2,250
|
|
|
Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30
|
|
|
2,056,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,612,057
|
|
|
|
|
|
|
Insured-Student
Loan 6.0%
|
|
$
|
1,000
|
|
|
Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31
|
|
$
|
639,520
|
|
|
|
|
1,000
|
|
|
Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.50%, 6/1/25
|
|
|
735,290
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,374,810
|
|
|
|
|
|
|
Insured-Transportation 6.7%
|
|
$
|
1,000
|
|
|
Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32
|
|
$
|
797,220
|
|
|
|
|
1,000
|
|
|
Wayne Charter County Airport, (MBIA), (AMT), 5.00%, 12/1/28
|
|
|
749,340
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,546,560
|
|
|
|
|
|
|
Insured-Water
and Sewer 6.2%
|
|
$
|
1,650
|
|
|
Detroit Water Supply System, (FGIC),
5.00%, 7/1/30
|
|
$
|
1,437,233
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,437,233
|
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 1.0%
|
|
$
|
250
|
|
|
Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22
|
|
$
|
239,565
|
|
|
|
|
|
|
|
|
|
|
|
$
|
239,565
|
|
|
|
|
|
|
Other
Revenue 1.4%
|
|
$
|
500
|
|
|
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
|
|
$
|
317,110
|
|
|
|
|
|
|
|
|
|
|
|
$
|
317,110
|
|
|
|
|
|
|
Transportation 6.4%
|
|
$
|
1,500
|
|
|
Kent County Airport Facility, 5.00%,
1/1/25
(3)
|
|
$
|
1,464,315
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,464,315
|
|
|
|
|
|
See
notes to financial statements
20
Eaton Vance
Michigan Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
|
Water
and Sewer 1.2%
|
|
$
|
250
|
|
|
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%,
10/1/11
(4)
|
|
$
|
268,665
|
|
|
|
|
|
|
|
|
|
|
|
$
|
268,665
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 180.5%
|
|
|
(identified
cost $47,060,298)
|
|
$
|
41,466,038
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (76.2)%
|
|
$
|
(17,502,294
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (4.3)%
|
|
$
|
(986,563
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
22,977,181
|
|
|
|
|
|
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
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by
Michigan municipalities. In addition, 10.2% of the Trusts
total investments at November 30, 2008 were invested in
municipal obligations issued by Puerto Rico. 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, 2008, 47.1% of total
investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The
aggregate percentage insured by an individual financial
institution ranged from 1.0% to 18.4% of total investments.
|
|
|
(1)
|
|
Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008.
|
|
(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, 2008, the aggregate
value of these securities is $750,715 or 3.3% of the
Trusts net assets applicable to common shares.
|
|
(3)
|
|
Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
|
|
(4)
|
|
Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
|
See
notes to financial statements
21
Eaton Vance
National Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 215.3%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Education 12.3%
|
|
$
|
1,000
|
|
|
Massachusetts Development Finance Agency, (Boston University),
6.00%, 5/15/59
|
|
$
|
960,290
|
|
|
|
|
500
|
|
|
Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38
|
|
|
366,020
|
|
|
|
|
10
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%, 10/1/38
|
|
|
9,567
|
|
|
|
|
2,490
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%,
10/1/38
(1)
|
|
|
2,382,117
|
|
|
|
|
740
|
|
|
New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33
|
|
|
727,812
|
|
|
|
|
190
|
|
|
Rhode Island Health and Educational Building Corp., (University
of Rhode Island), 6.25%, 9/15/34
|
|
|
182,468
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,628,274
|
|
|
|
|
|
|
Electric
Utilities 3.0%
|
|
$
|
1,565
|
|
|
Brazos River Authority, TX, (Texas Energy Co.), (AMT), 8.25%,
5/1/33
|
|
$
|
1,124,906
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,124,906
|
|
|
|
|
|
|
Escrowed/Prerefunded 1.4%
|
|
$
|
500
|
|
|
Stoneybrook West, FL, Community Development District,
Prerefunded to 5/1/10, 7.00%, 5/1/32
|
|
$
|
536,505
|
|
|
|
|
|
|
|
|
|
|
|
$
|
536,505
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.7%
|
|
$
|
140
|
|
|
Osceola County, FL, Industrial Development Authority, Community
Provider Pooled Loan, 7.75%, 7/1/17
|
|
$
|
131,625
|
|
|
|
|
200
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
|
147,450
|
|
|
|
|
|
|
|
|
|
|
|
$
|
279,075
|
|
|
|
|
|
|
Hospital 21.0%
|
|
$
|
350
|
|
|
Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35
|
|
$
|
232,855
|
|
|
|
|
695
|
|
|
Idaho Health Facilities Authority, (Trinity Health Credit
Group), 6.25%, 12/1/33
|
|
|
679,960
|
|
|
|
|
375
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Caregroup, Inc.), 5.00%, 7/1/28
|
|
|
269,389
|
|
|
|
|
560
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Caregroup, Inc.), 5.125%, 7/1/33
|
|
|
389,989
|
|
|
|
|
2,000
|
|
|
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/32
|
|
|
1,468,520
|
|
|
|
|
2,500
|
|
|
New York Dormitory Authority, (Memorial Sloan Kettering Cancer
Center), 5.00%,
7/1/36
(1)
|
|
|
2,261,225
|
|
|
|
|
315
|
|
|
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
|
|
243,177
|
|
|
|
|
635
|
|
|
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
|
|
472,599
|
|
|
|
|
1,000
|
|
|
Virginia Small Business Financing Authority, (Wellmort Health),
5.25%, 9/1/37
|
|
|
703,550
|
|
|
|
|
1,400
|
|
|
West Orange, FL, Health Care District,
5.80%, 2/1/31
|
|
|
1,134,602
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,855,866
|
|
|
|
|
|
|
Housing 14.4%
|
|
$
|
330
|
|
|
California Housing Finance Agency, (AMT),
4.75%, 8/1/42
|
|
$
|
224,100
|
|
|
|
|
2,000
|
|
|
Delaware Housing Authority, (Senior Single Family Mortgage
Revenue), (AMT), 5.30%, 1/1/49
|
|
|
1,525,840
|
|
|
|
|
505
|
|
|
Escambia County, FL, Housing Finance Authority, Single Family
Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31
|
|
|
425,260
|
|
|
|
|
1,000
|
|
|
Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37
|
|
|
781,930
|
|
|
|
|
710
|
|
|
Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37
|
|
|
559,544
|
|
|
|
|
1,030
|
|
|
New Mexico Mortgage Finance Authority, (Santa Fe Senior Housing
LLC), (FNMA), (AMT),
4.70%, 8/1/45
|
|
|
713,759
|
|
|
|
|
1,500
|
|
|
Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35
|
|
|
1,161,405
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,391,838
|
|
|
|
|
|
|
Industrial
Development Revenue 25.9%
|
|
$
|
1,000
|
|
|
Brazos River, TX, Harbor Navigation District, (Dow Chemical
Co.), (AMT), 5.95%, 5/15/33
|
|
$
|
735,480
|
|
|
|
|
702
|
|
|
Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19
|
|
|
588,787
|
|
|
|
|
1,000
|
|
|
Butler County, AL, Industrial Development Authority,
(International Paper Co.), (AMT), 7.00%, 9/1/32
|
|
|
760,010
|
|
|
|
|
750
|
|
|
California Pollution Control Financing Authority,
(Browning-Ferris
Industries, Inc.), (AMT),
6.875%, 11/1/27
|
|
|
591,532
|
|
|
|
|
1,060
|
|
|
Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32
|
|
|
764,228
|
|
|
|
|
1,055
|
|
|
Denver, CO, City and County Special Facilities, (United
Airlines), (AMT), 5.25%, 10/1/32
|
|
|
549,159
|
|
|
|
|
875
|
|
|
Denver, CO, City and County Special Facilities, (United
Airlines), (AMT), 5.75%, 10/1/32
|
|
|
453,688
|
|
|
|
|
1,000
|
|
|
Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.),
5.60%, 4/1/32
|
|
|
626,040
|
|
|
|
|
1,000
|
|
|
Houston, TX, Airport System, (Continental Airlines), (AMT),
6.75%, 7/1/29
|
|
|
623,030
|
|
|
|
|
705
|
|
|
Liberty Development Corp., NY, (Goldman Sachs Group, Inc.),
5.25%, 10/1/35
|
|
|
512,239
|
|
|
|
See
notes to financial statements
22
Eaton Vance
National Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Industrial
Development Revenue (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350
|
|
|
Liberty Development Corp., NY, (Goldman Sachs Group, Inc.),
5.25%,
10/1/35
(1)
|
|
|
980,948
|
|
|
|
|
1,000
|
|
|
New Morgan, PA, Industrial Development Authority,
(Browning-Ferris Industries, Inc.), (AMT),
6.50%, 4/1/19
|
|
|
812,070
|
|
|
|
|
280
|
|
|
Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT),
6.25%, 6/1/19
|
|
|
191,190
|
|
|
|
|
650
|
|
|
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.30%, 6/1/23
|
|
|
258,648
|
|
|
|
|
1,970
|
|
|
St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37
|
|
|
1,259,795
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,706,844
|
|
|
|
|
|
|
Insured-Education 1.2%
|
|
$
|
530
|
|
|
University of Vermont and State Agricultural College, (MBIA),
5.00%, 10/1/40
|
|
$
|
460,851
|
|
|
|
|
|
|
|
|
|
|
|
$
|
460,851
|
|
|
|
|
|
|
Insured-Electric
Utilities 3.5%
|
|
$
|
1,600
|
|
|
Burke County, GA, Development Authority, (Georgia Power Co.),
(MBIA), (AMT), 5.45%, 5/1/34
|
|
$
|
1,316,192
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,316,192
|
|
|
|
|
|
|
Insured-General
Obligations 4.3%
|
|
$
|
1,500
|
|
|
Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27
(2)(3)
|
|
$
|
1,608,675
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,608,675
|
|
|
|
|
|
|
Insured-Hospital 25.4%
|
|
$
|
2,500
|
|
|
Illinois Finance Authority, (Rush University Medical Center),
(MBIA), 5.25%, 11/1/35
|
|
$
|
1,917,550
|
|
|
|
|
3,250
|
|
|
Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (FSA), 5.25%,
5/15/41
(1)
|
|
|
2,874,008
|
|
|
|
|
2,000
|
|
|
Maricopa County, AZ, Industrial Development Authority, (Catholic
Healthcare West), (BHAC), 5.25%, 7/1/32
|
|
|
1,861,880
|
|
|
|
|
1,000
|
|
|
Maricopa County, AZ, Industrial Development Authority, (Mayo
Clinic Hospital), (AMBAC),
5.25%, 11/15/37
|
|
|
839,520
|
|
|
|
|
2,500
|
|
|
Maryland Health and Higher Educational Facilities Authority,
(Lifebridge Health), (AGC),
4.75%,
7/1/47
(1)
|
|
|
2,025,675
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,518,633
|
|
|
|
|
|
|
Insured-Housing 2.5%
|
|
$
|
1,100
|
|
|
Broward County, FL, Housing Finance Authority, Multi-Family
Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%,
1/1/32
(6)
|
|
$
|
923,054
|
|
|
|
|
|
|
|
|
|
|
|
$
|
923,054
|
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 9.7%
|
|
$
|
1,155
|
|
|
Newberry, SC, (Newberry County School District), (AGC), 5.00%,
12/1/30
|
|
$
|
1,013,616
|
|
|
|
|
3,000
|
|
|
San Diego County, CA, Water Authority, (FSA), 5.00%,
5/1/38
(1)
|
|
|
2,609,985
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,623,601
|
|
|
|
|
|
|
Insured-Other
Revenue 1.1%
|
|
$
|
425
|
|
|
Kentucky Economic Development Finance Authority, (Louisville
Arena Project), (AGC), 6.00%, 12/1/33
|
|
$
|
410,083
|
|
|
|
|
|
|
|
|
|
|
|
$
|
410,083
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 8.4%
|
|
$
|
170
|
|
|
Baton Rouge, LA, Public Improvement, (FSA),
4.25%, 8/1/32
|
|
$
|
133,338
|
|
|
|
|
3,040
|
|
|
Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/35
|
|
|
473,358
|
|
|
|
|
5,000
|
|
|
Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/38
|
|
|
628,800
|
|
|
|
|
5,610
|
|
|
Miami-Dade County, FL, Special Obligation, (MBIA),
0.00%, 10/1/40
|
|
|
614,575
|
|
|
|
|
14,850
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
515,147
|
|
|
|
|
2,535
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
201,178
|
|
|
|
|
5,030
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
370,610
|
|
|
|
|
3,165
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
215,948
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,152,954
|
|
|
|
|
|
|
Insured-Student
Loan 2.5%
|
|
$
|
1,000
|
|
|
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30
|
|
$
|
955,810
|
|
|
|
|
|
|
|
|
|
|
|
$
|
955,810
|
|
|
|
|
|
|
Insured-Transportation 16.2%
|
|
$
|
670
|
|
|
Chicago, IL, (OHare International Airport), (FSA), 4.50%,
1/1/38
(6)
|
|
$
|
527,940
|
|
|
|
|
240
|
|
|
Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.10%, 11/1/24
|
|
|
218,863
|
|
|
|
See
notes to financial statements
23
Eaton Vance
National Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Insured-Transportation (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
|
Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.25%, 11/1/28
|
|
|
85,800
|
|
|
|
|
2,100
|
|
|
Maryland Transportation Authority, (FSA),
5.00%,
7/1/41
(1)
|
|
|
1,950,585
|
|
|
|
|
3,770
|
|
|
Miami-Dade County, FL, Aviation Revenue, (Miami International
Airport), (AGC), (CIFG), (AMT),
5.00%,
10/1/38
(4)
|
|
|
2,762,656
|
|
|
|
|
560
|
|
|
New Jersey Transportation Trust Fund Authority, (AGC), 5.50%,
12/15/38
|
|
|
533,159
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,079,003
|
|
|
|
|
|
|
Insured-Water
and Sewer 24.2%
|
|
$
|
3,750
|
|
|
Austin, TX, Water and Wastewater System, (FSA), 5.00%,
11/15/33
(1)
|
|
$
|
3,511,557
|
|
|
|
|
1,000
|
|
|
Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%,
1/1/31
|
|
|
802,620
|
|
|
|
|
3,250
|
|
|
Fernley, NV, Water and Sewer, (AGC),
5.00%,
2/1/38
(1)
|
|
|
2,928,136
|
|
|
|
|
640
|
|
|
Miami Beach, FL, Storm Water, (FGIC),
5.375%, 9/1/30
|
|
|
570,336
|
|
|
|
|
280
|
|
|
Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34
|
|
|
226,937
|
|
|
|
|
1,150
|
|
|
Tampa Bay, FL, Water Utility System, (FGIC),
4.75%, 10/1/27
|
|
|
1,032,079
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,071,665
|
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 1.7%
|
|
$
|
650
|
|
|
Mohave County, AZ, Industrial Development Authority, (Mohave
Prison LLC), 8.00%, 5/1/25
|
|
$
|
627,101
|
|
|
|
|
|
|
|
|
|
|
|
$
|
627,101
|
|
|
|
|
|
|
Nursing
Home 2.2%
|
|
$
|
265
|
|
|
Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24
|
|
$
|
221,233
|
|
|
|
|
735
|
|
|
Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34
|
|
|
588,867
|
|
|
|
|
|
|
|
|
|
|
|
$
|
810,100
|
|
|
|
|
|
|
Other
Revenue 10.5%
|
|
$
|
16,500
|
|
|
Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47
|
|
$
|
364,485
|
|
|
|
|
1,000
|
|
|
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
|
|
|
634,220
|
|
|
|
|
1,000
|
|
|
Salt Verde, AZ, Financial Corporation, Senior Gas Revenue,
5.00%, 12/1/37
|
|
|
637,700
|
|
|
|
|
1,230
|
|
|
Tobacco Settlement Financing Corp., VA,
5.00%, 6/1/47
|
|
|
660,104
|
|
|
|
|
1,500
|
|
|
Tobacco Settlement Management Authority, SC, Escrowed to
Maturity, 6.375%, 5/15/30
|
|
|
1,623,060
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,919,569
|
|
|
|
|
|
|
Special
Tax Revenue 17.7%
|
|
$
|
85
|
|
|
Covington Park, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/21
|
|
$
|
78,290
|
|
|
|
|
500
|
|
|
Covington Park, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/31
|
|
|
416,450
|
|
|
|
|
230
|
|
|
Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10
|
|
|
214,907
|
|
|
|
|
205
|
|
|
Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12
|
|
|
181,132
|
|
|
|
|
355
|
|
|
Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37
|
|
|
217,043
|
|
|
|
|
310
|
|
|
Heritage Harbor South, FL, Community Development District,
(Capital Improvements), 6.20%, 5/1/35
|
|
|
240,014
|
|
|
|
|
230
|
|
|
Heritage Springs, FL, Community Development District, 5.25%,
5/1/26
|
|
|
171,513
|
|
|
|
|
340
|
|
|
New River, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/13
|
|
|
212,568
|
|
|
|
|
140
|
|
|
New River, FL, Community Development District, (Capital
Improvements), 5.35%, 5/1/38
|
|
|
75,261
|
|
|
|
|
340
|
|
|
North Springs, FL, Improvement District, (Heron Bay), 5.20%,
5/1/27
|
|
|
213,387
|
|
|
|
|
595
|
|
|
North Springs, FL, Improvement District, (Heron Bay), 7.00%,
5/1/19
|
|
|
572,658
|
|
|
|
|
985
|
|
|
River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, 5/1/36
|
|
|
587,011
|
|
|
|
|
475
|
|
|
Southern Hills Plantation, FL, Community Development District,
5.80%, 5/1/35
|
|
|
321,699
|
|
|
|
|
600
|
|
|
Sterling Hill, FL, Community Development District, 6.20%, 5/1/35
|
|
|
446,916
|
|
|
|
|
840
|
|
|
Tisons Landing, FL, Community Development District, 5.625%,
5/1/37
|
|
|
401,100
|
|
|
|
|
740
|
|
|
University Square, FL, Community Development District, 6.75%,
5/1/20
|
|
|
691,138
|
|
|
|
|
685
|
|
|
Waterlefe, FL, Community Development District, 6.95%, 5/1/31
|
|
|
596,176
|
|
|
|
|
175
|
|
|
West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community),
5.00%, 3/1/29
|
|
|
124,590
|
|
|
|
|
1,270
|
|
|
West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community),
5.00%, 3/1/35
|
|
|
856,869
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,618,722
|
|
|
|
|
|
See
notes to financial statements
24
Eaton Vance
National Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
|
Transportation 5.5%
|
|
$
|
1,000
|
|
|
Los Angeles Department of Airports, CA, (Los Angeles
International Airport), (AMT), 5.375%, 5/15/33
|
|
$
|
788,070
|
|
|
|
|
1,515
|
|
|
North Texas Tollway Authority Revenue,
5.75%, 1/1/38
|
|
|
1,264,661
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,052,731
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 215.3%
|
|
|
(identified
cost $100,159,732)
|
|
$
|
80,672,052
|
|
|
|
|
|
Short-Term
Investments 3.2%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Description
|
|
Value
|
|
|
|
|
|
$
|
1,200
|
|
|
Massachusetts Health and Educational Facilities Authority,
(Capital Assets Program), (MBIA), (SPA: State Street Bank and
Trust Co.), Variable Rate, 12.00%,
1/1/35
(5)
|
|
$
|
1,200,000
|
|
|
|
|
|
|
|
|
Total
Short-Term
Investments 3.2%
|
|
|
(identified
cost $1,200,000)
|
|
$
|
1,200,000
|
|
|
|
|
|
|
|
|
Total
Investments 218.5%
|
|
|
(identified
cost $101,359,732)
|
|
$
|
81,872,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (53.8)%
|
|
$
|
(20,152,642
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (64.7)%
|
|
$
|
(24,247,254
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
37,472,156
|
|
|
|
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FNMA - Federal National Mortgage Association
FSA - Financial Security Assurance, Inc.
SPA - Standby Bond Purchase Agreement
MBIA - Municipal Bond Insurance Association
At November 30, 2008, the concentration of the Trusts
investments in the various states, determined as a percentage of
total investments, is as follows:
|
|
|
|
|
Florida
|
|
|
23.0
|
%
|
Texas
|
|
|
10.3
|
%
|
Others, representing less than 10% individually
|
|
|
66.7
|
%
|
The Trust invests primarily in debt securities issued by
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, 2008, 46.8% of total investments are backed by
bond insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured by
an individual financial institution ranged from 1.7% to 17.5% of
total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
|
|
(2)
|
|
Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008.
|
|
(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, 2008, the aggregate
value of these securities is $1,608,675 or 4.3% of the
Trusts net assets applicable to common shares.
|
|
(4)
|
|
Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
|
|
(5)
|
|
Variable rate demand obligation. The stated interest rate
represents the rate in effect at November 30, 2008.
|
|
(6)
|
|
Security (or a portion thereof) has been pledged as collateral
for open swap contracts.
|
See
notes to financial statements
25
Eaton Vance New
Jersey Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 200.0%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Education 8.3%
|
|
$
|
250
|
|
|
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/27
|
|
$
|
210,930
|
|
|
|
|
250
|
|
|
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/33
|
|
|
198,970
|
|
|
|
|
220
|
|
|
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.25%, 7/1/37
|
|
|
176,900
|
|
|
|
|
3,500
|
|
|
New Jersey Educational Facilities Authority, (Princeton
University), 4.50%,
7/1/38
(1)
|
|
|
3,014,116
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,600,916
|
|
|
|
|
|
|
Electric
Utilities 5.1%
|
|
$
|
1,500
|
|
|
Puerto Rico Electric Power Authority, 5.00%, 7/1/37
|
|
$
|
1,099,380
|
|
|
|
|
1,500
|
|
|
Salem County Pollution Control Financing, (Public Service
Enterprise Group, Inc.), (AMT),
5.75%, 4/1/31
|
|
|
1,110,855
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,210,235
|
|
|
|
|
|
|
General
Obligations 5.5%
|
|
$
|
1,295
|
|
|
Gloucester County Improvement Authority, (Landfill Project),
4.50%, 3/1/30
|
|
$
|
1,119,152
|
|
|
|
|
1,595
|
|
|
Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29
|
|
|
1,276,622
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,395,774
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.5%
|
|
$
|
300
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
$
|
221,175
|
|
|
|
|
|
|
|
|
|
|
|
$
|
221,175
|
|
|
|
|
|
|
Hospital 37.1%
|
|
$
|
100
|
|
|
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/25
|
|
$
|
74,659
|
|
|
|
|
90
|
|
|
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35
|
|
|
59,877
|
|
|
|
|
100
|
|
|
Camden County Improvement Authority, (Cooper Health System),
5.25%, 2/15/27
|
|
|
75,527
|
|
|
|
|
2,750
|
|
|
Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34
|
|
|
2,196,507
|
|
|
|
|
2,060
|
|
|
New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27
|
|
|
1,700,221
|
|
|
|
|
235
|
|
|
New Jersey Health Care Facilities Financing Authority, (Atlantic
City Medical Center), 5.75%, 7/1/25
|
|
|
218,714
|
|
|
|
|
3,515
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center),
5.00%, 7/1/37
|
|
|
2,631,926
|
|
|
|
|
2,140
|
|
|
New Jersey Health Care Facilities Financing Authority, (Capital
Health System), 5.25%, 7/1/27
|
|
|
1,667,424
|
|
|
|
|
1,765
|
|
|
New Jersey Health Care Facilities Financing Authority, (Capital
Health System), 5.375%, 7/1/33
|
|
|
1,322,056
|
|
|
|
|
2,000
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center),
6.00%, 1/1/34
|
|
|
1,844,520
|
|
|
|
|
1,750
|
|
|
New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital),
5.75%, 7/1/31
|
|
|
1,587,880
|
|
|
|
|
710
|
|
|
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/26
|
|
|
582,186
|
|
|
|
|
2,930
|
|
|
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46
|
|
|
2,153,902
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,115,399
|
|
|
|
|
|
|
Housing 9.0%
|
|
$
|
715
|
|
|
New Jersey Housing and Mortgage Finance Agency, (Single Family
Housing), (AMT), 4.70%, 10/1/37
|
|
$
|
494,408
|
|
|
|
|
4,490
|
|
|
New Jersey Housing and Mortgage Finance Agency, (Single Family
Housing), (AMT), 5.00%, 10/1/37
|
|
|
3,396,461
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,890,869
|
|
|
|
|
|
|
Industrial
Development Revenue 14.9%
|
|
$
|
1,000
|
|
|
Gloucester County Improvements Authority, (Waste Management,
Inc.), (AMT), 7.00%, 12/1/29
|
|
$
|
1,003,010
|
|
|
|
|
1,500
|
|
|
Middlesex County Pollution Control Authority, (Amerada Hess),
6.05%, 9/15/34
|
|
|
1,178,445
|
|
|
|
|
3,220
|
|
|
New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT),
4.95%, 3/1/47
|
|
|
2,060,832
|
|
|
|
|
750
|
|
|
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29
|
|
|
384,803
|
|
|
|
|
750
|
|
|
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, 6/1/33
|
|
|
552,217
|
|
|
|
|
2,080
|
|
|
Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22
|
|
|
1,313,957
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,493,264
|
|
|
|
|
|
|
Insured-Education 7.1%
|
|
$
|
3,365
|
|
|
New Jersey Educational Facilities Authority, (College of New
Jersey), (FSA), 5.00%,
7/1/35
(1)
|
|
$
|
3,100,444
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,100,444
|
|
|
|
|
|
|
Insured-Electric
Utilities 4.8%
|
|
$
|
1,250
|
|
|
Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/35
|
|
$
|
977,612
|
|
|
|
See
notes to financial statements
26
Eaton Vance New
Jersey Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Insured-Electric
Utilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Vineland, (Electric Utility), (MBIA), (AMT),
5.25%, 5/15/26
|
|
$
|
1,102,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,080,112
|
|
|
|
|
|
|
Insured-Gas
Utilities 9.7%
|
|
$
|
5,000
|
|
|
New Jersey Economic Development Authority, (New Jersey Natural
Gas Co.), (FGIC), (MBIA), (AMT), 4.90%, 10/1/40
|
|
$
|
4,227,850
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,227,850
|
|
|
|
|
|
|
Insured-General
Obligations 7.0%
|
|
$
|
1,500
|
|
|
Egg Harbor Township School District, (FSA),
3.50%, 4/1/28
|
|
$
|
1,076,865
|
|
|
|
|
1,240
|
|
|
Lakewood Township, (AGC), 5.75%,
11/1/31
(2)
|
|
|
1,280,647
|
|
|
|
|
325
|
|
|
Nutley School District, (MBIA), 4.75%, 7/15/30
|
|
|
298,603
|
|
|
|
|
410
|
|
|
Nutley School District, (MBIA), 4.75%, 7/15/32
|
|
|
371,739
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,027,854
|
|
|
|
|
|
|
Insured-Hospital 5.3%
|
|
$
|
750
|
|
|
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC), 5.25%,
1/1/36
(1)
|
|
$
|
695,899
|
|
|
|
|
1,305
|
|
|
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC),
5.00%, 7/1/38
|
|
|
1,175,048
|
|
|
|
|
500
|
|
|
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%,
7/1/38
(1)
|
|
|
450,220
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,321,167
|
|
|
|
|
|
|
Insured-Housing 6.5%
|
|
$
|
3,390
|
|
|
New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (FSA), (AMT),
5.05%, 5/1/34
|
|
$
|
2,626,199
|
|
|
|
|
205
|
|
|
New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (FSA), 5.75%,
5/1/25
(2)
|
|
|
204,990
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,831,189
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 2.0%
|
|
$
|
945
|
|
|
Newark Housing Authority, (Newark Marine Terminal), (MBIA),
5.00%, 1/1/32
|
|
$
|
848,308
|
|
|
|
|
|
|
|
|
|
|
|
$
|
848,308
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 24.3%
|
|
$
|
12,030
|
|
|
Garden Preservation Trust and Open Space and Farmland, (FSA),
0.00%, 11/1/24
|
|
$
|
4,892,601
|
|
|
|
|
6,000
|
|
|
Garden Preservation Trust and Open Space and Farmland, (FSA),
0.00%, 11/1/25
|
|
|
2,279,760
|
|
|
|
|
4,315
|
|
|
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26
|
|
|
1,377,305
|
|
|
|
|
2,020
|
|
|
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27
|
|
|
593,254
|
|
|
|
|
16,115
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
559,029
|
|
|
|
|
2,745
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
217,843
|
|
|
|
|
5,445
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
401,187
|
|
|
|
|
3,425
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
233,688
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,554,667
|
|
|
|
|
|
|
Insured-Student
Loan 4.3%
|
|
$
|
2,000
|
|
|
New Jersey Higher Education Assistance Authority, (AGC), 6.125%,
6/1/30
|
|
$
|
1,851,760
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,851,760
|
|
|
|
|
|
|
Insured-Transportation 6.7%
|
|
$
|
5,570
|
|
|
New Jersey Transportation Trust Fund Authority, (Transportation
System), (BHAC), (FGIC),
0.00%, 12/15/31
|
|
$
|
1,419,682
|
|
|
|
|
1,500
|
|
|
New Jersey Turnpike Authority, (BHAC), (FSA), 5.25%, 1/1/29
|
|
|
1,483,410
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,903,092
|
|
|
|
|
|
|
Insured-Water
and Sewer 5.6%
|
|
$
|
3,195
|
|
|
New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT),
4.875%, 11/1/25
|
|
$
|
2,427,146
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,427,146
|
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 7.8%
|
|
$
|
895
|
|
|
New Jersey Economic Development Authority, (School Facilities
Construction), 5.00%, 9/1/33
|
|
$
|
829,101
|
|
|
|
|
3,000
|
|
|
New Jersey Health Care Facilities Financing Authority, (Contract
Hospital Asset Transportation Program), 5.25%, 10/1/38
|
|
|
2,544,690
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,373,791
|
|
|
|
|
|
See
notes to financial statements
27
Eaton Vance New
Jersey Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Nursing
Home 2.0%
|
|
$
|
1,000
|
|
|
New Jersey Economic Development Authority, (Masonic Charity
Foundation), 5.50%, 6/1/31
|
|
$
|
890,700
|
|
|
|
|
|
|
|
|
|
|
|
$
|
890,700
|
|
|
|
|
|
|
Other
Revenue 4.7%
|
|
$
|
7,200
|
|
|
Childrens Trust Fund, PR, Tobacco Settlement, 0.00%,
5/15/50
|
|
$
|
139,032
|
|
|
|
|
13,280
|
|
|
Childrens Trust Fund, PR, Tobacco Settlement, 0.00%,
5/15/55
|
|
|
137,581
|
|
|
|
|
4,270
|
|
|
Tobacco Settlement Financing Corp., 0.00%, 6/1/41
|
|
|
170,842
|
|
|
|
|
2,925
|
|
|
Tobacco Settlement Financing Corp., 5.00%, 6/1/41
|
|
|
1,598,542
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,045,997
|
|
|
|
|
|
|
Senior
Living/Life Care 6.8%
|
|
$
|
465
|
|
|
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
5.875%, 7/1/28
|
|
$
|
372,870
|
|
|
|
|
770
|
|
|
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
6.00%, 7/1/38
|
|
|
591,075
|
|
|
|
|
1,700
|
|
|
New Jersey Economic Development Authority, (Fellowship Village),
5.50%, 1/1/25
|
|
|
1,278,247
|
|
|
|
|
1,175
|
|
|
New Jersey Economic Development Authority, (Seabrook Village),
5.25%, 11/15/36
|
|
|
730,368
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,972,560
|
|
|
|
|
|
|
Special
Tax Revenue 1.6%
|
|
$
|
750
|
|
|
New Jersey Economic Development Authority, (Cigarette Tax),
5.50%, 6/15/31
|
|
$
|
517,313
|
|
|
|
|
100
|
|
|
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27
|
|
|
75,798
|
|
|
|
|
175
|
|
|
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37
|
|
|
121,210
|
|
|
|
|
|
|
|
|
|
|
|
$
|
714,321
|
|
|
|
|
|
|
Transportation 10.9%
|
|
$
|
2,000
|
|
|
New Jersey Transportation Trust Fund Authority, (Transportation
System), 6.00%, 12/15/38
|
|
$
|
1,967,120
|
|
|
|
|
1,995
|
|
|
Port Authority of New York and New Jersey, (AMT), 5.75%,
3/15/35
(1)
|
|
|
1,696,887
|
|
|
|
|
5
|
|
|
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35
|
|
|
4,253
|
|
|
|
|
1,175
|
|
|
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33
|
|
|
1,052,095
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,720,355
|
|
|
|
|
|
Water
and Sewer 2.5%
|
|
$
|
1,000
|
|
|
New Jersey Environmental Infrastructure Trust,
5.00%, 9/1/16
|
|
$
|
1,093,270
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,093,270
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 200.0%
|
|
|
(identified
cost $108,048,815)
|
|
$
|
86,912,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (78.6)%
|
|
$
|
(34,152,936
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (21.4)%
|
|
$
|
(9,299,921
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
43,459,358
|
|
|
|
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by New
Jersey municipalities. The ability of the issuers of the debt
securities to meet their obligations may be affected by economic
developments in a specific industry or municipality. In order to
reduce the risk associated with such economic developments, at
November 30, 2008, 42.9% of total investments are backed by
bond insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured by
an individual financial institution ranged from 2.3% to 18.0% of
total investments.
|
|
|
(1)
|
|
Security represents the underlying municipal bond of a
tender option bond trust (see Note 1H).
|
|
(2)
|
|
Security (or a portion thereof) has been pledged as
collateral for open swap contracts.
|
See
notes to financial statements
28
Eaton Vance New
York Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 198.5%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Cogeneration 1.7%
|
|
$
|
1,150
|
|
|
Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23
|
|
$
|
840,616
|
|
|
|
|
|
|
|
|
|
|
|
$
|
840,616
|
|
|
|
|
|
|
Education 6.3%
|
|
$
|
1,000
|
|
|
New York Dormitory Authority, (Columbia University), 5.00%,
7/1/38
(1)
|
|
$
|
953,950
|
|
|
|
|
2,250
|
|
|
New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33
|
|
|
2,212,942
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,166,892
|
|
|
|
|
|
|
Electric
Utilities 6.1%
|
|
$
|
1,420
|
|
|
Long Island Power Authority, Electric System Revenue, 6.00%,
5/1/33
|
|
$
|
1,423,195
|
|
|
|
|
2,100
|
|
|
Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27
|
|
|
1,632,120
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,055,315
|
|
|
|
|
|
|
Escrowed/Prerefunded 0.4%
|
|
$
|
200
|
|
|
New York City Industrial Development Agency, (Ohel
Childrens Home), Escrowed to Maturity,
6.25%, 8/15/22
|
|
$
|
209,400
|
|
|
|
|
|
|
|
|
|
|
|
$
|
209,400
|
|
|
|
|
|
|
General
Obligations 14.1%
|
|
$
|
6,000
|
|
|
New York City, 5.25%,
9/15/33
(2)
|
|
$
|
5,521,200
|
|
|
|
|
1,000
|
|
|
New York City, 6.25%, 10/15/28
|
|
|
1,045,650
|
|
|
|
|
680
|
|
|
Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29
|
|
|
544,265
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,111,115
|
|
|
|
|
|
|
Health
Care-Miscellaneous 8.0%
|
|
$
|
1,115
|
|
|
New York City Industrial Development Agency, (A Very Special
Place, Inc.), 5.75%, 1/1/29
|
|
$
|
776,609
|
|
|
|
|
1,200
|
|
|
New York City Industrial Development Agency, (Ohel
Childrens Home), 6.25%, 8/15/22
|
|
|
852,336
|
|
|
|
|
200
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
|
147,450
|
|
|
|
|
50
|
|
|
Suffolk County Industrial Development Agency, (Alliance of LI),
Series A, Class H, 7.50%, 9/1/15
|
|
|
47,375
|
|
|
|
|
100
|
|
|
Suffolk County Industrial Development Agency, (Alliance of LI),
Series A, Class I, 7.50%, 9/1/15
|
|
|
94,750
|
|
|
|
|
2,600
|
|
|
Westchester County Industrial Development Agency,
(Childrens Village), 5.375%, 3/15/19
|
|
|
2,113,644
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,032,164
|
|
|
|
|
|
|
Hospital 31.3%
|
|
$
|
190
|
|
|
Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.35%, 11/15/17
|
|
$
|
164,411
|
|
|
|
|
485
|
|
|
Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.40%, 11/15/29
|
|
|
365,496
|
|
|
|
|
1,250
|
|
|
Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18
|
|
|
1,020,287
|
|
|
|
|
2,500
|
|
|
Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25
|
|
|
1,863,225
|
|
|
|
|
400
|
|
|
Nassau County Industrial Development Agency, (North Shore Health
System), 6.25%, 11/1/21
|
|
|
400,132
|
|
|
|
|
1,500
|
|
|
New York Dormitory Authority, (Lenox Hill Hospital), 5.50%,
7/1/30
|
|
|
1,061,040
|
|
|
|
|
4,000
|
|
|
New York Dormitory Authority, (Memorial Sloan Kettering Cancer
Center), 5.00%,
7/1/36
(2)
|
|
|
3,617,960
|
|
|
|
|
2,000
|
|
|
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33
|
|
|
1,401,640
|
|
|
|
|
845
|
|
|
New York Dormitory Authority, (North Shore Hospital), 5.00%,
11/1/34
|
|
|
608,408
|
|
|
|
|
1,250
|
|
|
New York Dormitory Authority, (NYU Hospital Center), 5.625%,
7/1/37
|
|
|
896,912
|
|
|
|
|
415
|
|
|
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29
|
|
|
320,376
|
|
|
|
|
835
|
|
|
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37
|
|
|
621,449
|
|
|
|
|
1,250
|
|
|
Oneida County Industrial Development Agency,
(St. Elizabeths Medical Center), 5.75%, 12/1/19
|
|
|
987,612
|
|
|
|
|
650
|
|
|
Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32
|
|
|
481,683
|
|
|
|
|
2,105
|
|
|
Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22
|
|
|
1,950,346
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,760,977
|
|
|
|
|
|
|
Housing 23.2%
|
|
$
|
1,500
|
|
|
New York City Housing Development Corp., (Multi-Family Housing),
(AMT), 5.05%, 11/1/39
|
|
$
|
1,127,310
|
|
|
|
|
2,620
|
|
|
New York City Housing Development Corp., (Multi-Family Housing),
(AMT), 5.20%, 11/1/40
|
|
|
2,010,274
|
|
|
|
|
3,555
|
|
|
New York City Housing Development Corp., (Multi-Family Housing),
(FNMA), (AMT), 4.60%, 1/15/26
|
|
|
2,734,506
|
|
|
|
|
3,125
|
|
|
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42
|
|
|
2,463,031
|
|
|
|
|
1,500
|
|
|
New York Mortgage Agency, (AMT),
4.875%, 10/1/30
|
|
|
1,140,345
|
|
|
|
See
notes to financial statements
29
Eaton Vance New
York Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Housing (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
New York Mortgage Agency, (AMT),
4.90%, 10/1/37
|
|
|
1,441,560
|
|
|
|
|
1,000
|
|
|
New York Mortgage Agency, (AMT),
5.125%, 10/1/37
|
|
|
766,860
|
|
|
|
|
|
|
|
|
|
|
|
$
|
11,683,886
|
|
|
|
|
|
|
Industrial
Development Revenue 16.7%
|
|
$
|
1,000
|
|
|
Essex County Industrial Development Agency, (International Paper
Company), (AMT),
6.625%, 9/1/32
|
|
$
|
724,530
|
|
|
|
|
625
|
|
|
Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%,
10/1/35
|
|
|
454,112
|
|
|
|
|
2,525
|
|
|
Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%,
10/1/35
(2)
|
|
|
1,834,736
|
|
|
|
|
1,500
|
|
|
New York Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT), 8.00%, 8/1/12
|
|
|
1,364,655
|
|
|
|
|
1,000
|
|
|
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), 4.875%, 7/1/41
|
|
|
813,080
|
|
|
|
|
2,500
|
|
|
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT),
6.25%, 12/1/34
|
|
|
2,123,425
|
|
|
|
|
775
|
|
|
Onondaga County Industrial Development Agency, (Senior Air
Cargo), (AMT), 6.125%, 1/1/32
|
|
|
598,354
|
|
|
|
|
495
|
|
|
Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15
|
|
|
495,703
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,408,595
|
|
|
|
|
|
|
Insured-Education 7.3%
|
|
$
|
1,500
|
|
|
New York Dormitory Authority, (State University), (BHAC), 5.00%,
7/1/38
|
|
$
|
1,386,825
|
|
|
|
|
1,250
|
|
|
New York Dormitory Authority, (Yeshiva University), (AMBAC),
5.50%, 7/1/35
|
|
|
1,054,675
|
|
|
|
|
5,460
|
|
|
Oneida County Industrial Development Agency, (Hamilton College),
(MBIA), 0.00%, 7/1/33
|
|
|
1,239,584
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,681,084
|
|
|
|
|
|
|
Insured-Electric
Utilities 7.5%
|
|
$
|
1,365
|
|
|
Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33
|
|
$
|
1,396,941
|
|
|
|
|
3,000
|
|
|
Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/34
|
|
|
2,360,940
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,757,881
|
|
|
|
|
|
Insured-General
Obligations 3.7%
|
|
$
|
1,750
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(3)(4)
|
|
$
|
1,876,788
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,876,788
|
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 4.7%
|
|
$
|
3,300
|
|
|
Hudson Yards Infrastructure Corp., (MBIA),
4.50%, 2/15/47
|
|
$
|
2,348,247
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,348,247
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 8.0%
|
|
$
|
1,000
|
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45
|
|
$
|
779,250
|
|
|
|
|
1,000
|
|
|
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44
|
|
|
818,450
|
|
|
|
|
4,500
|
|
|
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%,
7/1/34
|
|
|
677,340
|
|
|
|
|
19,745
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
684,954
|
|
|
|
|
3,380
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
268,237
|
|
|
|
|
6,705
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
494,024
|
|
|
|
|
4,225
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
288,272
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,010,527
|
|
|
|
|
|
|
Insured-Transportation 13.8%
|
|
$
|
6,235
|
|
|
Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT),
5.625%, 4/1/29
|
|
$
|
5,127,914
|
|
|
|
|
2,030
|
|
|
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%,
7/1/34
|
|
|
1,812,607
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,940,521
|
|
|
|
|
|
|
Insured-Water
and Sewer 1.4%
|
|
$
|
1,000
|
|
|
Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
|
|
$
|
701,350
|
|
|
|
|
|
|
|
|
|
|
|
$
|
701,350
|
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 5.7%
|
|
$
|
2,500
|
|
|
New York City Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38
|
|
$
|
1,928,725
|
|
|
|
|
1,000
|
|
|
New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31
|
|
|
956,320
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,885,045
|
|
|
|
|
|
|
Other
Revenue 1.9%
|
|
$
|
1,285
|
|
|
Albany Industrial Development Agency Civic Facility, (Charitable
Leadership), 5.75%, 7/1/26
|
|
$
|
960,075
|
|
|
|
|
|
|
|
|
|
|
|
$
|
960,075
|
|
|
|
|
|
See
notes to financial statements
30
Eaton Vance New
York Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
|
Senior
Living/Life Care 2.5%
|
|
$
|
1,450
|
|
|
Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29
|
|
$
|
1,094,170
|
|
|
|
|
250
|
|
|
Suffolk County Industrial Development Agency, (Jeffersons
Ferry Project), 5.00%, 11/1/28
|
|
|
178,105
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,272,275
|
|
|
|
|
|
|
Special
Tax Revenue 1.9%
|
|
$
|
1,000
|
|
|
New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements), 5.25%, 3/15/38
|
|
$
|
949,800
|
|
|
|
|
|
|
|
|
|
|
|
$
|
949,800
|
|
|
|
|
|
|
Transportation 19.7%
|
|
$
|
1,700
|
|
|
Metropolitan Transportation Authority,
4.50%, 11/15/37
|
|
$
|
1,291,694
|
|
|
|
|
3,200
|
|
|
Metropolitan Transportation Authority,
4.50%, 11/15/38
|
|
|
2,417,088
|
|
|
|
|
1,900
|
|
|
Port Authority of New York and New Jersey,
5.00%,
11/15/37
(2)
|
|
|
1,752,845
|
|
|
|
|
1,190
|
|
|
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33
|
|
|
892,928
|
|
|
|
|
990
|
|
|
Port Authority of New York and New Jersey, (AMT), 5.75%,
3/15/35
(2)
|
|
|
842,064
|
|
|
|
|
10
|
|
|
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35
|
|
|
8,506
|
|
|
|
|
2,000
|
|
|
Triborough Bridge and Tunnel Authority,
5.00%, 11/15/37
|
|
|
1,802,560
|
|
|
|
|
1,000
|
|
|
Triborough Bridge and Tunnel Authority,
5.00%, 11/15/38
|
|
|
899,960
|
|
|
|
|
|
|
|
|
|
|
|
$
|
9,907,645
|
|
|
|
|
|
|
Water
and Sewer 12.6%
|
|
$
|
3,105
|
|
|
New York City Municipal Water Finance Authority, 5.75%, 6/15/40
|
|
$
|
3,123,692
|
|
|
|
|
2,535
|
|
|
New York Environmental Facilities Corp., Clean Water, (Municipal
Water Finance), 5.00%,
6/15/37
(2)
|
|
|
2,356,941
|
|
|
|
|
5
|
|
|
New York Environmental Facilities Corp., Clean Water, (Municipal
Water Finance), 5.00%, 6/15/37
|
|
|
4,649
|
|
|
|
|
1,000
|
|
|
Saratoga County Water Authority, 5.00%, 9/1/48
|
|
|
862,480
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,347,762
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 198.5%
|
|
|
(identified
cost $122,107,447)
|
|
$
|
99,907,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (67.0)%
|
|
$
|
(33,729,429
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (31.5)%
|
|
$
|
(15,853,503
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets 100.0%
|
|
$
|
50,325,028
|
|
|
|
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
FGIC - Financial Guaranty Insurance Company
FNMA - Federal National Mortgage Association
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, 2008, 23.3% of total investments are backed by
bond insurance of various financial institutions and financial
guaranty assurance agencies. The aggregate percentage insured by
an individual financial institution ranged from 1.8% to 12.1% of
total investments.
|
|
|
(1)
|
|
Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
|
|
(2)
|
|
Security represents the underlying municipal bond of a
tender option bond trust (see Note 1H).
|
|
(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, 2008, the aggregate
value of these securities is $1,876,788 or 3.7% of the
Trusts 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, 2008.
|
See
notes to financial statements
31
Eaton Vance Ohio
Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 182.1%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Cogeneration 1.6%
|
|
$
|
385
|
|
|
Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT),
5.875%, 9/1/20
|
|
$
|
304,054
|
|
|
|
|
200
|
|
|
Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT),
6.625%, 9/1/20
|
|
|
168,994
|
|
|
|
|
|
|
|
|
|
|
|
$
|
473,048
|
|
|
|
|
|
|
Electric
Utilities 1.2%
|
|
$
|
360
|
|
|
Clyde, Electric System Revenue, (AMT),
6.00%, 11/15/14
|
|
$
|
349,049
|
|
|
|
|
|
|
|
|
|
|
|
$
|
349,049
|
|
|
|
|
|
|
Escrowed/Prerefunded 13.7%
|
|
$
|
1,000
|
|
|
Delaware County, Prerefunded to
12/1/10, 6.00%, 12/1/25
|
|
$
|
1,091,040
|
|
|
|
|
1,530
|
|
|
Hamilton City School District, Prerefunded to 12/1/09, 5.625%,
12/1/24
|
|
|
1,614,165
|
|
|
|
|
565
|
|
|
Highland County, (Joint Township Hospital District), Prerefunded
to 12/1/09, 6.75%, 12/1/29
|
|
|
600,471
|
|
|
|
|
670
|
|
|
Richland County Hospital Facilities, (Medcentral Health
Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22
|
|
|
732,283
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,037,959
|
|
|
|
|
|
|
General
Obligations 8.0%
|
|
$
|
1,000
|
|
|
Barberton City School District, 4.50%, 12/1/33
|
|
$
|
818,590
|
|
|
|
|
1,090
|
|
|
Central Ohio Solid Waste Authority,
5.125%,
9/1/27
(1)
|
|
|
1,053,583
|
|
|
|
|
500
|
|
|
Columbus, 5.00%,
7/1/23
(2)
|
|
|
504,955
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,377,128
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.2%
|
|
$
|
100
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
$
|
73,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73,725
|
|
|
|
|
|
|
Hospital 13.4%
|
|
$
|
550
|
|
|
Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29
|
|
$
|
502,254
|
|
|
|
|
600
|
|
|
Erie County Hospital Facilities, (Firelands Regional Medical
Center), 5.25%, 8/15/46
|
|
|
427,032
|
|
|
|
|
1,500
|
|
|
Erie County Hospital Facilities, (Firelands Regional Medical
Center), 5.625%, 8/15/32
|
|
|
1,213,470
|
|
|
|
|
500
|
|
|
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
|
|
|
377,345
|
|
|
|
|
750
|
|
|
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.),
4.75%, 1/15/36
|
|
|
497,430
|
|
|
|
|
1,000
|
|
|
Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.),
4.75%, 1/15/46
|
|
|
632,030
|
|
|
|
|
330
|
|
|
Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22
|
|
|
324,608
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,974,169
|
|
|
|
|
|
|
Housing 12.9%
|
|
$
|
1,000
|
|
|
Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 4.625%, 9/1/27
|
|
$
|
758,240
|
|
|
|
|
1,000
|
|
|
Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 4.75%, 3/1/37
|
|
|
696,640
|
|
|
|
|
600
|
|
|
Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 5.00%, 9/1/31
|
|
|
468,288
|
|
|
|
|
2,500
|
|
|
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48
|
|
|
1,893,225
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,816,393
|
|
|
|
|
|
|
Industrial
Development Revenue 13.5%
|
|
$
|
1,385
|
|
|
Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27
|
|
$
|
731,072
|
|
|
|
|
1,300
|
|
|
Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%,
2/1/18
(3)
|
|
|
1,287,962
|
|
|
|
|
2,250
|
|
|
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38
|
|
|
1,793,768
|
|
|
|
|
225
|
|
|
Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15
|
|
|
175,986
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,988,788
|
|
|
|
|
|
|
Insured-Education 7.7%
|
|
$
|
730
|
|
|
Miami University, (AMBAC), 3.25%, 9/1/26
|
|
$
|
509,087
|
|
|
|
|
1,500
|
|
|
University of Akron, Series A, (FSA),
5.00%, 1/1/38
|
|
|
1,326,495
|
|
|
|
|
500
|
|
|
University of Akron, Series B, (FSA),
5.00%, 1/1/38
|
|
|
442,165
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,277,747
|
|
|
|
|
|
|
Insured-Electric
Utilities 13.4%
|
|
$
|
2,000
|
|
|
Cleveland Public Power System, (MBIA),
0.00%, 11/15/38
|
|
$
|
286,280
|
|
|
|
|
830
|
|
|
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25
|
|
|
299,339
|
|
|
|
See
notes to financial statements
32
Eaton Vance Ohio
Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Insured-Electric
Utilities (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26
|
|
|
1,005,870
|
|
|
|
|
2,225
|
|
|
Ohio Water Development Authority, (Dayton Power & Light),
(FGIC), 4.80%, 1/1/34
|
|
|
1,797,288
|
|
|
|
|
330
|
|
|
Puerto Rico Electric Power Authority, (FGIC),
5.25%, 7/1/30
|
|
|
268,670
|
|
|
|
|
375
|
|
|
Puerto Rico Electric Power Authority, (FGIC),
5.25%, 7/1/34
|
|
|
295,118
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,952,565
|
|
|
|
|
|
|
Insured-Escrowed/Prerefunded 6.3%
|
|
$
|
245
|
|
|
Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed
to Maturity, 5.125%, 1/1/29
|
|
$
|
240,916
|
|
|
|
|
1,000
|
|
|
Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30
|
|
|
1,077,300
|
|
|
|
|
500
|
|
|
University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%,
6/1/24
|
|
|
542,840
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,861,056
|
|
|
|
|
|
|
Insured-General
Obligations 24.0%
|
|
$
|
350
|
|
|
Bowling Green City School District, (FSA),
5.00%, 12/1/34
|
|
$
|
319,186
|
|
|
|
|
200
|
|
|
Brookfield Local School District, (FSA),
5.00%, 1/15/30
|
|
|
186,872
|
|
|
|
|
2,455
|
|
|
Canal Winchester Local School District, (MBIA), 0.00%, 12/1/30
|
|
|
584,290
|
|
|
|
|
1,500
|
|
|
Madeira City School District, (FSA),
3.50%,
12/1/27
(8)
|
|
|
1,065,480
|
|
|
|
|
1,750
|
|
|
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36
|
|
|
1,645,105
|
|
|
|
|
500
|
|
|
Olmsted Falls City School District, (XLCA),
5.00%, 12/1/35
|
|
|
434,745
|
|
|
|
|
1,000
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(4)(5)
|
|
|
1,072,450
|
|
|
|
|
1,200
|
|
|
Puerto Rico, (MBIA), 5.50%, 7/1/20
|
|
|
1,104,180
|
|
|
|
|
750
|
|
|
St. Marys School District, (FSA), 5.00%, 12/1/35
|
|
|
675,225
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,087,533
|
|
|
|
|
|
|
Insured-Hospital 8.9%
|
|
$
|
255
|
|
|
Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29
|
|
$
|
223,339
|
|
|
|
|
980
|
|
|
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(MBIA), 5.00%, 5/15/32
|
|
|
802,718
|
|
|
|
|
1,500
|
|
|
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(MBIA), 5.125%, 5/15/28
|
|
|
1,298,565
|
|
|
|
|
485
|
|
|
Lorain County, (Catholic Healthcare Partners), (FSA), Variable
Rate, 16.545%,
2/1/29
(4)(5)(6)
|
|
$
|
321,128
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,645,750
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 1.4%
|
|
$
|
500
|
|
|
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33
|
|
$
|
416,505
|
|
|
|
|
|
|
|
|
|
|
|
$
|
416,505
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 4.2%
|
|
$
|
405
|
|
|
Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32
|
|
$
|
369,976
|
|
|
|
|
9,905
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
343,604
|
|
|
|
|
1,690
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
134,118
|
|
|
|
|
3,350
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
246,828
|
|
|
|
|
2,100
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
143,283
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,237,809
|
|
|
|
|
|
|
Insured-Transportation 8.2%
|
|
$
|
385
|
|
|
Cleveland Airport System, (FSA), 5.00%, 1/1/31
|
|
$
|
348,671
|
|
|
|
|
1,000
|
|
|
Ohio Turnpike Commission, (FGIC), (MBIA),
5.50%, 2/15/24
|
|
|
1,046,220
|
|
|
|
|
1,000
|
|
|
Ohio Turnpike Commission, (FGIC), (MBIA),
5.50%, 2/15/26
|
|
|
1,036,070
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,430,961
|
|
|
|
|
|
|
Insured-Water
and Sewer 2.6%
|
|
$
|
270
|
|
|
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%,
12/1/46
|
|
$
|
202,770
|
|
|
|
|
750
|
|
|
Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%,
12/1/47
|
|
|
561,398
|
|
|
|
|
|
|
|
|
|
|
|
$
|
764,168
|
|
|
|
|
|
|
Lease
Revenue/Certificates of Participation 6.8%
|
|
$
|
1,000
|
|
|
Mahoning County, (Career and Technical Center), 6.25%, 12/1/36
|
|
$
|
961,720
|
|
|
|
|
1,155
|
|
|
Union County, (Pleasant Valley Joint Fire District), 6.125%,
12/1/19
|
|
|
1,038,588
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,000,308
|
|
|
|
|
|
See
notes to financial statements
33
Eaton Vance Ohio
Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
|
Other
Revenue 13.2%
|
|
$
|
7,345
|
|
|
Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47
|
|
$
|
162,251
|
|
|
|
|
710
|
|
|
Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47
|
|
|
439,618
|
|
|
|
|
2,530
|
|
|
Puerto Rico Infrastructure Financing Authority,
5.50%, 10/1/32
|
|
|
2,529,797
|
|
|
|
|
1,000
|
|
|
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%,
12/1/27
|
|
|
773,600
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,905,266
|
|
|
|
|
|
|
Pooled
Loans 14.3%
|
|
$
|
550
|
|
|
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25
|
|
$
|
517,798
|
|
|
|
|
1,020
|
|
|
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22
|
|
|
965,899
|
|
|
|
|
1,245
|
|
|
Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%,
1/1/32
(7)
|
|
|
1,141,125
|
|
|
|
|
310
|
|
|
Summit County Port Authority, (Twinsburg Township), 5.125%,
5/15/25
|
|
|
223,371
|
|
|
|
|
750
|
|
|
Toledo-Lucas County Port Authority, 4.80%, 11/15/35
|
|
|
478,320
|
|
|
|
|
1,100
|
|
|
Toledo-Lucas County Port Authority, 5.40%, 5/15/19
|
|
|
886,688
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,213,201
|
|
|
|
|
|
|
Special
Tax Revenue 6.6%
|
|
$
|
560
|
|
|
Cleveland-Cuyahoga County Port Authority,
7.00%, 12/1/18
|
|
$
|
539,577
|
|
|
|
|
1,390
|
|
|
Cuyahoga County Economic Development, (Shaker Square), 6.75%,
12/1/30
|
|
|
1,406,221
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,945,798
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 182.1%
|
|
|
(identified
cost $61,949,288)
|
|
$
|
53,828,926
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (77.6)%
|
|
|
(22,954,918
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (4.5)%
|
|
$
|
(1,311,053
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares 100.0%
|
|
$
|
29,562,955
|
|
|
|
|
|
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
XLCA - XL Capital Assurance, Inc.
The Trust invests primarily in debt securities issued by Ohio
municipalities. In addition, 11.5% of the Trusts total
investments at November 30, 2008 were invested in municipal
obligations issued by Puerto Rico. 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, 2008, 42.1% of total
investments are backed by bond insurance of various financial
institutions and financial guaranty assurance agencies. The
aggregate percentage insured by an individual financial
institution ranged from 2.2% to 15.7% of total investments.
|
|
|
(1)
|
|
When-issued security.
|
|
(2)
|
|
Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
|
|
(3)
|
|
Security (or a portion thereof) has been segregated to cover
payable for when-issued securities.
|
|
(4)
|
|
Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $1,393,578 or 4.7% of the
Trusts net assets applicable to common shares.
|
|
(5)
|
|
Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008.
|
|
(6)
|
|
Security is subject to a shortfall 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
underlying the inverse floater. In case of a shortfall, the
maximum potential amount of payments the Trust could ultimately
be required to make under the agreement is $1,455,000. However,
such shortfall payment would be reduced by the proceeds from the
sale of the security underlying the inverse floater.
|
|
(7)
|
|
Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
|
|
(8)
|
|
Security (or a portion thereof) has been pledged as collateral
for open swap contracts.
|
See
notes to financial statements
34
Eaton Vance
Pennsylvania Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
Tax-Exempt
Investments 195.4%
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Bond
Bank 3.5%
|
|
$
|
1,000
|
|
|
Delaware Valley Regional Finance Authority,
5.75%, 7/1/32
|
|
$
|
969,830
|
|
|
|
|
|
|
|
|
|
|
|
$
|
969,830
|
|
|
|
|
|
|
Cogeneration 5.9%
|
|
$
|
315
|
|
|
Carbon County Industrial Development Authority, (Panther Creek
Partners), (AMT), 6.65%, 5/1/10
|
|
$
|
319,590
|
|
|
|
|
500
|
|
|
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT),
6.50%, 1/1/13
|
|
|
446,620
|
|
|
|
|
500
|
|
|
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT),
6.60%, 1/1/19
|
|
|
407,275
|
|
|
|
|
625
|
|
|
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15
|
|
|
471,675
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,645,160
|
|
|
|
|
|
|
Electric
Utilities 3.1%
|
|
$
|
600
|
|
|
Pennsylvania Economic Development Financing Authority, (Reliant
Energy, Inc.), (AMT),
6.75%, 12/1/36
|
|
$
|
374,526
|
|
|
|
|
600
|
|
|
York County Industrial Development Authority, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20
|
|
|
480,852
|
|
|
|
|
|
|
|
|
|
|
|
$
|
855,378
|
|
|
|
|
|
|
Escrowed/Prerefunded 14.2%
|
|
$
|
600
|
|
|
Allegheny County Industrial Development Authority, (Residential
Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21
|
|
$
|
667,716
|
|
|
|
|
600
|
|
|
Bucks County Industrial Development Authority, (Pennswood),
Prerefunded to 10/1/12,
6.00%, 10/1/27
|
|
|
677,766
|
|
|
|
|
925
|
|
|
Montgomery County Higher Education and Health Authority,
(Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30
|
|
|
975,116
|
|
|
|
|
1,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), Prerefunded to 5/1/09,
6.00%, 5/1/29
|
|
|
1,020,750
|
|
|
|
|
600
|
|
|
Philadelphia Higher Education Facilities Authority, (Chestnut
Hill College), Prerefunded to 10/1/09, 6.00%, 10/1/29
|
|
|
635,256
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,976,604
|
|
|
|
|
|
|
|
General
Obligations 6.7%
|
|
$
|
1,000
|
|
|
Daniel Boone Area School District, 5.00%, 8/15/32
|
|
$
|
896,350
|
|
|
|
|
1,000
|
|
|
Philadelphia School District, 6.00%, 9/1/38
|
|
|
975,520
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,871,870
|
|
|
|
|
|
|
Health
Care-Miscellaneous 0.3%
|
|
$
|
100
|
|
|
Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37
|
|
$
|
73,725
|
|
|
|
|
|
|
|
|
|
|
|
$
|
73,725
|
|
|
|
|
|
|
Hospital 12.0%
|
|
$
|
1,250
|
|
|
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32
|
|
$
|
1,002,112
|
|
|
|
|
1,500
|
|
|
Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43
|
|
|
1,050,645
|
|
|
|
|
850
|
|
|
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 6.00%, 1/15/31
|
|
|
824,135
|
|
|
|
|
500
|
|
|
Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17
|
|
|
486,280
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,363,172
|
|
|
|
|
|
|
Housing 15.8%
|
|
$
|
515
|
|
|
Allegheny County Residential Finance Authority, (Single Family
Mortgages), (AMT),
4.95%, 11/1/37
|
|
$
|
374,837
|
|
|
|
|
1,170
|
|
|
Allegheny County Residential Finance Authority, (Single Family
Mortgages), (AMT), 5.00%, 5/1/35
|
|
|
889,914
|
|
|
|
|
990
|
|
|
Pennsylvania Housing Finance Agency, (AMT),
4.70%, 10/1/37
|
|
|
681,892
|
|
|
|
|
1,200
|
|
|
Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26
|
|
|
966,720
|
|
|
|
|
1,000
|
|
|
Pennsylvania Housing Finance Agency, (AMT),
4.90%, 10/1/37
|
|
|
730,230
|
|
|
|
|
1,000
|
|
|
Pennsylvania Housing Finance Agency, (AMT),
5.15%, 10/1/37
|
|
|
769,940
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,413,533
|
|
|
|
|
|
|
Industrial
Development Revenue 8.1%
|
|
$
|
500
|
|
|
New Morgan Industrial Development Authority, (Browning-Ferris
Industries, Inc.), (AMT),
6.50%, 4/1/19
|
|
$
|
406,035
|
|
|
|
|
1,000
|
|
|
Pennsylvania Economic Development Financing Authority, (Procter
& Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31
|
|
|
891,630
|
|
|
|
See
notes to financial statements
35
Eaton Vance
Pennsylvania Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
Industrial
Development Revenue (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27
|
|
|
333,425
|
|
|
|
|
1,550
|
|
|
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26
|
|
|
623,875
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,254,965
|
|
|
|
|
|
|
Insured-Education 28.9%
|
|
$
|
500
|
|
|
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37
|
|
$
|
455,070
|
|
|
|
|
1,900
|
|
|
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32
|
|
|
1,737,455
|
|
|
|
|
1,155
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (MBIA), 5.00%, 5/1/37
|
|
|
1,012,496
|
|
|
|
|
2,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, (State
System Higher Education), (FSA),
5.00%,
6/15/24
(1)
|
|
|
1,928,720
|
|
|
|
|
1,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, (Temple
University), (MBIA), 5.00%, 4/1/33
|
|
|
882,080
|
|
|
|
|
500
|
|
|
Pennsylvania Higher Educational Facilities Authority,
(University of the Sciences in Philadelphia), (AGC), 5.00%,
11/1/37
|
|
|
446,770
|
|
|
|
|
500
|
|
|
State Public School Building Authority, (Delaware County
Community College), (FSA),
5.00%, 10/1/27
|
|
|
471,420
|
|
|
|
|
375
|
|
|
State Public School Building Authority, (Delaware County
Community College), (FSA),
5.00%, 10/1/29
|
|
|
346,200
|
|
|
|
|
875
|
|
|
State Public School Building Authority, (Delaware County
Community College), (FSA),
5.00%, 10/1/32
|
|
|
790,344
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,070,555
|
|
|
|
|
|
|
Insured-Electric
Utilities 1.9%
|
|
$
|
630
|
|
|
Lehigh County Industrial Development Authority, (PPL Electric
Utilities Corp.), (FGIC), (MBIA),
4.75%, 2/15/27
|
|
$
|
535,954
|
|
|
|
|
|
|
|
|
|
|
|
$
|
535,954
|
|
|
|
|
|
|
Insured-Escrowed/Prerefunded 28.6%
|
|
$
|
650
|
|
|
Berks County Municipal Authority, (Reading Hospital and Medical
Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29
|
|
$
|
688,552
|
|
|
|
|
1,600
|
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27
|
|
|
1,510,032
|
|
|
|
|
1,801
|
|
|
Puerto Rico Electric Power Authority, (FSA)
Prerefunded to 7/1/10, 5.25%,
7/1/29
(2)
|
|
|
1,918,350
|
|
|
|
|
2,500
|
|
|
Puerto Rico Electric Power Authority, (FSA)
Prerefunded to 7/1/10, 5.25%,
7/1/29
(2)
|
|
|
2,663,618
|
|
|
|
|
2,000
|
|
|
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19
|
|
|
1,205,300
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,985,852
|
|
|
|
|
|
|
Insured-General
Obligations 3.8%
|
|
$
|
1,000
|
|
|
Puerto Rico, (FSA), Variable Rate,
12.711%,
7/1/27
(3)(4)
|
|
$
|
1,072,450
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,072,450
|
|
|
|
|
|
|
Insured-Hospital 15.7%
|
|
$
|
500
|
|
|
Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26
|
|
$
|
395,975
|
|
|
|
|
1,440
|
|
|
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (FSA), 5.00%,
7/1/35
(2)
|
|
|
1,196,690
|
|
|
|
|
1,500
|
|
|
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (MBIA), 5.25%, 7/1/29
|
|
|
1,219,335
|
|
|
|
|
2,000
|
|
|
Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
|
|
|
1,580,540
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,392,540
|
|
|
|
|
|
|
Insured-Lease
Revenue/Certificates of Participation 3.8%
|
|
$
|
1,195
|
|
|
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (FSA), 4.75%, 2/15/27
|
|
$
|
1,054,803
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,054,803
|
|
|
|
|
|
|
Insured-Special
Tax Revenue 6.5%
|
|
$
|
1,000
|
|
|
Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24
|
|
$
|
944,980
|
|
|
|
|
9,870
|
|
|
Puerto Rico Sales Tax Financing, (AMBAC),
0.00%, 8/1/54
|
|
|
342,390
|
|
|
|
|
1,690
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/44
|
|
|
134,119
|
|
|
|
|
3,350
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/45
|
|
|
246,828
|
|
|
|
|
2,100
|
|
|
Puerto Rico Sales Tax Financing, (MBIA),
0.00%, 8/1/46
|
|
|
143,283
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,811,600
|
|
|
|
|
|
See
notes to financial statements
36
Eaton Vance
Pennsylvania Municipal Income
Trust
as
of November 30, 2008
PORTFOLIO OF
INVESTMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
|
|
|
|
|
|
(000s
omitted)
|
|
|
Security
|
|
Value
|
|
|
|
|
|
|
Insured-Transportation 13.5%
|
|
$
|
1,000
|
|
|
Pennsylvania Turnpike Commission, (AGC),
5.00%, 6/1/38
|
|
$
|
892,750
|
|
|
|
|
500
|
|
|
Philadelphia Airport Commission, (FSA), (AMT), 5.00%, 6/15/27
|
|
|
386,860
|
|
|
|
|
1,005
|
|
|
Philadelphia Parking Authority, (AMBAC),
5.25%, 2/15/29
|
|
|
933,967
|
|
|
|
|
1,800
|
|
|
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%,
7/1/41
(2)
|
|
|
1,573,101
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,786,678
|
|
|
|
|
|
|
Insured-Water
and Sewer 7.2%
|
|
$
|
275
|
|
|
Allegheny County Sanitation Authority, (BHAC), (MBIA), 5.00%,
12/1/22
|
|
$
|
274,780
|
|
|
|
|
585
|
|
|
Chester County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 2/1/40
|
|
|
394,512
|
|
|
|
|
875
|
|
|
Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 11/1/36
|
|
|
604,958
|
|
|
|
|
500
|
|
|
Delaware County Industrial Development Authority, (Water
Facilities), (FGIC), (AMT), 6.00%, 6/1/29
|
|
|
427,885
|
|
|
|
|
360
|
|
|
Philadelphia Water and Wastewater Revenue, (FGIC), 5.00%, 11/1/31
|
|
|
311,436
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,013,571
|
|
|
|
|
|
|
Senior
Living/Life Care 6.5%
|
|
$
|
1,000
|
|
|
Cliff House Trust, (AMT), 6.625%,
6/1/27
(5)
|
|
$
|
639,420
|
|
|
|
|
500
|
|
|
Crawford County Hospital Authority, (Wesbury United Methodist
Community), 6.25%, 8/15/29
|
|
|
382,655
|
|
|
|
|
500
|
|
|
Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31
|
|
|
430,420
|
|
|
|
|
200
|
|
|
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24
|
|
|
153,768
|
|
|
|
|
300
|
|
|
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30
|
|
|
212,904
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,819,167
|
|
|
|
|
|
|
Transportation 5.0%
|
|
$
|
40
|
|
|
Erie Municipal Airport Authority, (AMT),
5.50%, 7/1/09
|
|
$
|
39,774
|
|
|
|
|
485
|
|
|
Erie Municipal Airport Authority, (AMT),
5.875%, 7/1/16
|
|
|
427,780
|
|
|
|
|
270
|
|
|
Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31
|
|
|
211,461
|
|
|
|
|
750
|
|
|
Pennsylvania Turnpike Commission, 5.625%, 6/1/29
|
|
|
729,990
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,409,005
|
|
|
|
|
|
|
|
Water
and Sewer 4.4%
|
|
$
|
750
|
|
|
Harrisburg Water Authority, 5.25%, 7/15/31
|
|
$
|
706,425
|
|
|
|
|
750
|
|
|
Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42
|
|
|
528,487
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,234,912
|
|
|
|
|
|
|
|
|
Total
Tax-Exempt Investments 195.4%
|
|
|
(identified
cost $62,735,794)
|
|
$
|
54,611,324
|
|
|
|
|
|
|
|
|
|
|
|
|
Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (79.6)%
|
|
$
|
(22,230,422
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (15.8)%
|
|
$
|
(4,437,199
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to Common Shares 100.0%
|
|
$
|
27,943,703
|
|
|
|
|
|
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.
BHAC - Berkshire Hathaway Assurance Corp.
CIFG - CIFG Assurance North America, Inc.
FGIC - Financial Guaranty Insurance Company
FSA - Financial Security Assurance, Inc.
MBIA - Municipal Bond Insurance Association
The Trust invests primarily in debt securities issued by
Pennsylvania municipalities. In addition, 16.1% of the
Trusts total investments at November 30, 2008 were
invested in municipal obligations issued by Puerto Rico. 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,
2008, 56.3% of total investments are backed by bond insurance of
various financial institutions and financial guaranty assurance
agencies. The aggregate percentage insured by an individual
financial institution ranged from 0.5% to 22.9% of total
investments.
|
|
|
(1)
|
|
Security (or a portion thereof) has been segregated to
cover margin requirements on open financial futures contracts.
|
|
(2)
|
|
Security represents the underlying municipal obligation
of an inverse floating rate obligation held by the Trust.
|
|
(3)
|
|
Security has been issued as a leveraged inverse floater
bond. The stated interest rate represents the rate in effect at
November 30, 2008.
|
|
(4)
|
|
Security exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $1,072,450 or 3.8% of the
Trusts net assets applicable to common shares.
|
|
(5)
|
|
Security is in default with respect to scheduled
principal payments.
|
See
notes to financial statements
37
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL STATEMENTS
Statements
of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of November 30, 2008
|
|
California
Trust
|
|
|
Massachusetts
Trust
|
|
|
Michigan
Trust
|
|
|
National
Trust
|
|
|
|
|
|
|
Assets
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identified cost
|
|
$
|
155,084,405
|
|
|
$
|
61,378,794
|
|
|
$
|
47,060,298
|
|
|
$
|
101,359,732
|
|
|
|
Unrealized depreciation
|
|
|
(22,894,335
|
)
|
|
|
(10,094,453
|
)
|
|
|
(5,594,260
|
)
|
|
|
(19,487,680
|
)
|
|
|
|
|
Investments, at value
|
|
$
|
132,190,070
|
|
|
$
|
51,284,341
|
|
|
$
|
41,466,038
|
|
|
$
|
81,872,052
|
|
|
|
|
|
Cash
|
|
$
|
6,465,485
|
|
|
$
|
616,787
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Interest receivable
|
|
|
1,926,428
|
|
|
|
1,082,917
|
|
|
|
698,528
|
|
|
|
1,311,984
|
|
|
|
Receivable for investments sold
|
|
|
8,500
|
|
|
|
|
|
|
|
|
|
|
|
28,832
|
|
|
|
Deferred debt issuance costs
|
|
|
41,077
|
|
|
|
7,071
|
|
|
|
|
|
|
|
70,610
|
|
|
|
|
|
Total assets
|
|
$
|
140,631,560
|
|
|
$
|
52,991,116
|
|
|
$
|
42,164,566
|
|
|
$
|
83,283,478
|
|
|
|
|
|
|
Liabilities
|
|
Payable for floating rate notes issued
|
|
$
|
15,570,000
|
|
|
$
|
3,880,000
|
|
|
$
|
1,125,000
|
|
|
$
|
21,295,000
|
|
|
|
Payable for variation margin on open financial futures contracts
|
|
|
51,047
|
|
|
|
|
|
|
|
3,797
|
|
|
|
25,313
|
|
|
|
Payable for open swap contracts
|
|
|
3,667,977
|
|
|
|
1,340,750
|
|
|
|
214,235
|
|
|
|
2,136,337
|
|
|
|
Due to custodian
|
|
|
|
|
|
|
|
|
|
|
228,922
|
|
|
|
1,894,094
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
78,507
|
|
|
|
27,320
|
|
|
|
23,860
|
|
|
|
44,143
|
|
|
|
Administration fee
|
|
|
21,564
|
|
|
|
8,331
|
|
|
|
6,817
|
|
|
|
12,612
|
|
|
|
Trustees fees
|
|
|
836
|
|
|
|
360
|
|
|
|
300
|
|
|
|
4,864
|
|
|
|
Interest expense and fees payable
|
|
|
94,898
|
|
|
|
33,221
|
|
|
|
18,908
|
|
|
|
148,917
|
|
|
|
Accrued expenses
|
|
|
102,974
|
|
|
|
69,874
|
|
|
|
63,252
|
|
|
|
97,400
|
|
|
|
|
|
Total liabilities
|
|
$
|
19,587,803
|
|
|
$
|
5,359,856
|
|
|
$
|
1,685,091
|
|
|
$
|
25,658,680
|
|
|
|
|
|
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
|
$
|
49,978,954
|
|
|
$
|
20,055,300
|
|
|
$
|
17,502,294
|
|
|
$
|
20,152,642
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
71,064,803
|
|
|
$
|
27,575,960
|
|
|
$
|
22,977,181
|
|
|
$
|
37,472,156
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized
|
|
$
|
71,855
|
|
|
$
|
27,155
|
|
|
$
|
21,163
|
|
|
$
|
42,574
|
|
|
|
Additional paid-in capital
|
|
|
104,250,556
|
|
|
|
39,615,795
|
|
|
|
31,113,305
|
|
|
|
62,317,743
|
|
|
|
Accumulated net realized loss
|
|
|
(6,695,337
|
)
|
|
|
(938,397
|
)
|
|
|
(2,458,199
|
)
|
|
|
(3,321,916
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
349,290
|
|
|
|
306,610
|
|
|
|
152,189
|
|
|
|
230,953
|
|
|
|
Net unrealized depreciation
|
|
|
(26,911,561
|
)
|
|
|
(11,435,203
|
)
|
|
|
(5,851,277
|
)
|
|
|
(21,797,198
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
71,064,803
|
|
|
$
|
27,575,960
|
|
|
$
|
22,977,181
|
|
|
$
|
37,472,156
|
|
|
|
|
|
|
Auction
Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
|
|
|
|
|
1,999
|
|
|
|
802
|
|
|
|
700
|
|
|
|
806
|
|
|
|
|
|
|
Common
Shares Outstanding
|
|
|
|
|
7,185,509
|
|
|
|
2,715,457
|
|
|
|
2,116,294
|
|
|
|
4,257,408
|
|
|
|
|
|
|
Net
Asset Value Per Common Share
|
|
Net assets applicable to common shares
¸
common shares issued and outstanding
|
|
$
|
9.89
|
|
|
$
|
10.16
|
|
|
$
|
10.86
|
|
|
$
|
8.80
|
|
|
|
|
|
See
notes to financial statements
38
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of November 30, 2008
|
|
New
Jersey Trust
|
|
|
New
York Trust
|
|
|
Ohio
Trust
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
|
Assets
|
|
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Identified cost
|
|
$
|
108,048,815
|
|
|
$
|
122,107,447
|
|
|
$
|
61,949,288
|
|
|
$
|
62,735,794
|
|
|
|
Unrealized depreciation
|
|
|
(21,136,600
|
)
|
|
|
(22,199,487
|
)
|
|
|
(8,120,362
|
)
|
|
|
(8,124,470
|
)
|
|
|
|
|
Investments, at value
|
|
$
|
86,912,215
|
|
|
$
|
99,907,960
|
|
|
$
|
53,828,926
|
|
|
$
|
54,611,324
|
|
|
|
|
|
Cash
|
|
$
|
|
|
|
$
|
678,025
|
|
|
$
|
529,885
|
|
|
$
|
|
|
|
|
Interest receivable
|
|
|
1,489,894
|
|
|
|
1,662,620
|
|
|
|
1,038,581
|
|
|
|
1,031,406
|
|
|
|
Receivable for investments sold
|
|
|
|
|
|
|
30,000
|
|
|
|
130,000
|
|
|
|
90,166
|
|
|
|
Deferred debt issuance costs
|
|
|
5,731
|
|
|
|
44,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
88,407,840
|
|
|
$
|
102,323,525
|
|
|
$
|
55,527,392
|
|
|
$
|
55,732,896
|
|
|
|
|
|
|
Liabilities
|
|
Payable for floating rate notes issued
|
|
$
|
8,047,000
|
|
|
$
|
15,150,000
|
|
|
$
|
830,000
|
|
|
$
|
4,485,780
|
|
|
|
Payable for when-issued securities
|
|
|
|
|
|
|
|
|
|
|
1,068,680
|
|
|
|
|
|
|
|
Payable for variation margin on open financial futures contracts
|
|
|
|
|
|
|
53,578
|
|
|
|
10,969
|
|
|
|
40,078
|
|
|
|
Payable for open swap contracts
|
|
|
2,351,168
|
|
|
|
2,776,903
|
|
|
|
974,104
|
|
|
|
584,150
|
|
|
|
Due to custodian
|
|
|
180,478
|
|
|
|
|
|
|
|
|
|
|
|
295,927
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
49,003
|
|
|
|
57,640
|
|
|
|
31,520
|
|
|
|
31,017
|
|
|
|
Administration fee
|
|
|
14,001
|
|
|
|
16,469
|
|
|
|
9,006
|
|
|
|
8,638
|
|
|
|
Trustees fees
|
|
|
566
|
|
|
|
646
|
|
|
|
373
|
|
|
|
367
|
|
|
|
Interest expense and fees payable
|
|
|
77,922
|
|
|
|
117,278
|
|
|
|
10,987
|
|
|
|
44,159
|
|
|
|
Accrued expenses
|
|
|
75,408
|
|
|
|
96,554
|
|
|
|
73,880
|
|
|
|
68,655
|
|
|
|
|
|
Total liabilities
|
|
$
|
10,795,546
|
|
|
$
|
18,269,068
|
|
|
$
|
3,009,519
|
|
|
$
|
5,558,771
|
|
|
|
|
|
Auction preferred shares at liquidation value plus cumulative
unpaid dividends
|
|
$
|
34,152,936
|
|
|
$
|
33,729,429
|
|
|
$
|
22,954,918
|
|
|
$
|
22,230,422
|
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
43,459,358
|
|
|
$
|
50,325,028
|
|
|
$
|
29,562,955
|
|
|
$
|
27,943,703
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized
|
|
$
|
46,242
|
|
|
$
|
53,804
|
|
|
$
|
28,293
|
|
|
$
|
27,085
|
|
|
|
Additional paid-in capital
|
|
|
66,724,505
|
|
|
|
78,209,754
|
|
|
|
41,408,825
|
|
|
|
38,995,386
|
|
|
|
Accumulated net realized loss
|
|
|
(388,092
|
)
|
|
|
(2,960,757
|
)
|
|
|
(2,967,063
|
)
|
|
|
(2,324,799
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
564,471
|
|
|
|
365,184
|
|
|
|
262,411
|
|
|
|
228,855
|
|
|
|
Net unrealized depreciation
|
|
|
(23,487,768
|
)
|
|
|
(25,342,957
|
)
|
|
|
(9,169,511
|
)
|
|
|
(8,982,824
|
)
|
|
|
|
|
Net assets applicable to common shares
|
|
$
|
43,459,358
|
|
|
$
|
50,325,028
|
|
|
$
|
29,562,955
|
|
|
$
|
27,943,703
|
|
|
|
|
|
|
Auction
Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
|
|
|
|
|
1,366
|
|
|
|
1,349
|
|
|
|
918
|
|
|
|
889
|
|
|
|
|
|
|
Common
Shares Outstanding
|
|
|
|
|
4,624,183
|
|
|
|
5,380,419
|
|
|
|
2,829,304
|
|
|
|
2,708,462
|
|
|
|
|
|
|
Net
Asset Value Per Common Share
|
|
Net assets applicable to common shares
¸
common shares issued and outstanding
|
|
$
|
9.40
|
|
|
$
|
9.35
|
|
|
$
|
10.45
|
|
|
$
|
10.32
|
|
|
|
|
|
See
notes to financial statements
39
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2008
|
|
California
Trust
|
|
|
Massachusetts
Trust
|
|
|
Michigan
Trust
|
|
|
National
Trust
|
|
|
|
|
|
|
Investment
Income
|
|
Interest
|
|
$
|
8,939,731
|
|
|
$
|
3,409,332
|
|
|
$
|
2,616,827
|
|
|
$
|
5,625,615
|
|
|
|
|
|
Total investment income
|
|
$
|
8,939,731
|
|
|
$
|
3,409,332
|
|
|
$
|
2,616,827
|
|
|
$
|
5,625,615
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
1,101,164
|
|
|
$
|
405,164
|
|
|
$
|
321,079
|
|
|
$
|
640,801
|
|
|
|
Administration fee
|
|
|
314,617
|
|
|
|
116,289
|
|
|
|
91,736
|
|
|
|
183,086
|
|
|
|
Trustees fees and expenses
|
|
|
6,151
|
|
|
|
1,991
|
|
|
|
1,749
|
|
|
|
4,234
|
|
|
|
Custodian fee
|
|
|
92,278
|
|
|
|
48,321
|
|
|
|
35,629
|
|
|
|
70,909
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
31,125
|
|
|
|
31,296
|
|
|
|
31,929
|
|
|
|
31,860
|
|
|
|
Legal and accounting services
|
|
|
60,925
|
|
|
|
46,621
|
|
|
|
36,682
|
|
|
|
232,548
|
|
|
|
Printing and postage
|
|
|
19,909
|
|
|
|
8,514
|
|
|
|
4,614
|
|
|
|
18,686
|
|
|
|
Interest expense and fees
|
|
|
363,174
|
|
|
|
93,543
|
|
|
|
45,934
|
|
|
|
465,586
|
|
|
|
Preferred shares service fee
|
|
|
141,993
|
|
|
|
52,799
|
|
|
|
44,219
|
|
|
|
75,744
|
|
|
|
Miscellaneous
|
|
|
61,258
|
|
|
|
41,976
|
|
|
|
39,982
|
|
|
|
47,317
|
|
|
|
|
|
Total expenses
|
|
$
|
2,192,594
|
|
|
$
|
846,514
|
|
|
$
|
653,553
|
|
|
$
|
1,770,771
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
21,747
|
|
|
$
|
6,222
|
|
|
$
|
6,321
|
|
|
$
|
22,106
|
|
|
|
|
|
Total expense reductions
|
|
$
|
21,747
|
|
|
$
|
6,222
|
|
|
$
|
6,321
|
|
|
$
|
22,106
|
|
|
|
|
|
Net expenses
|
|
$
|
2,170,847
|
|
|
$
|
840,292
|
|
|
$
|
647,232
|
|
|
$
|
1,748,665
|
|
|
|
|
|
Net investment income
|
|
$
|
6,768,884
|
|
|
$
|
2,569,040
|
|
|
$
|
1,969,595
|
|
|
$
|
3,876,950
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(3,385,434
|
)
|
|
$
|
(13,072
|
)
|
|
$
|
(389,430
|
)
|
|
$
|
(110,188
|
)
|
|
|
Financial futures contracts
|
|
|
(1,276,291
|
)
|
|
|
|
|
|
|
(15,970
|
)
|
|
|
(602,012
|
)
|
|
|
Swap contracts
|
|
|
(1,462,697
|
)
|
|
|
(599,528
|
)
|
|
|
(90,540
|
)
|
|
|
(851,924
|
)
|
|
|
|
|
Net realized loss
|
|
$
|
(6,124,422
|
)
|
|
$
|
(612,600
|
)
|
|
$
|
(495,940
|
)
|
|
$
|
(1,564,124
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
(28,100,413
|
)
|
|
$
|
(11,209,792
|
)
|
|
$
|
(7,070,614
|
)
|
|
$
|
(21,866,933
|
)
|
|
|
Financial futures contracts
|
|
|
(334,024
|
)
|
|
|
|
|
|
|
(42,782
|
)
|
|
|
(167,820
|
)
|
|
|
Swap contracts
|
|
|
(2,932,153
|
)
|
|
|
(1,009,361
|
)
|
|
|
(163,444
|
)
|
|
|
(1,707,761
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(31,366,590
|
)
|
|
$
|
(12,219,153
|
)
|
|
$
|
(7,276,840
|
)
|
|
$
|
(23,742,514
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(37,491,012
|
)
|
|
$
|
(12,831,753
|
)
|
|
$
|
(7,772,780
|
)
|
|
$
|
(25,306,638
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(1,988,268
|
)
|
|
$
|
(754,703
|
)
|
|
$
|
(636,924
|
)
|
|
$
|
(1,062,311
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(32,710,396
|
)
|
|
$
|
(11,017,416
|
)
|
|
$
|
(6,440,109
|
)
|
|
$
|
(22,491,999
|
)
|
|
|
|
|
See
notes to financial statements
40
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2008
|
|
New Jersey
Trust
|
|
|
New York
Trust
|
|
|
Ohio
Trust
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
|
Investment
Income
|
|
Interest
|
|
$
|
5,953,734
|
|
|
$
|
7,097,853
|
|
|
$
|
3,605,528
|
|
|
$
|
3,561,317
|
|
|
|
|
|
Total investment income
|
|
$
|
5,953,734
|
|
|
$
|
7,097,853
|
|
|
$
|
3,605,528
|
|
|
$
|
3,561,317
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
701,238
|
|
|
$
|
828,520
|
|
|
$
|
432,784
|
|
|
$
|
416,805
|
|
|
|
Administration fee
|
|
|
200,354
|
|
|
|
236,721
|
|
|
|
123,652
|
|
|
|
119,087
|
|
|
|
Trustees fees and expenses
|
|
|
4,406
|
|
|
|
4,751
|
|
|
|
2,049
|
|
|
|
2,012
|
|
|
|
Custodian fee
|
|
|
72,473
|
|
|
|
94,000
|
|
|
|
50,574
|
|
|
|
44,336
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
32,647
|
|
|
|
30,850
|
|
|
|
29,095
|
|
|
|
33,550
|
|
|
|
Legal and accounting services
|
|
|
49,128
|
|
|
|
58,737
|
|
|
|
45,453
|
|
|
|
42,528
|
|
|
|
Printing and postage
|
|
|
13,850
|
|
|
|
13,246
|
|
|
|
10,779
|
|
|
|
5,024
|
|
|
|
Interest expense and fees
|
|
|
279,195
|
|
|
|
403,051
|
|
|
|
98,659
|
|
|
|
136,093
|
|
|
|
Preferred shares service fee
|
|
|
94,350
|
|
|
|
104,525
|
|
|
|
60,915
|
|
|
|
56,641
|
|
|
|
Miscellaneous
|
|
|
46,222
|
|
|
|
39,827
|
|
|
|
40,423
|
|
|
|
42,035
|
|
|
|
|
|
Total expenses
|
|
$
|
1,493,863
|
|
|
$
|
1,814,228
|
|
|
$
|
894,383
|
|
|
$
|
898,111
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reduction of custodian fee
|
|
$
|
15,184
|
|
|
$
|
21,625
|
|
|
$
|
8,255
|
|
|
$
|
8,034
|
|
|
|
|
|
Total expense reductions
|
|
$
|
15,184
|
|
|
$
|
21,625
|
|
|
$
|
8,255
|
|
|
$
|
8,034
|
|
|
|
|
|
Net expenses
|
|
$
|
1,478,679
|
|
|
$
|
1,792,603
|
|
|
$
|
886,128
|
|
|
$
|
890,077
|
|
|
|
|
|
Net investment income
|
|
$
|
4,475,055
|
|
|
$
|
5,305,250
|
|
|
$
|
2,719,400
|
|
|
$
|
2,671,240
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
998,610
|
|
|
$
|
206,106
|
|
|
$
|
(120,145
|
)
|
|
$
|
618,570
|
|
|
|
Financial futures contracts
|
|
|
|
|
|
|
(1,296,932
|
)
|
|
|
(205,412
|
)
|
|
|
(973,505
|
)
|
|
|
Swap contracts
|
|
|
(1,053,553
|
)
|
|
|
(1,107,603
|
)
|
|
|
(380,218
|
)
|
|
|
(213,148
|
)
|
|
|
|
|
Net realized loss
|
|
$
|
(54,943
|
)
|
|
$
|
(2,198,429
|
)
|
|
$
|
(705,775
|
)
|
|
$
|
(568,083
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
$
|
(23,970,130
|
)
|
|
$
|
(26,823,804
|
)
|
|
$
|
(10,895,731
|
)
|
|
$
|
(10,970,697
|
)
|
|
|
Financial futures contracts
|
|
|
|
|
|
|
(400,627
|
)
|
|
|
(78,830
|
)
|
|
|
(291,483
|
)
|
|
|
Swap contracts
|
|
|
(1,767,360
|
)
|
|
|
(2,219,248
|
)
|
|
|
(794,902
|
)
|
|
|
(504,240
|
)
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
(25,737,490
|
)
|
|
$
|
(29,443,679
|
)
|
|
$
|
(11,769,463
|
)
|
|
$
|
(11,766,420
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(25,792,433
|
)
|
|
$
|
(31,642,108
|
)
|
|
$
|
(12,475,238
|
)
|
|
$
|
(12,334,503
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(1,337,294
|
)
|
|
$
|
(1,443,622
|
)
|
|
$
|
(858,575
|
)
|
|
$
|
(809,974
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(22,654,672
|
)
|
|
$
|
(27,780,480
|
)
|
|
$
|
(10,614,413
|
)
|
|
$
|
(10,473,237
|
)
|
|
|
|
|
See
notes to financial statements
41
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
California
Trust
|
|
|
Massachusetts
Trust
|
|
|
Michigan
Trust
|
|
|
National
Trust
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
6,768,884
|
|
|
$
|
2,569,040
|
|
|
$
|
1,969,595
|
|
|
$
|
3,876,950
|
|
|
|
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
|
|
(6,124,422
|
)
|
|
|
(612,600
|
)
|
|
|
(495,940
|
)
|
|
|
(1,564,124
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(31,366,590
|
)
|
|
|
(12,219,153
|
)
|
|
|
(7,276,840
|
)
|
|
|
(23,742,514
|
)
|
|
|
Distributions to preferred shareholders
From net investment income
|
|
|
(1,988,268
|
)
|
|
|
(754,703
|
)
|
|
|
(636,924
|
)
|
|
|
(1,062,311
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(32,710,396
|
)
|
|
$
|
(11,017,416
|
)
|
|
$
|
(6,440,109
|
)
|
|
$
|
(22,491,999
|
)
|
|
|
|
|
Distributions to common shareholders
From net investment income
|
|
$
|
(4,831,246
|
)
|
|
$
|
(1,761,505
|
)
|
|
$
|
(1,293,055
|
)
|
|
$
|
(2,792,860
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(4,831,246
|
)
|
|
$
|
(1,761,505
|
)
|
|
$
|
(1,293,055
|
)
|
|
$
|
(2,792,860
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
39,205
|
|
|
$
|
13,438
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
39,205
|
|
|
$
|
13,438
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(37,502,437
|
)
|
|
$
|
(12,765,483
|
)
|
|
$
|
(7,733,164
|
)
|
|
$
|
(25,284,859
|
)
|
|
|
|
|
|
Net
Assets Applicable to Common Shares
|
|
At beginning of year
|
|
$
|
108,567,240
|
|
|
$
|
40,341,443
|
|
|
$
|
30,710,345
|
|
|
$
|
62,757,015
|
|
|
|
|
|
At end of year
|
|
$
|
71,064,803
|
|
|
$
|
27,575,960
|
|
|
$
|
22,977,181
|
|
|
$
|
37,472,156
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income included in
net assets applicable to common shares
|
|
At end of year
|
|
$
|
349,290
|
|
|
$
|
306,610
|
|
|
$
|
152,189
|
|
|
$
|
230,953
|
|
|
|
|
|
See
notes to financial statements
42
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
New Jersey
Trust
|
|
|
New York
Trust
|
|
|
Ohio
Trust
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
4,475,055
|
|
|
$
|
5,305,250
|
|
|
$
|
2,719,400
|
|
|
$
|
2,671,240
|
|
|
|
Net realized loss from investment transactions, financial
futures contracts and swap contracts
|
|
|
(54,943
|
)
|
|
|
(2,198,429
|
)
|
|
|
(705,775
|
)
|
|
|
(568,083
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(25,737,490
|
)
|
|
|
(29,443,679
|
)
|
|
|
(11,769,463
|
)
|
|
|
(11,766,420
|
)
|
|
|
Distributions to preferred shareholders
From net investment income
|
|
|
(1,337,294
|
)
|
|
|
(1,443,622
|
)
|
|
|
(858,575
|
)
|
|
|
(809,974
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(22,654,672
|
)
|
|
$
|
(27,780,480
|
)
|
|
$
|
(10,614,413
|
)
|
|
$
|
(10,473,237
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(2,911,723
|
)
|
|
$
|
(3,874,132
|
)
|
|
$
|
(1,775,906
|
)
|
|
$
|
(1,764,997
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(2,911,723
|
)
|
|
$
|
(3,874,132
|
)
|
|
$
|
(1,775,906
|
)
|
|
$
|
(1,764,997
|
)
|
|
|
|
|
Capital share transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of distributions to common shareholders
|
|
$
|
24,930
|
|
|
$
|
48,143
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
Net increase in net assets from capital share transactions
|
|
$
|
24,930
|
|
|
$
|
48,143
|
|
|
$
|
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(25,541,465
|
)
|
|
$
|
(31,606,469
|
)
|
|
$
|
(12,390,319
|
)
|
|
$
|
(12,238,234
|
)
|
|
|
|
|
|
Net
Assets Applicable to Common Shares
|
|
At beginning of year
|
|
$
|
69,000,823
|
|
|
$
|
81,931,497
|
|
|
$
|
41,953,274
|
|
|
$
|
40,181,937
|
|
|
|
|
|
At end of year
|
|
$
|
43,459,358
|
|
|
$
|
50,325,028
|
|
|
$
|
29,562,955
|
|
|
$
|
27,943,703
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income included in
net assets applicable to common shares
|
|
At end of year
|
|
$
|
564,471
|
|
|
$
|
365,184
|
|
|
$
|
262,411
|
|
|
$
|
228,855
|
|
|
|
|
|
See
notes to financial statements
43
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
California
Trust
|
|
|
Massachusetts
Trust
|
|
|
Michigan
Trust
|
|
|
National
Trust
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
6,721,579
|
|
|
$
|
2,481,917
|
|
|
$
|
1,932,321
|
|
|
$
|
4,018,334
|
|
|
|
Net realized gain from investment transactions, financial
futures contracts and swap contracts
|
|
|
1,212,305
|
|
|
|
1,482,005
|
|
|
|
612,556
|
|
|
|
806,170
|
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(10,493,249
|
)
|
|
|
(5,028,194
|
)
|
|
|
(2,484,463
|
)
|
|
|
(5,256,087
|
)
|
|
|
Distributions to preferred shareholders
From net investment income
|
|
|
(2,014,092
|
)
|
|
|
(734,875
|
)
|
|
|
(625,544
|
)
|
|
|
(1,305,923
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(4,573,457
|
)
|
|
$
|
(1,799,147
|
)
|
|
$
|
(565,130
|
)
|
|
$
|
(1,737,506
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(4,825,005
|
)
|
|
$
|
(1,734,298
|
)
|
|
$
|
(1,367,125
|
)
|
|
$
|
(2,757,391
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(4,825,005
|
)
|
|
$
|
(1,734,298
|
)
|
|
$
|
(1,367,125
|
)
|
|
$
|
(2,757,391
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(9,398,462
|
)
|
|
$
|
(3,533,445
|
)
|
|
$
|
(1,932,255
|
)
|
|
$
|
(4,494,897
|
)
|
|
|
|
|
|
Net
Assets Applicable to Common Shares
|
|
At beginning of year
|
|
$
|
117,965,702
|
|
|
$
|
43,874,888
|
|
|
$
|
32,642,600
|
|
|
$
|
67,251,912
|
|
|
|
|
|
At end of year
|
|
$
|
108,567,240
|
|
|
$
|
40,341,443
|
|
|
$
|
30,710,345
|
|
|
$
|
62,757,015
|
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income included in
net assets applicable to common shares
|
|
At end of year
|
|
$
|
470,128
|
|
|
$
|
258,921
|
|
|
$
|
119,435
|
|
|
$
|
221,395
|
|
|
|
|
|
See
notes to financial statements
44
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in Net Assets
|
|
New Jersey
Trust
|
|
|
New York
Trust
|
|
|
Ohio
Trust
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
4,281,160
|
|
|
$
|
5,325,083
|
|
|
$
|
2,652,615
|
|
|
$
|
2,581,747
|
|
|
|
Net realized gain (loss) from investment transactions, financial
futures contracts and swap contracts
|
|
|
2,245,358
|
|
|
|
985,195
|
|
|
|
1,008,079
|
|
|
|
(79,473
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts
|
|
|
(8,114,677
|
)
|
|
|
(7,930,136
|
)
|
|
|
(3,397,293
|
)
|
|
|
(1,711,887
|
)
|
|
|
Distributions to preferred shareholders
From net investment income
|
|
|
(1,262,219
|
)
|
|
|
(1,544,549
|
)
|
|
|
(839,516
|
)
|
|
|
(813,684
|
)
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(2,850,378
|
)
|
|
$
|
(3,164,407
|
)
|
|
$
|
(576,115
|
)
|
|
$
|
(23,297
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(2,994,385
|
)
|
|
$
|
(3,873,823
|
)
|
|
$
|
(1,856,075
|
)
|
|
$
|
(1,793,216
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(2,994,385
|
)
|
|
$
|
(3,873,823
|
)
|
|
$
|
(1,856,075
|
)
|
|
$
|
(1,793,216
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(5,844,763
|
)
|
|
$
|
(7,038,230
|
)
|
|
$
|
(2,432,190
|
)
|
|
$
|
(1,816,513
|
)
|
|
|
|
|
|
Net
Assets Applicable to Common Shares
|
|
At beginning of year
|
|
$
|
74,845,586
|
|
|
$
|
88,969,727
|
|
|
$
|
44,385,464
|
|
|
$
|
41,998,450
|
|
|
|
|
|
At end of year
|
|
$
|
69,000,823
|
|
|
$
|
81,931,497
|
|
|
$
|
41,953,274
|
|
|
$
|
40,181,937
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income included in
net assets applicable to common shares
|
|
At end of year
|
|
$
|
369,307
|
|
|
$
|
391,474
|
|
|
$
|
191,149
|
|
|
$
|
154,809
|
|
|
|
|
|
See
notes to financial statements
45
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Statements
of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended November 30, 2008
|
|
|
|
|
|
|
|
|
Cash Flows From
Operating Activities
|
|
National
Trust
|
|
|
New York
Trust
|
|
|
|
|
|
Net decrease in net assets from operations
|
|
$
|
(22,491,999
|
)
|
|
$
|
(27,780,480
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
1,062,311
|
|
|
|
1,443,622
|
|
|
|
|
|
Net decrease in net assets from operations excluding
distributions to preferred shareholders
|
|
$
|
(21,429,688
|
)
|
|
$
|
(26,336,858
|
)
|
|
|
Adjustments to reconcile net decrease in net assets from
operations to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Investments purchased
|
|
|
(104,784,642
|
)
|
|
|
(61,321,560
|
)
|
|
|
Investments sold
|
|
|
111,337,868
|
|
|
|
80,577,139
|
|
|
|
Net accretion/amortization of premium (discount)
|
|
|
(559,251
|
)
|
|
|
(433,237
|
)
|
|
|
Amortization of deferred debt issuance costs
|
|
|
3,584
|
|
|
|
4,212
|
|
|
|
Decrease (increase) in interest receivable
|
|
|
(291,191
|
)
|
|
|
219,921
|
|
|
|
Increase in receivable for investments sold
|
|
|
(28,832
|
)
|
|
|
(5,000
|
)
|
|
|
Decrease in receivable for variation margin on open financial
futures contracts
|
|
|
15,625
|
|
|
|
45,000
|
|
|
|
Decrease in prepaid expenses
|
|
|
3,471
|
|
|
|
3,811
|
|
|
|
Decrease in payable to affiliate for inverse floaters
|
|
|
(506,570
|
)
|
|
|
|
|
|
|
Decrease in payable for when-issued securities
|
|
|
|
|
|
|
(1,214,013
|
)
|
|
|
Increase in payable for variation margin on open financial
futures contracts
|
|
|
25,313
|
|
|
|
53,578
|
|
|
|
Increase in payable for open swap contracts
|
|
|
1,707,761
|
|
|
|
2,219,248
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(12,506
|
)
|
|
|
(15,087
|
)
|
|
|
Decrease in payable to affiliate for administration fee
|
|
|
(3,573
|
)
|
|
|
(4,310
|
)
|
|
|
Increase (decrease) in payable to affiliate for Trustees
fees
|
|
|
3,594
|
|
|
|
(625
|
)
|
|
|
Increase (decrease) in interest expense and fees payable
|
|
|
65,557
|
|
|
|
(105,360
|
)
|
|
|
Increase in accrued expenses
|
|
|
11,894
|
|
|
|
1,869
|
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
21,866,933
|
|
|
|
26,823,804
|
|
|
|
Net realized (gain) loss from investments
|
|
|
110,188
|
|
|
|
(206,106
|
)
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
7,535,535
|
|
|
$
|
20,306,426
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
Deferred debt issuance costs
|
|
$
|
(74,194
|
)
|
|
$
|
(49,132
|
)
|
|
|
Cash distributions paid to common shareholders, net of
reinvestments
|
|
|
(2,792,860
|
)
|
|
|
(3,825,989
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
(1,067,941
|
)
|
|
|
(1,444,380
|
)
|
|
|
Liquidation of auction preferred shares
|
|
|
(15,350,000
|
)
|
|
|
(10,775,000
|
)
|
|
|
Proceeds from secured borrowings
|
|
|
32,265,000
|
|
|
|
20,210,000
|
|
|
|
Repayment of secured borrowings
|
|
|
(23,060,000
|
)
|
|
|
(24,210,000
|
)
|
|
|
Increase in due to custodian
|
|
|
1,894,094
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(8,185,901
|
)
|
|
$
|
(20,094,501
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash
|
|
$
|
(650,366
|
)
|
|
$
|
211,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of year
|
|
$
|
650,366
|
|
|
$
|
466,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of year
|
|
$
|
|
|
|
$
|
678,025
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
Noncash financing activities not included herein consist of
reinvestment of dividends and distributions of:
|
|
$
|
|
|
|
$
|
48,143
|
|
|
|
|
|
See
notes to financial statements
46
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected
data for a common share outstanding during the periods
stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
15.120
|
|
|
$
|
16.430
|
|
|
$
|
15.420
|
|
|
$
|
15.070
|
|
|
$
|
15.320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.943
|
|
|
$
|
0.936
|
|
|
$
|
0.962
|
|
|
$
|
1.013
|
|
|
$
|
1.079
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(5.223
|
)
|
|
|
(1.294
|
)
|
|
|
1.028
|
|
|
|
0.383
|
|
|
|
(0.227
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.277
|
)
|
|
|
(0.280
|
)
|
|
|
(0.239
|
)
|
|
|
(0.154
|
)
|
|
|
(0.079
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(4.557
|
)
|
|
$
|
(0.638
|
)
|
|
$
|
1.751
|
|
|
$
|
1.242
|
|
|
$
|
0.773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.673
|
)
|
|
$
|
(0.672
|
)
|
|
$
|
(0.741
|
)
|
|
$
|
(0.892
|
)
|
|
$
|
(1.023
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.673
|
)
|
|
$
|
(0.672
|
)
|
|
$
|
(0.741
|
)
|
|
$
|
(0.892
|
)
|
|
$
|
(1.023
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
9.890
|
|
|
$
|
15.120
|
|
|
$
|
16.430
|
|
|
$
|
15.420
|
|
|
$
|
15.070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
9.150
|
|
|
$
|
13.160
|
|
|
$
|
15.050
|
|
|
$
|
13.650
|
|
|
$
|
15.160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(30.70
|
)%
|
|
|
(3.65
|
)%
|
|
|
12.10
|
%
|
|
|
8.72
|
%
|
|
|
5.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(26.34
|
)%
|
|
|
(8.44
|
)%
|
|
|
15.99
|
%
|
|
|
(4.34
|
)%
|
|
|
8.60
|
%
|
|
|
|
|
See
notes to financial statements
47
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
71,065
|
|
|
$
|
108,567
|
|
|
$
|
117,966
|
|
|
$
|
110,760
|
|
|
$
|
108,193
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.87
|
%
|
|
|
1.78
|
%
(4)
|
|
|
1.79
|
%
|
|
|
1.78
|
%
|
|
|
1.78
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.37
|
%
|
|
|
0.34
|
%
|
|
|
0.49
|
%
|
|
|
0.33
|
%
|
|
|
0.20
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.24
|
%
|
|
|
2.12
|
%
(4)
|
|
|
2.28
|
%
|
|
|
2.11
|
%
|
|
|
1.98
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.85
|
%
|
|
|
1.76
|
%
(4)
|
|
|
1.77
|
%
|
|
|
1.76
|
%
|
|
|
1.77
|
%
|
|
|
Net investment income
|
|
|
6.91
|
%
|
|
|
5.94
|
%
|
|
|
6.12
|
%
|
|
|
6.52
|
%
|
|
|
7.10
|
%
|
|
|
Portfolio Turnover
|
|
|
31
|
%
|
|
|
40
|
%
|
|
|
26
|
%
|
|
|
31
|
%
|
|
|
17
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.18
|
%
|
|
|
1.17
|
%
(4)
|
|
|
1.18
|
%
|
|
|
1.16
|
%
|
|
|
1.15
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.24
|
%
|
|
|
0.22
|
%
|
|
|
0.32
|
%
|
|
|
0.22
|
%
|
|
|
0.13
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.42
|
%
|
|
|
1.39
|
%
(4)
|
|
|
1.50
|
%
|
|
|
1.38
|
%
|
|
|
1.28
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.17
|
%
|
|
|
1.16
|
%
(4)
|
|
|
1.16
|
%
|
|
|
1.15
|
%
|
|
|
1.15
|
%
|
|
|
Net investment income
|
|
|
4.39
|
%
|
|
|
3.90
|
%
|
|
|
4.03
|
%
|
|
|
4.26
|
%
|
|
|
4.61
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
1,999
|
|
|
|
2,360
|
|
|
|
2,360
|
|
|
|
2,360
|
|
|
|
2,360
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
60,552
|
|
|
$
|
71,003
|
|
|
$
|
74,997
|
|
|
$
|
71,942
|
|
|
$
|
70,849
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
48
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.860
|
|
|
$
|
16.170
|
|
|
$
|
15.270
|
|
|
$
|
15.090
|
|
|
$
|
15.380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.947
|
|
|
$
|
0.914
|
|
|
$
|
0.931
|
|
|
$
|
0.973
|
|
|
$
|
1.054
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(4.720
|
)
|
|
|
(1.314
|
)
|
|
|
0.926
|
|
|
|
0.234
|
|
|
|
(0.251
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.278
|
)
|
|
|
(0.271
|
)
|
|
|
(0.243
|
)
|
|
|
(0.145
|
)
|
|
|
(0.070
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(4.051
|
)
|
|
$
|
(0.671
|
)
|
|
$
|
1.614
|
|
|
$
|
1.062
|
|
|
$
|
0.733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.649
|
)
|
|
$
|
(0.639
|
)
|
|
$
|
(0.714
|
)
|
|
$
|
(0.882
|
)
|
|
$
|
(1.023
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.649
|
)
|
|
$
|
(0.639
|
)
|
|
$
|
(0.714
|
)
|
|
$
|
(0.882
|
)
|
|
$
|
(1.023
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
10.160
|
|
|
$
|
14.860
|
|
|
$
|
16.170
|
|
|
$
|
15.270
|
|
|
$
|
15.090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
8.930
|
|
|
$
|
13.050
|
|
|
$
|
14.920
|
|
|
$
|
14.800
|
|
|
$
|
16.810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(28.02
|
)%
|
|
|
(3.94
|
)%
|
|
|
11.05
|
%
|
|
|
7.02
|
%
|
|
|
4.90
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(27.89
|
)%
|
|
|
(8.57
|
)%
|
|
|
5.72
|
%
|
|
|
(6.89
|
)%
|
|
|
16.71
|
%
|
|
|
|
|
See
notes to financial statements
49
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
27,576
|
|
|
$
|
40,341
|
|
|
$
|
43,875
|
|
|
$
|
41,395
|
|
|
$
|
40,662
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
2.06
|
%
|
|
|
1.91
|
%
(4)
|
|
|
1.88
|
%
|
|
|
1.88
|
%
|
|
|
1.87
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.26
|
%
|
|
|
0.61
|
%
|
|
|
0.77
|
%
|
|
|
0.52
|
%
|
|
|
0.30
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.32
|
%
|
|
|
2.52
|
%
(4)
|
|
|
2.65
|
%
|
|
|
2.40
|
%
|
|
|
2.17
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
2.04
|
%
|
|
|
1.89
|
%
(4)
|
|
|
1.87
|
%
|
|
|
1.87
|
%
|
|
|
1.86
|
%
|
|
|
Net investment income
|
|
|
7.03
|
%
|
|
|
5.90
|
%
|
|
|
6.01
|
%
|
|
|
6.29
|
%
|
|
|
6.97
|
%
|
|
|
Portfolio Turnover
|
|
|
40
|
%
|
|
|
42
|
%
|
|
|
22
|
%
|
|
|
13
|
%
|
|
|
39
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.31
|
%
|
|
|
1.26
|
%
(4)
|
|
|
1.24
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.16
|
%
|
|
|
0.40
|
%
|
|
|
0.51
|
%
|
|
|
0.34
|
%
|
|
|
0.19
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.47
|
%
|
|
|
1.66
|
%
(4)
|
|
|
1.75
|
%
|
|
|
1.58
|
%
|
|
|
1.41
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.30
|
%
|
|
|
1.25
|
%
(4)
|
|
|
1.24
|
%
|
|
|
1.24
|
%
|
|
|
1.22
|
%
|
|
|
Net investment income
|
|
|
4.47
|
%
|
|
|
3.91
|
%
|
|
|
3.98
|
%
|
|
|
4.15
|
%
|
|
|
4.55
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
802
|
|
|
|
860
|
|
|
|
860
|
|
|
|
860
|
|
|
|
860
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
59,391
|
|
|
$
|
71,920
|
|
|
$
|
76,024
|
|
|
$
|
73,138
|
|
|
$
|
72,281
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
50
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.510
|
|
|
$
|
15.420
|
|
|
$
|
14.820
|
|
|
$
|
14.860
|
|
|
$
|
15.240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.931
|
|
|
$
|
0.913
|
|
|
$
|
0.950
|
|
|
$
|
0.995
|
|
|
$
|
1.072
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(3.669
|
)
|
|
|
(0.881
|
)
|
|
|
0.608
|
|
|
|
0.010
|
|
|
|
(0.334
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.301
|
)
|
|
|
(0.296
|
)
|
|
|
(0.256
|
)
|
|
|
(0.172
|
)
|
|
|
(0.086
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(3.039
|
)
|
|
$
|
(0.264
|
)
|
|
$
|
1.302
|
|
|
$
|
0.833
|
|
|
$
|
0.652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.611
|
)
|
|
$
|
(0.646
|
)
|
|
$
|
(0.702
|
)
|
|
$
|
(0.873
|
)
|
|
$
|
(1.032
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.611
|
)
|
|
$
|
(0.646
|
)
|
|
$
|
(0.702
|
)
|
|
$
|
(0.873
|
)
|
|
$
|
(1.032
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
10.860
|
|
|
$
|
14.510
|
|
|
$
|
15.420
|
|
|
$
|
14.820
|
|
|
$
|
14.860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
7.920
|
|
|
$
|
12.430
|
|
|
$
|
14.110
|
|
|
$
|
13.500
|
|
|
$
|
16.600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(21.02
|
)%
|
|
|
(1.37
|
)%
|
|
|
9.38
|
%
|
|
|
5.62
|
%
|
|
|
4.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(32.76
|
)%
|
|
|
(7.66
|
)%
|
|
|
9.88
|
%
|
|
|
(13.87
|
)%
|
|
|
13.63
|
%
|
|
|
|
|
See
notes to financial statements
51
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
22,977
|
|
|
$
|
30,710
|
|
|
$
|
32,643
|
|
|
$
|
31,357
|
|
|
$
|
31,363
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
2.15
|
%
|
|
|
2.03
|
%
(4)
|
|
|
1.97
|
%
|
|
|
2.00
|
%
|
|
|
1.96
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.16
|
%
|
|
|
0.32
|
%
|
|
|
0.46
|
%
|
|
|
0.40
|
%
|
|
|
0.42
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.31
|
%
|
|
|
2.35
|
%
(4)
|
|
|
2.43
|
%
|
|
|
2.40
|
%
|
|
|
2.38
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
2.13
|
%
|
|
|
2.01
|
%
(4)
|
|
|
1.96
|
%
|
|
|
1.99
|
%
|
|
|
1.96
|
%
|
|
|
Net investment income
|
|
|
6.96
|
%
|
|
|
6.12
|
%
|
|
|
6.35
|
%
|
|
|
6.60
|
%
|
|
|
7.16
|
%
|
|
|
Portfolio Turnover
|
|
|
24
|
%
|
|
|
22
|
%
|
|
|
22
|
%
|
|
|
14
|
%
|
|
|
5
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.33
|
%
|
|
|
1.31
|
%
(4)
|
|
|
1.27
|
%
|
|
|
1.29
|
%
|
|
|
1.26
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.10
|
%
|
|
|
0.21
|
%
|
|
|
0.29
|
%
|
|
|
0.26
|
%
|
|
|
0.27
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.43
|
%
|
|
|
1.52
|
%
(4)
|
|
|
1.56
|
%
|
|
|
1.55
|
%
|
|
|
1.53
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.31
|
%
|
|
|
1.29
|
%
(4)
|
|
|
1.26
|
%
|
|
|
1.28
|
%
|
|
|
1.26
|
%
|
|
|
Net investment income
|
|
|
4.30
|
%
|
|
|
3.94
|
%
|
|
|
4.09
|
%
|
|
|
4.26
|
%
|
|
|
4.60
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
700
|
|
|
|
700
|
|
|
|
700
|
|
|
|
700
|
|
|
|
700
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
57,828
|
|
|
$
|
68,878
|
|
|
$
|
71,635
|
|
|
$
|
69,796
|
|
|
$
|
69,810
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
52
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.740
|
|
|
$
|
15.800
|
|
|
$
|
15.150
|
|
|
$
|
15.040
|
|
|
$
|
15.530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.911
|
|
|
$
|
0.944
|
|
|
$
|
0.970
|
|
|
$
|
1.013
|
|
|
$
|
1.082
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(5.945
|
)
|
|
|
(1.049
|
)
|
|
|
0.678
|
|
|
|
0.179
|
|
|
|
(0.450
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.250
|
)
|
|
|
(0.307
|
)
|
|
|
(0.270
|
)
|
|
|
(0.177
|
)
|
|
|
(0.087
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(5.284
|
)
|
|
$
|
(0.412
|
)
|
|
$
|
1.378
|
|
|
$
|
1.015
|
|
|
$
|
0.545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.656
|
)
|
|
$
|
(0.648
|
)
|
|
$
|
(0.728
|
)
|
|
$
|
(0.905
|
)
|
|
$
|
(1.035
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.656
|
)
|
|
$
|
(0.648
|
)
|
|
$
|
(0.728
|
)
|
|
$
|
(0.905
|
)
|
|
$
|
(1.035
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
8.800
|
|
|
$
|
14.740
|
|
|
$
|
15.800
|
|
|
$
|
15.150
|
|
|
$
|
15.040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
7.640
|
|
|
$
|
12.720
|
|
|
$
|
14.180
|
|
|
$
|
14.180
|
|
|
$
|
15.250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(36.71
|
)%
|
|
|
(2.26
|
)%
|
|
|
9.84
|
%
|
|
|
6.98
|
%
|
|
|
3.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(36.32
|
)%
|
|
|
(6.02
|
)%
|
|
|
5.32
|
%
|
|
|
(1.25
|
)%
|
|
|
5.76
|
%
|
|
|
|
|
See
notes to financial statements
53
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
37,472
|
|
|
$
|
62,757
|
|
|
$
|
67,252
|
|
|
$
|
64,501
|
|
|
$
|
63,911
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
2.34
|
%
|
|
|
1.87
|
%
(4)
|
|
|
1.87
|
%
|
|
|
1.86
|
%
|
|
|
1.84
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.83
|
%
|
|
|
0.75
|
%
|
|
|
0.54
|
%
|
|
|
0.42
|
%
|
|
|
0.50
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
3.17
|
%
|
|
|
2.62
|
%
(4)
|
|
|
2.41
|
%
|
|
|
2.28
|
%
|
|
|
2.34
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
2.30
|
%
|
|
|
1.86
|
%
(4)
|
|
|
1.86
|
%
|
|
|
1.85
|
%
|
|
|
1.83
|
%
|
|
|
Net investment income
|
|
|
6.95
|
%
|
|
|
6.16
|
%
|
|
|
6.33
|
%
|
|
|
6.65
|
%
|
|
|
7.09
|
%
|
|
|
Portfolio Turnover
|
|
|
108
|
%
|
|
|
26
|
%
|
|
|
33
|
%
|
|
|
15
|
%
|
|
|
4
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.53
|
%
|
|
|
1.21
|
%
(4)
|
|
|
1.21
|
%
|
|
|
1.20
|
%
|
|
|
1.18
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.54
|
%
|
|
|
0.48
|
%
|
|
|
0.35
|
%
|
|
|
0.27
|
%
|
|
|
0.32
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.07
|
%
|
|
|
1.69
|
%
(4)
|
|
|
1.56
|
%
|
|
|
1.47
|
%
|
|
|
1.50
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.50
|
%
|
|
|
1.20
|
%
(4)
|
|
|
1.20
|
%
|
|
|
1.19
|
%
|
|
|
1.18
|
%
|
|
|
Net investment income
|
|
|
4.52
|
%
|
|
|
3.99
|
%
|
|
|
4.10
|
%
|
|
|
4.30
|
%
|
|
|
4.58
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
806
|
|
|
|
1,420
|
|
|
|
1,420
|
|
|
|
1,420
|
|
|
|
1,420
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
71,495
|
|
|
$
|
69,201
|
|
|
$
|
72,363
|
|
|
$
|
70,423
|
|
|
$
|
70,011
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
54
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.930
|
|
|
$
|
16.200
|
|
|
$
|
15.020
|
|
|
$
|
14.810
|
|
|
$
|
15.190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.968
|
|
|
$
|
0.926
|
|
|
$
|
0.953
|
|
|
$
|
1.014
|
|
|
$
|
1.082
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(5.579
|
)
|
|
|
(1.275
|
)
|
|
|
1.205
|
|
|
|
0.238
|
|
|
|
(0.313
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.289
|
)
|
|
|
(0.273
|
)
|
|
|
(0.253
|
)
|
|
|
(0.169
|
)
|
|
|
(0.081
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(4.900
|
)
|
|
$
|
(0.622
|
)
|
|
$
|
1.905
|
|
|
$
|
1.083
|
|
|
$
|
0.688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.630
|
)
|
|
$
|
(0.648
|
)
|
|
$
|
(0.725
|
)
|
|
$
|
(0.873
|
)
|
|
$
|
(1.068
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.630
|
)
|
|
$
|
(0.648
|
)
|
|
$
|
(0.725
|
)
|
|
$
|
(0.873
|
)
|
|
$
|
(1.068
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
9.400
|
|
|
$
|
14.930
|
|
|
$
|
16.200
|
|
|
$
|
15.020
|
|
|
$
|
14.810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
8.500
|
|
|
$
|
12.790
|
|
|
$
|
15.080
|
|
|
$
|
14.030
|
|
|
$
|
15.540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(33.57
|
)%
|
|
|
(3.59
|
)%
|
|
|
13.28
|
%
|
|
|
7.59
|
%
|
|
|
4.76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(29.88
|
)%
|
|
|
(11.28
|
)%
|
|
|
12.89
|
%
|
|
|
(4.22
|
)%
|
|
|
8.31
|
%
|
|
|
|
|
See
notes to financial statements
55
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Jersey Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
43,459
|
|
|
$
|
69,001
|
|
|
$
|
74,846
|
|
|
$
|
69,375
|
|
|
$
|
68,298
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.96
|
%
|
|
|
1.84
|
%
(4)
|
|
|
1.85
|
%
|
|
|
1.86
|
%
|
|
|
1.85
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.45
|
%
|
|
|
0.89
|
%
|
|
|
0.93
|
%
|
|
|
0.58
|
%
|
|
|
0.50
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.41
|
%
|
|
|
2.73
|
%
(4)
|
|
|
2.78
|
%
|
|
|
2.44
|
%
|
|
|
2.35
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.94
|
%
|
|
|
1.81
|
%
(4)
|
|
|
1.83
|
%
|
|
|
1.84
|
%
|
|
|
1.84
|
%
|
|
|
Net investment income
|
|
|
7.22
|
%
|
|
|
5.94
|
%
|
|
|
6.20
|
%
|
|
|
6.66
|
%
|
|
|
7.28
|
%
|
|
|
Portfolio Turnover
|
|
|
54
|
%
|
|
|
42
|
%
|
|
|
23
|
%
|
|
|
46
|
%
|
|
|
52
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.23
|
%
|
|
|
1.21
|
%
(4)
|
|
|
1.20
|
%
|
|
|
1.21
|
%
|
|
|
1.19
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.28
|
%
|
|
|
0.58
|
%
|
|
|
0.61
|
%
|
|
|
0.38
|
%
|
|
|
0.32
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.51
|
%
|
|
|
1.79
|
%
(4)
|
|
|
1.81
|
%
|
|
|
1.59
|
%
|
|
|
1.51
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.21
|
%
|
|
|
1.19
|
%
(4)
|
|
|
1.19
|
%
|
|
|
1.19
|
%
|
|
|
1.18
|
%
|
|
|
Net investment income
|
|
|
4.51
|
%
|
|
|
3.89
|
%
|
|
|
4.04
|
%
|
|
|
4.33
|
%
|
|
|
4.68
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
1,366
|
|
|
|
1,520
|
|
|
|
1,520
|
|
|
|
1,520
|
|
|
|
1,520
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
56,817
|
|
|
$
|
70,395
|
|
|
$
|
74,250
|
|
|
$
|
70,651
|
|
|
$
|
69,935
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
56
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
15.240
|
|
|
$
|
16.550
|
|
|
$
|
15.660
|
|
|
$
|
15.490
|
|
|
$
|
15.810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.987
|
|
|
$
|
0.991
|
|
|
$
|
0.987
|
|
|
$
|
1.070
|
|
|
$
|
1.126
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(5.887
|
)
|
|
|
(1.293
|
)
|
|
|
0.932
|
|
|
|
0.243
|
|
|
|
(0.332
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.269
|
)
|
|
|
(0.287
|
)
|
|
|
(0.247
|
)
|
|
|
(0.163
|
)
|
|
|
(0.074
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(5.169
|
)
|
|
$
|
(0.589
|
)
|
|
$
|
1.672
|
|
|
$
|
1.150
|
|
|
$
|
0.720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.721
|
)
|
|
$
|
(0.721
|
)
|
|
$
|
(0.782
|
)
|
|
$
|
(0.980
|
)
|
|
$
|
(1.040
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.721
|
)
|
|
$
|
(0.721
|
)
|
|
$
|
(0.782
|
)
|
|
$
|
(0.980
|
)
|
|
$
|
(1.040
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
9.350
|
|
|
$
|
15.240
|
|
|
$
|
16.550
|
|
|
$
|
15.660
|
|
|
$
|
15.490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
7.900
|
|
|
$
|
14.100
|
|
|
$
|
15.700
|
|
|
$
|
14.990
|
|
|
$
|
15.370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(35.07
|
)%
|
|
|
(3.42
|
)%
|
|
|
11.28
|
%
|
|
|
7.61
|
%
|
|
|
4.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(40.71
|
)%
|
|
|
(5.81
|
)%
|
|
|
10.28
|
%
|
|
|
3.81
|
%
|
|
|
6.46
|
%
|
|
|
|
|
See
notes to financial statements
57
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
50,325
|
|
|
$
|
81,931
|
|
|
$
|
88,970
|
|
|
$
|
84,194
|
|
|
$
|
83,044
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.92
|
%
|
|
|
1.80
|
%
(4)
|
|
|
1.82
|
%
|
|
|
1.81
|
%
|
|
|
1.78
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.55
|
%
|
|
|
0.98
|
%
|
|
|
1.03
|
%
|
|
|
0.57
|
%
|
|
|
0.32
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.47
|
%
|
|
|
2.78
|
%
(4)
|
|
|
2.85
|
%
|
|
|
2.38
|
%
|
|
|
2.10
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.89
|
%
|
|
|
1.78
|
%
(4)
|
|
|
1.80
|
%
|
|
|
1.80
|
%
|
|
|
1.78
|
%
|
|
|
Net investment income
|
|
|
7.21
|
%
|
|
|
6.23
|
%
|
|
|
6.22
|
%
|
|
|
6.72
|
%
|
|
|
7.23
|
%
|
|
|
Portfolio Turnover
|
|
|
48
|
%
|
|
|
29
|
%
|
|
|
27
|
%
|
|
|
40
|
%
|
|
|
31
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.23
|
%
|
|
|
1.18
|
%
(4)
|
|
|
1.19
|
%
|
|
|
1.19
|
%
|
|
|
1.16
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.35
|
%
|
|
|
0.65
|
%
|
|
|
0.68
|
%
|
|
|
0.37
|
%
|
|
|
0.21
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.58
|
%
|
|
|
1.83
|
%
(4)
|
|
|
1.87
|
%
|
|
|
1.56
|
%
|
|
|
1.37
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.21
|
%
|
|
|
1.17
|
%
(4)
|
|
|
1.19
|
%
|
|
|
1.19
|
%
|
|
|
1.16
|
%
|
|
|
Net investment income
|
|
|
4.63
|
%
|
|
|
4.10
|
%
|
|
|
4.09
|
%
|
|
|
4.42
|
%
|
|
|
4.71
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
1,349
|
|
|
|
1,780
|
|
|
|
1,780
|
|
|
|
1,780
|
|
|
|
1,780
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
62,309
|
|
|
$
|
71,032
|
|
|
$
|
74,983
|
|
|
$
|
72,311
|
|
|
$
|
71,659
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
58
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.830
|
|
|
$
|
15.690
|
|
|
$
|
14.910
|
|
|
$
|
15.040
|
|
|
$
|
15.070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.961
|
|
|
$
|
0.938
|
|
|
$
|
0.958
|
|
|
$
|
1.003
|
|
|
$
|
1.081
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(4.410
|
)
|
|
|
(0.845
|
)
|
|
|
0.800
|
|
|
|
(0.055
|
)
|
|
|
(0.011
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.303
|
)
|
|
|
(0.297
|
)
|
|
|
(0.264
|
)
|
|
|
(0.175
|
)
|
|
|
(0.091
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(3.752
|
)
|
|
$
|
(0.204
|
)
|
|
$
|
1.494
|
|
|
$
|
0.773
|
|
|
$
|
0.979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.628
|
)
|
|
$
|
(0.656
|
)
|
|
$
|
(0.714
|
)
|
|
$
|
(0.903
|
)
|
|
$
|
(1.009
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.628
|
)
|
|
$
|
(0.656
|
)
|
|
$
|
(0.714
|
)
|
|
$
|
(0.903
|
)
|
|
$
|
(1.009
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
10.450
|
|
|
$
|
14.830
|
|
|
$
|
15.690
|
|
|
$
|
14.910
|
|
|
$
|
15.040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
8.550
|
|
|
$
|
12.850
|
|
|
$
|
14.610
|
|
|
$
|
14.170
|
|
|
$
|
16.750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(25.69
|
)%
|
|
|
(1.06
|
)%
|
|
|
10.50
|
%
|
|
|
5.10
|
%
|
|
|
6.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(29.83
|
)%
|
|
|
(7.93
|
)%
|
|
|
8.27
|
%
|
|
|
(10.31
|
)%
|
|
|
13.96
|
%
|
|
|
|
|
See
notes to financial statements
59
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
29,563
|
|
|
$
|
41,953
|
|
|
$
|
44,385
|
|
|
$
|
42,193
|
|
|
$
|
42,444
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
2.08
|
%
|
|
|
1.93
|
%
(4)
|
|
|
1.92
|
%
|
|
|
1.91
|
%
|
|
|
1.91
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.26
|
%
|
|
|
0.72
|
%
|
|
|
0.74
|
%
|
|
|
0.54
|
%
|
|
|
0.29
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.34
|
%
|
|
|
2.65
|
%
(4)
|
|
|
2.66
|
%
|
|
|
2.45
|
%
|
|
|
2.20
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
2.06
|
%
|
|
|
1.91
|
%
(4)
|
|
|
1.92
|
%
|
|
|
1.90
|
%
|
|
|
1.90
|
%
|
|
|
Net investment income
|
|
|
7.12
|
%
|
|
|
6.17
|
%
|
|
|
6.31
|
%
|
|
|
6.57
|
%
|
|
|
7.23
|
%
|
|
|
Portfolio Turnover
|
|
|
27
|
%
|
|
|
24
|
%
|
|
|
16
|
%
|
|
|
13
|
%
|
|
|
12
|
%
|
|
|
|
|
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 daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.29
|
%
|
|
|
1.25
|
%
(4)
|
|
|
1.25
|
%
|
|
|
1.24
|
%
|
|
|
1.23
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.16
|
%
|
|
|
0.46
|
%
|
|
|
0.48
|
%
|
|
|
0.35
|
%
|
|
|
0.19
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.45
|
%
|
|
|
1.71
|
%
(4)
|
|
|
1.73
|
%
|
|
|
1.59
|
%
|
|
|
1.42
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.28
|
%
|
|
|
1.23
|
%
(4)
|
|
|
1.24
|
%
|
|
|
1.23
|
%
|
|
|
1.22
|
%
|
|
|
Net investment income
|
|
|
4.41
|
%
|
|
|
3.99
|
%
|
|
|
4.08
|
%
|
|
|
4.25
|
%
|
|
|
4.64
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
918
|
|
|
|
940
|
|
|
|
940
|
|
|
|
940
|
|
|
|
940
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
57,209
|
|
|
$
|
69,640
|
|
|
$
|
72,223
|
|
|
$
|
69,888
|
|
|
$
|
70,153
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
60
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
Year Ended
November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
Net asset value Beginning of year (Common shares)
|
|
$
|
14.840
|
|
|
$
|
15.510
|
|
|
$
|
14.870
|
|
|
$
|
14.890
|
|
|
$
|
15.210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) from operations
|
|
Net investment
income
(1)
|
|
$
|
0.986
|
|
|
$
|
0.953
|
|
|
$
|
0.983
|
|
|
$
|
1.008
|
|
|
$
|
1.076
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(4.555
|
)
|
|
|
(0.661
|
)
|
|
|
0.664
|
|
|
|
0.103
|
|
|
|
(0.301
|
)
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
(0.299
|
)
|
|
|
(0.300
|
)
|
|
|
(0.274
|
)
|
|
|
(0.181
|
)
|
|
|
(0.092
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
(3.868
|
)
|
|
$
|
(0.008
|
)
|
|
$
|
1.373
|
|
|
$
|
0.930
|
|
|
$
|
0.683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
distributions to common shareholders
|
|
From net investment income
|
|
$
|
(0.652
|
)
|
|
$
|
(0.662
|
)
|
|
$
|
(0.733
|
)
|
|
$
|
(0.950
|
)
|
|
$
|
(1.003
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(0.652
|
)
|
|
$
|
(0.662
|
)
|
|
$
|
(0.733
|
)
|
|
$
|
(0.950
|
)
|
|
$
|
(1.003
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of year (Common shares)
|
|
$
|
10.320
|
|
|
$
|
14.840
|
|
|
$
|
15.510
|
|
|
$
|
14.870
|
|
|
$
|
14.890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of year (Common shares)
|
|
$
|
9.600
|
|
|
$
|
12.790
|
|
|
$
|
14.560
|
|
|
$
|
14.660
|
|
|
$
|
15.540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value
(2)
|
|
|
(26.57
|
)%
|
|
|
0.27
|
%
|
|
|
9.68
|
%
|
|
|
6.27
|
%
|
|
|
4.77
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value
(2)
|
|
|
(20.75
|
)%
|
|
|
(7.95
|
)%
|
|
|
4.44
|
%
|
|
|
0.39
|
%
|
|
|
4.07
|
%
|
|
|
|
|
See
notes to financial statements
61
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
Year
Ended November 30,
|
|
|
|
|
|
2008
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
2004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of year (000s
omitted)
|
|
$
|
27,944
|
|
|
$
|
40,182
|
|
|
$
|
41,998
|
|
|
$
|
40,233
|
|
|
$
|
40,023
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
2.06
|
%
|
|
|
1.95
|
%
(4)
|
|
|
1.94
|
%
|
|
|
1.97
|
%
|
|
|
1.91
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.37
|
%
|
|
|
0.70
|
%
|
|
|
0.93
|
%
|
|
|
0.44
|
%
|
|
|
0.24
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
2.43
|
%
|
|
|
2.65
|
%
(4)
|
|
|
2.87
|
%
|
|
|
2.41
|
%
|
|
|
2.15
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
2.04
|
%
|
|
|
1.94
|
%
(4)
|
|
|
1.93
|
%
|
|
|
1.95
|
%
|
|
|
1.91
|
%
|
|
|
Net investment income
|
|
|
7.23
|
%
|
|
|
6.28
|
%
|
|
|
6.53
|
%
|
|
|
6.69
|
%
|
|
|
7.18
|
%
|
|
|
Portfolio Turnover
|
|
|
25
|
%
|
|
|
23
|
%
|
|
|
18
|
%
|
|
|
28
|
%
|
|
|
8
|
%
|
|
|
|
|
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows:
|
Ratios (as a percentage of average daily net assets
applicable
to common shares and preferred
shares):
(3)
|
Expenses excluding interest and fees
|
|
|
1.28
|
%
|
|
|
1.27
|
%
(4)
|
|
|
1.25
|
%
|
|
|
1.27
|
%
|
|
|
1.23
|
%
|
|
|
Interest and fee
expense
(5)
|
|
|
0.23
|
%
|
|
|
0.45
|
%
|
|
|
0.60
|
%
|
|
|
0.28
|
%
|
|
|
0.15
|
%
|
|
|
Total expenses before custodian fee reduction
|
|
|
1.51
|
%
|
|
|
1.72
|
%
(4)
|
|
|
1.85
|
%
|
|
|
1.55
|
%
|
|
|
1.38
|
%
|
|
|
Expenses after custodian fee reduction excluding interest and
fees
|
|
|
1.27
|
%
|
|
|
1.26
|
%
(4)
|
|
|
1.24
|
%
|
|
|
1.26
|
%
|
|
|
1.22
|
%
|
|
|
Net investment income
|
|
|
4.50
|
%
|
|
|
4.06
|
%
|
|
|
4.21
|
%
|
|
|
4.30
|
%
|
|
|
4.61
|
%
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total preferred shares outstanding
|
|
|
889
|
|
|
|
900
|
|
|
|
900
|
|
|
|
900
|
|
|
|
900
|
|
|
|
Asset coverage per preferred
share
(6)
|
|
$
|
56,439
|
|
|
$
|
69,658
|
|
|
$
|
71,672
|
|
|
$
|
69,708
|
|
|
$
|
69,471
|
|
|
|
Involuntary liquidation preference per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share
(7)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
Computed using average common shares outstanding.
|
|
(2)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
|
|
(3)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders.
|
|
(4)
|
|
The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
|
|
(5)
|
|
Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
|
|
(6)
|
|
Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
|
|
(7)
|
|
Plus accumulated and unpaid dividends.
|
See
notes to financial statements
62
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL STATEMENTS
1
Significant
Accounting Policies
Eaton Vance California Municipal Income Trust (California
Trust), Eaton Vance Massachusetts Municipal Income Trust
(Massachusetts Trust), Eaton Vance Michigan Municipal Income
Trust (Michigan Trust), Eaton Vance National Municipal Income
Trust (National Trust) (formerly, Eaton Vance Florida Plus
Municipal Income Trust), Eaton Vance New Jersey Municipal Income
Trust (New Jersey Trust), Eaton Vance New York Municipal Income
Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust
(Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust
(Pennsylvania Trust), (each individually referred to as the
Trust, and collectively, the Trusts), are Massachusetts business
trusts registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as non-diversified, closed-end
management investment companies. Each Trust seeks to provide
current income exempt from regular federal income tax and in
state specific funds, taxes in its specified state, as
applicable.
The following is a summary of significant accounting policies of
the Trusts. The policies are in conformity with accounting
principles generally accepted in the United States of
America.
A
Investment
Valuation
Municipal bonds and taxable
obligations, if any, are generally valued on the basis of
valuations furnished by a pricing vendor, as derived from such
vendors pricing models. Inputs to the models may include,
but are not limited to, reported trades, executable bid and
asked prices, broker/dealer quotations, benchmark curves or
information pertaining to the issuer. The pricing vendor may use
a matrix approach, which considers information regarding
securities with similar characteristics to determine the
valuation for a security. Financial futures contracts and
options on financial futures contracts listed on commodity
exchanges are valued based on the closing price on the primary
exchange on which such contracts trade. Interest rate swaps are
normally valued using valuations provided by a pricing vendor.
Such vendor valuations are based on the present value of fixed
and projected floating rate cash flows over the term of the swap
contract. Future cash flows are discounted to their present
value using swap curves provided by electronic data services or
by broker/dealers. Short-term obligations, maturing in sixty
days or less, are valued at amortized cost, which approximates
market value. Investments for which valuations or market
quotations are not readily available, and investments for which
the price of a security is not believed to represent its fair
market value, are valued at fair value using methods determined
in good faith by or at the direction of the Trustees.
B
Investment
Transactions and Related Income
Investment
transactions for financial statement purposes are accounted for
on a trade date basis. Realized gains and losses on investments
sold are determined on the basis of identified cost. Interest
income is recorded on the basis of interest accrued, adjusted
for amortization of premium or accretion of discount.
C
Federal
Taxes
Each Trusts policy is to comply
with the provisions of the Internal Revenue Code applicable to
regulated investment companies and to distribute to shareholders
each year substantially all of its taxable, if any, and
tax-exempt net investment income, and all or substantially all
of its net realized capital gains. Accordingly, no provision for
federal income or excise tax is necessary. Each Trust intends to
satisfy conditions which will enable it to designate
distributions from the interest income generated by its
investments in municipal obligations, which are exempt from
regular federal income tax when received by each Trust, as
exempt-interest dividends. The portion of such interest, if any,
earned on private activity bonds issued after August 7,
1986, may be considered a tax preference item to shareholders.
At November 30, 2008, the following Trusts, for federal
income tax purposes, had capital loss carryforwards which will
reduce each Trusts taxable income arising from future net
realized gains on investment transactions, if any, to the extent
permitted by the Internal Revenue Code, and thus will reduce the
amount of distributions to shareholders which would otherwise be
necessary to relieve the Trusts of any liability for federal
income or excise tax. The amounts and expiration dates of the
capital loss carryforwards are as follows:
|
|
|
|
|
|
|
Trust
|
|
Amount
|
|
|
Expiration
Date
|
|
|
California
|
|
$
|
995,999
|
|
|
November 30, 2012
|
|
|
|
6,689,345
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
39,627
|
|
|
November 30, 2009
|
|
|
|
343,176
|
|
|
November 30, 2010
|
|
|
|
692,532
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
Michigan
|
|
|
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
|
|
|
|
517,712
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
National
|
|
|
160,909
|
|
|
November 30, 2009
|
|
|
|
1,495,013
|
|
|
November 30, 2012
|
|
|
|
114,338
|
|
|
November 30, 2013
|
|
|
|
1,728,781
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
New Jersey
|
|
|
262,308
|
|
|
November 30, 2009
|
|
|
|
177,350
|
|
|
November 30, 2011
|
|
|
|
|
|
|
|
New York
|
|
|
70,059
|
|
|
November 30, 2009
|
|
|
|
2,354,581
|
|
|
November 30, 2016
|
63
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
Trust
|
|
Amount
|
|
|
Expiration Date
|
|
|
|
|
|
|
|
|
|
Ohio
|
|
$
|
850,745
|
|
|
November 30, 2009
|
|
|
|
764,355
|
|
|
November 30, 2012
|
|
|
|
588,403
|
|
|
November 30, 2013
|
|
|
|
736,482
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
844,973
|
|
|
November 30, 2009
|
|
|
|
41,331
|
|
|
November 30, 2010
|
|
|
|
502,868
|
|
|
November 30, 2012
|
|
|
|
389,289
|
|
|
November 30, 2013
|
|
|
|
800,874
|
|
|
November 30, 2016
|
During the year ended November 30, 2008, a capital loss
carryforward of $92,095 was utilized to offset net realized
gains by the New Jersey Trust.
As of November 30, 2008, the Trusts had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Trusts federal
tax returns filed in the
3-year
period ended November 30, 2008 remains subject to
examination by the Internal Revenue Service.
D
Expense
Reduction
State Street Bank and
Trust Company (SSBT) serves as custodian of the Trusts.
Pursuant to the respective custodian agreements, SSBT receives a
fee reduced by credits, which are determined based on the
average daily cash balance each Trust maintains with SSBT. All
credit balances, if any, used to reduce each Trusts
custodian fees are reported as a reduction of expenses in the
Statements of Operations.
E
Legal
Fees
Legal fees and other related expenses
incurred as part of negotiations of the terms and requirement of
capital infusions, or that are expected to result in the
restructuring of, or a plan of reorganization for, an investment
are recorded as realized losses. Ongoing expenditures to protect
or enhance an investment are treated as operating expenses.
F
Use
of Estimates
The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from those
estimates.
G
Indemnifications
Under each Trusts 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 Trusts maximum exposure under these arrangements is
unknown as this would involve future claims that may be made
against each Trust that have not yet occurred.
H
Floating
Rate Notes Issued in Conjunction with Securities
Held
The Trusts may invest in inverse
floating rate securities, also referred to as tender option
bonds (TOBs), whereby a Trust may sell a fixed rate bond to a
broker for cash. At the same time, the Trust buys a residual
interest in the assets and cash flows of a Special-Purpose
Vehicle (the SPV), (which is generally organized as a trust),
set up by the broker, often referred to as an inverse floating
rate obligation (Inverse Floater). The broker deposits a fixed
rate bond into the SPV with the same CUSIP number as the fixed
rate bond sold to the broker by the Trust, and which may have
been, but is not required to be, the fixed rate bond purchased
from the Trust (the Fixed Rate Bond). The SPV also issues
floating rate notes (Floating Rate Notes) which are sold to
third-parties. The Trusts may enter into shortfall and
forbearance agreements with the broker by which a Trust agrees
to reimburse the broker, in certain circumstances, for the
difference between the liquidation value of the Fixed Rate Bond
held by the SPV and the liquidation value of the Floating Rate
Notes, as well as any shortfalls in interest cash flows. The
Inverse Floater held by a Trust gives the Trust the right
(1) to cause the holders of the Floating Rate Notes to
tender their notes at par, and (2) to have the broker
transfer the Fixed Rate Bond held by the SPV to the Trust,
thereby collapsing the SPV. Pursuant to Financial Accounting
Standards Board (FASB) Statement No. 140, Accounting
for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities (FAS 140), the Trusts
account for the transaction described above as a secured
borrowing by including the Fixed Rate Bond in their Portfolio of
Investments and the Floating Rate Notes as a liability under the
caption Payable for floating rate notes issued in
their Statement of Assets and Liabilities. The Floating Rate
Notes have interest rates that generally reset weekly and their
holders have the option to tender their notes to the broker for
redemption at par at each reset date. Interest expense related
to the Trusts liability with respect to Floating Rate
Notes is recorded as incurred. Structuring fees paid to the
liquidity provider upon the creation of an SPV have been
recorded as debt issuance costs and are being amortized as
interest expense to the expected maturity date of the related
trust. At November 30, 2008, the amounts of the
Trusts Floating Rate Notes and related interest rates and
collateral were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
or
|
|
|
Collateral for
|
|
|
|
Floating Rate
|
|
|
Range of
|
|
|
Floating Rate
|
|
Trust
|
|
Notes
Outstanding
|
|
|
Interest
Rates (%)
|
|
|
Notes
Outstanding
|
|
|
|
|
California
|
|
$
|
15,570,000
|
|
|
|
0.98 6.19
|
|
|
$
|
18,844,540
|
|
Massachusetts
|
|
|
3,880,000
|
|
|
|
0.88 2.15
|
|
|
|
4,462,489
|
|
Michigan
|
|
|
1,125,000
|
|
|
|
1.07 6.00
|
|
|
|
1,464,315
|
|
National
|
|
|
21,295,000
|
|
|
|
1.00 1.90
|
|
|
|
21,524,236
|
|
64
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
or
|
|
|
Collateral for
|
|
|
|
Floating Rate
|
|
|
Range of
|
|
|
Floating Rate
|
|
Trust
|
|
Notes
Outstanding
|
|
|
Interest
Rates (%)
|
|
|
Notes Outstanding
|
|
|
|
|
New Jersey
|
|
$
|
8,047,000
|
|
|
|
1.04 1.90
|
|
|
$
|
8,957,566
|
|
New York
|
|
|
15,150,000
|
|
|
|
0.88 1.90
|
|
|
|
15,925,746
|
|
Ohio
|
|
|
830,000
|
|
|
|
0.93 1.07
|
|
|
|
1,141,125
|
|
Pennsylvania
|
|
|
4,485,780
|
|
|
|
1.00 4.00
|
|
|
|
7,351,759
|
|
The Trusts exposure under shortfall and forbearance
agreements that were entered into as of November 30, 2008 was
approximately $823,000, $35,000, $1,190,000, $79,000 and
$721,000 for California Trust, Massachusetts Trust, National
Trust, New Jersey Trust and New York Trust, respectively, and
none for Michigan Trust, Ohio Trust and Pennsylvania Trust.
The Trusts investment policies and restrictions expressly
permit investments in Inverse Floaters. Inverse floating rate
securities typically offer the potential for yields exceeding
the yields available on fixed rate bonds with comparable credit
quality and maturity. These securities tend to underperform the
market for fixed rate bonds in a rising long-term interest rate
environment, but tend to outperform the market for fixed rate
bonds when long-term interest rates decline. The value and
income of inverse floating rate securities are generally more
volatile than that of a fixed rate bond. The Trusts
investment policies do not allow the Trusts to borrow money for
purposes of making investments. Management believes that the
Trusts restrictions on borrowing money and issuing senior
securities (other than as specifically permitted) do not apply
to Floating Rate Notes issued by the SPV and included as a
liability on the Trusts Statements of Assets and
Liabilities. As secured indebtedness issued by an SPV, Floating
Rate Notes are distinct from the borrowings and senior
securities to which the Trusts restrictions apply. Inverse
Floaters held by the Trusts are securities exempt from
registration under Rule 144A of the Securities Act of 1933.
I
Financial
Futures Contracts
The Trusts may enter into
financial futures contracts. The Trusts investment in
financial futures contracts is designed for hedging against
changes in interest rates or as a substitute for the purchase of
securities. Upon entering into a financial futures contract, a
Trust is required to deposit with the broker, either in cash or
securities, an amount equal to a certain percentage of the
purchase price (initial margin). Subsequent payments, known as
variation margin, are made or received by the Trust each
business day, depending on the daily fluctuations in the value
of the underlying security, and are recorded as unrealized gains
or losses by the Trust. Gains (losses) are realized upon the
expiration or closing of the financial futures contracts. Should
market conditions change unexpectedly, the Trust may not achieve
the anticipated benefits of the financial futures contracts and
may realize a loss. In entering such contracts, the Trust bears
the risk if the counterparties do not perform under the
contracts terms.
J
Interest
Rate Swaps
The Trusts may enter into interest rate swap agreements to
enhance return, to hedge against fluctuations in securities
prices or interest rates, or as substitution for the purchase or
sale of securities. Pursuant to these agreements, a Trust makes
periodic payments at a fixed interest rate and, in exchange,
receives payments based on the interest rate of a benchmark
industry index. During the term of the outstanding swap
agreement, changes in the underlying value of the swap are
recorded as unrealized gains or losses. The value of the swap is
determined by changes in the relationship between two rates of
interest. A Trust is exposed to credit loss in the event of
non-performance by the swap counterparty. Risk may also arise
from movements in interest rates.
K
When-Issued
Securities and Delayed Delivery Transactions
The Trusts may purchase or sell securities on a delayed
delivery or when-issued basis. Payment and delivery may take
place after the customary settlement period for that security.
At the time the transaction is negotiated, the price of the
security that will be delivered is fixed. The Trusts maintain
security positions for these commitments such that sufficient
liquid assets will be available to make payments upon
settlement. Securities purchased on a delayed delivery or
when-issued basis are
marked-to-market
daily and begin earning interest on settlement date. Losses may
arise due to changes in the market value of the underlying
securities or if the counterparty does not perform under the
contract.
L
Statement
of Cash Flows
The cash amount shown in the Statement of Cash Flows of a Trust
is the amount included in a Trusts Statement of Assets and
Liabilities and represents cash on hand at its custodian and
does not include any short-term investments.
2
Auction
Preferred Shares
Each Trust issued Auction Preferred Shares (APS) on
March 1, 1999 in a public offering. The underwriting
discounts and other offering costs incurred in connection with
the offering were recorded as a reduction of the paid-in capital
of the common shares of each respective Trust. Dividends on the
APS, which accrue daily, are cumulative at rates which are reset
every seven days by an auction, unless a special dividend period
has been set. If the APS auctions do not successfully clear, the
dividend payment rate over the next period for the APS holders
is set at a specified maximum applicable rate until such time as
the APS auctions are successful. The maximum applicable rate on
the APS is 110% (150% for taxable distributions) of the greater
of the 1) AA Financial Composite
65
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
Commercial Paper Rate or 2) Taxable Equivalent of the
Short-Term Municipal Obligation Rate on the date of the auction.
During the year ended November 30, 2008, certain Trusts
made a partial redemption of their APS at a liquidation price of
$25,000 per share. Replacement financing may have been provided
through the creation of TOB trusts, whereby a Trust transferred
highly rated bonds held in its portfolio to an SPV (see
Note 1H) and used the proceeds from the sale of the
Floating Rate Notes to replace the APS. Such Floating Rate Notes
have a liquidity backstop financing facility provided by a major
financial institution. The number of APS redeemed and redemption
amount (excluding the final dividend payment) during the year
ended November 30, 2008 and the number of APS issued and
outstanding as of November 30, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APS Redeemed
|
|
|
|
|
|
|
|
|
|
During the
|
|
|
Redemption
|
|
|
APS Issued and
|
|
Trust
|
|
Period
|
|
|
Amount
|
|
|
Outstanding
|
|
|
|
|
California
|
|
|
361
|
|
|
$
|
9,025,000
|
|
|
|
1,999
|
|
Massachusetts
|
|
|
58
|
|
|
|
1,450,000
|
|
|
|
802
|
|
Michigan
|
|
|
|
|
|
|
|
|
|
|
700
|
|
National
|
|
|
614
|
|
|
|
15,350,000
|
|
|
|
806
|
|
New Jersey
|
|
|
154
|
|
|
|
3,850,000
|
|
|
|
1,366
|
|
New York
|
|
|
431
|
|
|
|
10,775,000
|
|
|
|
1,349
|
|
Ohio
|
|
|
22
|
|
|
|
550,000
|
|
|
|
918
|
|
Pennsylvania
|
|
|
11
|
|
|
|
275,000
|
|
|
|
889
|
|
The APS are redeemable at the option of each Trust at a
redemption price equal to $25,000 per share, plus accumulated
and unpaid dividends, on any dividend payment date. The APS are
also subject to mandatory redemption at a redemption price equal
to $25,000 per share, plus accumulated and unpaid dividends, if
a Trust is in default for an extended period on its asset
maintenance requirements with respect to the APS. If the
dividends on the APS remain unpaid in an amount equal to two
full years dividends, the holders of the APS as a class
have the right to elect a majority of the Board of Trustees. In
general, the holders of the APS and the common shares have equal
voting rights of one vote per share, except that the holders of
the APS, as a separate class, have the right to elect at least
two members of the Board of Trustees. The APS have a liquidation
preference of $25,000 per share, plus accumulated and unpaid
dividends. Each Trust is required to maintain certain asset
coverage with respect to the APS as defined in the Trusts
By-Laws and the 1940 Act. Each Trust pays an annual fee
equivalent to 0.25% of the liquidation value of the APS to
broker-dealers as a service fee.
3
Distributions
to Shareholders
Each Trust intends to make monthly distributions of net
investment income to common shareholders, after payment of any
dividends on any outstanding APS. In addition, at least
annually, each Trust intends to distribute all or substantially
all of its net realized capital gains, if any. Distributions to
common shareholders are recorded on the ex-dividend date.
Distributions to preferred shareholders are recorded daily and
are payable at the end of each dividend period. The dividend
rates for APS at November 30, 2008, and the amount of
dividends paid (including capital gains, if any) to APS
shareholders, average APS dividend rates, and dividend rate
ranges for the year then ended were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APS Dividend
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
Rates at
|
|
|
Paid to APS
|
|
|
Average APS
|
|
|
Dividend Rate
|
|
Trust
|
|
November 30,
2008
|
|
|
Shareholders
|
|
|
Dividend
Rates
|
|
|
Ranges
(%)
|
|
|
|
|
California
|
|
|
1.57
|
%
|
|
$
|
1,988,268
|
|
|
|
3.98
|
%
|
|
|
1.57 10.21
|
|
Massachusetts
|
|
|
1.61
|
|
|
|
754,703
|
|
|
|
3.76
|
|
|
|
1.61 11.35
|
|
Michigan
|
|
|
1.60
|
|
|
|
636,924
|
|
|
|
3.64
|
|
|
|
1.58 12.26
|
|
National
|
|
|
1.60
|
|
|
|
1,062,311
|
|
|
|
3.56
|
|
|
|
1.58 12.26
|
|
New Jersey
|
|
|
1.57
|
|
|
|
1,337,294
|
|
|
|
3.59
|
|
|
|
1.57 10.21
|
|
New York
|
|
|
1.60
|
|
|
|
1,443,622
|
|
|
|
4.28
|
|
|
|
1.57 11.73
|
|
Ohio
|
|
|
1.56
|
|
|
|
858,575
|
|
|
|
3.66
|
|
|
|
1.56 12.57
|
|
Pennsylvania
|
|
|
1.61
|
|
|
|
809,974
|
|
|
|
3.60
|
|
|
|
1.61 11.35
|
|
Beginning February 13, 2008 and consistent with the
patterns in the broader market for auction-rate securities, the
Trusts APS auctions were unsuccessful in clearing due to
an imbalance of sell orders over bids to buy the APS. As a
result, the dividend rates of the APS were reset to the maximum
applicable rates. The table above reflects such maximum dividend
rates for each Trust as of November 30, 2008.
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 declared for the years ended
November 30, 2008 and November 30, 2007 was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
November 30, 2008
|
|
|
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
National
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income
|
|
$
|
6,819,447
|
|
|
$
|
2,516,208
|
|
|
$
|
1,929,979
|
|
|
$
|
3,855,168
|
|
Ordinary income
|
|
$
|
67
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
3
|
|
66
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
November 30, 2008
|
|
|
|
|
|
New Jersey
|
|
|
New York
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income
|
|
$
|
4,248,329
|
|
|
$
|
5,317,570
|
|
|
$
|
2,634,481
|
|
|
$
|
2,574,969
|
|
Ordinary income
|
|
$
|
688
|
|
|
$
|
184
|
|
|
$
|
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
November 30, 2007
|
|
|
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
National
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income
|
|
$
|
6,839,097
|
|
|
$
|
2,460,878
|
|
|
$
|
1,979,161
|
|
|
$
|
4,063,314
|
|
Ordinary income
|
|
$
|
|
|
|
$
|
8,295
|
|
|
$
|
13,508
|
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
November 30, 2007
|
|
|
|
|
|
New Jersey
|
|
|
New York
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax-exempt income
|
|
$
|
4,256,604
|
|
|
$
|
5,417,963
|
|
|
$
|
2,683,661
|
|
|
$
|
2,606,900
|
|
Ordinary income
|
|
$
|
|
|
|
$
|
409
|
|
|
$
|
11,930
|
|
|
$
|
|
|
During the year ended November 30, 2008, the following
amounts were reclassified due to differences between book and
tax accounting, primarily for accretion of market discount and
expired capital loss carryforwards.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
National
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Increase (decrease):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
(2,239,451
|
)
|
|
$
|
(594,169
|
)
|
|
$
|
(337,655
|
)
|
|
$
|
(936,796
|
)
|
Accumulated net realized loss
|
|
$
|
2,309,659
|
|
|
$
|
599,312
|
|
|
$
|
344,517
|
|
|
$
|
949,017
|
|
Accumulated undistributed net investment income
|
|
$
|
(70,208
|
)
|
|
$
|
(5,143
|
)
|
|
$
|
(6,862
|
)
|
|
$
|
(12,221
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
New York
|
|
|
Ohio
|
|
|
Pennsylvania
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Increase (decrease):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
(1,898,620
|
)
|
|
$
|
(1,621,946
|
)
|
|
$
|
(625,516
|
)
|
|
$
|
(807,118
|
)
|
Accumulated net realized loss
|
|
$
|
1,929,494
|
|
|
$
|
1,635,732
|
|
|
$
|
639,173
|
|
|
$
|
829,341
|
|
Accumulated undistributed net investment income
|
|
$
|
(30,874
|
)
|
|
$
|
(13,786
|
)
|
|
$
|
(13,657
|
)
|
|
$
|
(22,223
|
)
|
These reclassifications had no effect on the net assets or net
value per share of the Trusts.
As of November 30, 2008, the components of distributable
earnings (accumulated losses) and unrealized appreciation
(depreciation) on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California
|
|
|
Massachusetts
|
|
|
Michigan
|
|
|
National
|
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
Trust
|
|
|
|
|
Undistributed income
|
|
$
|
353,244
|
|
|
$
|
311,910
|
|
|
$
|
154,483
|
|
|
$
|
233,595
|
|
Capital loss carryforward
|
|
$
|
(7,685,344
|
)
|
|
$
|
(1,075,335
|
)
|
|
$
|
(2,524,297
|
)
|
|
$
|
(3,499,041
|
)
|
Net unrealized depreciation
|
|
$
|
(25,921,554
|
)
|
|
$
|
(11,298,265
|
)
|
|
$
|
(5,785,179
|
)
|
|
$
|
(21,620,073
|
)
|
Other temporary differences
|
|
$
|
(3,954
|
)
|
|
$
|
(5,300
|
)
|
|
$
|
(2,294
|
)
|
|
$
|
(2,642
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
New York
|
|
Ohio
|
|
Pennsylvania
|
|
|
Trust
|
|
Trust
|
|
Trust
|
|
Trust
|
|
|
Undistributed income
|
|
$
|
567,407
|
|
|
$
|
369,613
|
|
|
$
|
267,329
|
|
|
$
|
234,277
|
|
Capital loss carryforward
|
|
$
|
(439,658
|
)
|
|
$
|
(2,424,640
|
)
|
|
$
|
(2,939,985
|
)
|
|
$
|
(2,579,335
|
)
|
Net unrealized depreciation
|
|
$
|
(23,436,202
|
)
|
|
$
|
(25,879,074
|
)
|
|
$
|
(9,196,589
|
)
|
|
$
|
(8,728,288
|
)
|
Other temporary differences
|
|
$
|
(2,936
|
)
|
|
$
|
(4,429
|
)
|
|
$
|
(4,918
|
)
|
|
$
|
(5,422
|
)
|
The differences between components of distributable earnings
(accumulated losses) on a tax basis and the amounts reflected in
the Statements of Assets and Liabilities are primarily due to
wash sales, futures contracts, the timing of recognizing
distributions to shareholders, accretion of market discount and
inverse floaters.
4
Investment
Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management
(EVM) as compensation for investment advisory services rendered
to each Trust. The fee is computed at an annual rate of 0.70% of
each Trusts average weekly gross assets and is payable
monthly. Average weekly gross assets include the principal
amount of any indebtedness for money borrowed, including debt
securities issued by a Trust, and the amount of any outstanding
APS issued by the Trust. Pursuant to a fee reduction agreement
with EVM, average weekly gross assets are calculated by adding
to net assets the liquidation value of a Trusts APS then
outstanding and the amount payable by the Trust to floating rate
note holders, such adjustment being limited to the value of the
APS outstanding prior to any APS redemptions by the Trust. The
administration fee is earned by EVM for administering the
business affairs of each Trust and is computed at an annual rate
of 0.20% of each Trusts average weekly gross assets. For
the year ended November 30, 2008, the
67
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
investment adviser fee and administration fee were as follows:
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
|
Administration
|
|
Trust
|
|
Adviser Fee
|
|
|
Fee
|
|
|
|
|
California
|
|
$
|
1,101,164
|
|
|
$
|
314,617
|
|
Massachusetts
|
|
|
405,164
|
|
|
|
116,289
|
|
Michigan
|
|
|
321,079
|
|
|
|
91,736
|
|
National
|
|
|
640,801
|
|
|
|
183,086
|
|
New Jersey
|
|
|
701,238
|
|
|
|
200,354
|
|
New York
|
|
|
828,520
|
|
|
|
236,721
|
|
Ohio
|
|
|
432,784
|
|
|
|
123,652
|
|
Pennsylvania
|
|
|
416,805
|
|
|
|
119,087
|
|
Except for Trustees of the Trusts who are not members of
EVMs organization, officers and Trustees receive
remuneration for their services to the Trusts out of the
investment adviser fee. Trustees of the Trusts who are not
affiliated with the investment adviser may elect to defer
receipt of all or a percentage of their annual fees in
accordance with the terms of the Trustees Deferred Compensation
Plan. For the year ended November 30, 2008, no significant
amounts have been deferred. Certain officers and Trustees of the
Trusts are officers of EVM.
Pursuant to FAS 140, certain Inverse Floaters sold by the
National Trust to an affiliated fund were deemed to be held by
the National Trust. Interest income of $28,056 paid by the SPVs
to the affiliated fund for the year ended November 30, 2008
was deemed paid by the National Trust and is included in
interest expense. The fixed rate bond was withdrawn from each
respective SPV and subsequently sold during the year ended
November 30, 2008.
5
Purchases
and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, for the year ended November 30, 2008 were as
follows:
|
|
|
|
|
|
|
|
|
Trust
|
|
Purchases
|
|
|
Sales
|
|
|
|
|
California
|
|
$
|
49,883,117
|
|
|
$
|
62,205,873
|
|
Massachusetts
|
|
|
23,373,987
|
|
|
|
24,740,083
|
|
Michigan
|
|
|
10,887,500
|
|
|
|
11,408,314
|
|
National
|
|
|
104,784,642
|
|
|
|
111,337,868
|
|
New Jersey
|
|
|
57,660,002
|
|
|
|
67,425,135
|
|
New York
|
|
|
61,321,560
|
|
|
|
80,577,139
|
|
Ohio
|
|
|
16,990,152
|
|
|
|
23,384,997
|
|
Pennsylvania
|
|
|
15,559,230
|
|
|
|
19,497,225
|
|
6
Common
Shares of Beneficial Interest
Common shares issued pursuant to the Trusts dividend
reinvestment plan for the years ended November 30, 2008 and
November 30, 2007 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
November 30,
|
|
Trust
|
|
2008
|
|
|
2007
|
|
|
|
|
|
|
|
California
|
|
|
4,021
|
|
|
|
|
|
|
|
|
|
Massachusetts
|
|
|
1,394
|
|
|
|
|
|
|
|
|
|
Michigan
|
|
|
|
|
|
|
|
|
|
|
|
|
National
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
|
|
|
2,698
|
|
|
|
|
|
|
|
|
|
New York
|
|
|
5,073
|
|
|
|
|
|
|
|
|
|
Ohio
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
7
Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of each Trust at November 30, 2008, as
determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
California Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
138,873,647
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
1,648,954
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(23,902,531
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(22,253,577
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
57,361,856
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
468,276
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(10,425,791
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(9,957,515
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
45,911,982
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
1,160,057
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(6,731,001
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(5,570,944
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
80,060,788
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
2,275,429
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(21,759,165
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(19,483,736
|
)
|
|
|
|
|
|
|
68
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
99,950,249
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
129,185
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(21,214,219
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(21,085,034
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
107,860,131
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
608,073
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(23,710,244
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(23,102,171
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
61,221,411
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
482,329
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(8,704,814
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(8,222,485
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Trust
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
58,269,682
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
784,049
|
|
|
|
|
|
Gross unrealized depreciation
|
|
|
(8,928,187
|
)
|
|
|
|
|
|
|
Net unrealized depreciation
|
|
$
|
(8,144,138
|
)
|
|
|
|
|
|
|
8
Overdraft
Advances
Pursuant to the respective custodian agreements, SSBT may, in
its discretion, advance funds to the Trusts to make properly
authorized payments. When such payments result in an overdraft,
the Trusts are obliged to repay SSBT at the current rate of
interest charged by SSBT for secured loans (currently, a rate
above the Federal Funds rate). This obligation is payable on
demand to SSBT. SSBT has a lien on a Trusts assets to the
extent of any overdraft. At November 30, 2008, the Michigan
Trust, National Trust, New Jersey Trust and Pennsylvania Trust
had payments due to SSBT pursuant to the foregoing arrangement
of $228,922, $1,894,094, $180,478 and $295,927, respectively.
9
Financial
Instruments
The Trusts may trade in financial instruments with off-balance
sheet risk in the normal course of their investing activities.
These financial instruments may include financial futures
contracts and interest rate swaps and may involve, to a varying
degree, elements of risk in excess of the amounts recognized for
financial statement purposes. The notional or contractual
amounts of these instruments represent the investment a Trust
has in particular classes of financial instruments and does not
necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments
is meaningful only when all related and offsetting transactions
are considered.
A summary of obligations under these financial instruments at
November 30, 2008 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts
|
|
|
|
Expiration
|
|
|
|
|
|
|
Aggregate
|
|
|
|
|
|
Net Unrealized
|
|
|
|
Trust
|
|
Date
|
|
Contracts
|
|
Position
|
|
|
Cost
|
|
|
Value
|
|
|
Depreciation
|
|
|
|
|
California
|
|
3/09
|
|
121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(15,076,360
|
)
|
|
$
|
(15,425,609
|
)
|
|
$
|
(349,249
|
)
|
|
|
|
|
Michigan
|
|
3/09
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(1,104,577
|
)
|
|
$
|
(1,147,359
|
)
|
|
$
|
(42,782
|
)
|
|
|
|
|
National
|
|
3/09
|
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(7,475,881
|
)
|
|
$
|
(7,649,062
|
)
|
|
$
|
(173,181
|
)
|
|
|
|
|
New York
|
|
3/09
|
|
127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(15,823,949
|
)
|
|
$
|
(16,190,516
|
)
|
|
$
|
(366,567
|
)
|
|
|
|
|
Ohio
|
|
3/09
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(3,239,549
|
)
|
|
$
|
(3,314,594
|
)
|
|
$
|
(75,045
|
)
|
|
|
|
|
Pennsylvania
|
|
3/09
|
|
95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bond
|
|
|
Short
|
|
|
$
|
(11,836,812
|
)
|
|
$
|
(12,111,016
|
)
|
|
$
|
(274,204
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate
Swaps
|
|
California
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$2,125,000
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(680,646
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
6,825,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(2,174,821
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
2,575,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(812,510
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(3,667,977
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$787,500
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(252,239
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
2,500,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(796,638
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
925,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(291,873
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,340,750
|
)
|
|
|
|
|
69
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
$400,000
|
|
4.682%
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
$
|
(127,462
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
275,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(86,773
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(214,235
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$1,237,500
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(396,376
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
3,975,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(1,266,654
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
1,500,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(473,307
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(2,136,337
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
Jersey Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$1,362,500
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(436,414
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
4,375,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(1,394,116
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
1,650,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(520,638
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(2,351,168
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
York Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$1,600,000
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(512,487
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
5,200,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(1,657,006
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
1,925,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(607,410
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(2,776,903
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$812,500
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(260,247
|
)
|
|
|
|
|
Merrill Lynch
Capital
Services, Inc.
|
|
1,250,000
|
|
4.682
|
|
3-month
USD-LIBOR-BBA
|
|
April 1, 2009/
April 1, 2039
|
|
|
(398,319
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
1,000,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(315,538
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(974,104
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
Annual
|
|
Floating
|
|
Effective
Date/
|
|
|
|
|
|
|
|
Notional
|
|
Fixed Rate
|
|
Rate
|
|
Termination
|
|
Net Unrealized
|
|
|
|
Counterparty
|
|
Amount
|
|
Paid By
Trust
|
|
Paid To
Trust
|
|
Date
|
|
Depreciation
|
|
|
|
|
JPMorgan
Chase Co.
|
|
$912,500
|
|
4.743%
|
|
3-month
USD-LIBOR-BBA
|
|
September 14, 2009/
September 14, 2039
|
|
$
|
(292,277
|
)
|
|
|
|
|
Morgan Stanley
Capital
Services, Inc.
|
|
925,000
|
|
4.691
|
|
3-month
USD-LIBOR-BBA
|
|
June 11, 2009/
June 11, 2039
|
|
|
(291,873
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(584,150
|
)
|
|
|
|
|
The effective date represents the date on which a Trust and the
counterparty to the interest rate swap contract begin interest
payment accruals.
At November 30, 2008, the Trusts had sufficient cash
and/or
securities to cover commitments under these contracts.
10
Fair
Value Measurements
The Trusts adopted FASB Statement of Financial Accounting
Standards No. 157 (FAS 157), Fair Value
Measurements, effective December 1, 2007.
FAS 157 established a three-tier hierarchy to prioritize
the assumptions, referred to as inputs, used in valuation
techniques to measure fair value. The three-tier hierarchy of
inputs is summarized in the three broad levels listed below.
|
|
|
|
|
Level 1 quoted prices in active markets for
identical investments
|
|
|
|
Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.)
|
|
|
|
Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
70
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
At November 30, 2008, the inputs used in valuing the
Trusts investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
California
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(349,249
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
132,190,070
|
|
|
|
(3,667,977
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
132,190,070
|
|
|
$
|
(4,017,226
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
|
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
51,284,341
|
|
|
|
(1,340,750
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
51,284,341
|
|
|
$
|
(1,340,750
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(42,782
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
41,466,038
|
|
|
|
(214,235
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
41,466,038
|
|
|
$
|
(257,017
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
National
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(173,181
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
81,872,052
|
|
|
|
(2,136,337
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
81,872,052
|
|
|
$
|
(2,309,518
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
|
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
86,912,215
|
|
|
|
(2,351,168
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
86,912,215
|
|
|
$
|
(2,351,168
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(366,567
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
99,907,960
|
|
|
|
(2,776,903
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
99,907,960
|
|
|
$
|
(3,143,470
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(75,045
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
53,828,926
|
|
|
|
(974,104
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
53,828,926
|
|
|
$
|
(1,049,149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
Trust
|
|
|
|
|
|
Investments in
|
|
|
Other
Financial
|
|
|
|
|
|
Valuation
Inputs
|
|
Securities
|
|
|
Instruments*
|
|
|
|
|
Level 1
|
|
Quoted Prices
|
|
$
|
|
|
|
$
|
(274,204
|
)
|
|
|
Level 2
|
|
Other Significant Observable Inputs
|
|
|
54,611,324
|
|
|
|
(584,150
|
)
|
|
|
Level 3
|
|
Significant Unobservable Inputs
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
$
|
54,611,324
|
|
|
$
|
(858,354
|
)
|
|
|
|
|
|
|
*
|
Other financial instruments include futures and interest rate
swap contracts not reflected in the Portfolio of Investments,
which are valued at the unrealized appreciation (depreciation)
on the instrument.
|
The Trust held no investments or other financial instruments as
of November 30, 2007 whose fair value was determined using
Level 3 inputs.
11
Recently
Issued Accounting Pronouncement
In March 2008, the FASB issued Statement of Financial
Accounting Standards No. 161 (FAS 161),
Disclosures about Derivative Instruments and Hedging
Activities. FAS 161 requires enhanced disclosures
about an entitys derivative and hedging activities,
including qualitative disclosures about the objectives and
strategies for using derivatives, quantitative disclosures about
fair value amounts of and gains and losses on derivative
instruments, and disclosures about credit-risk related
contingent features in derivative instruments. FAS 161 is
effective for fiscal years and interim periods beginning after
November 15, 2008. Management is currently evaluating the
impact the adoption of FAS 161 will have on the
Trusts financial statement disclosures.
71
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTES TO FINANCIAL
STATEMENTS
CONTD
12
Name
Change
Effective June 19, 2008, the name of the Eaton Vance
National Municipal Income Trust was changed from Eaton Vance
Florida Plus Municipal Income Trust.
13
Proposed
Plan of Reorganization
In November 2008, the Trustees of National Trust approved
an Agreement and Plan of Reorganization (the Agreement) whereby
Eaton Vance Municipal Income Trust (Municipal Income Trust)
would acquire substantially all the assets and assume
substantially all the liabilities of National Trust in exchange
for an equal aggregate value of common shares and APS of
Municipal Income Trust. The proposed reorganization is subject
to approval by the shareholders of National Trust and Municipal
Income Trust.
14
Subsequent
Event
The New Jersey Trust, Ohio Trust and Pennsylvania Trust redeemed
29, 9 and 42 outstanding APS, respectively, at various dividend
payment dates from December 22, 2008 through December 24, 2008
at a liquidation price of $25,000 per share plus accumulated but
unpaid dividends.
72
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of Eaton Vance California
Municipal Income Trust, Eaton Vance Massachusetts Municipal
Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton
Vance National Municipal Income Trust (formerly known as Eaton
Vance Florida Municipal Income Trust), Eaton Vance New Jersey
Municipal Income Trust, Eaton Vance New York Municipal Income
Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance
Pennsylvania Municipal Income Trust:
We have audited the accompanying statements of assets and
liabilities, including the portfolios of investments, of Eaton
Vance California Municipal Income Trust, Eaton Vance
Massachusetts Municipal Income Trust, Eaton Vance Michigan
Municipal Income Trust, Eaton Vance National Municipal Income
Trust (formerly known as Eaton Vance Florida Municipal Income
Trust), Eaton Vance New Jersey Municipal Income Trust, Eaton
Vance New York Municipal Income Trust, Eaton Vance Ohio
Municipal Income Trust, and Eaton Vance Pennsylvania Municipal
Income Trust (individually, the Trust, collectively,
the Trusts), as of November 30, 2008, and the
related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years in
the period then ended, the financial highlights for each of the
five years in the period then ended, and the statements of cash
flows of Eaton Vance National Municipal Income Trust and Eaton
Vance New York Municipal Income Trust for the year then ended.
These financial statements and financial highlights are the
responsibility of each Trusts management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The
Trusts are not required to have, nor were we engaged to perform,
an audit of their internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trusts
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of
November 30, 2008, 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 Massachusetts Municipal
Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton
Vance National 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,
2008, 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, the financial highlights for each of the five
years in the period then ended, and the cash flows of Eaton
Vance National Municipal Income Trust and Eaton Vance New York
Municipal Income Trust for the year then ended, in conformity
with accounting principles generally accepted in the United
States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 20, 2009
73
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
FEDERAL TAX
INFORMATION
(Unaudited)
The
Form 1099-DIV
you receive in January 2009 will show the tax status of all
distributions paid to your account in calendar 2008.
Shareholders are advised to consult their own tax adviser with
respect to the tax consequences of their investment in a Trust.
As required by the Internal Revenue Code regulations,
shareholders must be notified within 60 days of a
Trusts fiscal year-end regarding exempt-interest dividends.
Exempt-Interest Dividends
The Trusts
designate the following percentages of dividends from net
investment income as an exempt-interest dividend.
|
|
|
|
|
Eaton Vance California Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance Massachusetts Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance Michigan Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance National Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance New Jersey Municipal Income Trust
|
|
|
99.98
|
%
|
Eaton Vance New York Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance Ohio Municipal Income Trust
|
|
|
100.00
|
%
|
Eaton Vance Pennsylvania Municipal Income Trust
|
|
|
100.00
|
%
|
74
Eaton Vance
Municipal Income
Trusts
as
of November 30, 2008
NOTICE TO SHAREHOLDERS
Effective November 17, 2008, Thomas M. Metzold, CFA,
assumed portfolio management responsibilities for Eaton Vance
National Municipal Income Trust. Mr. Metzold, a Vice President
of Eaton Vance Management, joined Eaton Vance in 1987 and has
been a portfolio manager of various Eaton Vance municipal bond
funds since 1991.
On February 11, 2008, the Trusts revised their minimum
ratings policies to clarify that when an obligation is rated in
different rating categories by Moodys, S&P or Fitch
the highest rating applies.
Effective January 1, 2008, Eaton Vance Florida Plus
Municipal Income Trust changed its name from Eaton Vance Florida
Municipal Income Trust and announced a policy to increase its
exposure to municipal obligations of issuers outside the State
of Florida, transforming the Trust in an orderly manner over
time into a diversified, national municipal bond fund. In
connection with the foregoing change, its investment policy that
at least 65% of its total assets normally will be invested in
municipal obligations issued by the State of Florida or its
political subdivisions, agencies, authorities and
instrumentalities was eliminated. Effective June 19, 2008,
Eaton Vance National Municipal Income Trust changed its name
from Eaton Vance Florida Plus Municipal Income Trust. The
Trusts investment objective and policies remain unchanged.
Effective January 1, 2008, Eaton Vance Michigan Municipal
Income Trusts investment objective was revised to reflect
the repeal of the Michigan single business tax and the
effectiveness of the new Michigan business tax. The new
objective is to provide current income exempt from regular
federal income tax and Michigan state and city income taxes and
the net income tax portion of the Michigan business tax.
Effective October 1, 2007, Adam A. Weigold, CFA, assumed
portfolio management responsibilities for Eaton Vance
Pennsylvania Municipal Income Trust. Mr. Weigold also serves as
portfolio manager for other Eaton Vance funds. He was appointed
a portfolio manager in 2007 and has been a Vice President of
Eaton Vance Management since 2003 and a municipal credit analyst
at Eaton Vance for more than five years.
75
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 Trusts transfer agent, American Stock
Transfer & Trust Company, or you will not be able
to participate.
The Plan Agents 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 inquiries regarding the Plan can be directed to the Plan
Agent, American Stock Transfer & Trust Company,
at
1-866-439-6787.
76
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 American
Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
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, 2008, our records indicate that there
are 72, 83, 47, 56, 93, 70, 65 and 101 registered shareholders
for California Municipal Income Trust, Massachusetts Municipal
Income Trust, Michigan Municipal Income Trust, National
Municipal Income Trust, New Jersey Municipal Income Trust, New
York Municipal Income Trust, Ohio Municipal Income Trust and
Pennsylvania Municipal Income Trust, respectively, and
approximately 3,121, 1,315, 1,308, 2,268, 2,325, 2,581, 1,643
and 1,554 shareholders owning the Trust shares in street name,
such as through brokers, banks, and financial intermediaries for
California Municipal Income Trust, Massachusetts Municipal
Income Trust, Michigan Municipal Income Trust, National
Municipal Income Trust, New Jersey Municipal Income Trust, New
York Municipal Income Trust, Ohio Municipal Income Trust and
Pennsylvania Municipal Income Trust, respectively.
If you are a street name shareholder and wish to receive Trust
reports directly, which contain important information about a
Trust, please write or call:
Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265
NYSE
Alternext US symbols
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California Municipal Income Trust
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CEV
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Massachusetts Municipal Income Trust
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MMV
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Michigan Municipal Income Trust
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EMI
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National Municipal Income Trust
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FEV
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New Jersey Municipal Income Trust
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EVJ
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New York Municipal Income Trust
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EVY
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Ohio Municipal Income Trust
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EVO
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Pennsylvania Municipal Income Trust
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EVP
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77
Eaton Vance
Municipal Income Trusts
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of a majority of the
trustees who are not interested persons of the fund
(Independent Trustees), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 21, 2008, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making
its recommendation, the Contract Review Committee reviewed
information furnished for a series of meetings of the Contract
Review Committee held in February, March and April 2008.
Such information included, among other things, the following:
Information about Fees, Performance and Expenses
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An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
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An independent report comparing each funds total expense
ratio and its components to comparable funds;
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An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods;
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Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices;
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Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund;
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Profitability analyses for each adviser with respect to each
fund;
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Information about Portfolio Management
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Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
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Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
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Data relating to portfolio turnover rates of each fund;
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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;
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Information about each Adviser
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Reports detailing the financial results and condition of each
adviser;
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Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
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Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
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Copies of or descriptions of each advisers proxy voting
policies and procedures;
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Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
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Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
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Other Relevant Information
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Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
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Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
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The terms of each advisory agreement.
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In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended
78
Eaton Vance
Municipal Income
Trusts
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENTS
CONTD
April 30, 2008, the Board met eleven times and the Contract
Review Committee, the Audit Committee and the Governance
Committee, each of which is a Committee comprised solely of
Independent Trustees, met twelve, seven and five times,
respectively. At such meetings, the Trustees received, among
other things, presentations by the portfolio managers and other
investment professionals of each adviser relating to the
investment performance of each fund and the investment
strategies used in pursuing the funds investment
objective. The Portfolio Management Committee and the Compliance
Reports and Regulatory Matters Committee are newly established
and did not meet during the twelve-month period ended
April 30, 2008.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds investment adviser has
engaged a
sub-adviser,
the Board considered similar information about the
sub-adviser
when considering the approval of any
sub-advisory
agreement.
The Contract Review Committee was assisted throughout the
contract review process by Goodwin Procter LLP, legal counsel
for the Independent Trustees. The members of the Contract Review
Committee relied upon the advice of such counsel and their own
business judgment in determining the material factors to be
considered in evaluating each advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each advisory and
sub-advisory
agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each
member of the Contract Review Committee may have placed varying
emphasis on particular factors in reaching conclusions with
respect to each advisory and
sub-advisory
agreement.
Results
of the Process
Based on its consideration of the foregoing, and such other
information as it deemed relevant, including the factors and
conclusions described below, the Contract Review Committee
concluded that the continuance of the investment advisory
agreements of the following funds:
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Eaton Vance California Municipal Income Trust
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Eaton Vance Massachusetts Municipal Income Trust
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Eaton Vance Michigan Municipal Income Trust
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Eaton Vance National Municipal Income Trust (formerly, Eaton
Vance Florida Plus Municipal Income Trust)
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Eaton Vance New Jersey Municipal Income Trust
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Eaton Vance New York Municipal Income Trust
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Eaton Vance Ohio Municipal Income Trust
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Eaton Vance Pennsylvania Municipal Income Trust
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(the Funds), each with Eaton Vance Management (the
Adviser), including their fee structures, is in the
interests of shareholders and, therefore, the Contract Review
Committee recommended to the Board approval of each agreement.
The Board accepted the recommendation of the Contract Review
Committee as well as the factors considered and conclusions
reached by the Contract Review Committee with respect to each
agreement. Accordingly, the Board, including a majority of the
Independent Trustees, voted to approve continuation of the
investment advisory agreement for each Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory
agreements of the Funds, the Board evaluated the nature, extent
and quality of services provided to the Funds by the Adviser.
The Board considered the Advisers management capabilities
and investment process with respect to the types of investments
held by each Fund, including the education, experience and
number of its investment professionals and other personnel who
provide portfolio management, investment research, and similar
services to the Funds, and recent changes in the identity of
such personnel with respect to certain Funds. In particular, the
Board evaluated, where relevant, the abilities and experience of
such investment personnel in analyzing factors such as credit
risk, tax efficiency, and special considerations relevant to
investing in municipal bonds. The Board considered the
Advisers large municipal bond team, which includes
portfolio managers and credit specialists who provide services
to the Funds. The Board also took into account the resources
dedicated to portfolio management and other services, including
the compensation paid to recruit and retain investment
personnel, and the time and attention devoted to each Fund by
senior management.
The Board also reviewed the compliance programs of the Adviser
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory
authorities such as the Securities and Exchange Commission.
79
Eaton Vance
Municipal Income
Trusts
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENTS
CONTD
The Board also considered shareholder and other administrative
services provided or managed by Eaton Vance Management and its
affiliates, including transfer agency and accounting services.
The Board evaluated the benefits to shareholders of investing in
a fund that is a part of a large family of funds, including the
ability, in many cases, to exchange an investment among
different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the respective investment advisory
agreements.
Fund Performance
The Board compared each Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider and appropriate benchmark indices. The
Board reviewed comparative performance data for the
one-,
three-,
and
five-year periods ended September 30, 2007 for each Fund in
operation over such periods. The Board concluded that the
performance of each Fund was satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates,
including any administrative fee rates, payable by each Fund
(referred to collectively as management fees). The
Board considered the financial resources committed by the
Adviser in structuring each Fund at the time of its initial
public offering. As part of its review, the Board considered
each Funds management fees and total expense ratio for the
year ended September 30, 2007, as compared to a group of
similarly managed funds selected by an independent data
provider. The Board considered the fact that the Adviser had
waived fees
and/or
paid
expenses for each Fund.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded with respect to each Fund that the
management fees charged to the Fund for advisory and related
services and the total expense ratio of the Fund are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
in providing investment advisory and administrative services to
each Fund and to all Eaton Vance Funds as a group. The Board
considered the level of profits realized with and without regard
to revenue sharing or other payments by the Adviser and its
affiliates to third parties in respect of distribution services.
The Board also considered other direct or indirect benefits
received by the Adviser in connection with its relationship with
the Funds.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the
profits realized by the Adviser and its affiliates are
reasonable.
Economies
of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates,
on the one hand, and each Fund, on the other hand, can expect to
realize benefits from economies of scale as the assets of the
Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from the economies
of scale with respect to the management of any specific fund or
group of funds. The Board also considered the fact that the
Funds are not continuously offered and concluded that, in light
of the level of the Advisers profits with respect to each
Fund, the implementation of breakpoints in the advisory fee
schedule is not appropriate at this time. Based upon the
foregoing, the Board concluded that the benefits from economies
of scale are currently being shared equitably by the Adviser and
its affiliates and each Fund.
80
Eaton Vance
Municipal Income Trusts
MANAGEMENT AND ORGANIZATION
Fund Management.
The Trustees and officers of
Eaton Vance California Municipal Income Trust (CEV), Eaton Vance
Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan
Municipal Income Trust (EMI), Eaton Vance National Municipal
Income Trust (FEV), 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 EVC. Each
officer affiliated with Eaton Vance may hold a position with
other Eaton Vance affiliates that is comparable to his or her
position with EVM listed below.
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Term of
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Number of
Portfolios
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Position(s)
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Office and
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in Fund
Complex
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Name and
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with the
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Length of
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Principal
Occupation(s)
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Overseen By
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Date of
Birth
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Trusts
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Service
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During Past Five
Years
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Trustee
(1)
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Other
Directorships Held
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Interested
Trustee
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Thomas E. Faust Jr.
5/31/58
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Class II
Trustee
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Until 2010.
3 years. Trustee
since 2007.
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Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee
and/or
Officer of 173 registered investment companies and 4 private
companies managed by EVM or BMR. Mr. Faust is an interested
person because of his positions with EVM, BMR, EVD, EVC and EV,
which are affiliates of the Trusts.
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173
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Director of EVC
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Noninterested
Trustees
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Benjamin C. Esty
(A)
1/2/63
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Class I
Trustee
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Until 2009.
3 years. Trustee
since 2006.
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Roy and Elizabeth Simmons Professor of Business Administration,
Harvard University Graduate School of Business Administration.
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173
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None
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Allen R. Freedman
4/3/40
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Class II
Trustee
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Until 2010.
3 years. Trustee
since 2007.
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Former Chairman (2002-2004) and a Director (1983-2004) of
Systems & Computer Technology Corp. (provider of software
to higher education). Formerly, a Director of Loring Ward
International (fund distributor) (2005-2007). Formerly, Chairman
and a Director of Indus International, Inc. (provider of
enterprise management software to the power generating industry)
(2005-2007).
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173
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Director of Assurant, Inc. (insurance provider) and Stonemor
Partners L.P. (owner and operator of cemeteries)
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William H. Park
9/19/47
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Class III
Trustee
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Until 2011.
3 years. Trustee
since 2003.
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Vice Chairman, Commercial Industrial Finance Corp. (specialty
finance company) (since 2006). Formerly, President and Chief
Executive Officer, Prizm Capital Management, LLC (investment
management firm) (2002-2005).
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173
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None
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Ronald A. Pearlman
7/10/40
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Class I
Trustee
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Until 2009.
3 years. Trustee
since 2003.
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Professor of Law, Georgetown University Law Center.
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173
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None
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Helen Frame Peters
3/22/48
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Class III
Trustee
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Until 2011.
3 years. Trustee
since 2008.
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Professor of Finance, Carroll School of Management, Boston
College (since 2003). Adjunct Professor of Finance, Peking
University, Beijing, China (since 2005). Formerly, Dean, Carroll
School of Management, Boston College (2000-2003).
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173
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Director of Federal Home Loan Bank of Boston (a bank for banks)
and BJs Wholesale Clubs (wholesale club retailer); Trustee
of SPDR Index Shares Funds and SPDR Series Trust (exchange
traded funds)
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Heidi L. Steiger
7/8/53
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Class III
Trustee
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Until 2011.
3 years. Trustee
since 2007.
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Managing Partner, Topridge Associates LLC (global wealth
management firm) (since 2008); Senior Advisor (since 2008),
President (2005-2008), Lowenhaupt Global Advisors, LLC (global
wealth management firm). Formerly, President and Contributing
Editor, Worth Magazine (2004-2005). Formerly, Executive Vice
President and Global Head of Private Asset Management (and
various other positions), Neuberger Berman (investment firm)
(1986-2004).
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173
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Director of Nuclear Electric Insurance Ltd. (nuclear insurance
provider) and Aviva USA (insurance provider)
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81
Eaton Vance
Municipal Income
Trusts
MANAGEMENT AND
ORGANIZATION
CONTD
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Term of
|
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Number of
Portfolios
|
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Position(s)
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Office and
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in Fund
Complex
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Name and
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with the
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Length of
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Principal
Occupation(s)
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Overseen By
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Date of
Birth
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Trusts
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Service
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During Past Five
Years
|
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Trustee
(1)
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Other
Directorships Held
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Noninterested
Trustees (continued)
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Lynn A. Stout
9/14/57
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Class I Trustee
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Until 2009.
3 years. Trustee
since 1998.
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Paul Hastings Professor of Corporate and Securities Law (since
2006) and Professor of Law (2001-2006), University of California
at Los Angeles School of Law.
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173
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None
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Ralph F.
Verni
(A)
1/26/43
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Chairman of
the Board
and
Class II Trustee
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Until 2010.
3 years. Trustee
since 2006;
Chairman of the
Board since
2007.
|
|
Consultant and private investor.
|
|
|
173
|
|
|
None
|
Principal Officers
who are not Trustees
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
Date of
Birth
|
|
Trusts
|
|
Service
|
|
During Past Five
Years
|
|
|
|
|
|
|
|
|
|
Cynthia J. Clemson
3/2/63
|
|
President of CEV, EMI, FEV, EVY, EVO and EVP; Vice President of
MMV and EVJ
|
|
President since 2005 and Vice President since 2004
|
|
Vice President of EVM and BMR. Officer of 90 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Robert B. MacIntosh
1/22/57
|
|
President of MMV and EVJ; Vice President of CEV, EMI, FEV, EVY,
EVO and EVP
|
|
President since 2005 and Vice President since 1998
|
|
Vice President of EVM and BMR. Officer of 90 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 of EVO since 2005
|
|
Vice President of EVM and BMR. Officer of 75 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Craig R. Brandon
12/21/66
|
|
Vice President of EVY
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 44 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Thomas M. Metzold
8/3/58
|
|
Vice President of FEV
|
|
Vice President of FEV since 2008 and of EVP since 2005
|
|
Vice President of EVM and BMR. Officer of 44 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Adam A. Weigold
3/22/75
|
|
Vice President of EVP
|
|
Since 2007
|
|
Vice President of EVM and BMR. Officer of 71 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Barbara E. Campbell
6/19/57
|
|
Treasurer
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Maureen A. Gemma
5/24/60
|
|
Secretary and Chief legal Officer
|
|
Secretary since 2007 and Chief Legal Officer since 2008
|
|
Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Paul M. ONeil
7/11/53
|
|
Chief Compliance Officer
|
|
Since 2004
|
|
Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.
|
|
|
|
(1)
|
|
Includes both master and feeder funds in a master-feeder
structure.
|
|
(A)
|
|
APS Trustee.
|
82
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment
Adviser and Administrator of Eaton Vance Municipal Income
Trusts
Eaton Vance
Management
The Eaton Vance
Building
255 State Street
Boston, MA 02109
State Street
Bank and Trust Company
200 Clarendon
Street
Boston, MA 02116
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Independent
Registered Public Accounting Firm
Deloitte &
Touche LLP
200 Berkeley Street
Boston, MA
02116-5022
Eaton
Vance Municipal Income Trusts
The Eaton Vance
Building
255 State
Street
Boston, MA
02109
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 registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive
Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a
holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
The following table presents the aggregate fees billed to the registrant for the fiscal years ended
November 30, 2007 and November 30, 2008 by the registrants principal accountant for professional
services rendered for the audit of the registrants annual financial statements and fees billed for
other services rendered by the principal accountant during those periods.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended
|
|
11/30/2007
|
|
|
11/30/2008
|
|
|
Audit Fees
|
|
$
|
26,680
|
|
|
$
|
26,890
|
|
|
Audit-Related Fees
(1)
|
|
$
|
3,785
|
|
|
$
|
3,915
|
|
|
Tax Fees
(2)
|
|
$
|
6,883
|
|
|
$
|
7,130
|
|
|
All Other Fees
(3)
|
|
$
|
0
|
|
|
$
|
56
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
37,348
|
|
|
$
|
37,476
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 registrants 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 principal accountant other than audit, audit-related, and tax services.
|
(e)(1)
|
|
The registrants audit committee has adopted policies and procedures relating to the
pre-approval of services provided by the registrants 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 registrants audit committee at least annually. The registrants
audit committee maintains full responsibility for the appointment, compensation, and oversight of
the work of the registrants principal accountant.
|
(e)(2)
|
|
No services described in paragraphs (b)-(d) above were approved by the registrants 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 registrants principal accountant for the
registrants fiscal years ended November 30, 2007 and November 30, 2008; 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 registrants principal accountant for the same time periods, respectively.
|
|
|
|
|
|
|
|
|
|
Fiscal Years Ended
|
|
11/30/2007
|
|
11/30/2008
|
|
Registrant
|
|
$
|
10,668
|
|
|
$
|
11,045
|
|
|
Eaton Vance
(1)
|
|
$
|
286,446
|
|
|
$
|
345,473
|
|
|
|
|
(1)
|
|
Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrants investment
adviser and administrator.
|
|
(h)
|
|
The registrants audit committee has considered whether the provision by the registrants
principal accountant of non-audit services to the registrants 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 accountants 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. William H. Park
(Chair), Lynn A. Stout, Heidi L. Steiger and Ralph E. Verni are the members of the registrants
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 Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds 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 Funds 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 Boards Special Committee except as contemplated under the Fund
Policy. The Boards Special Committee will instruct the investment adviser on the appropriate
course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy voting
service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist
in the voting of proxies through the provision of vote analysis, implementation and recordkeeping
and disclosure services. The investment adviser will generally vote proxies through the Agent.
The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant
to the Policies. It is generally the policy of the investment adviser to vote in accordance with
the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating
to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers
contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover
measures and other proposals designed to limit the ability of shareholders to act on possible
transactions, except in the case of closed-end management investment companies. The investment
adviser generally supports management on social and environmental proposals. The investment
adviser may abstain from voting from time to time where it determines that the costs associated
with voting a proxy outweighs the benefits derived from exercising the right to vote or the
economic effect on shareholders interests or the value of the portfolio holding is indeterminable
or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds 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 advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that list to the personal of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a material conflict does exist, the
investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at
http://www.sec.gov
.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
California, Florida Plus, Massachusetts, Michigan, New York, New Jersey, Ohio and Pennsylvania Municipal Income Trusts
Portfolio Management
Cynthia J. Clemson, portfolio manager of Eaton Vance California Municipal Income Trust, Robert B.
MacIntosh, portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance
New Jersey Municipal Income Trust, William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan
Municipal Income Trust and Eaton Vance Insured Ohio Municipal Income Trust, Craig R. Brandon,
portfolio manager of Eaton Vance New York Municipal Income Trust, Thomas M. Metzold, portfolio
manager of Eaton Vance Florida Plus Municipal Income Trust and Adam A. Weigold, portfolio manager
of Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day
management of each Funds investments.
Ms. Clemson and Mr. MacIntosh have been Eaton Vance portfolio managers since 1991 and are each
co-Directors of Municipal Investments and Vice Presidents of EVM and Boston Management and
Research, an Eaton Vance subsidiary (BMR). Mr. Ahern has been an Eaton Vance portfolio manager
since 1993 and is a Vice President of EVM and BMR. Mr. Brandon has been an Eaton Vance analyst
since 1998 and a portfolio manager since 2004, and is a Vice President of EVM and BMR. Mr. Metzold
has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and BMR. Mr.
Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007.
He is a Vice President of EVM and BMR. This information is provided as of the date of filing of
this report.
The following tables show, as of each Funds most recent fiscal year end, the number of accounts
each portfolio manager managed in each of the listed categories and the total assets in the
accounts managed within each category. The table also shows the number of accounts with respect to
which the advisory fee is based on the performance of the account, if any, and the total assets in
those accounts.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Number
|
|
|
|
|
|
Accounts
|
|
Total Assets of
|
|
|
of All
|
|
Total Assets of
|
|
Paying a
|
|
Accounts Paying a
|
|
|
Accounts
|
|
All Accounts*
|
|
Performance Fee
|
|
Performance Fee*
|
California Municipal Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cynthia J. Clemson
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
8
|
|
|
$
|
2,262.6
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Accounts
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
|
Massachusetts Municipal Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey Municipal Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert B. MacIntosh
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
10
|
|
|
$
|
1,953.0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Accounts
|
|
|
328
|
|
|
$
|
277.5
|
|
|
|
0
|
|
|
$
|
0
|
|
|
Michigan Municipal Income
Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Municipal Income
Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
William H. Ahern
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
14
|
|
|
$
|
1,619.8
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
|
|
|
|
|
Number
|
|
|
|
|
|
Accounts
|
|
Total Assets of
|
|
|
of All
|
|
Total Assets of
|
|
Paying a
|
|
Accounts Paying a
|
|
|
Accounts
|
|
All Accounts*
|
|
Performance Fee
|
|
Performance Fee*
|
Other Accounts
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
New York Municipal Income
Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Craig R. Brandon
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
12
|
|
|
$
|
1178.4
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Accounts
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
|
Florida Plus Municipal
Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas M. Metzold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
7
|
|
|
$
|
5,911.4
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Accounts
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
|
Pennsylvania Municipal
Income Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adam A. Weigold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies
|
|
|
12
|
|
|
$
|
856.2
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Pooled Investment Vehicles
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
Other Accounts
|
|
|
0
|
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
0
|
|
|
|
|
*
|
|
In millions of dollars.
|
The following table shows the dollar range of Fund shares beneficially owned by each portfolio
manager as of each Funds most recent fiscal year end.
|
|
|
|
|
|
|
Dollar Range of
|
|
|
Equity Securities
|
|
|
Owned in the
|
|
|
Fund
|
California Municipal Income Trust
|
|
None
|
Cynthia J. Clemson
|
|
|
|
|
|
Massachusetts Municipal Income Trust
|
|
$
|
10,001 - $50,000
|
|
New Jersey Municipal Income Trust
|
|
None
|
Robert B. MacIntosh
|
|
|
|
|
|
Michigan Municipal Income Trust
|
|
None
|
Ohio Municipal Income Trust
|
|
None
|
William H. Ahern, Jr.
|
|
|
|
|
|
New York Municipal Income Trust
|
|
None
|
Craig R. Brandon
|
|
|
|
|
|
Florida Plus Municipal Income Trust
|
|
None
|
Thomas M. Metzold
|
|
|
|
|
|
Pennsylvania Municipal Income Trust
|
|
None
|
Adam A. Weigold
|
|
|
|
|
Potential for Conflicts of Interest
. It is possible that conflicts of interest may arise in
connection with a portfolio managers management of the Funds investments on the one hand and
investments of other accounts for which a portfolio manager is responsible on the other. For
example, a portfolio manager may have conflicts of interest in allocating management time,
resources and investment opportunities among the Fund and other accounts he or she advises. In
addition, due to differences in the investment strategies or restrictions between the Fund and the
other accounts, a portfolio manager may take action with respect to another account that differs
from the action taken with respect to the Fund. In some cases, another account managed by a
portfolio manager may compensate the investment adviser or sub-adviser based on the performance of
the securities held by that account. The existence of such a performance based fee may create
additional conflicts of interest for a portfolio manager in the allocation of management time,
resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager
will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to
all interested persons. EVM has adopted several policies and procedures designed to address these
potential conflicts including: a code of ethics; and policies which govern the investment
advisers trading practices, including among other things the aggregation and allocation of trades
among clients, brokerage allocation, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has three primary
components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation
consisting of options to purchase shares of EVCs nonvoting common stock and/or restricted shares
of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement,
insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs
investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based
compensation awards, and adjustments in base salary are typically paid or put into effect at or
shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation
. EVM compensates its portfolio managers based primarily on the
scale and complexity of their portfolio responsibilities and the total return performance of
managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally
based on periods ending on the September 30th preceding fiscal year end. Fund performance is
normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or
Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by
EVMs management not to provide a fair comparison, performance may instead be evaluated primarily
against a custom peer group. In evaluating the performance of a fund and its manager, primary
emphasis is normally placed on three-year performance, with secondary consideration of performance
over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of
after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated
on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute
performance, consideration may also be given to risk-adjusted performance. For funds with an
investment objective other than total return (such as current income), consideration will also be
given to the funds success in achieving its objective. For managers responsible for multiple
funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or
weighted averages among managed funds and accounts. Funds and accounts that have performance-based
advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager
performance.
The compensation of portfolio managers with other job responsibilities (such as heading an
investment group or providing analytical support to other portfolios) will include consideration of
the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and
performance, and competitive with other firms within the investment management industry. EVM
participates in investment-industry compensation surveys and utilizes survey data as a factor in
determining salary, bonus and stock-based compensation levels for portfolio managers and other
investment professionals. Salaries, bonuses and stock-based compensation are also influenced by
the operating performance of EVM and its parent company. The overall annual cash bonus pool is
based on a substantially fixed percentage of pre-bonus operating income. While the salaries of
EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may
fluctuate significantly from year to year, based on changes in manager
performance and other
factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based
compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal financial
officer that the effectiveness of the registrants 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
Commissions rules and forms and that the information required to be disclosed by the registrant
has been accumulated and communicated to the registrants principal executive officer and principal
financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrants 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 registrants internal control over financial
reporting.
Item 12. Exhibits
(a)(1) Registrants Code of Ethics Not applicable (please see Item 2).
(a)(2)(i) Treasurers Section 302 certification.
(a)(2)(ii) Presidents 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 National Municipal Income Trust
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By:
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/s/ Cynthia J. Clemson
Cynthia J. Clemson
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President
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Date:
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January 20, 2009
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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.
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By:
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/s/ Barbara E. Campbell
Barbara E. Campbell
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Treasurer
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Date:
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January 20, 2009
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By:
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/s/ Cynthia J. Clemson
Cynthia J. Clemson
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President
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Date:
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January 20, 2009
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Eaton Vance FL Sbi (AMEX:FEV)
過去 株価チャート
から 5 2024 まで 6 2024
Eaton Vance FL Sbi (AMEX:FEV)
過去 株価チャート
から 6 2023 まで 6 2024