Eaton Vance Municipals Trust NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-04409

Eaton Vance Municipals Trust

(Exact Name of registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)

Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)

(617) 482-8260

(registrant’s Telephone Number)

August 31

Date of Fiscal Year End

February 28, 2010

Date of Reporting Period

TABLE OF CONTENTS


	Item 1. Reports to Stockholders
	Item 2. Code of Ethics
	Item 3. Audit Committee Financial Expert
	Item 4. Principal Accountant Fees and Services
	Item 5. Audit Committee of Listed registrants
	Item 6. Schedule of Investments
	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
	Item 8. Portfolio Managers of Closed-End Management Investment Companies
	Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
	Item 10. Submission of Matters to a Vote of Security Holders
	Item 11. Controls and Procedures
	Item 12. Exhibits
Signatures
EX-99.CERT Section 302 Certification
EX-99.906CERT Section 906 Certification

Item 1. Reports to Stockholders

S e m i a n n u a l R e p o r t F e b r u a r y 2 8 , 2 0 1 0 Alabama Arkansas EATON VANCE MUNICIPALS Georgia TRUSTKentucky Louisiana Maryland Missouri North Carolina Oregon South Carolina Tennessee Virginia

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

Eaton Vance Municipal Income Funds as of February 28, 2010

TABLE OF CONTENTS


Investment Update			2

Performance Information and Portfolio Composition
Alabama			3
Arkansas			5
Georgia			7
Kentucky			9
Louisiana			11
Maryland			13
Missouri			15
North Carolina			17
Oregon			19
South Carolina			21
Tennessee			23
Virginia			25

Fund Expenses			27

Financial Statements			34

Board of Trustees’ Annual Approval of the Investment Advisory Agreements			145

Officers and Trustees			149

Eaton Vance Municipal Income Funds as of February 28, 2010

INVESTMENT UPDATE

Economic and Market Conditions

During the six months ending February 28, 2010, the U.S. economy and the capital markets remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. After contracting in the first two quarters of 2009—declining at annualized rates of 6.4% and 0.7%, respectively—the U.S. economy grew at annualized rates of 2.2% and 5.7% in the third and fourth quarters, respectively, according to the U.S. Department of Commerce.

During the six-month period, the municipal bond market continued to post solid positive performance, driven by demand from investors seeking tax-free income. The Funds’ primary benchmark, the Barclays Capital Municipal Bond Index (the Index)—a broad-based, unmanaged index of municipal bonds—gained 4.13% for the period.¹

The appetite for municipal bonds continued to be buoyed by provisions in the American Recovery and Reinvestment Act of 2009 aimed at supporting the municipal market. The new Build America Bond program gave municipal issuers broader access to the taxable debt markets, providing the potential for lower net borrowing costs and reducing the supply of traditional tax-exempt bonds. The federal stimulus program also provided direct cash subsidies to municipalities that were facing record budget deficits. The result of these events was a rally in the latter half of 2009 for the sector as yields fell and prices rose across the yield curve. In the first two months of 2010, the market has been relatively unchanged.

Management Discussion

During the six months ending February 28, 2010, the Funds’ Class A shares at net asset value outperformed the Index and the average return of their respective Lipper peer groups.¹ Given the significant price movement at the longer end of the municipal yield curve, management’s bias toward longer maturities was the basis for much of the Funds’ outperformance during the period. Investing across the credit spectrum and making higher allocations to revenue bonds also contributed positively to relative performance.

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

The Funds generally invest 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. Longer-maturity bonds outperformed shorter maturities during the first 4 months of the period, thus providing the basis for much of the Funds’ outperformance of the Index.

Management employed leverage in some of the Funds, through which additional exposure to the municipal market was achieved. Leverage has the impact of magnifying a Fund’s exposure to its underlying investments in both up and down markets.²

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

As of February 19, 2010, Thomas M. Metzold became the portfolio manager of Eaton Vance Louisiana Municipal Income Fund. Mr. Metzold is a Vice President and Co-Director of Municipal Investments of Eaton Vance Management (EVM). He has been a portfolio manager of Eaton Vance municipal income funds since 1991.

Effective December 1, 2009, each Fund changed its name from Eaton Vance [State] Municipals Fund to Eaton Vance [State] Municipal Income Fund.


¹		It is not possible to invest directly in an Index or a Lipper classification. The Index’s total return does not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. The Lipper total returns are the average total returns, at net asset value, of the funds that are in the same Lipper Classification as the Funds.

²		Certain Funds employ residual interest bond (RIB) financing. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value). See Note 1I to the financial statements for more information on RIB investments.

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 Funds’ current or future investments and may change due to active management.

Eaton Vance Alabama Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

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


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	ETALX			EVALX			ECALX			EIALX

Average Annual Total Returns (at net asset value)
Six Months		5.60	%		5.12	%		5.21	%		5.70	%
One Year		14.28			13.43			13.53			14.61
Five Years		4.00			3.21			N.A.			N.A.
10 Years		5.42			4.64			N.A.			N.A.
Life of Fund†		4.60			4.66			3.14			8.06

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.62	%		0.12	%		4.21	%		5.70	%
One Year		8.83			8.43			12.53			14.61
Five Years		2.99			2.86			N.A.			N.A.
10 Years		4.90			4.64			N.A.			N.A.
Life of Fund†		4.28			4.66			3.14			8.06


†		Inception dates: Class A: 12/7/93; Class B: 5/1/92; Class C: 3/21/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		0.85	%		1.60	%		1.60	%		0.65	%

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Fund performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. Bond values decline as interest rates rise. For performance as of the most recent month end, please refer to www.eatonvance.com.


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.15	%		3.45	%		3.45	%		4.33	%
Taxable-Equivalent Distribution Rate^3,4		6.72			5.59			5.59			7.01
SEC 30-day Yield⁵		3.27			2.69			2.71			3.63
Taxable-Equivalent SEC 30-day Yield^4,5		5.30			4.36			4.39			5.88

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.05% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.25% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Alabama Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		25.7	%
AA		20.4	%
A		31.6	%
BBB		8.0	%
BB		1.0	%
CCC		1.6	%
Not Rated		11.7	%

Fund Statistics²

• Number of Issues:		60
• Average Maturity:	20.4		years
• Average Effective Maturity:	11.6		years
• Average Call Protection:	6.8		years
• Average Dollar Price:	$	101.09
• RIB Leverage³:		2.2	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Arkansas Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETARX			EVARX			ECARX

Average Annual Total Returns (at net asset value)
Six Months		5.39	%		5.00	%		5.00	%
One Year		15.07			14.21			14.21
Five Years		2.98			2.20			N.A.
10 Years		4.81			4.05			N.A.
Life of Fund†		4.38			4.26			1.91

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.41	%		0.00	%		4.00	%
One Year		9.66			9.21			13.21
Five Years		1.99			1.85			N.A.
10 Years		4.30			4.05			N.A.
Life of Fund†		4.06			4.26			1.91


^†		Inception dates: Class A: 2/9/94; Class B: 10/2/92; Class C: 4/28/06


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.83	%		1.58	%		1.58	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		4.08	%		3.37	%		3.37	%
Taxable-Equivalent Distribution Rate^3,4		6.75			5.57			5.57
SEC 30-day Yield⁵		3.52			2.94			2.94
Taxable-Equivalent SEC 30-day Yield^4,5		5.82			4.86			4.86

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. Includes interest expense of 0.05% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 39.55% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Arkansas Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		12.5	%
AA		27.4	%
A		47.2	%
BBB		5.5	%
BB		0.6	%
CCC		1.2	%
Not Rated		5.6	%

Fund Statistics²

• Number of Issues:		92
• Average Maturity:	20.5		years
• Average Effective Maturity:	11.6		years
• Average Call Protection:	7.9		years
• Average Dollar Price:	$	96.29
• RIB Leverage³:		0.8	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Georgia Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	ETGAX			EVGAX			ECGAX			EIGAX

Average Annual Total Returns (at net asset value)
Six Months		5.46	%		5.11	%		5.11	%		5.67	%
One Year		15.04			14.17			14.16			15.36
Five Years		2.99			2.23			N.A.			N.A.
10 Years		5.13			4.36			N.A.			N.A.
Life of Fund†		4.16			4.18			2.16			7.50

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.49	%		0.11	%		4.11	%		5.67	%
One Year		9.55			9.17			13.16			15.36
Five Years		2.00			1.89			N.A.			N.A.
10 Years		4.62			4.36			N.A.			N.A.
Life of Fund†		3.85			4.18			2.16			7.50


^†		Inception dates: Class A: 12/7/93; Class B: 12/23/91; Class C: 4/25/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		1.01	%		1.75	%		1.75	%		0.80	%


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.40	%		3.70	%		3.71	%		4.58	%
Taxable-Equivalent Distribution Rate^3,4		7.20			6.06			6.07			7.50
SEC 30-day Yield⁵		4.01			3.46			3.45			4.41
Taxable-Equivalent SEC 30-day Yield^4,5		6.56			5.66			5.65			7.22

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)


Lipper Georgia Municipal Debt Funds Classification


Six Months	4.37	%
One Year	11.27
Five Years	3.27
10 Years	4.92

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.18% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.90% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. 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 Georgia Municipal Debt Funds Classification contained 18, 18, 15 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Georgia Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments

^* The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		25.2	%
AA		41.0	%
A		24.8	%
BBB		6.1	%
BB		0.9	%
CCC		1.1	%
Not Rated		0.9	%

Fund Statistics²

• Number of Issues:		82
• Average Maturity:	22.4		years
• Average Effective Maturity:	13.2		years
• Average Call Protection:	9.5		years
• Average Dollar Price:	$	101.82
• RIB Leverage³:		8.4	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Kentucky Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETKYX			EVKYX			ECKYX

Average Annual Total Returns (at net asset value)
Six Months		6.41	%		6.06	%		5.94	%
One Year		13.90			13.11			13.11
Five Years		3.31			2.53			N.A.
10 Years		4.50			3.75			N.A.
Life of Fund†		4.11			4.15			2.44

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		1.35	%		1.06	%		4.94	%
One Year		8.50			8.11			12.11
Five Years		2.32			2.19			N.A.
10 Years		4.00			3.75			N.A.
Life of Fund†		3.80			4.15			2.44


^†		Inception dates: Class A: 12/7/93; Class B: 12/23/91; Class C: 3/23/06


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.78	%		1.53	%		1.53	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		4.27	%		3.56	%		3.56	%
Taxable-Equivalent Distribution Rate^3,4		6.99			5.83			5.83
SEC 30-day Yield⁵		3.69			3.13			3.13
Taxable-Equivalent SEC 30-day Yield^4,5		6.04			5.12			5.12

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.90% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. 5 The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Kentucky Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution¹

By total investments


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

Fund Statistics


• Number of Issues:		56
• Average Maturity:	18.6		years
• Average Effective Maturity:	10.3		years
• Average Call Protection:	6.7		years
• Average Dollar Price:	$	93.89

Eaton Vance Louisiana Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Thomas M. Metzold, CFA


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETLAX			EVLAX			ELACX

Average Annual Total Returns (at net asset value)
Six Months		6.03	%		5.57	%		5.67	%
One Year		17.88			17.07			17.17
Five Years		3.27			2.49			N.A.
10 Years		5.44			4.66			N.A.
Life of Fund†		4.57			4.42			2.34

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.95	%		0.57	%		4.67	%
One Year		12.31			12.07			16.17
Five Years		2.27			2.15			N.A.
10 Years		4.92			4.66			N.A.
Life of Fund†		4.25			4.42			2.34


^†		Inception dates: Class A: 2/14/94; Class B: 10/2/92; Class C: 12/4/07


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.80	%		1.55	%		1.54	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		4.51	%		3.83	%		3.82	%
Taxable-Equivalent Distribution Rate^3,4		7.38			6.27			6.25
SEC 30-day Yield⁵		4.29			3.74			3.75
Taxable-Equivalent SEC 30-day Yield^4,5		7.02			6.12			6.14

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. Includes interest expense of 0.04% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.90% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Louisiana Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		30.9	%
AA		16.3	%
A		19.8	%
BBB		24.7	%
Not Rated		8.3	%

Fund Statistics²

• Number of Issues:		53
• Average Maturity:	24.1		years
• Average Effective Maturity:	17.1		years
• Average Call Protection:	7.4		years
• Average Dollar Price:	$	95.59
• RIB Leverage³:		0.8	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Maryland Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Craig R. Brandon, CFA


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	ETMDX			EVMYX			ECMDX			EIMDX

Average Annual Total Returns (at net asset value)
Six Months		5.95	%		5.60	%		5.60	%		6.15	%
One Year		17.45			16.63			16.63			17.92
Five Years		3.39			2.62			N.A.			N.A.
10 Years		4.98			4.20			N.A.			N.A.
Life of Fund†		4.22			4.28			2.52			7.56

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.94	%		0.60	%		4.60	%		6.15	%
One Year		11.86			11.63			15.63			17.92
Five Years		2.38			2.28			N.A.			N.A.
10 Years		4.47			4.20			N.A.			N.A.
Life of Fund†		3.90			4.28			2.52			7.56


^†		Inception dates: Class A: 12/10/93; Class B: 2/3/92; Class C: 5/2/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		0.92	%		1.68	%		1.67	%		0.71	%


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.34	%		3.65	%		3.65	%		4.51	%
Taxable-Equivalent Distribution Rate^3,4		7.12			5.99			5.99			7.40
SEC 30-day Yield⁵		3.57			3.00			3.00			3.95
Taxable-Equivalent SEC 30-day Yield^4,5		5.86			4.92			4.92			6.48

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)


Lipper Maryland Municipal Debt Funds Classification


Six Months	5.27	%
One Year	14.07
Five Years	3.37
10 Years	4.88

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.10% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 39.06% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. 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 Maryland Municipal Debt Funds Classification contained 35, 34, 25 and 19 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Maryland Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		25.9	%
AA		22.6	%
A		31.9	%
BBB		8.4	%
BB		1.0	%
Not Rated		10.2	%

Fund Statistics²

• Number of Issues:		78
• Average Maturity:	21.7		years
• Average Effective Maturity:	13.3		years
• Average Call Protection:	7.5		years
• Average Dollar Price:	$	101.33
• RIB Leverage³:		2.2	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Cynthia J. Clemson


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETMOX			EVMOX			ECMOX

Average Annual Total Returns (at net asset value)
Six Months		5.19	%		4.71	%		4.72	%
One Year		13.06			12.27			12.17
Five Years		2.85			2.07			N.A.
10 Years		5.11			4.32			N.A.
Life of Fund†		4.52			4.64			1.67

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.22	%		-0.29	%		3.72	%
One Year		7.69			7.27			11.17
Five Years		1.87			1.73			N.A.
10 Years		4.59			4.32			N.A.
Life of Fund†		4.21			4.64			1.67


^†		Inception dates: Class A: 12/7/93; Class B: 5/1/92; Class C: 2/16/06


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.84	%		1.59	%		1.59	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		3.85	%		3.14	%		3.14	%
Taxable-Equivalent Distribution Rate^3,4		6.30			5.14			5.14
SEC 30-day Yield⁵		3.48			2.91			2.91
Taxable-Equivalent SEC 30-day Yield^4,5		5.70			4.76			4.76

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)


Lipper Missouri Municipal Debt Funds Classification


Six Months	5.17	%
One Year	12.68
Five Years	3.31
10 Years	4.98

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. Includes interest expense of 0.04% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.90% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. 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 Missouri Municipal Debt Funds Classification contained 15, 14, 12 and 11 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		26.3	%
AA		36.3	%
A		21.1	%
BBB		9.5	%
B		1.1	%
Not Rated		5.7	%

Fund Statistics²

• Number of Issues:		92
• Average Maturity:	18.8		years
• Average Effective Maturity:	12.8		years
• Average Call Protection:	8.4		years
• Average Dollar Price:	$	97.03
• RIB Leverage³:		1.8	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance North Carolina Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Thomas M. Metzold, CFA


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	ETNCX			EVNCX			ECNCX			EINCX

Average Annual Total Returns (at net asset value)
Six Months		5.26	%		4.92	%		4.92	%		5.47	%
One Year		16.12			15.35			15.34			16.43
Five Years		3.82			3.07			N.A.			N.A.
10 Years		4.96			4.20			N.A.			N.A.
Life of Fund†		4.30			4.33			3.40			8.32

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.26	%		-0.08	%		3.92	%		5.47	%
One Year		10.58			10.35			14.34			16.43
Five Years		2.81			2.73			N.A.			N.A.
10 Years		4.46			4.20			N.A.			N.A.
Life of Fund†		3.98			4.33			3.40			8.32


^†		Inception dates: Class A: 12/7/93; Class B: 10/23/91; Class C: 5/2/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		0.93	%		1.68	%		1.68	%		0.74	%


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.48	%		3.80	%		3.80	%		4.65	%
Taxable-Equivalent Distribution Rate^3,4		7.47			6.34			6.34			7.76
SEC 30-day Yield⁵		4.11			3.57			3.56			4.52
Taxable-Equivalent SEC 30-day Yield^4,5		6.85			5.95			5.94			7.54

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)


Lipper North Carolina Municipal Debt Funds Classification


Six Months	4.74	%
One Year	13.48
Five Years	3.31
10 Years	4.77

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.11% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 40.04% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. 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 North Carolina Municipal Debt Funds Classification contained 25, 24, 18 and 16 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance North Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		31.5	%
AA		44.4	%
A		18.4	%
BBB		3.1	%
Not Rated		2.6	%

Fund Statistics²

• Number of Issues:		87
• Average Maturity:	22.3		years
• Average Effective Maturity:	12.7		years
• Average Call Protection:	9.6		years
• Average Dollar Price:	$	97.63
• RIB Leverage³:		10.5	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions.

Eaton Vance Oregon Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Thomas M. Metzold, CFA


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETORX			EVORX			ECORX

Average Annual Total Returns (at net asset value)
Six Months		5.07	%		4.67	%		4.67	%
One Year		16.50			15.62			15.60
Five Years		3.10			2.34			N.A.
10 Years		4.76			3.98			N.A.
Life of Fund†		4.19			4.31			1.83

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.13	%		-0.33	%		3.67	%
One Year		10.99			10.62			14.60
Five Years		2.11			2.00			N.A.
10 Years		4.25			3.98			N.A.
Life of Fund†		3.88			4.31			1.83


^†		Inception dates: Class A: 12/28/93; Class B: 12/24/91; Class C: 3/2/06


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.94	%		1.68	%		1.69	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		4.35	%		3.65	%		3.64	%
Taxable-Equivalent Distribution Rate^3,4		7.52			6.31			6.29
SEC 30-day Yield⁵		4.37			3.85			3.85
Taxable-Equivalent SEC 30-day Yield^4,5		7.55			6.66			6.66

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. Includes interest expense of 0.12% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 42.15% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Oregon Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA		10.9	%
AA		54.9	%
A		16.1	%
BBB		10.3	%
B		0.4	%
CCC		0.9	%
Not Rated		6.5	%

Fund Statistics²

• Number of Issues:		98
• Average Maturity:	22.7		years
• Average Effective Maturity:	16.1		years
• Average Call Protection:	12.0		years
• Average Dollar Price:	$	84.64
• RIB Leverage³:		4.3	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance South Carolina Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Thomas M. Metzold, CFA


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	EASCX			EVSCX			ECSCX			EISCX

Average Annual Total Returns (at net asset value)
Six Months		4.93	%		4.52	%		4.51	%		5.03	%
One Year		15.55			14.68			14.68			15.76
Five Years		2.78			2.00			N.A.			N.A.
10 Years		5.19			4.41			N.A.			N.A.
Life of Fund†		4.38			4.23			1.72			8.02

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		-0.02	%		-0.48	%		3.51	%		5.03	%
One Year		10.07			9.68			13.68			15.76
Five Years		1.77			1.66			N.A.			N.A.
10 Years		4.69			4.41			N.A.			N.A.
Life of Fund†		4.06			4.23			1.72			8.02


^†		Inception dates: Class A: 2/14/94; Class B: 10/2/92; Class C: 1/12/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		0.90	%		1.66	%		1.65	%		0.70	%


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.12	%		3.42	%		3.42	%		4.32	%
Taxable-Equivalent Distribution Rate^3,4		6.82			5.66			5.66			7.15
SEC 30-day Yield⁵		4.19			3.65			3.65			4.60
Taxable-Equivalent SEC 30-day Yield^4,5		6.93			6.04			6.04			7.61

Index Performance⁶ (Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷ (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.10% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 39.55% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance South Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA	23.9	%
AA	16.4	%
A	42.4	%
BBB	17.1	%
CCC	0.2	%

Fund Statistics²


• Number of Issues:	81
• Average Maturity:	22.1		years
• Average Effective Maturity:	15.2		years
• Average Call Protection:	9.8		years
• Average Dollar Price:	$	95.77
• RIB Leverage³:		5.0	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions.

Eaton Vance Tennessee Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA


Performance¹	Class A			Class B			Class C
Share Class Symbol	ETTNX			EVTNX			ECTNX

Average Annual Total Returns (at net asset value)
Six Months		5.37	%		4.94	%		4.94	%
One Year		14.93			14.05			14.06
Five Years		2.41			1.65			N.A.
10 Years		4.54			3.78			N.A.
Life of Fund†		4.20			4.22			1.48

SEC Average Annual Total Returns (including sales charge or applicable CDSC)
Six Months		0.39	%		-0.06	%		3.94	%
One Year		9.42			9.05			13.06
Five Years		1.43			1.30			N.A.
10 Years		4.04			3.78			N.A.
Life of Fund†		3.89			4.22			1.48


^†		Inception dates: Class A: 12/9/93; Class B: 8/25/92; Class C: 5/2/06


Total Annual
Operating Expenses²	Class A			Class B			Class C

Expense Ratio		0.82	%		1.57	%		1.57	%


Distribution Rates/Yields	Class A			Class B			Class C

Distribution Rate³		4.11	%		3.39	%		3.40	%
Taxable-Equivalent Distribution Rate^3,4		6.73			5.55			5.56
SEC 30-day Yield⁵		3.17			2.58			2.58
Taxable-Equivalent SEC 30-day Yield^4,5		5.19			4.22			4.22

Index Performance⁶ (Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification


Six Months	4.18	%
One Year	10.97
Five Years	3.35
10 Years	4.81

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. ² Source: Prospectus dated 1/1/10. Includes interest expense of 0.03% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.90% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification contained 127, 125, 111 and 103 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Tennessee Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA	25.1	%
AA	39.5	%
A	16.8	%
BBB	10.5	%
Not Rated	8.1	%

Fund Statistics²


•	Number of Issues:		77
•	Average Maturity:	19.6		years
•	Average Effective Maturity:	12.2		years
•	Average Call Protection:	8.1		years
•	Average Dollar Price:	$	97.73
•	RIB Leverage³:		0.5	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes.

Eaton Vance Virginia Municipal Income Fund as of February 28, 2010

PERFORMANCE INFORMATION

Portfolio Manager: Adam A. Weigold, CFA


Performance¹	Class A			Class B			Class C			Class I
Share Class Symbol	ETVAX			EVVAX			ECVAX			EVAIX

Average Annual Total Returns (at net asset value)
Six Months		5.67	%		5.30	%		5.30	%		5.88	%
One Year		18.54			17.58			17.58			18.72
Five Years		2.24			1.47			N.A.			N.A.
10 Years		4.50			3.74			N.A.			N.A.
Life of Fund†		4.05			4.27			1.13			6.55

SEC Average Annual Total Returns (including sales charge or applicable CDSC)

Six Months		0.62	%		0.30	%		4.30	%		5.88	%
One Year		12.92			12.58			16.58			18.72
Five Years		1.25			1.13			N.A.			N.A.
10 Years		4.00			3.74			N.A.			N.A.
Life of Fund†		3.74			4.27			1.13			6.55


^†		Inception dates: Class A: 12/17/93; Class B: 7/26/91; Class C: 2/8/06; Class I: 3/3/08


Total Annual
Operating Expenses²	Class A			Class B			Class C			Class I

Expense Ratio		0.95	%		1.70	%		1.71	%		0.76	%


Distribution Rates/Yields	Class A			Class B			Class C			Class I

Distribution Rate³		4.23	%		3.54	%		3.55	%		4.41	%
Taxable-Equivalent Distribution Rate^3,4		6.90			5.78			5.79			7.20
SEC 30-day Yield⁵		4.08			3.53			3.53			4.48
Taxable-Equivalent SEC 30-day Yield^4,5		6.66			5.76			5.76			7.31

Index Performance⁶(Average Annual Total Returns)


	Barclays Capital			Barclays Capital 20 Year
	Municipal Bond Index			Municipal Bond Index

Six Months		4.13	%		4.62	%
One Year		9.98			13.15
Five Years		4.50			4.50
10 Years		5.83			6.50

Lipper Averages⁷(Average Annual Total Returns)

Lipper Virginia Municipal Debt Funds Classification


Six Months	5.02	%
One Year	14.29
Five Years	3.42
10 Years	4.91

¹ Six-month returns are cumulative. Other returns are presented on an average annual basis. These returns do not include the 4.75% maximum sales charge for Class A shares or the applicable contingent deferred sales charges (CDSC) for Class B and Class C shares. If sales charges were deducted, the returns would be lower. SEC Average Annual Total Returns for Class A reflect the maximum 4.75% sales charge. SEC Average Annual Total Returns for Class B reflect the applicable CDSC based on the following schedule: 5% — 1st and 2nd years; 4% — 3rd year; 3% — 4th year; 2% - 5th year; 1% — 6th year. SEC Average Annual Total Returns for Class C reflect a 1% CDSC for the first year. Class I shares are offered at net asset value. ²Source: Prospectus dated 1/1/10. Includes interest expense of 0.12% relating to the Fund’s liability with respect to floating rate notes held by third parties in conjunction with residual interest bond transactions by the Fund. The Fund also records offsetting interest income in an amount equal to this expense relating to the municipal obligations underlying such transactions, and as a result net asset value and performance have not been affected by this expense. ³ The Fund’s distribution rate represents actual distributions paid to shareholders and is calculated by dividing the last regular distribution per share in the period (annualized) by the net asset value at the end of the period. ⁴Taxable-equivalent figures assume a maximum 38.74% combined federal and state income tax rate. A lower tax rate would result in lower tax-equivalent figures. ⁵ The Fund’s SEC yield is calculated by dividing the net investment income per share for the 30-day period by the offering price at the end of the period and annualizing the result. ⁶It 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. ⁷The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Fund. 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 Virginia Municipal Debt Funds Classification contained 30, 29, 23 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.

Eaton Vance Virginia Municipal Income Fund as of February 28, 2010

PORTFOLIO COMPOSITION

Rating Distribution*¹

By total investments


^*		The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements. Absent such securities, the Fund’s rating distribution at 2/28/10 is as follows:


AAA	21.0	%
AA	41.9	%
A	21.4	%
BBB	10.7	%
BB	1.1	%
Not Rated	3.9	%

Fund Statistics²


•	Number of Issues:		72
•	Average Maturity:	23.1		years
•	Average Effective Maturity:	15.4		years
•	Average Call Protection:	8.6		years
•	Average Dollar Price:	$	102.02
•	RIB Leverage³:		5.8	%


¹		Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Fund. 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 issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security.

²		Fund holdings information excludes securities held by special purpose vehicles in which the Fund holds a residual interest. See Note 1I to the Fund’s financial statements.

³		See Note 1l to the Fund’s financial statements. RIB leverage represents the amount of RIB Floating Rate Notes outstanding at 2/28/10 as a percentage of the Fund’s net assets plus Floating Rate Notes. Floating Rate Notes reflect the effect of RIBs purchased in secondary market transactions.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES

Example: As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2009 – February 28, 2010).

Actual Expenses: The first section of each table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of each table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual return of the Fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

Eaton Vance Alabama Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,056.00		$3.77
Class B		$1,000.00		$1,051.20		$7.58
Class C		$1,000.00		$1,052.10		$7.58
Class I		$1,000.00		$1,057.00		$2.75





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.10		$3.71
Class B		$1,000.00		$1,017.40		$7.45
Class C		$1,000.00		$1,017.40		$7.45
Class I		$1,000.00		$1,022.10		$2.71


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.74% for Class A shares, 1.49% for Class B shares, 1.49% for Class C shares and 0.54% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance Arkansas Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,053.90		$3.77
Class B		$1,000.00		$1,050.00		$7.57
Class C		$1,000.00		$1,050.00		$7.57





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.10		$3.71
Class B		$1,000.00		$1,017.40		$7.45
Class C		$1,000.00		$1,017.40		$7.45


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.74% for Class A shares, 1.49% for Class B shares and 1.49% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Georgia Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,054.60		$4.23
Class B		$1,000.00		$1,051.10		$8.04
Class C		$1,000.00		$1,051.10		$8.04
Class I		$1,000.00		$1,056.70		$3.26





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.70		$4.16
Class B		$1,000.00		$1,017.00		$7.90
Class C		$1,000.00		$1,017.00		$7.90
Class I		$1,000.00		$1,021.60		$3.21


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.83% for Class A shares, 1.58% for Class B shares, 1.58% for Class C shares and 0.64% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance Kentucky Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,064.10		$3.68
Class B		$1,000.00		$1,060.60		$7.51
Class C		$1,000.00		$1,059.40		$7.51





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.20		$3.61
Class B		$1,000.00		$1,017.50		$7.35
Class C		$1,000.00		$1,017.50		$7.35


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.72% for Class A shares, 1.47% for Class B shares and 1.47% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Louisiana Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,060.30		$3.58
Class B		$1,000.00		$1,055.70		$7.39
Class C		$1,000.00		$1,056.70		$7.39





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.30		$3.51
Class B		$1,000.00		$1,017.60		$7.25
Class C		$1,000.00		$1,017.60		$7.25


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.70% for Class A shares, 1.45% for Class B shares and 1.45% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance Maryland Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,059.50		$4.09
Class B		$1,000.00		$1,056.00		$7.90
Class C		$1,000.00		$1,056.00		$7.90
Class I		$1,000.00		$1,061.50		$3.07





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.80		$4.01
Class B		$1,000.00		$1,017.10		$7.75
Class C		$1,000.00		$1,017.10		$7.75
Class I		$1,000.00		$1,021.80		$3.01


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.80% for Class A shares, 1.55% for Class B shares, 1.55% for Class C shares and 0.60% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Missouri Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,051.90		$3.87
Class B		$1,000.00		$1,047.10		$7.66
Class C		$1,000.00		$1,047.20		$7.66





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.00		$3.81
Class B		$1,000.00		$1,017.30		$7.55
Class C		$1,000.00		$1,017.30		$7.55


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.76% for Class A shares, 1.51% for Class B shares and 1.51% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance North Carolina Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,052.60		$4.28
Class B		$1,000.00		$1,049.20		$8.08
Class C		$1,000.00		$1,049.20		$8.08
Class I		$1,000.00		$1,054.70		$3.26





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.60		$4.21
Class B		$1,000.00		$1,016.90		$7.95
Class C		$1,000.00		$1,016.90		$7.95
Class I		$1,000.00		$1,021.60		$3.21


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.84% for Class A shares, 1.59% for Class B shares, 1.59% for Class C shares and 0.64% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Oregon Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,050.70		$4.12
Class B		$1,000.00		$1,046.70		$7.92
Class C		$1,000.00		$1,046.70		$7.92





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.80		$4.06
Class B		$1,000.00		$1,017.10		$7.80
Class C		$1,000.00		$1,017.10		$7.80


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.81% for Class A shares, 1.56% for Class B shares and 1.56% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance South Carolina Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,049.30		$3.91
Class B		$1,000.00		$1,045.20		$7.71
Class C		$1,000.00		$1,045.10		$7.71
Class I		$1,000.00		$1,050.30		$2.95





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.00		$3.86
Class B		$1,000.00		$1,017.30		$7.60
Class C		$1,000.00		$1,017.30		$7.60
Class I		$1,000.00		$1,021.90		$2.91


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.77% for Class A shares, 1.52% for Class B shares, 1.52% for Class C shares and 0.58% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Tennessee Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,053.70		$3.72
Class B		$1,000.00		$1,049.40		$7.52
Class C		$1,000.00		$1,049.40		$7.47





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,021.20		$3.66
Class B		$1,000.00		$1,017.50		$7.40
Class C		$1,000.00		$1,017.50		$7.35


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.73% for Class A shares, 1.48% for Class B shares and 1.47% for Class C shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Municipal Income Funds as of February 28, 2010

FUND EXPENSES CONT’D

Eaton Vance Virginia Municipal Income Fund


	Beginning Account Value		Ending Account Value		Expenses Paid During Period*
	(9/1/09)		(2/28/10)		(9/1/09 – 2/28/10)


Actual
Class A		$1,000.00		$1,056.70		$4.08
Class B		$1,000.00		$1,053.00		$7.89
Class C		$1,000.00		$1,053.00		$7.89
Class I		$1,000.00		$1,058.80		$3.06





Hypothetical
(5% return per year before expenses)
Class A		$1,000.00		$1,020.80		$4.01
Class B		$1,000.00		$1,017.10		$7.75
Class C		$1,000.00		$1,017.10		$7.75
Class I		$1,000.00		$1,021.80		$3.01


	*	Expenses are equal to the Fund’s annualized expense ratio of 0.80% for Class A shares, 1.55% for Class B shares, 1.55% for Class C shares and 0.60% for Class I shares, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2009.

Eaton Vance Alabama Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 99.1%

Principal Amount
(000’s omitted)		Security	Value



Education — 2.8%

$	1,500	University of Alabama, 5.00%, 7/1/34	$	1,578,825


			$	1,578,825




Electric Utilities — 0.6%

$	375	Puerto Rico Electric Power Authority, 5.00%, 7/1/37	$	358,305


			$	358,305




Escrowed / Prerefunded — 2.4%

$	1,250	Huntsville, Health Care Authority, Prerefunded to 6/1/11, 5.75%, 6/1/31	$	1,346,075


			$	1,346,075




General Obligations — 9.7%

$	1,000	Auburn, 5.25%, 12/1/27	$	1,094,680
	1,125	Huntsville, 5.25%, 5/1/31		1,192,916
	1,250	Madison, 5.15%, 2/1/39		1,284,175
	1,000	Mobile, 5.00%, 2/15/27		1,047,830
	1,000	Mobile County, 4.50%, 6/1/34⁽¹⁾		961,390


			$	5,580,991




Hospital — 12.1%

$	1,740	Alabama Special Care Facilities Financing Authority, (Ascension Health), 5.00%, 11/15/39⁽²⁾	$	1,748,744
	1,500	Birmingham Special Care Facilities Financing Authority, (Children’s Hospital), 6.125%, 6/1/34		1,546,320
	400	Health Care Authority, (Baptist Health), 5.00%, 11/15/16		412,604
	750	Health Care Authority, (Baptist Health), 5.00%, 11/15/18		755,880
	400	Health Care Authority, (Baptist Health), 5.00%, 11/15/21		392,668
	1,000	Marshall County, Health Care Authority, 5.75%, 1/1/32		996,220
	1,000	University of Alabama, Hospital Revenue, 5.75%, 9/1/22		1,089,070


			$	6,941,506




Industrial Development Revenue — 4.0%

$	600	Butler Industrial Development Board, (Georgia-Pacific Corp.), (AMT), 5.75%, 9/1/28	$	544,752
	750	Phoenix County, Industrial Development Board Environmental Improvements, 6.10%, 5/15/30		675,225
	1,180	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		871,560
	250	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		223,875


			$	2,315,412




Insured-Education — 12.3%

$	1,000	Alabama State Board of Education, (Chattahoochee Valley Community College), (AGC), 5.00%, 6/1/34	$	1,029,070
	500	Alabama State University, (AGC), 4.75%, 5/1/33		504,180
	1,885	Alabama State University, (XLCA), 4.625%, 8/1/36		1,791,165
	1,250	Auburn University, (AGM), 5.00%, 6/1/38		1,276,625
	1,230	Jacksonville State University, (AGC), 5.125%, 12/1/33		1,266,211
	1,110	Montgomery, Public Educational Building Authority, (Alabama State University), (XLCA), 5.25%, 10/1/25		1,162,481


			$	7,029,732




Insured-Electric Utilities — 1.9%

$	400	Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24	$	451,356
	625	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		624,088


			$	1,075,444




Insured-Escrowed / Prerefunded — 13.6%

$	2,500	Birmingham, Waterworks and Sewer Board, (NPFG), Prerefunded to 1/1/13, 5.25%, 1/1/33	$	2,810,650
	445	Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/27		492,304
	555	Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/27		613,996
	450	Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/33		497,835
	550	Helena, Utilities Board Water and Sewer, (NPFG), Prerefunded to 4/1/12, 5.25%, 4/1/33		608,465
	2,065	Montgomery, BMC Special Care Facilities Financing Authority, (Baptist Health Montgomery), (NPFG), Prerefunded to 11/15/14, 5.15%, 11/15/27		2,388,049
	330	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		399,369


			$	7,810,668




Insured-General Obligations — 8.0%

$	2,000	Gadsden, (AMBAC), 5.125%, 8/1/28	$	2,035,980
	1,000	Homewood, (AGM), 4.25%, 9/1/31		965,770

See notes to financial statements

Eaton Vance Alabama Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-General Obligations (continued)


$	500	Mobile, (AMBAC), 5.00%, 2/15/30	$	513,215
	1,000	Pell City, (XLCA), 5.00%, 2/1/24		1,038,390


			$	4,553,355




Insured-Hospital — 2.5%

$	1,500	East Alabama, Health Care Authority, (NPFG), 5.00%, 9/1/27	$	1,457,385


			$	1,457,385




Insured-Lease Revenue / Certificates of Participation — 5.2%

$	800	Leeds, Public Educational Building Authority, (AGC), 5.125%, 4/1/33	$	815,624
	120	Mobile, Public Educational Building Authority, (AMBAC), 4.50%, 3/1/31		115,574
	500	Montgomery County, Public Building Authority, (NPFG), 5.00%, 3/1/31		513,835
	770	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		931,862
	520	Puerto Rico Public Finance Corp., (Commonwealth Appropriation), (AMBAC), 5.125%, 6/1/24⁽³⁾		589,888


			$	2,966,783




Insured-Special Tax Revenue — 4.8%

$	2,800	Alabama Public School and College Authority, (AGM), 2.50%, 12/1/27⁽⁴⁾	$	2,099,972
	1,105	Birmingham-Jefferson Civic Center Authority, (NPFG), 0.00%, 9/1/18		675,210


			$	2,775,182




Insured-Transportation — 3.4%

$	1,000	Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/16	$	739,340
	1,185	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		1,214,826


			$	1,954,166




Insured-Utilities — 1.8%

$	1,000	Foley, Utilities Board, (AGM), 4.75%, 11/1/31	$	1,003,390


			$	1,003,390




Insured-Water and Sewer — 7.8%

$	2,410	Alabama Drinking Water Finance Authority, (AMBAC), 4.00%, 8/15/28	$	2,208,813
	800	Birmingham, Waterworks and Sewer Board, (AGM), 4.50%, 1/1/35		780,080
	255	Birmingham, Waterworks and Sewer Board, (AMBAC), 4.50%, 1/1/39		233,080
	270	Limestone County, Water and Sewer Authority, (XLCA), 4.25%, 12/1/29		233,931
	1,000	Mobile Water and Sewer Commissioners, (NPFG), 5.00%, 1/1/31		1,024,360


			$	4,480,264




Lease Revenue / Certificates of Participation — 0.9%

$	500	Puerto Rico, (Guaynabo Municipal Government Center Lease), 5.625%, 7/1/22	$	500,415


			$	500,415




Other Revenue — 2.8%

$	1,500	Alabama Incentives Financing Authority, 5.00%, 9/1/29	$	1,578,870


			$	1,578,870




Special Tax Revenue — 2.5%

$	145	Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	147,217
	155	Guam, Limited Obligation Bonds, 5.75%, 12/1/34		157,415
	780	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		774,431
	325	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		352,787


			$	1,431,850



Total Tax-Exempt Investments — 99.1%
(identified cost $55,005,307)			$	56,738,618



Other Assets, Less Liabilities — 0.9%			$	517,528



Net Assets — 100.0%			$	57,256,146

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

BHAC - Berkshire Hathaway Assurance Corp.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

See notes to financial statements

Eaton Vance Alabama Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

The Fund invests primarily in debt securities issued by Alabama municipalities. In addition, 13.0% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 61.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.8% to 21.4% of total investments.


(1)		When-issued security.

(2)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

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

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

See notes to financial statements

Eaton Vance Arkansas Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 97.0%

Principal Amount
(000’s omitted)		Security	Value



Education — 0.4%

$	250	University of Arkansas, 5.00%, 12/1/29	$	261,655


			$	261,655




General Obligations — 21.8%

$	750	Arkansas, 4.75%, 6/1/29	$	797,512
	2,750	Arkansas State College Savings, 0.00%, 6/1/14		2,566,300
	1,000	Arkansas Water, Waste Disposal and Pollution Facilities, 4.875%, 7/1/43		1,020,260
	750	Benton, School District No. 8, 4.80%, 2/1/38		750,773
	1,000	Benton, School District No. 8, 4.85%, 2/1/40		1,002,720
	315	Bradford, Special School District, 4.75%, 2/1/39		317,744
	1,490	Bryant, School District No. 25, 4.75%, 2/1/39		1,499,059
	750	Conway, School District No. 1, 4.75%, 2/1/34		748,913
	1,000	Farmington, School District No. 6, 4.60%, 6/1/33		975,510
	390	Forrest City, School District No. 7, 4.50%, 2/1/32		391,856
	595	Forrest City, School District No. 7, 4.625%, 2/1/35		598,415
	1,365	Greenwood, School District No. 25, 4.20%, 12/1/26		1,370,132
	1,000	Harmony Grove, School District No. 1, 4.90%, 2/1/39		1,006,290
	350	Puerto Rico Public Buildings Authority, Government Facilities, 5.00%, 7/1/36		323,488
	500	Pulaski County, Special School District, 5.00%, 2/1/35		506,720
	875	Sheridan, School District No. 37, 4.375%, 2/1/30		875,096
	1,000	Siloam Springs, School District No. 21, 4.60%, 6/1/34		992,130


			$	15,742,918




Hospital — 0.9%

$	430	Arkansas Development Finance Authority, (White River Medical Center), 5.60%, 6/1/24	$	426,212
	250	North Little Rock, Health Facilities Board, (Baptist Health), 5.70%, 7/1/22		252,717


			$	678,929




Housing — 4.4%

$	435	Arkansas Development Finance Authority, SFMR, (GNMA), (AMT), 5.125%, 7/1/24	$	441,982
	1,175	Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 4.75%, 7/1/32		1,141,830
	860	Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 4.80%, 7/1/26		856,095
	110	Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 5.00%, 1/1/29		110,079
	210	Arkansas Development Finance Authority, SFMR, (GNMA/FNMA), (AMT), 5.05%, 7/1/31		211,359
	380	North Little Rock Residential Housing Facilities, (Parkstone Place), 6.50%, 8/1/21		375,463


			$	3,136,808




Industrial Development Revenue — 5.8%

$	400	Arkansas Development Finance Authority, Industrial Facility Revenue, (Potlatch Corp.), (AMT), 7.75%, 8/1/25	$	407,772
	2,000	Baxter, (Aeroquip Corp.), 5.80%, 10/1/13		2,249,140
	250	Pine Bluff, Environmental Improvements Revenue, (International Paper Co.), (AMT), 6.70%, 8/1/20		252,710
	1,150	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		849,401
	475	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		425,363


			$	4,184,386




Insured-Education — 13.2%

$	1,000	Arkansas State University, (AMBAC), 5.00%, 9/1/35	$	1,015,390
	1,000	Arkansas State University, (Consolidated Building System), (AMBAC), 5.00%, 4/1/24		1,071,200
	1,250	Arkansas State University, (Student Fee), (AMBAC), 5.00%, 3/1/32		1,251,538
	2,155	Pulaski Technical College, (AMBAC), 5.00%, 11/1/36		2,105,176
	1,000	University of Arkansas, (Fayetteville Campus), (AMBAC), 5.00%, 11/1/36		1,029,090
	500	University of Arkansas, (Fayetteville Campus), (FGIC), (NPFG), 5.00%, 12/1/32		507,825
	500	University of Arkansas, (Fayetteville Campus), (NPFG), 4.75%, 11/1/24		520,670
	1,000	University of Arkansas, (Pine Bluffs Campus), (AMBAC), 5.00%, 12/1/35		1,026,090
	1,000	University of Arkansas, (UAMS Campus), (NPFG), 5.00%, 11/1/34		1,022,520


			$	9,549,499




Insured-Electric Utilities — 4.4%

$	55	North Little Rock, Electric System, (NPFG), 6.50%, 7/1/10	$	55,887
	1,000	North Little Rock, Electric System, (NPFG), 6.50%, 7/1/15		1,126,750
	650	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		663,039
	550	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		549,208
	750	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		766,470


			$	3,161,354

See notes to financial statements

Eaton Vance Arkansas Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-Escrowed / Prerefunded — 1.3%

$	500	Harrison, Residential Housing Facility Board, SFMR, (FGIC), Escrowed to Maturity, 7.40%, 9/1/11	$	550,850
	400	Puerto Rico Electric Power Authority, (AGM), Prerefunded to 7/1/10, 5.25%, 7/1/29		411,056


			$	961,906




Insured-General Obligations — 2.0%

$	500	Arkansas State College Savings, (FGIC), (NPFG), 0.00%, 6/1/17	$	395,495
	500	Little Rock, School District, (AGM), 5.25%, 2/1/33		509,510
	480	Puerto Rico, (NPFG), 5.50%, 7/1/20		507,115


			$	1,412,120




Insured-Health — Miscellaneous — 1.1%

$	245	Arkansas Development Finance Authority, (Public Health Laboratory), (AMBAC), 3.90%, 12/1/24	$	245,397
	500	Arkansas Development Finance Authority, (Public Health Laboratory), (AMBAC), 5.00%, 12/1/18		530,540


			$	775,937




Insured-Hospital — 6.3%

$	1,140	Heber Springs, Hospital and Health Care Facilities Board, (Baptist Healthcare System), (CIFG), 5.00%, 5/1/26	$	1,166,676
	1,500	Pulaski County, (Children’s Hospital), (AMBAC), 5.00%, 3/1/30		1,524,570
	1,565	Pulaski County, (Children’s Hospital), (AMBAC), 5.00%, 3/1/35		1,570,493
	295	Saline County, Retirement Housing and Healthcare Facilities Board, (Evan Lutheran Good Samaritan), (AMBAC), 5.80%, 6/1/11		296,151


			$	4,557,890




Insured-Lease Revenue / Certificates of Participation — 3.7%

$	425	Arkansas Development Finance Authority, (AGM), 5.00%, 6/1/34	$	438,205
	1,000	Arkansas Development Finance Authority, SFMR, (Donaghey Plaza), (AGM), 5.00%, 6/1/29		1,043,770
	1,000	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,210,210


			$	2,692,185




Insured-Other Revenue — 4.9%

$	1,000	Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/24	$	539,490
	1,320	Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/30		486,711
	3,500	Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/36		905,485
	7,690	Arkansas Development Finance Authority, Tobacco Settlement Revenue, (AMBAC), 0.00%, 7/1/46		1,107,129
	500	University of Arkansas, Parking Revenue, (NPFG), 5.00%, 7/1/29		510,600


			$	3,549,415




Insured-Special Tax Revenue — 4.8%

$	405	Bentonville Sales and Use Tax Revenue, (AMBAC), 4.375%, 11/1/27	$	406,948
	1,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		1,005,490
	1,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		103,640
	4,465	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		257,675
	1,070	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		132,220
	7,480	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		859,452
	1,695	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		182,196
	535	Springdale Sales and Use Tax Revenue, (AGM), 4.00%, 7/1/27		523,374


			$	3,470,995




Insured-Transportation — 1.7%

$	1,200	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾	$	1,233,684


			$	1,233,684




Insured-Utilities — 2.0%

$	1,435	Benton, Utilities Revenue, (AMBAC), 5.00%, 9/1/36	$	1,437,511


			$	1,437,511




Insured-Water and Sewer — 9.7%

$	515	Arkansas Community Water System, Public Water Authority, (NPFG), 5.00%, 10/1/33	$	518,837
	500	Arkansas Community Water System, Public Water Authority, (NPFG), 5.00%, 10/1/42		501,785
	500	Conway, Water Revenue, (FGIC), (NPFG), 5.125%, 12/1/23		504,955
	1,145	Fort Smith, Water and Sewer, (AGM), 5.00%, 10/1/23		1,198,826
	500	Fort Smith, Water and Sewer, (AGM), 5.00%, 10/1/32		522,355

See notes to financial statements

Eaton Vance Arkansas Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Water and Sewer (continued)


$	1,000	Little Rock, Sewer Revenue, (AGM), 4.75%, 6/1/37	$	998,410
	450	Little Rock, Sewer Revenue, (AGM), 5.00%, 6/1/31		465,188
	750	Little Rock, Sewer Revenue, (AGM), 5.00%, 10/1/32		773,385
	500	Rogers, Sewer Revenue, (AMBAC), 5.00%, 2/1/32		505,820
	1,000	Rogers, Water Revenue, (AMBAC), 5.00%, 2/1/37		999,960


			$	6,989,521




Lease Revenue / Certificates of Participation — 2.1%

$	1,500	Arkansas Development Finance Authority, Correctional Facilities, 5.125%, 5/15/39	$	1,515,810


			$	1,515,810




Other Revenue — 0.4%

$	7,250	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	270,062


			$	270,062




Special Tax Revenue — 5.1%

$	2,000	Little Rock, Hotel and Restaurant Gross Receipts Tax, 7.375%, 8/1/15	$	2,305,920
	790	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		784,359
	125	Virgin Islands Public Finance Authority, 5.00%, 10/1/39		112,715
	435	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		472,193


			$	3,675,187




Transportation — 0.6%

$	500	Northwest Arkansas Regional Airport Authority, (AMT), 5.00%, 2/1/18	$	456,385


			$	456,385




Water and Sewer — 0.4%

$	250	Arkansas Development Finance Authority, (Waste Water System), 5.50%, 12/1/19	$	299,177


			$	299,177



Total Tax-Exempt Investments — 97.0%
(identified cost $70,211,679)			$	70,013,334



Other Assets, Less Liabilities — 3.0%			$	2,172,663



Net Assets — 100.0%			$	72,185,997

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Fund invests primarily in debt securities issued by Arkansas municipalities. In addition, 14.0% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 56.8% 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 1.8% to 29.3% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

See notes to financial statements

Eaton Vance Georgia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 108.1%

Principal Amount
(000’s omitted)		Security	Value



Education — 10.1%

$	1,600	Athens-Clarke County Unified Government Development Authority, Educational Facilities, 4.50%, 6/15/38	$	1,554,976
	1,000	Atlanta Development Authority, Educational Facilities, 4.75%, 7/1/27		1,002,710
	950	Atlanta Development Authority, Educational Facilities, 5.00%, 7/1/39		953,411
	1,500	Fulton County Development Authority, (Georgia Technology Foundation), 5.00%, 11/1/31		1,541,010
	1,995	Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 9/1/38⁽¹⁾		2,084,276
	1,505	Georgia Private Colleges and Universities Authority, (Emory University), 5.00%, 9/1/38		1,572,349


			$	8,708,732




Electric Utilities — 1.2%

$	1,000	Burke County Development Authority, (Oglethorpe Power Corp.), 5.50%, 1/1/33	$	1,037,310


			$	1,037,310




Escrowed / Prerefunded — 1.2%

$	800	Forsyth County Hospital Authority, (Georgia Baptist Health Care System), Escrowed to Maturity, 6.375%, 10/1/28	$	1,014,704


			$	1,014,704




General Obligations — 13.7%

$	1,750	Gainesville and Hall County Hospital Authority, (Northeast Georgia Medical Center), 5.00%, 2/15/33	$	1,728,772
	2,000	Georgia, 1.00%, 3/1/26⁽²⁾		1,289,100
	500	Georgia, 2.00%, 12/1/23		416,520
	500	Georgia, 2.00%, 8/1/27		376,665
	6,000	Gwinnett County, School District, 5.00%, 2/1/36⁽¹⁾		6,360,210
	500	Lagrange-Troup County Hospital Authority, (West Georgia Health Foundation, Inc.), 5.50%, 7/1/38		514,105
	1,000	Lincoln County, School District, 5.50%, 4/1/37		1,066,240


			$	11,751,612



Hospital — 6.5%

$	750	Floyd County Hospital Authority, (Floyd Health Medical Center), 5.25%, 7/1/29	$	797,790
	3,000	Fulton County Development Authority, (Children’s Healthcare of Atlanta), 5.25%, 11/15/39		3,052,320
	750	Glynn-Brunswick Memorial Hospital Authority, (Georgia Medical Center), 5.625%, 8/1/34		744,548
	1,000	Macon-Bibb County Hospital Authority, (The Medical Center of Central Georgia), 5.00%, 8/1/35		1,005,190


			$	5,599,848



Housing — 5.3%

$	1,000	Georgia Housing and Finance Authority, (AMT), 4.85%, 12/1/37	$	954,450
	1,000	Georgia Housing and Finance Authority, (AMT), 4.90%, 12/1/31		981,550
	2,000	Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37		2,037,300
	600	Georgia Private Colleges and Universities Authority, Student Housing Revenue, (Mercer Housing Corp.), 6.00%, 6/1/31		569,586


			$	4,542,886



Industrial Development Revenue — 8.2%

$	2,000	Albany Dougherty Payroll Development Authority, Solid Waste Disposal, (Procter and Gamble), (AMT), 5.20%, 5/15/28	$	2,074,060
	700	Cartersville Development Authority, (Anheuser-Busch), (AMT), 5.95%, 2/1/32		707,525
	1,000	Cobb County Development Authority, Solid Waste Disposal, (Georgia Waste Management Project), (AMT), 5.00%, 4/1/33		962,830
	750	Effingham County, Solid Waste Disposal, (Fort James Project), (AMT), 5.625%, 7/1/18		725,948
	1,250	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		923,262
	990	Savannah Economic Development Authority, (Intercat-Savannah), (AMT), 7.00%, 1/1/38		766,448
	730	Vienna Water and Sewer, (Cargill), (AMT), 6.00%, 9/1/14		731,635
	225	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		201,488


			$	7,093,196



Insured-Education — 2.9%

$	500	Fulton County Development Authority, (Morehouse College), (AMBAC), 4.50%, 6/1/37	$	471,490
	930	Georgia Private Colleges and Universities Authority, (Agnes Scott College), (NPFG), 4.75%, 6/1/28		935,264
	1,085	South Regional Joint Development Authority, (Valdosta State University), (XLCA), 5.00%, 8/1/38		1,084,956


			$	2,491,710

See notes to financial statements

Eaton Vance Georgia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-Electric Utilities — 7.9%

$	280	Georgia Municipal Electric Power Authority, (NPFG), 0.00%, 1/1/12	$	258,773
	3,005	Georgia Municipal Electric Power Authority, (NPFG), 5.50%, 1/1/20		3,480,121
	390	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		397,823
	455	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		454,345
	750	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		748,905
	1,450	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,481,842


			$	6,821,809



Insured-General Obligations — 1.4%

$	660	Fayette County, School District, (AGM), 4.95%, (0.00% until 9/1/10), 3/1/25	$	669,880
	480	Puerto Rico, (NPFG), 5.50%, 7/1/20		507,115


			$	1,176,995



Insured-Hospital — 4.7%

$	1,190	Clarke County Hospital Authority, (Athens Regional Medical Center), (NPFG), 5.00%, 1/1/32	$	1,209,921
	1,750	Cobb County Kennestone Hospital Authority, (Wellstar Health System), (AMBAC), 5.50%, 4/1/37		1,811,600
	1,000	Henry County Hospital Authority Revenue, (Henry Medical Center, Inc.), (AMBAC), 6.00%, 7/1/29		1,024,470


			$	4,045,991



Insured-Housing — 0.1%

$	100	Peach County Development Authority, (Fort Valley State University Foundation), (AMBAC), 4.50%, 6/1/37	$	92,455


			$	92,455



Insured-Lease Revenue / Certificates of Participation — 4.3%

$	745	Atlanta Downtown Development Authority, (NPFG), 4.50%, 12/1/26	$	750,215
	962	Georgia Local Government Certificate of Participation, (NPFG), 4.75%, 6/1/28		871,197
	1,000	Georgia Municipal Association, Inc. Certificate of Participation, (Riverdale), (AGC), 5.375%, 5/1/32		1,044,480
	1,000	Georgia State University Higher Education Facilities Authority, (USG Real Estate Foundation), (AGC), 5.625%, 6/15/38		1,048,890


			$	3,714,782



Insured-Other Revenue — 0.9%

$	800	Downtown Savannah Authority, (Savannah Ellis Square Parking), (NPFG), 4.75%, 8/1/32	$	803,776


			$	803,776



Insured-Special Tax Revenue — 4.6%

$	1,000	George L. Smith II Georgia World Congress Center Authority, (Domed Stadium Project), (NPFG), (AMT), 5.50%, 7/1/20	$	1,005,720
	1,600	Metropolitan Atlanta Rapid Transit Authority, (AGM), 5.00%, 7/1/34⁽¹⁾		1,662,168
	4,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		734,120
	545	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		547,992


			$	3,950,000



Insured-Transportation — 5.5%

$	785	Atlanta, Airport Passenger Facility Charge, (AGM), 4.75%, 1/1/28	$	790,016
	500	Atlanta, Airport Revenue, (FGIC), (NPFG), (AMT), 5.625%, 1/1/25		504,335
	1,000	Metropolitan Atlanta Rapid Transit Authority, (AMBAC), 6.25%, 7/1/20		1,207,170
	1,780	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		1,829,965
	555	Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/18		362,015


			$	4,693,501



Insured-Water and Sewer — 19.6%

$	2,000	Atlanta, Water and Wastewater, (AGM), 5.00%, 11/1/34	$	2,014,780
	455	Atlanta, Water and Wastewater, (NPFG), 5.00%, 11/1/39		438,616
	2,100	Columbus, Water and Sewer, (AGM), 5.00%, 5/1/30		2,173,143
	1,135	Coweta County, Water and Sewer Authority, (AGM), 5.00%, 6/1/26		1,314,046
	2,000	De Kalb County, Water and Sewer, (AGM), 5.25%, 10/1/32		2,265,800
	3,000	Douglasville-Douglas County, Water and Sewer Authority, (NPFG), 5.00%, 6/1/37		3,067,590
	1,000	Henry County, Water and Sewer Authority, (NPFG), 5.25%, 2/1/25		1,177,820
	1,000	Henry County, Water and Sewer Authority, (NPFG), 5.25%, 2/1/30		1,151,090
	1,040	Newnan, Water, Sewer and Light Commission, (AMBAC), 5.25%, 1/1/24		1,209,707

See notes to financial statements

Eaton Vance Georgia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Water and Sewer (continued)


$	1,000	Walton County, Water and Sewer Authority, (AGM), 5.00%, 2/1/33	$	1,022,960
	1,000	Walton County, Water and Sewer Authority, (AGM), 5.00%, 2/1/38		1,016,990


			$	16,852,542



Other Revenue — 0.8%

$	670	Main Street Natural Gas, Inc., 5.00%, 3/15/22	$	652,707


			$	652,707



Special Tax Revenue — 3.7%

$	205	Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	208,134
	220	Guam, Limited Obligation Bonds, 5.75%, 12/1/34		223,428
	7,255	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		367,901
	1,925	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		1,911,255
	435	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		472,193


			$	3,182,911



Transportation — 0.2%

$	215	Augusta, Airport Revenue, 5.15%, 1/1/35	$	184,380


			$	184,380



Water and Sewer — 5.3%

$	1,000	Athens-Clarke County, Unified Government Water and Sewer Revenue, 5.50%, 1/1/38	$	1,074,520
	800	Cherokee County, Water and Sewer Authority, 5.00%, 8/1/28		866,240
	500	Coweta County, Water and Sewer Authority, 5.00%, 6/1/32		518,460
	2,000	Coweta County, Water and Sewer Authority, 5.00%, 6/1/37		2,057,120


			$	4,516,340



Total Tax-Exempt Investments — 108.1%
(identified cost $91,267,358)			$	92,928,187



Other Assets, Less Liabilities — (8.1)%			$	(6,938,919	)



Net Assets — 100.0%			$	85,989,268

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Georgia municipalities. In addition, 11.9% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 48.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 20.7% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

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

See notes to financial statements

Eaton Vance Kentucky Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 98.2%

Principal Amount
(000’s omitted)		Security	Value



Education — 2.1%

$	1,280	Campbellsville, (Campbellsville University), 5.70%, 3/1/34	$	1,152,064


			$	1,152,064




Escrowed / Prerefunded — 5.8%

$	1,465	Bowling Green, Prerefunded to 6/1/10, 5.30%, 6/1/19	$	1,496,497
	2,250	Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series O, 0.00%, 7/1/17		1,720,800


			$	3,217,297




General Obligations — 1.4%

$	750	Kenton County, 4.625%, 4/1/34	$	751,988


			$	751,988




Hospital — 3.5%

$	500	Kentucky Economic Development Authority, (Baptist Healthcare System), 5.625%, 8/15/27	$	546,605
	500	Kentucky Economic Development Authority, (Catholic Health Initiatives), 5.00%, 5/1/29		512,545
	1,000	Murray Hospital Facilities, (Murray Calloway County Hospital), 5.125%, 8/1/37		857,880


			$	1,917,030




Housing — 6.3%

$	440	Kentucky Housing Corp., (AMT), 5.00%, 7/1/37	$	430,976
	2,000	Kentucky Housing Corp., (AMT), 5.30%, 1/1/38		2,056,180
	1,000	Kentucky Housing Corp., (Urban Florence I, L.P.), (AMT), 5.00% to 6/1/23 (Put Date), 6/1/35		1,015,750


			$	3,502,906




Industrial Development Revenue — 5.2%

$	500	Owen County, (American Water Project), 6.25%, 6/1/39	$	533,615
	695	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		622,372
	1,820	Wickliffe, Solid Waste Disposal, (Westvaco Corp.), (AMT), 6.375%, 4/1/26		1,706,032


			$	2,862,019



Insured-Electric Utilities — 13.6%

$	1,000	Carroll County, Environmental Facilities, (AMBAC), (AMT), 5.75%, 2/1/26	$	1,021,650
	1,000	Kentucky Municipal Power Agency, (NPFG), 5.25%, 9/1/27		1,053,220
	2,000	Kentucky Municipal Power Agency, (Prairie Street Project), (NPFG), 5.00%, 9/1/37		2,007,440
	2,000	Owensboro, (AMBAC), 0.00%, 1/1/20		1,259,700
	1,200	Paducah Electric Plant Board, (AGC), 5.25%, 10/1/35		1,244,748
	400	Puerto Rico Electric Power Authority, (BHAC), (FGIC), (NPFG), 5.25%, 7/1/24		451,356
	500	Trimble County, Environmental Facilities, (AMBAC), (AMT), 6.00%, 3/1/37		491,465


			$	7,529,579




Insured-Escrowed / Prerefunded — 1.9%

$	1,000	Kentucky Property and Buildings Commission, (AGM), Prerefunded to 8/1/11, 5.00%, 8/1/21	$	1,065,370


			$	1,065,370




Insured-General Obligations — 3.0%

$	600	Puerto Rico, (NPFG), 5.50%, 7/1/20	$	633,894
	1,000	Warren County, (Judicial Office Building and Parks), (AMBAC), 5.20%, 9/1/29		1,046,120


			$	1,680,014




Insured-Hospital — 5.7%

$	850	Jefferson County, Health Facilities Authority, (University Medical Center), (NPFG), 5.25%, 7/1/22	$	850,204
	6,775	Kentucky Economic Development Authority, (Norton Healthcare, Inc.), (NPFG), 0.00%, 10/1/27		2,278,297


			$	3,128,501




Insured-Industrial Development Revenue — 0.5%

$	250	Boone County, (Dayton Power & Light Co. (The)), (FGIC), 4.70%, 1/1/28	$	250,313


			$	250,313




Insured-Lease Revenue / Certificates of Participation — 14.0%

$	1,350	Hardin County, School District Finance Corp. School Building, (AGM), 4.75%, 7/1/21	$	1,386,193
	1,000	Jefferson County, School District Finance Corp. School Building, (AGM), 4.50%, 7/1/23		1,042,540
	1,150	Kentucky Area Development Districts, (XLCA), 4.70%, 6/1/35		1,064,992

See notes to financial statements

Eaton Vance Kentucky Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Lease Revenue / Certificates of Participation (continued)


$	500	Kentucky Property and Buildings Commission, (AGC), 5.25%, 2/1/29	$	537,590
	500	Kentucky Property and Buildings Commission, (AGM), 5.00%, 11/1/26		534,070
	1,000	Louisville, Parking Authority, (NPFG), 5.00%, 6/1/32		1,011,440
	865	Puerto Rico Public Buildings Authority, (AMBAC), 5.50%, 7/1/21		892,213
	1,000	Puerto Rico Public Buildings Authority, (XLCA), 5.50%, 7/1/21		1,031,460
	255	Wayne County, School District Finance Corp., (NPFG), 4.00%, 7/1/25		255,538


			$	7,756,036




Insured-Other Revenue — 2.0%

$	1,000	Kentucky Economic Development Finance Authority, (Louisville Arena), (AGC), 6.00%, 12/1/42	$	1,080,980


			$	1,080,980




Insured-Transportation — 6.2%

$	1,000	Louisville Regional Airport Authority, (AGM), (AMT), 5.50%, 7/1/38	$	1,016,650
	3,690	Puerto Rico Highway and Transportation Authority, (AMBAC), 0.00%, 7/1/18		2,406,913


			$	3,423,563




Insured-Water and Sewer — 15.1%

$	1,500	Boone-Florence Water Commission, Water Supply System, (FGIC), (NPFG), 5.00%, 12/1/27	$	1,527,120
	1,000	Campbell and Kenton County, District No. 1, (AGM), 5.00%, 8/1/31		1,006,550
	1,500	Campbell and Kenton County, Sanitation District No. 1, (NPFG), 4.375%, 8/1/35		1,438,800
	1,060	Kentucky Rural Water Finance Corp., (NPFG), 4.70%, 8/1/35		1,056,226
	500	Louisville and Jefferson County, Metropolitan Sewer District and Drainage System, (AGC), 4.25%, 5/15/38		482,820
	2,250	Louisville and Jefferson County, Metropolitan Sewer District and Drainage System, (FGIC), (NPFG), 5.00%, 5/15/38		2,274,998
	290	Owensboro, (AGC), 5.00%, 9/15/27		310,390
	225	Owensboro, (AGC), 5.00%, 9/15/31		233,881


			$	8,330,785




Lease Revenue / Certificates of Participation — 7.4%

$	3,700	Jefferson County, (Capital Projects Corp.), 0.00%, 8/15/15	$	3,261,624
	750	Kentucky Property and Buildings Commission, 5.50%, 11/1/28		821,977


			$	4,083,601




Other Revenue — 0.5%

$	4,200	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	156,450
	7,595	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		144,913


			$	301,363




Special Tax Revenue — 1.1%

$	70	Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	71,070
	75	Guam, Limited Obligation Bonds, 5.75%, 12/1/34		76,169
	125	Virgin Islands Public Finance Authority, 5.00%, 10/1/39		112,715
	325	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		352,787


			$	612,741




Transportation — 2.9%

$	500	Kentucky Turnpike Authority, (Revitalization Project), 5.00%, 7/1/28	$	529,700
	1,000	Kentucky Turnpike Authority, (Revitalization Project), 5.00%, 7/1/29		1,056,510


			$	1,586,210



Total Tax-Exempt Investments — 98.2%
(identified cost $52,968,275)			$	54,232,360



Other Assets, Less Liabilities — 1.8%			$	990,915



Net Assets — 100.0%			$	55,223,275

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

BHAC - Berkshire Hathaway Assurance Corp.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

See notes to financial statements

Eaton Vance Kentucky Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

The Fund invests primarily in debt securities issued by Kentucky municipalities. In addition, 13.5% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 63.1% 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 0.8% to 27.4% of total investments.

See notes to financial statements

Eaton Vance Louisiana Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 99.5%

Principal Amount
(000’s omitted)		Security	Value



Electric Utilities — 0.9%

$	375	Puerto Rico Electric Power Authority, 5.00%, 7/1/37	$	358,305


			$	358,305




Hospital — 7.3%

$	1,000	Louisiana Public Facilities Authority, (Ochsner Clinic Foundation), 5.50%, 5/15/47	$	896,380
	1,000	Louisiana Public Facilities Authority, (Our Lady of Lake Medical Center), 6.75%, 7/1/39		1,082,710
	1,010	Tangipahoa Parish, Hospital Service District No. 1, (North Oaks Medical Center), 5.00%, 2/1/30		903,152


			$	2,882,242




Housing — 7.0%

$	500	East Baton Rouge Mortgage Finance Authority, (GNMA/FNMA/FHLMC), 5.00%, 10/1/34	$	504,340
	760	East Baton Rouge Mortgage Finance Authority, (GNMA/FNMA/FHLMC), 5.10%, 10/1/40		772,130
	480	Louisiana Housing Finance Agency, (GNMA/FNMA/FHLMC), (AMT), 4.80%, 12/1/38		475,248
	895	Louisiana Housing Finance Agency, (GNMA/FNMA/FHLMC), (AMT), 5.20%, 6/1/39		901,381
	345	Louisiana Housing Finance Authority, SFMR, (GNMA/FNMA), 0.00%, 6/1/27		135,254


			$	2,788,353




Industrial Development Revenue — 5.7%

$	1,470	St. John Baptist Parish (Marathon Oil Corp.), 5.125%, 6/1/37	$	1,380,257
	1,000	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		895,500


			$	2,275,757




Insured-Education — 14.0%

$	750	Lafayette Public Trust Financing Authority, (Ragin Cajun Facility, Inc.), (AGC), 6.00%, 10/1/38	$	782,175
	340	Lafayette Public Trust Financing Authority, (Ragin Cajun Facility, Inc.), (NPFG), 5.00%, 10/1/32		341,367
	1,500	Louisiana Environmental Facilities and Community Development Authority, (AMBAC), 4.50%, 10/1/37⁽¹⁾		1,271,310
	500	Louisiana Environmental Facilities and Community Development Authority, (Louisiana State University Student Housing), (NPFG), 4.75%, 8/1/28		462,340
	1,140	Louisiana Public Facilities Authority, (Black & Gold Facilities), (CIFG), 4.50%, 7/1/38		831,311
	1,000	Louisiana Public Facilities Authority, (University of New Orleans), (NPFG), 4.75%, 3/1/32		955,290
	850	Louisiana State University and Agricultural and Mechanical College, (AGC), 5.50%, 1/1/34		900,430


			$	5,544,223




Insured-Electric Utilities — 5.8%

$	625	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35	$	624,087
	2,000	Rapides Finance Authority, (Cleco Power LLC), (AMBAC), 4.70%, 11/1/36		1,688,720


			$	2,312,807




Insured-Escrowed / Prerefunded — 2.5%

$	1,250	Jefferson Parish, Home Mortgage Authority, SFMR, (FGIC), Escrowed to Maturity, 0.00%, 5/1/17⁽²⁾	$	998,725


			$	998,725




Insured-General Obligations — 2.8%

$	1,500	New Orleans, (AMBAC), 0.00%, 9/1/15	$	1,119,705


			$	1,119,705




Insured-Hospital — 1.9%

$	750	Terrebonne Parish, Hospital Service District No. 1, (Terrebonne General Medical Center), (AMBAC), 5.50%, 4/1/33	$	733,650


			$	733,650




Insured-Industrial Development Revenue — 2.7%

$	1,075	Louisiana Environmental Facilities and Community Development Authority, (BRCC Facility Corp.), (NPFG), 5.00%, 12/1/32	$	1,076,021


			$	1,076,021




Insured-Lease Revenue / Certificates of Participation — 1.9%

$	500	Calcasieu Parish Public Trust Authority Student Lease, (McNeese Student Housing), (NPFG), 5.25%, 5/1/33	$	483,060
	300	Louisiana Environmental Facilities and Community Development Authority, (Jefferson Parking Garage), (AMBAC), 5.00%, 9/1/31		285,570


			$	768,630

See notes to financial statements

Eaton Vance Louisiana Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-Other Revenue — 7.9%

$	350	Louisiana Environmental Facilities and Community Development Authority, (Capital and Equipment Acquisition), (AMBAC), 4.50%, 12/1/18	$	342,758
	550	Louisiana Environmental Facilities and Community Development Authority, (Parking Facility Corp. Garage), (AMBAC), 5.375%, 10/1/31		521,389
	1,000	Louisiana Local Government Environmental Facilities & Community Development Authority, (AMBAC), (BHAC), 4.50%, 12/1/18		1,089,440
	1,000	Louisiana State Citizens Property Insurance Corp., (AGC), 6.75%, 6/1/26		1,170,930


			$	3,124,517




Insured-Special Tax Revenue — 6.1%

$	1,000	East Baton Rouge Parish, Sales Tax Revenue, (AGC), 5.25%, 8/1/28	$	1,079,420
	1,000	Louisiana Gas and Fuels Tax, (AGM), 5.00%, 5/1/36		1,023,130
	1,525	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		88,008
	1,030	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		127,277
	560	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		64,344
	445	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		47,833


			$	2,430,012




Insured-Transportation — 10.8%

$	1,000	Louisiana Local Government Environmental Facilities & Community Development Authority, (AGM), (AMT), 5.75%, 1/1/28	$	1,039,970
	1,205	New Orleans Aviation Board, (AGM), (AMT), 5.00%, 1/1/38		1,144,208
	1,500	Port New Orleans Board of Commissioners, (AGC), 5.125%, 4/1/38		1,459,650
	620	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽³⁾		637,403


			$	4,281,231




Insured-Water and Sewer — 5.1%

$	1,000	Bossier City, Utilities Revenue, (BHAC), 5.50%, 10/1/38	$	1,064,000
	975	Louisiana Environmental Facilities and Community Development Authority, (Denham Springs), (AGC), 4.875%, 12/1/38		975,273


			$	2,039,273



Other Revenue — 7.0%

$	6,995	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	260,564
	3,015	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		57,526
	1,000	Louisiana Environmental Facilities and Community Development Authority, (Jefferson Parish), 5.375%, 4/1/31		1,050,960
	1,500	Tobacco Settlement Financing Corp., 5.875%, 5/15/39		1,394,445


			$	2,763,495




Senior Living / Life Care — 1.3%

$	500	Louisiana Housing Finance Authority, (Saint Dominic Assisted Care Facility), (GNMA), 6.85%, 9/1/25	$	500,760


			$	500,760




Special Tax Revenue — 3.1%

$	1,005	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57	$	997,824
	60	Virgin Islands Public Finance Authority, 5.00%, 10/1/39		54,103
	175	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		189,963


			$	1,241,890




Transportation — 1.7%

$	675	Louisiana Offshore Terminal Authority, Deepwater Port Revenue, (Loop LLC), 5.20%, 10/1/18	$	675,527


			$	675,527




Water and Sewer — 4.0%

$	1,000	East Baton Rouge, Sewer Commission, 5.25%, 2/1/39	$	1,043,410
	500	St. Tammany Parish, Utility Revenue, 5.50%, 8/1/35⁽⁴⁾		520,935


			$	1,564,345



Total Tax-Exempt Investments — 99.5%
(identified cost $39,522,270)			$	39,479,468



Other Assets, Less Liabilities — 0.5%			$	198,794



Net Assets — 100.0%			$	39,678,262

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

See notes to financial statements

Eaton Vance Louisiana Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

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

FHLMC - Federal Home Loan Mortgage Corporation

FNMA - Federal National Mortgage Association

GNMA - Government National Mortgage Association

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Fund invests primarily in debt securities issued by Louisiana 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 February 28, 2010, 61.9% 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 3.7% to 18.1% of total investments.


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

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

(3)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

(4)		When-issued security.

See notes to financial statements

Eaton Vance Maryland Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 98.9%

Principal Amount
(000’s omitted)		Security	Value



Cogeneration — 1.2%

$	1,250	Maryland Energy Financing Administration, (AES Warrior Run), (AMT), 7.40%, 9/1/19	$	1,250,388


			$	1,250,388




Education — 10.3%

$	4,000	Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins University), 5.00%, 7/1/32	$	4,061,840
	2,250	Maryland Health and Higher Educational Facilities Authority, (Loyola College), 4.75%, 10/1/33		2,259,787
	1,500	Maryland Health and Higher Educational Facilities Authority, (Loyola College), 5.125%, 10/1/45		1,519,935
	1,500	Maryland Health and Higher Educational Facilities Authority, (Maryland Institute College of Art), 5.00%, 6/1/36		1,388,475
	400	Maryland Health and Higher Educational Facilities Authority, (Washington Christian Academy), 5.50%, 7/1/38		192,004
	1,000	Maryland Industrial Development Financing Authority, (Our Lady of Good Counsel High School), 6.00%, 5/1/35		934,820


			$	10,356,861




Escrowed / Prerefunded — 5.8%

$	1,160	Baltimore County, Economic Development Revenue, (Revisions, Inc.), Prerefunded to 8/15/11, 8.50%, 8/15/25	$	1,305,638
	1,125	Baltimore, SFMR, (Inner Harbor), Escrowed to Maturity, 8.00%, 12/1/10		1,191,329
	2,000	Maryland Health and Higher Educational Facilities Authority, (Johns Hopkins Hospital), Prerefunded to 11/15/13, 5.125%, 11/15/34		2,294,520
	500	Maryland Health and Higher Educational Facilities Authority, (Maryland Institute College of Art), Prerefunded to 6/1/11, 5.50%, 6/1/21		531,575
	425	Westminster, Educational Facilities, (McDaniel College), Prerefunded to 10/1/12, 5.50%, 4/1/27		476,884


			$	5,799,946




General Obligations — 14.3%

$	1,140	Anne Arundel County, Water and Sewer Construction, 4.50%, 4/1/29	$	1,189,077
	500	Anne Arundel County, Water and Sewer Construction, 4.625%, 4/1/33		516,345
	1,000	Anne Arundel County, Water and Sewer Construction, 4.75%, 4/1/39		1,045,430
	2,000	Baltimore County, (Metropolitan District), 5.00%, 2/1/31⁽¹⁾		2,159,400
	2,000	Maryland, 5.00%, 11/1/19		2,387,040
	1,000	Montgomery County, 5.00%, 5/1/23		1,125,400
	1,500	Montgomery County, 5.00%, 5/1/25		1,669,080
	1,000	Montgomery County, 5.25%, 10/1/19		1,049,030
	2,235	Prince George’s County Housing Authority, 5.00%, 7/15/23		2,499,892
	1,100	Puerto Rico, 0.00%, 7/1/16		813,274


			$	14,453,968




Hospital — 10.4%

$	1,500	Baltimore County, (Catholic Health Initiatives), 4.50%, 9/1/33	$	1,434,315
	1,000	Maryland Health and Higher Educational Facilities Authority, (Anne Arundel Health Care Services, Inc.), 5.00%, 7/1/32		994,610
	1,000	Maryland Health and Higher Educational Facilities Authority, (Calvert Health System), 5.50%, 7/1/36		1,021,210
	1,500	Maryland Health and Higher Educational Facilities Authority, (MedStar Health, Inc.), 5.25%, 5/15/46		1,502,085
	2,330	Maryland Health and Higher Educational Facilities Authority, (Peninsula Regional Medical Center), 5.00%, 7/1/36		2,361,455
	2,500	Maryland Health and Higher Educational Facilities Authority, (University of Maryland Medical System), 5.00%, 7/1/41		2,441,800
	750	Maryland Health and Higher Educational Facilities Authority, (Washington County Hospital), 5.75%, 1/1/38		728,655


			$	10,484,130




Housing — 7.2%

$	1,000	Maryland Community Development Administration, (AMT), 5.10%, 9/1/37	$	1,004,090
	1,170	Maryland Community Development Administration, Department of Housing and Community Development, (AMT), 5.15%, 9/1/42⁽²⁾		1,170,780
	1,000	Maryland Community Development Administration, MFMR, (AMT), 4.70%, 9/1/37		939,210
	1,000	Maryland Community Development Administration, MFMR, (AMT), 4.85%, 9/1/37		980,630
	2,000	Maryland Community Development Administration, MFMR, (AMT), 4.85%, 9/1/47		1,914,840
	350	Maryland Economic Development Corp., (Towson University), 5.00%, 7/1/39		301,073
	1,000	Prince George’s County Housing Authority, (Langely Gardens), (AMT), 5.875%, 2/20/39		974,200


			$	7,284,823

See notes to financial statements

Eaton Vance Maryland Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Industrial Development Revenue — 2.0%

$	960	Maryland Economic Development Corp., (AFCO Cargo), (AMT), 6.50%, 7/1/24	$	810,816
	205	Maryland Economic Development Corp., (AFCO Cargo), (AMT), 7.34%, 7/1/24		187,360
	1,000	Maryland Economic Development Corp., (Waste Management, Inc.), (AMT), 4.60%, 4/1/16		1,001,010


			$	1,999,186




Insured-Education — 1.4%

$	1,200	Morgan State University, Academic and Auxiliary Facilities, (NPFG), 6.10%, 7/1/20	$	1,416,996


			$	1,416,996




Insured-Escrowed / Prerefunded — 5.3%

$	3,145	Maryland Health and Higher Educational Facilities Authority, (Helix Health Issue), (AMBAC), Escrowed to Maturity, 5.00%, 7/1/27	$	3,637,192
	1,500	Puerto Rico Electric Power Authority, (AGM), Prerefunded to 7/1/12, 5.125%, 7/1/26		1,671,810


			$	5,309,002




Insured-General Obligations — 1.0%

$	1,000	Puerto Rico, (NPFG), 5.50%, 7/1/29	$	1,025,170


			$	1,025,170




Insured-Hospital — 8.1%

$	2,010	Maryland Health and Higher Educational Facilities Authority, (Lifebridge Health), (AGC), 4.75%, 7/1/42	$	1,986,945
	3,035	Maryland Health and Higher Educational Facilities Authority, (Medlantic/Helix Issue), (AMBAC), 5.25%, 8/15/38		3,039,401
	3,150	Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Authority, (Auxilio Mutuo Obligated Group), (NPFG), 6.25%, 7/1/24		3,152,993


			$	8,179,339




Insured-Housing — 1.2%

$	1,530	Maryland Economic Development Corp., (University of Maryland), (CIFG), 4.50%, 6/1/35	$	1,234,970


			$	1,234,970




Insured-Special Tax Revenue — 1.4%

$	550	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	166,353
	1,325	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/29		370,510
	2,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		367,060
	300	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		44,187
	2,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/30		515,840


			$	1,463,950




Insured-Transportation — 10.4%

$	1,000	Maryland Transportation Authority, (AGM), 5.00%, 7/1/28	$	1,051,510
	1,500	Maryland Transportation Authority, (AGM), 5.00%, 7/1/36		1,585,305
	1,000	Maryland Transportation Authority, (AGM), 5.00%, 7/1/38		1,053,980
	2,000	Maryland Transportation Authority, (AGM), 5.00%, 7/1/41⁽²⁾		2,100,790
	1,500	Maryland Transportation Authority, Baltimore-Washington International Airport, (AMBAC), 5.00%, 3/1/27		1,531,470
	1,500	Maryland Transportation Authority, Baltimore-Washington International Airport, (AMBAC), (AMT), 5.25%, 3/1/27		1,488,330
	1,705	Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		1,656,834


			$	10,468,219




Insured-Water and Sewer — 5.2%

$	500	Baltimore, (Water Projects), (FGIC), (NPFG), 5.125%, 7/1/42	$	504,310
	1,250	Baltimore, Wastewater, (AMBAC), 5.00%, 7/1/32		1,286,300
	1,000	Baltimore, Wastewater, (FGIC), (NPFG), 5.00%, 7/1/22		1,081,120
	2,000	Baltimore, Wastewater, (NPFG), 5.65%, 7/1/20		2,342,800


			$	5,214,530




Other Revenue — 2.7%

$	15,520	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	578,120
	10,110	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		192,899
	895	Maryland Health and Higher Educational Facilities Authority, (Board of Child Care), 5.375%, 7/1/32		902,482
	1,000	Maryland Health and Higher Educational Facilities Authority, (Board of Child Care), 5.625%, 7/1/22		1,027,870


			$	2,701,371

See notes to financial statements

Eaton Vance Maryland Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Senior Living / Life Care — 1.5%

$	375	Maryland Health and Higher Educational Facilities Authority, (Edenwald), 5.40%, 1/1/37	$	325,451
	590	Maryland Health and Higher Educational Facilities Authority, (King Farm Presbyterian Community), 5.00%, 1/1/17		543,809
	750	Maryland Health and Higher Educational Facilities Authority, (Mercy Ridge), 4.75%, 7/1/34		667,598


			$	1,536,858




Special Tax Revenue — 5.8%

$	747	Baltimore (Clipper Mill), 6.25%, 9/1/33	$	699,939
	500	Baltimore (Strathdale Manor), 7.00%, 7/1/33		514,220
	800	Frederick County, Urbana Community Development Authority, 6.625%, 7/1/25		800,056
	1,000	Montgomery County, Department of Liquor Control, 5.00%, 4/1/21		1,132,040
	250	Montgomery County, Department of Liquor Control, 5.00%, 4/1/29		266,150
	2,415	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		2,397,757


			$	5,810,162




Transportation — 3.7%

$	1,000	Maryland State Department of Transportation, County Transportation, 5.00%, 2/15/23	$	1,125,950
	2,500	Washington Metropolitan Area Transit Authority, 5.00%, 7/1/32		2,623,575


			$	3,749,525



Total Tax-Exempt Investments — 98.9%
(identified cost $99,027,979)			$	99,739,394



Other Assets, Less Liabilities — 1.1%			$	1,071,939



Net Assets — 100.0%			$	100,811,333

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Fund invests primarily in debt securities issued by Maryland municipalities. In addition, 12.8% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 34.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 12.0% of total investments.


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

(2)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

See notes to financial statements

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 100.0%

Principal Amount
(000’s omitted)		Security	Value



Education — 5.0%

$	2,000	Curators University System Facilities Revenue, (University of Missouri), 5.00%, 11/1/33	$	2,076,040
	1,275	Missouri State Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39⁽¹⁾		1,388,705
	1,500	Missouri State Health and Educational Facilities Authority, (Washington University), 5.375%, 3/15/39⁽²⁾		1,633,770


			$	5,098,515




Escrowed / Prerefunded — 1.1%

$	1,000	Saint Louis County, Mortgage Revenue, (GNMA), (AMT), Escrowed to Maturity, 5.40%, 1/1/16	$	1,139,010


			$	1,139,010




General Obligations — 6.1%

$	1,000	Clay County, Public School District, 5.00%, 3/1/28	$	1,064,450
	1,000	Independence School District, (Direct Deposit Program), 5.00%, 3/1/29		1,079,700
	1,000	Jackson County, Reorganized School District No. 7, 5.00%, 3/1/28		1,082,590
	1,000	Kansas City, 4.75%, 2/1/25		1,081,140
	750	University City School District, (Direct Deposit Program), 5.00%, 2/15/26		815,947
	3,000	Wentzville School District No. R-4, 0.00%, 3/1/28		1,091,100


			$	6,214,927




Hospital — 7.4%

$	1,000	Cape Girardeau County Industrial Development Authority, (Southeast Missouri Hospital Association), 5.00%, 6/1/36	$	867,340
	1,950	Missouri State Health and Educational Facilities Authority, (Barnes Jewish Christian Hospital), 5.25%, 5/15/14		2,145,254
	1,000	Missouri State Health and Educational Facilities Authority, (Children’s Mercy Hospital), 5.625%, 5/15/39		1,016,810
	740	Missouri State Health and Educational Facilities Authority, (Freeman Health Systems), 5.25%, 2/15/18		740,126
	495	Missouri State Health and Educational Facilities Authority, (Lake of the Ozarks General Hospital), 6.50%, 2/15/21		495,361
	250	Missouri State Health and Educational Facilities Authority, (Lake Regional Health System), 5.70%, 2/15/34		249,995
	1,000	Missouri State Health and Educational Facilities Authority, (SSM Healthcare), 5.00%, 6/1/36		1,025,100
	1,225	West Plains Industrial Development Authority, (Ozarks Medical Center), 5.65%, 11/15/22		1,065,162


			$	7,605,148



Housing — 2.6%

$	865	Jefferson County Industrial Development Authority, MFMR, (Riverview Bend Apartments), (AMT), 6.75%, 11/1/29	$	794,122
	505	Missouri Housing Development Commission, (AMT), 5.05%, 1/1/24		510,383
	250	Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.50%, 9/1/29		245,222
	750	Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 4.70%, 3/1/35		749,775
	240	Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 5.00%, 9/1/37		238,577
	80	Missouri Housing Development Commission, SFMR, (GNMA), (AMT), 6.45%, 9/1/27		80,094


			$	2,618,173




Industrial Development Revenue — 3.2%

$	1,080	Missouri Development Finance Authority, Solid Waste Disposal, (Procter & Gamble Paper Products), (AMT), 5.20%, 3/15/29	$	1,114,376
	2,000	Saint Louis Industrial Development Authority, (Anheuser Busch Sewer and Solid Waste Disposal Facilities), (AMT), 4.875%, 3/1/32		1,865,700
	300	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		268,650


			$	3,248,726




Insured-Education — 2.2%

$	650	Lincoln University Auxiliary System Revenue, (AGC), 5.125%, 6/1/37	$	659,198
	1,500	Missouri State University Auxiliary Enterprise System, (XLCA), 5.00%, 4/1/25		1,604,265


			$	2,263,463




Insured-Electric Utilities — 12.5%

$	1,240	Columbia Electric Utility Improvement Revenue, (AMBAC), 5.00%, 10/1/28	$	1,301,702
	2,250	Missouri Environmental Improvement and Energy Resources Authority, (Union Electric), (AMBAC), (AMT), 5.45%, 10/1/28		2,236,883
	1,015	Missouri Joint Municipal Electric Utility Commission, (AMBAC), 4.50%, 1/1/36		977,394
	2,465	Missouri Joint Municipal Electric Utility Commission, (AMBAC), (BHAC), 4.50%, 1/1/37		2,442,100
	390	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		397,823
	455	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		454,345
	1,375	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		1,405,195

See notes to financial statements

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Electric Utilities (continued)


$	1,150	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16	$	1,273,625
	2,275	Springfield, Public Utility, (BHAC), (FGIC), 4.50%, 8/1/36		2,281,871


			$	12,770,938




Insured-Escrowed / Prerefunded — 7.6%

$	3,590	Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), Escrowed to Maturity, 0.00%, 9/1/20	$	2,311,134
	205	Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), Escrowed to Maturity, 0.00%, 9/1/21		124,902
	2,000	Puerto Rico, (FGIC), Prerefunded to 7/1/12, 5.00%, 7/1/32		2,203,560
	1,000	Puerto Rico Electric Power Authority, (NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/32		1,132,220
	750	Saint Louis Airport, (Capital Improvement Program), (NPFG), Prerefunded to 7/1/12, 5.00%, 7/1/32		822,638
	375	Saint Louis, Board of Education, (NPFG), Prerefunded to 4/1/16, 5.00%, 4/1/25		439,384
	625	Saint Louis, Board of Education, (NPFG), Prerefunded to 4/1/16, 5.00%, 4/1/25		732,306


			$	7,766,144




Insured-General Obligations — 7.2%

$	1,200	Jackson County, Consolidated School District No. 002 (Missouri Direct Deposit), (NPFG), 5.00%, 3/1/27	$	1,265,544
	1,000	Kansas City, (NPFG), 5.00%, 2/1/27		1,084,210
	1,000	Platte County Reorganized School District No. R-3, (AGM), 5.00%, 3/1/25		1,075,690
	1,900	Saint Charles County, Francis Howell School District, (FGIC), (NPFG), 0.00%, 3/1/16		1,600,959
	1,000	Saint Charles County, Francis Howell School District, (FGIC), (NPFG), 5.25%, 3/1/21		1,208,660
	1,000	Springfield, School District No. R-12, (AGM), 5.25%, 3/1/25		1,103,680


			$	7,338,743




Insured-Hospital — 5.4%

$	5,910	Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), 0.00%, 9/1/20	$	3,785,178
	335	Missouri Health and Educational Facilities Authority, (Lester Cox Medical Center), (NPFG), 0.00%, 9/1/21		194,615
	1,500	North Kansas City, (North Kansas City Memorial Hospital), (AGM), 5.125%, 11/15/33		1,513,260


			$	5,493,053



Insured-Industrial Development Revenue — 1.9%

$	2,000	Kansas City Industrial Development Authority, (AMBAC), 4.50%, 12/1/32	$	1,930,760


			$	1,930,760




Insured-Lease Revenue / Certificates of Participation — 9.3%

$	1,000	Cape Girardeau County, Building Corp., (Jackson R-II School District), (NPFG), 5.25%, 3/1/25	$	1,061,830
	1,000	Cape Girardeau County, Building Corp., (Jackson R-II School District), (NPFG), 5.25%, 3/1/26		1,056,370
	1,710	Jackson County, (Harry S. Truman Sports Complex), (AMBAC), 4.50%, 12/1/31		1,684,213
	1,000	Jackson County, Leasehold Revenue, (Truman Sports), (AMBAC), 0.00%, 12/1/20		581,170
	1,000	Jackson County, Leasehold Revenue, (Truman Sports), (NPFG), 5.00%, 12/1/27		1,025,330
	2,270	Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/26		952,969
	2,105	Kansas City, Leasehold Revenue, (Municipal Assistance), (AMBAC), 0.00%, 4/15/30		674,716
	145	Puerto Rico Public Buildings Authority, (CIFG), 5.25%, 7/1/36		139,004
	1,000	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,210,210
	1,990	Saint Louis Industrial Development Authority, (Convention Center Hotel), (AMBAC), 0.00%, 7/15/19		1,110,738


			$	9,496,550




Insured-Other Revenue — 0.8%

$	750	Missouri Development Finance Authority, Cultural Facility, (Nelson Gallery Foundation), (NPFG), 5.25%, 12/1/22	$	793,020


			$	793,020




Insured-Special Tax Revenue — 4.8%

$	2,350	Bi-State Development Agency, Missouri and Illinois Metropolitan District, (Saint Clair County Metrolink), (AGM), 5.25%, 7/1/28	$	2,556,095
	600	Kansas City, (Blue Parkway Town Center), (NPFG), 5.00%, 7/1/27		566,052
	1,000	Kansas City, Special Obligations, (AGC), 5.00%, 3/1/28		1,055,350
	4,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		734,120


			$	4,911,617

See notes to financial statements

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-Transportation — 5.0%

$	2,060	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾	$	2,117,824
	900	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		922,653
	910	Saint Louis Airport, (Lambert International Airport), (FGIC), (NPFG), (AMT), 6.00%, 7/1/14		1,021,475
	1,000	Saint Louis Airport, (Lambert International Airport), (NPFG), 5.50%, 7/1/31		996,190


			$	5,058,142




Insured-Water and Sewer — 0.8%

$	1,000	Missouri Environmental Improvement and Energy Resources Authority, (Missouri - American Water Co.), (AMBAC), (AMT), 4.60%, 12/1/36	$	815,680


			$	815,680




Other Revenue — 2.5%

$	2,500	Missouri Development Finance Board Cultural Facilities Revenue, (Kauffman Center), 4.75%, 6/1/37	$	2,519,700


			$	2,519,700




Senior Living / Life Care — 3.6%

$	1,000	Lees Summit Industrial Development Authority, Health Facility, (John Knox Village), 5.125%, 8/15/32	$	865,130
	2,000	Missouri State Health and Educational Facilities Authority, (Lutheran Senior Services), 5.125%, 2/1/27		1,859,640
	1,000	St. Louis County Industrial Development Authority, Series A, (Friendship Village West County), 5.50%, 9/1/28		936,070


			$	3,660,840




Special Tax Revenue — 3.8%

$	270	Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	274,128
	295	Guam, Limited Obligation Bonds, 5.75%, 12/1/34		299,596
	600	Kansas City, Tax Increment Revenue, (Maincor Projects), Series A, 5.25%, 3/1/18		588,096
	7,500	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		380,325
	2,395	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		2,377,900


			$	3,920,045




Transportation — 3.7%

$	270	Branson, Regional Airport Transportation Development District, (Branson Airport, LLC), (AMT), 6.00%, 7/1/25	$	195,286
	350	Branson, Regional Airport Transportation Development District, (Branson Airport, LLC), (AMT), 6.00%, 7/1/37		229,036
	2,000	Missouri Highway and Transportation Commission, 5.00%, 5/1/19		2,254,340
	1,000	Missouri Highway and Transportation Commission, 5.00%, 5/1/26		1,087,010


			$	3,765,672




Water and Sewer — 3.5%

$	1,200	Kansas City, Sanitation Sewer System Revenue, 5.25%, 1/1/34	$	1,260,540
	800	Kansas City, Water Revenue, 5.25%, 12/1/32		841,816
	495	Missouri Environmental Improvement and Energy Resources Authority, (Revolving Fund Program), 7.20%, 7/1/16		520,166
	1,000	Missouri Environmental Improvement and Energy Resources Authority, (Revolving Fund Program), Water Pollution Control, 0.00%, 1/1/14		936,590


			$	3,559,112



Total Tax-Exempt Investments — 100.0%
(identified cost $99,637,736)			$	101,987,978



Other Assets, Less Liabilities — 0.00%			$	48,267



Net Assets — 100.0%			$	102,036,245

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

BHAC - Berkshire Hathaway Assurance Corp.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

GNMA - Government National Mortgage Association

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Missouri municipalities. In addition, 14.5% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 57.5% of total investments are backed by bond insurance of various

See notes to financial statements

Eaton Vance Missouri Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D

financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.6% to 24.3% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

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

See notes to financial statements

Eaton Vance North Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 108.4%

Principal Amount
(000’s omitted)		Security	Value



Education — 10.0%

$	5,000	North Carolina Capital Facilities Finance Agency, (Duke University), 5.00%, 10/1/38⁽¹⁾	$	5,243,750
	3,500	North Carolina Capital Facilities Finance Agency, (Wake Forest University), 5.00%, 1/1/38		3,679,830
	1,050	University of North Carolina at Chapel Hill, 0.00%, 8/1/17		850,500
	1,980	University of North Carolina at Chapel Hill, 0.00%, 8/1/21		1,300,424


			$	11,074,504




Electric Utilities — 6.0%

$	1,500	North Carolina Eastern Municipal Power Agency, 5.00%, 1/1/26	$	1,556,370
	2,000	North Carolina Eastern Municipal Power Agency, 6.75%, 1/1/24		2,357,280
	1,000	North Carolina Municipal Power Agency, (Catawba), 5.00%, 1/1/30		1,024,360
	625	Puerto Rico Electric Power Authority, 5.50%, 7/1/38		632,875
	1,000	Wake County Industrial Facilities and Pollution Control Financing Authority, (Carolina Power and Light Co.), 5.375%, 2/1/17		1,067,110


			$	6,637,995




Escrowed / Prerefunded — 2.7%

$	1,950	Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series N, 0.00%, 7/1/17	$	1,493,524
	2,000	Puerto Rico Electric Power Authority, Escrowed to various sinking fund dates through 7/1/17, Series O, 0.00%, 7/1/17		1,529,600


			$	3,023,124




General Obligations — 1.9%

$	1,000	Charlotte, 5.00%, 7/1/29	$	1,040,690
	1,000	Wake County, 5.00%, 6/1/36		1,053,350


			$	2,094,040




Hospital — 16.6%

$	4,980	Charlotte-Mecklenburg Hospital Authority, 5.00%, 1/15/47⁽¹⁾	$	5,002,310
	2,000	North Carolina Medical Care Commission, (Duke University Health System), 5.00%, 6/1/42		2,020,540
	2,000	North Carolina Medical Care Commission, (Mission Health System), 5.00%, 10/1/25		2,104,400
	1,350	North Carolina Medical Care Commission, (Mission Health System), 5.00%, 10/1/36		1,372,113
	3,600	North Carolina Medical Care Commission, (North Carolina Baptist Hospital), 5.25%, 6/1/29⁽²⁾		3,753,564
	1,000	North Carolina Medical Care Commission, (Southeastern Regional Medical Center), 5.375%, 6/1/32		970,240
	500	North Carolina Medical Care Commission, (Union Regional Medical Center), 5.375%, 1/1/32		500,005
	2,500	North Carolina Medical Care Commission, (University Health System), 6.25%, 12/1/33		2,762,275


			$	18,485,447




Housing — 7.1%

$	1,430	Charlotte Housing Authority, (South Oaks Crossing Apartments), (AMT), 4.60%, 8/20/26⁽³⁾	$	1,404,060
	2,410	North Carolina Housing Finance Agency, (AMT), 4.80%, 1/1/37		2,294,609
	1,990	North Carolina Housing Finance Agency, (AMT), 4.80%, 1/1/39		1,896,729
	995	North Carolina Housing Finance Agency, (AMT), 4.85%, 7/1/38		950,683
	985	North Carolina Housing Finance Agency, (AMT), 4.90%, 7/1/37		951,825
	420	North Carolina Housing Finance Agency, MFMR, (AMT), 6.45%, 9/1/27		420,491


			$	7,918,397




Insured-Education — 2.3%

$	1,320	North Carolina Educational Facilities Finance Agency, (Johnson & Wales University), (XLCA), 5.00%, 4/1/33	$	1,156,082
	350	University of North Carolina at Greensboro, (AGC), 5.00%, 4/1/34		361,876
	1,000	University of North Carolina at Wilmington, (AGC), 5.00%, 10/1/33		1,036,720


			$	2,554,678




Insured-Electric Utilities — 3.1%

$	1,000	North Carolina Eastern Municipal Power Agency, (AGC), 6.00%, 1/1/19	$	1,128,180
	1,000	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		998,560
	1,340	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		1,338,044


			$	3,464,784

See notes to financial statements

Eaton Vance North Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-General Obligations — 0.8%

$	840	Puerto Rico, (NPFG), 5.50%, 7/1/20	$	887,452


			$	887,452




Insured-Hospital — 10.1%

$	1,675	Johnston Memorial Hospital, (AGM), Variable Rate, 24.948%, 10/1/36^(4)(5)(6)	$	1,816,403
	375	Nash Health Care System, (AGM), 5.00%, 11/1/30		372,109
	1,000	New Hanover County, Hospital Revenue, (New Hanover Regional Medical Center), (AGM), 5.125%, 10/1/31		1,025,490
	1,045	North Carolina Medical Care Commission, (Betsy Johnson), (AGM), 5.375%, 10/1/24		1,074,312
	1,450	North Carolina Medical Care Commission, (Cleveland County Healthcare), (AMBAC), 5.00%, 7/1/35		1,345,789
	1,000	North Carolina Medical Care Commission, (Wakemed), (AGC), 5.625%, 10/1/38		1,029,470
	2,090	North Carolina Medical Care Commission, (Wakemed), (AGC), 5.875%, 10/1/38		2,174,603
	1,500	North Carolina Medical Care Commission, (Wilson Memorial Hospital), (AMBAC), 0.00%, 11/1/15		1,195,665
	1,175	Onslow County Hospital Authority, (Onslow Memorial Hospital), (NPFG), 5.00%, 4/1/26		1,204,798


			$	11,238,639




Insured-Housing — 0.4%

$	475	University of North Carolina at Wilmington, Certificates of Participation, (Student Housing Project), (AGC), 5.00%, 6/1/32	$	489,221


			$	489,221




Insured-Lease Revenue / Certificates of Participation — 5.7%

$	1,000	City of Monroe, Certificates of Participation, (AGC), 5.50%, 3/1/39	$	1,041,810
	2,500	County of Rockingham, (AGC), 5.00%, 4/1/32		2,582,225
	1,500	Franklin County, Certificates of Participation, (NPFG), 5.00%, 9/1/27		1,564,845
	1,000	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		1,210,210


			$	6,399,090




Insured-Other Revenue — 1.9%

$	2,000	Monroe, Combined Enterprise System Revenue, (AGC), 5.00%, 3/1/33⁽³⁾	$	2,058,500


			$	2,058,500



Insured-Special Tax Revenue — 2.8%

$	550	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27	$	553,019
	12,440	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		717,912
	12,000	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/43		1,591,080
	450	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		55,607
	895	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		102,836
	720	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		77,393


			$	3,097,847




Insured-Transportation — 6.8%

$	500	Charlotte, Airport, (NPFG), (AMT), 5.25%, 7/1/21	$	510,175
	10,000	North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 0.00%, 1/1/35		2,409,800
	1,000	North Carolina Turnpike Authority, (Triangle Expressway System), (AGC), 5.375%, 1/1/26		1,079,890
	1,800	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		1,850,526
	1,800	Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		1,749,150


			$	7,599,541




Insured-Water and Sewer — 2.3%

$	555	Broad River Water Authority, Water System, (XLCA), 5.00%, 6/1/21⁽⁴⁾	$	564,613
	500	Brunswick County, Enterprise System Water and Sewer Revenue, (AGM), 5.25%, 4/1/26		525,505
	1,500	Kannapolis, Water and Sewer, (AGM), (AMT), 5.25%, 2/1/26⁽³⁾		1,513,305


			$	2,603,423




Lease Revenue / Certificates of Participation — 9.6%

$	1,550	Cabarrus County, Certificates of Participation, 5.00%, 6/1/29	$	1,607,226
	1,400	Cabarrus County, Certificates of Participation, 5.25%, 6/1/28		1,490,580
	700	Charlotte, (Government Facilities), 5.00%, 6/1/28		724,969
	1,500	Charlotte, (Government Facilities), 5.00%, 6/1/33⁽³⁾		1,535,925
	1,000	Durham County, Certificates of Participation, 5.00%, 6/1/31		1,041,320
	1,000	Forsyth County, 5.00%, 4/1/30		1,073,340

See notes to financial statements

Eaton Vance North Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Lease Revenue / Certificates of Participation (continued)


$	2,000	Raleigh, (Downtown Improvement Projects), 5.00%, 2/1/27	$	2,124,940
	1,050	Wilmington, Certificates of Participation, 5.00%, 6/1/38		1,078,528


			$	10,676,828




Other Revenue — 3.5%

$	13,560	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	505,110
	1,000	Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/24		1,143,660
	1,035	Durham County Industrial Facilities & Pollution Control Financing Authority, (Research Triangle Institute), 5.00%, 2/1/25		1,176,516
	1,000	North Carolina, Capital Improvement Limited Obligation, 5.00%, 5/1/27		1,104,050


			$	3,929,336




Senior Living / Life Care — 1.6%

$	1,900	North Carolina Medical Care Commission, (United Methodist), 5.50%, 10/1/32	$	1,752,332


			$	1,752,332




Special Tax Revenue — 2.4%

$	8,510	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56	$	431,542
	1,620	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		1,608,433
	545	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		591,598


			$	2,631,573




Transportation — 2.3%

$	500	Charlotte, Airport, 5.50%, 7/1/34	$	529,920
	1,000	Charlotte, Airport, (AMT), 5.375%, 7/1/28		1,012,200
	1,000	North Carolina Ports Authority, 5.25%, 2/1/40⁽²⁾		1,006,040


			$	2,548,160




Water and Sewer — 8.5%

$	2,000	Cape Fear Public Utility Authority, Water and Sewer System, 5.00%, 8/1/35	$	2,101,680
	2,000	Cary, Combined Enterprise System Revenue, 5.00%, 12/1/33		2,111,040
	2,000	Charlotte, Water and Sewer, 5.00%, 7/1/38		2,144,340
	1,975	Charlotte, Water and Sewer, 5.125%, 6/1/26		2,054,395
	1,000	Winston-Salem, Water and Sewer System, 5.00%, 6/1/34		1,062,780


			$	9,474,235



Total Tax-Exempt Investments — 108.4%
(identified cost $115,981,361)			$	120,639,146



Other Assets, Less Liabilities — (8.4)%			$	(9,339,665	)



Net Assets — 100.0%			$	111,299,481

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by North Carolina municipalities. In addition, 15.6% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 33.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.4% to 14.3% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).


(2)		When-issued security.

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

(4)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At February 28, 2010, the aggregate value of these securities is $2,381,016 or 2.1% of the Fund’s net assets.

(5)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2010.

(6)		Security is subject to a shortfall agreement which may require the Fund 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 Fund could ultimately be required to make under the agreement is $5,025,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.

See notes to financial statements

Eaton Vance Oregon Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 103.8%

Principal Amount
(000’s omitted)		Security	Value



Cogeneration — 0.4%

$	660	Western Generation Agency, (Wauna Cogeneration), (AMT), 5.00%, 1/1/12	$	663,274


			$	663,274




Education — 4.0%

$	3,000	City of Forest Grove, (Pacific University), 6.375%, 5/1/39	$	3,077,430
	2,000	Oregon Health and Science University, 5.75%, 7/1/39		2,112,300
	1,000	Oregon State Facilities Authority, (Linfield College), 5.00%, 10/1/25		1,007,230


			$	6,196,960




Electric Utilities — 1.1%

$	1,000	Northern Wasco County, (Bonneville Power Administration), 5.20%, 12/1/24	$	1,031,920
	625	Puerto Rico Electric Power Authority, 5.50%, 7/1/38		632,875


			$	1,664,795




General Obligations — 27.6%

$	3,490	Clackamas and Washington Counties, School District No. 3JT, 5.00%, 6/15/33	$	3,701,599
	12,870	Clackamas County, Oregon Trail School District No. 46, 0.00%, 6/15/39		2,835,004
	2,230	Clackamas County School District No. 46, 0.00%, 6/15/32		733,224
	2,000	Clackamas County School District No. 46, 0.00%, 6/15/33		621,360
	2,865	Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/25		1,428,489
	3,730	Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/26		1,748,997
	4,175	Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/27		1,843,680
	3,970	Deschutes and Jefferson Counties, School District No. 2J, 0.00%, 6/15/31		1,380,687
	8,000	Jackson County, School District No. 549C, 5.00%, 6/15/33⁽¹⁾		8,324,680
	2,315	Keizer, (Keizer Station Area A Improvement District), 5.20%, 6/1/31		2,385,353
	1,000	Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/29		397,270
	1,215	Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/30		451,117
	1,365	Multnomah and Clackamas Counties, Riverdale School District No. 51JT, 0.00%, 6/15/34		389,243
	4,425	Oregon Elderly and Disabled Housing, (AMT), 5.65%, 8/1/26		4,427,124
	660	Oregon Veterans Welfare, Series 81, 5.25%, 10/1/42		663,775
	1,010	Oregon Veterans Welfare, Series 82, 5.50%, 12/1/42		1,020,544
	1,575	Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/31		545,580
	5,820	Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/33		1,790,581
	3,350	Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 6/15/38		771,070
	2,120	Polk, Marion and Benton Counties, School District No. 13J, 0.00%, 12/15/38		475,601
	1,000	Redmond, 5.00%, 6/1/39		970,020
	12,660	Salem-Keizer, School District No. 24J, 0.00%, 6/15/30		4,842,323
	1,000	Umatilla County, Hermiston School District No. 8R, 0.00%, 6/15/24		543,560


			$	42,290,881




Hospital — 7.0%

$	2,000	Deschutes County Hospital Facilities Authority, (Cascade Healthcare Community), 8.25%, 1/1/38	$	2,354,880
	2,105	Hood River County Health Facilities Authority, Elderly Housing, (Down Manor), 6.50%, 1/1/17		2,109,505
	2,500	Multnomah County Hospital Facilities Authority, (Adventist Health System), 5.125%, 9/1/40		2,463,925
	3,735	Oregon State Facilities Authority, (Legacy Health System), 5.00%, 3/15/30		3,773,134


			$	10,701,444




Housing — 13.0%

$	830	Oregon Health Authority, (Trillium Affordable Housing), (AMT), 6.75%, 2/15/29	$	754,578
	2,960	Oregon Housing and Community Services Department, (AMT), 4.85%, 7/1/37		2,826,119
	3,300	Oregon Housing and Community Services Department, (AMT), 5.40%, 7/1/27		3,408,372
	750	Oregon Housing and Community Services Department, MFMR, (AMT), 5.70%, 7/1/29		750,382
	1,695	Oregon Housing and Community Services Department, MFMR, (FHA), (AMT), 5.00%, 7/1/47		1,652,913
	1,750	Oregon Housing and Community Services Department, SFMR, (AMT), 4.75%, 7/1/36		1,648,360
	1,815	Oregon Housing and Community Services Department, SFMR, (AMT), 5.00%, 1/1/25		1,836,526
	600	Oregon Housing and Community Services Department, SFMR, (AMT), 6.20%, 7/1/27		600,588
	345	Oregon Housing and Community Services Department, SFMR, (AMT), 6.40%, 7/1/26		345,404

See notes to financial statements

Eaton Vance Oregon Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Housing (continued)


$	350	Oregon Housing and Community Services Department, SFMR, (AMT), 6.45%, 7/1/26	$	350,424
	1,325	Portland Housing Authority, (Pearl Court LP), (AMT), 4.50%, 1/1/22		1,315,314
	1,280	Portland Housing Authority, (Pearl Court LP), (AMT), 4.625%, 1/1/27		1,262,976
	465	Portland Housing Authority, (Yards Union Station Project), (AMT), 4.75%, 5/1/22		466,372
	2,740	Portland Housing Authority, (Yards Union Station Project), (AMT), 4.85%, 5/1/29		2,666,431


			$	19,884,759




Industrial Development Revenue — 1.3%

$	735	Oregon Economic Development Authority, (Georgia-Pacific), (AMT), 5.70%, 12/1/25	$	668,688
	830	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26		613,046
	915	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.30%, 6/1/23		701,165


			$	1,982,899




Insured-Education — 1.7%

$	4,850	Oregon Health Science University, (NPFG), 0.00%, 7/1/21	$	2,614,586


			$	2,614,586




Insured-Electric Utilities — 3.8%

$	1,715	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30	$	1,749,403
	2,760	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		2,756,025
	1,270	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		1,268,146


			$	5,773,574




Insured-General Obligations — 8.9%

$	715	Beaverton, School District, (AGC), 5.125%, 6/1/36	$	762,283
	2,700	Deschutes and Jefferson Counties, School District No. 2J, (FGIC), (NPFG), 0.00%, 6/15/23		1,509,543
	3,750	Lane County, School District No. 019, (Springfield), (AGM), 0.00%, 6/15/28		1,477,012
	575	Lane County, School District No. 019, (Springfield), (AGM), 0.00%, 6/15/29		213,705
	600	Linn County, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 5.50%, 6/15/27		719,946
	4,000	Linn County, Community School District No. 9, (Lebanon), (FGIC), (NPFG), 5.50%, 6/15/30		4,693,320
	1,000	Newport, (AGC), 0.00%, 6/1/28		414,540
	1,225	Newport, (AGC), 0.00%, 6/1/29		475,790
	3,425	Washington, Clackamas and Yamhill Counties, School District No. 88J, (NPFG), 0.00%, 6/15/31		1,117,098
	5,000	Washington, Multnomah and Yamhill Counties, School District No. 1J, (NPFG), 0.00%, 6/15/26		2,250,900


			$	13,634,137




Insured-Hospital — 3.1%

$	1,415	Deschutes County Hospital Facilities Authority, (Cascade Healthcare Community), (AMBAC), 5.375%, 1/1/35	$	1,456,403
	3,000	Medford Hospital Facilities Authority, (Asante Health System), (AGM), 5.50%, 8/15/28		3,224,880


			$	4,681,283




Insured-Special Tax Revenue — 4.8%

$	560	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	169,378
	450	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/37		66,281
	12,100	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		1,086,459
	1,015	Puerto Rico Infrastructure Financing Authority, (AMBAC), 5.50%, 7/1/27		1,020,572
	20,000	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/42		2,072,800
	42,840	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		2,472,296
	905	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		111,831
	1,795	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		206,245
	1,435	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		154,248


			$	7,360,110




Insured-Transportation — 3.9%

$	315	Jackson County, Airport, (XLCA), 5.25%, 12/1/32	$	302,447
	1,685	Jackson County, Airport, (XLCA), 5.25%, 12/1/37		1,599,992
	2,160	Jackson County, Airport, (XLCA), (AMT), 5.25%, 12/1/23		2,247,912
	1,800	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		1,850,526


			$	6,000,877

See notes to financial statements

Eaton Vance Oregon Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Insured-Water and Sewer — 0.7%

$	995	Portland, Water System, (NPFG), 4.50%, 10/1/31	$	1,002,134


			$	1,002,134




Lease Revenue / Certificates of Participation — 0.6%

$	820	Oregon State Department of Administration Services, 5.125%, 5/1/33	$	855,006


			$	855,006




Other Revenue — 2.7%

$	20,255	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	754,499
	3,130	Oregon State Department of Administrative Services, 5.00%, 4/1/29		3,382,716


			$	4,137,215




Senior Living / Life Care — 1.1%

$	1,750	Clackamas County, Hospital Facility Authority, (Homewoods), 5.15%, 10/20/37	$	1,755,058


			$	1,755,058




Special Tax Revenue — 7.3%

$	3,190	Oregon Department of Transportation, (Highway User Tax), 4.50%, 11/15/32	$	3,207,992
	2,185	Portland Limited Tax General Obligation, 0.00%, 6/1/22		1,359,288
	12,970	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		657,709
	5,235	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		5,197,622
	755	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		819,552


			$	11,242,163




Transportation — 3.6%

$	4,000	Port of Portland Airport Revenue, 5.00%, 7/1/29	$	4,185,840
	215	Redmond Airport Revenue, 5.50%, 6/1/24		217,468
	200	Redmond Airport Revenue, 5.75%, 6/1/27		201,694
	550	Redmond Airport Revenue, 6.00%, 6/1/34		551,876
	400	Redmond Airport Revenue, 6.25%, 6/1/39		406,300


			$	5,563,178




Water and Sewer — 7.2%

$	2,805	Eugene, 4.50%, 8/1/31	$	2,831,395
	2,285	Portland, Sewer System, 4.75%, 6/15/29		2,377,885
	1,885	Portland, Sewer System, 4.75%, 6/15/30		1,948,242
	3,760	Washington County, Clean Water Services, 4.75%, 10/1/27		3,930,892


			$	11,088,414



Total Tax-Exempt Investments — 103.8%
(identified cost $157,924,096)			$	159,092,747



Other Assets, Less Liabilities — (3.8)%			$	(5,876,733	)



Net Assets — 100.0%			$	153,216,014

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FHA - Federal Housing Administration

MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Oregon municipalities. In addition, 15.4% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 12.7% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

See notes to financial statements

Eaton Vance South Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 100.4%

Principal Amount
(000’s omitted)		Security	Value



Education — 5.3%

$	1,640	Lexington One School Facilities Corp., 5.00%, 12/1/30	$	1,662,419
	890	South Carolina Educational Facilities Authority, (Furman University), 4.625%, 10/1/35		880,085
	1,470	South Carolina Educational Facilities Authority, (Furman University), 5.00%, 10/1/38		1,480,599
	1,225	South Carolina Educational Facilities Authority, (Wofford College), 5.00%, 4/1/36		1,228,565
	3,505	South Carolina Educational Facilities Authority, (Wofford College), 5.25%, 4/1/32		3,620,034


			$	8,871,702




Electric Utilities — 6.7%

$	550	Puerto Rico Electric Power Authority, 5.00%, 7/1/37	$	525,514
	2,000	South Carolina Public Service Authority, 5.25%, 1/1/39		2,121,100
	4,510	South Carolina Public Service Authority, 5.375%, 1/1/28		4,994,600
	3,435	South Carolina Public Service Authority, 5.50%, 1/1/38		3,715,777


			$	11,356,991




General Obligations — 2.3%

$	685	Richland County, Sewer System, (Broad River), 5.125%, 3/1/29	$	709,763
	2,360	South Carolina, 3.25%, 8/1/30		2,085,697
	1,240	South Carolina, (Clemson University), 2.50%, 6/1/21		1,140,316


			$	3,935,776




Hospital — 9.5%

$	5,260	Greenwood County, 5.375%, 10/1/39	$	5,269,468
	3,615	Lexington County, (Health Services District, Inc.), 5.00%, 11/1/27		3,623,893
	1,200	Lexington County, (Health Services District, Inc.), 5.00%, 11/1/32		1,172,856
	2,695	South Carolina Jobs Economic Development Authority, (Health Services), 5.75%, 8/1/39		2,631,371
	3,380	South Carolina Jobs Economic Development Authority, (Kershaw County Medical Center Project), 6.00%, 9/15/38		3,357,016


			$	16,054,604




Industrial Development Revenue — 1.9%

$	400	Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26	$	295,444
	1,500	Richland County, (International Paper Co.), (AMT), 5.95%, 9/1/31		1,440,300
	1,400	Richland County, (International Paper Co.), (AMT), 6.10%, 4/1/23		1,415,540


			$	3,151,284




Insured-Education — 2.0%

$	1,615	College of Charleston, Academic and Administrative Facilities, (XLCA), 4.50%, 4/1/37	$	1,525,545
	475	College of Charleston, Academic and Administrative Facilities, (XLCA), 5.375%, 4/1/25		493,616
	1,400	College of Charleston, Higher Education Facility, (XLCA), 4.50%, 4/1/37		1,322,454


			$	3,341,615




Insured-Electric Utilities — 10.6%

$	800	Piedmont Municipal Power Agency, (AGC), (AMBAC), 0.00%, 1/1/28	$	303,768
	8,235	Piedmont Municipal Power Agency, (AGC), (AMBAC), 0.00%, 1/1/29		2,940,142
	12,610	Piedmont Municipal Power Agency, (AGC), (AMBAC), 0.00%, 1/1/32		3,717,302
	7,815	Piedmont Municipal Power Agency, (AMBAC), 0.00%, 1/1/29		2,665,228
	2,940	Piedmont Municipal Power Agency, (AMBAC), 0.00%, 1/1/32		827,110
	2,090	Piedmont Municipal Power Agency, (FGIC), (NPFG), 0.00%, 1/1/23		1,067,300
	1,420	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		1,448,485
	3,725	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		3,719,636
	950	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		948,613
	330	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		337,247


			$	17,974,831




Insured-General Obligations — 2.1%

$	1,300	Berkeley County, (AGM), 2.00%, 9/1/25	$	994,981
	2,755	Berkeley County, School District, (AGM), 2.75%, 1/15/22		2,513,552


			$	3,508,533




Insured-Hospital — 3.5%

$	2,775	Florence County, (Mcleod Regional Medical Center Project), (AGM), 5.25%, 11/1/27	$	2,852,589

See notes to financial statements

Eaton Vance South Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Hospital (continued)


$	3,000	South Carolina Jobs Economic Development Authority, (Anmed Health), (AGC), 5.50%, 2/1/38	$	3,113,430


			$	5,966,019




Insured-Lease Revenue / Certificates of Participation — 6.5%

$	75	Berkeley County, School District, (CIFG), 4.75%, 12/1/31	$	72,912
	1,450	Kershaw County, Public Schools Foundation, (CIFG), 5.00%, 12/1/28		1,468,981
	2,685	Kershaw County, Public Schools Foundation, (CIFG), 5.00%, 12/1/31		2,689,377
	4,650	Scago Educational Facilities Corp., Pickens School District, (AGM), 4.50%, 12/1/28		4,580,203
	2,280	Sumter Two School Facility, Inc., Installment Purchase Revenue, (AGC), 4.50%, 12/1/32		2,241,582


			$	11,053,055




Insured-Special Tax Revenue — 0.5%

$	4,890	Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	282,202
	905	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44		111,831
	1,795	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		206,245
	1,435	Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46		154,248


			$	754,526




Insured-Transportation — 7.6%

$	2,700	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾	$	2,775,789
	1,095	Richland-Lexington Airport District, (Columbia Metropolitan Airport), (CIFG), (AMT), 5.00%, 1/1/21		1,095,482
	4,500	South Carolina Ports Authority, (Ports Revenue), (AGM), 5.30%, 7/1/26		4,516,425
	4,625	South Carolina Transportation Infrastructure Bank Revenue, (AMBAC), (XLCA), 4.50%, 10/1/32		4,503,177


			$	12,890,873




Insured-Utilities — 5.7%

$	1,000	Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/27	$	1,160,050
	2,000	Greer, Combined Utility System, (AMBAC), 5.50%, 9/1/32		2,268,960
	5,000	Orangeburg County, Solid Waste, (South Carolina Electric and Gas Co.), (AMBAC), (AMT), 5.70%, 11/1/24		5,001,800
	1,100	South Carolina Jobs Economic Development Authority, (South Carolina Electric and Gas Co.), (AMBAC), 5.20%, 11/1/27		1,143,395


			$	9,574,205




Insured-Water and Sewer — 10.9%

$	500	Anderson County, Water and Sewer System, (AGC), 5.25%, 7/1/24	$	559,910
	1,970	Beaufort-Jasper, Water and Sewer Authority, (AGM), 4.50%, 3/1/31		1,975,240
	515	Cayce, Waterworks and Sewer Revenue, (XLCA), 4.625%, 7/1/27		527,968
	1,875	Greenwood, Metropolitan District Sewer System, (AGM), Variable Rate, 23.841%, 10/1/30^(2)(3)(4)		2,221,275
	3,650	Lugoff-Elgin, Water Authority, (NPFG), 4.625%, 7/1/37		3,507,431
	1,045	Richland County, Sewer System, (Broad River), (XLCA), 4.50%, 3/1/34		1,045,930
	1,000	Spartanburg, Waterworks and Sewer Revenue, (AGC), 4.625%, 6/1/36		996,170
	825	Spartanburg, Waterworks and Sewer Revenue, (AGC), 5.00%, 6/1/32		858,454
	2,000	Spartanburg, Waterworks and Sewer Revenue, (AGC), 5.00%, 6/1/39		2,059,660
	4,750	Sumter, Waterworks and Sewer System, (XLCA), 4.50%, 12/1/32		4,591,967


			$	18,344,005




Lease Revenue / Certificates of Participation — 13.5%

$	6,000	Berkeley County, School District, 5.125%, 12/1/30	$	6,104,100
	320	Charleston Educational Excellence Financing Corp., 5.25%, 12/1/22		341,440
	1,105	Charleston Educational Excellence Financing Corp., 5.25%, 12/1/28		1,149,996
	3,000	Greenville County, School District, 5.00%, 12/1/24⁽¹⁾		3,165,150
	150	Greenville County, School District, 5.00%, 12/1/28		154,851
	3,745	Laurens County, School District, 5.25%, 12/1/30		3,541,047
	3,270	Lexington, One School Facility Corp., 5.00%, 12/1/27		3,364,209
	1,470	Lexington, One School Facility Corp., 5.25%, 12/1/27		1,527,594
	2,220	Newberry, (Newberry County School District), 5.00%, 12/1/30		2,032,055
	1,470	Newberry, (Newberry County School District), 5.25%, 12/1/25		1,465,193


			$	22,845,635

See notes to financial statements

Eaton Vance South Carolina Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Other Revenue — 7.0%

$	21,465	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	799,571
	7,600	Tobacco Settlement Management Authority, Escrowed to Maturity, 6.375%, 5/15/30		9,214,240
	1,815	Tobacco Settlement Revenue Management Authority, Prerefunded to 5/15/11, 5.00%, 6/1/18		1,814,873


			$	11,828,684




Special Tax Revenue — 3.1%

$	23,870	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56	$	1,210,448
	3,235	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		3,211,902
	810	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		879,255


			$	5,301,605




Student Loan — 1.7%

$	2,855	South Carolina State Education Assistance Authority, 5.10%, 10/1/29	$	2,889,431


			$	2,889,431



Total Tax-Exempt Investments — 100.4%
(identified cost $166,923,689)			$	169,643,374



Other Assets, Less Liabilities — (0.4)%			$	(740,976	)



Net Assets — 100.0%			$	168,902,398

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by South Carolina 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 February 28, 2010, 49.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 4.2% to 14.6% of total investments.


(1)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

(2)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At February 28, 2010, the aggregate value of these securities is $2,221,275 or 1.3% of the Fund’s net assets.

(3)		Security is subject to a shortfall agreement which may require the Fund 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 Fund could ultimately be required to make under the agreement is $5,625,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.

(4)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2010.

See notes to financial statements

Eaton Vance Tennessee Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 96.4%

Principal Amount
(000’s omitted)		Security	Value



Education — 6.1%

$	1,425	Metropolitan Government of Nashville and Davidson County, (Vanderbilt University), Series A, 5.00%, 10/1/39	$	1,502,135
	1,000	Metropolitan Government of Nashville and Davidson County, (Vanderbilt University), Series B, 5.00%, 10/1/39		1,054,130
	1,000	Tennessee State School Bond Authority, 5.00%, 5/1/39		1,049,860


			$	3,606,125




Electric Utilities — 6.1%

$	1,500	Chattanooga, Electric Revenue, 5.00%, 9/1/33	$	1,580,415
	500	Clarksville, Electric Revenue, 5.00%, 9/1/34		523,315
	500	Knoxville, Electric Revenue, 4.50%, 7/1/28		514,885
	1,000	Metropolitan Government of Nashville and Davidson County, 5.125%, 5/15/26		1,015,350


			$	3,633,965




Escrowed / Prerefunded — 1.4%

$	470	Sullivan County, Health, Educational and Housing Facilities Board, (Wellmont Health System), Prerefunded to 9/1/12, 6.25%, 9/1/22	$	537,657
	280	Sullivan County, Health, Educational and Housing Facilities Board, (Wellmont Health System), Prerefunded to 9/1/12, 6.25%, 9/1/22		320,306


			$	857,963




General Obligations — 4.0%

$	350	Johnson City, 5.00%, 6/1/31	$	362,576
	1,000	Tennessee, 5.00%, 5/1/29		1,088,410
	850	Williamson County, 3.25%, 4/1/17⁽¹⁾		905,343


			$	2,356,329




Hospital — 7.8%

$	500	Chattanooga, Health, Educational and Housing Facility Board, (Catholic Health Initiatives), 6.25%, 10/1/33	$	555,385
	1,000	Johnson City, Health and Educational Facilities Board, 5.50%, 7/1/36		979,490
	5,000	Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/39		812,300
	3,200	Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), 0.00%, 1/1/42		421,408
	500	Knox County, Health, Educational and Housing Facilities Board, (East Tennessee Hospital), 5.75%, 7/1/33		475,340
	500	Shelby County, Health, Educational and Housing Facilities Board, (St. Jude Children’s Research Hospital), 5.00%, 7/1/31		515,590
	1,000	Sullivan County, Health, Educational and Facilities Board, (Wellmont Health System), 5.25%, 9/1/36		905,970


			$	4,665,483




Housing — 6.0%

$	490	Tennessee Housing Development Agency, (AMT), 4.85%, 1/1/32	$	482,826
	495	Tennessee Housing Development Agency, (AMT), 4.85%, 7/1/38		470,834
	475	Tennessee Housing Development Agency, (AMT), 4.95%, 1/1/37		460,560
	1,315	Tennessee Housing Development Agency, (AMT), 5.00%, 7/1/32		1,319,458
	475	Tennessee Housing Development Agency, (AMT), 5.10%, 7/1/38		470,749
	365	Tennessee Housing Development Agency, (AMT), 5.375%, 7/1/23		367,610


			$	3,572,037




Industrial Development Revenue — 0.8%

$	375	Hardeman County, (Correctional Facilities Corp.), 7.75%, 8/1/17	$	352,943
	150	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		134,325


			$	487,268




Insured-Education — 2.3%

$	1,230	Metropolitan Government of Nashville and Davidson County, (Meharry Medical College), (AMBAC), 6.00%, 12/1/19	$	1,396,038


			$	1,396,038




Insured-Electric Utilities — 14.2%

$	1,000	Lawrenceburg, Electric, (NPFG), 6.625%, 7/1/18	$	1,214,600
	1,000	Lawrenceburg, Public Building Authority, (Electric System-Public Works), (AGM), Prerefunded to 7/1/11, 5.00%, 7/1/26		1,062,090
	500	Lawrenceburg, Public Building Authority, (Electric System-Public Works), (AMBAC), 5.00%, 7/1/26		536,495
	1,000	Metropolitan Government of Nashville and Davidson County, (AMBAC), 5.00%, 5/15/29		1,032,530
	2,000	Metropolitan Government of Nashville and Davidson County, (NPFG), 0.00%, 5/15/17		1,634,160
	1,000	Pleasant View, Utility District, (NPFG), 5.00%, 9/1/32		1,002,230

See notes to financial statements

Eaton Vance Tennessee Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Electric Utilities (continued)


$	260	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30	$	265,215
	200	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		199,712
	420	Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35		419,387
	300	Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		306,588
	680	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		753,100


			$	8,426,107




Insured-Escrowed / Prerefunded — 11.4%

$	175	Bristol, (Bristol Memorial Hospital), (FGIC), Escrowed to Maturity, 6.75%, 9/1/10	$	180,920
	1,500	Johnson City, Health and Educational Facilities Board, (Johnson City Medical Center), (NPFG), Prerefunded to 7/1/23, 5.125%, 7/1/25		1,513,050
	825	Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), (AGM), Prerefunded to 1/1/13, 5.00%, 1/1/26		920,981
	500	Puerto Rico Electric Power Authority, (AGM), Prerefunded to 7/1/12, 5.125%, 7/1/26		557,270
	250	Puerto Rico Electric Power Authority, (NPFG), Prerefunded to 7/1/13, 5.00%, 7/1/32		283,055
	945	Shelby County, (Lebonheur Children’s Hospital), (NPFG), Escrowed to Maturity, 5.50%, 8/15/12		1,004,346
	2,000	West Wilson Utility District Waterworks, (NPFG), Prerefunded to 6/1/14, 5.00%, 6/1/34		2,316,480


			$	6,776,102




Insured-General Obligations — 7.8%

$	750	Blount County, Public Building Authority, (AGC), 4.50%, 6/1/30	$	750,982
	500	Blount County, Public Building Authority, (AGC), 5.00%, 6/1/32		517,410
	1,425	Franklin, Special School District, (AGM), 0.00%, 6/1/19		1,039,794
	2,500	Franklin, Special School District, (AGM), 0.00%, 6/1/20		1,733,200
	530	Memphis, (AGC), 5.00%, 4/1/26		575,962


			$	4,617,348




Insured-Hospital — 1.1%

$	675	Knox County, Health, Educational and Housing Facilities Board, (Covenant Health), (AGM), 5.00%, 1/1/26	$	679,941


			$	679,941



Insured-Lease Revenue / Certificates of Participation — 1.0%

$	500	Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27	$	605,105


			$	605,105




Insured-Special Tax Revenue — 2.2%

$	3,000	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34	$	550,590
	4,450	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/44		399,565
	1,750	Puerto Rico Infrastructure Financing Authority, (FGIC), 0.00%, 7/1/33		349,020


			$	1,299,175




Insured-Transportation — 2.9%

$	530	Memphis-Shelby County, Airport Authority, (AMBAC), (AMT), 6.00%, 3/1/24	$	535,835
	560	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾		575,719
	640	Puerto Rico Highway and Transportation Authority, (NPFG), 5.25%, 7/1/32		621,920


			$	1,733,474




Insured-Water and Sewer — 13.7%

$	1,000	Clarksville, Water, Sewer and Gas, (AGM), 5.25%, 2/1/18	$	1,159,640
	1,000	Harpeth Valley Utilities District, Davidson and Williamson Counties, (FGIC), (NPFG), 5.00%, 9/1/35		1,026,440
	750	Hawkins County, First Utility District, (AGC), 5.00%, 6/1/42		762,128
	875	Knox County, First Utility District, (NPFG), 5.00%, 12/1/25		912,126
	500	Knoxville, Waste Water System, (AGM), 4.50%, 4/1/37		495,340
	1,000	Knoxville, Waste Water System, (NPFG), 4.00%, 4/1/40		898,210
	1,000	Memphis, Sanitary Sewer System, (AGM), 4.75%, 7/1/24		1,048,000
	1,000	Metropolitan Government of Nashville and Davidson County, Water System, (FGIC), (NPFG), 5.20%, 1/1/13		1,084,430
	500	South Blount County, Utility District, Water Revenue, (AGM), 5.00%, 12/1/33		509,250
	300	West Wilson Utility District Waterworks, (NPFG), 4.00%, 6/1/32		268,662


			$	8,164,226

See notes to financial statements

Eaton Vance Tennessee Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Other Revenue — 1.6%

$	6,550	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	243,988
	750	Tennessee Energy Acquisition Corp., Gas Revenue, 5.25%, 9/1/26		730,612


			$	974,600




Special Tax Revenue — 3.8%

$	135	Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	137,064
	145	Guam, Limited Obligation Bonds, 5.75%, 12/1/34		147,259
	4,815	Puerto Rico Sales Tax Financing Corp., 0.00%, 8/1/56		244,169
	1,365	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57		1,355,254
	325	Virgin Islands Public Finance Authority, 6.75%, 10/1/37		352,787


			$	2,236,533




Transportation — 2.2%

$	1,250	Memphis-Shelby County, Airport Authority, (AMT), 5.75%, 7/1/24	$	1,328,038


			$	1,328,038



Total Tax-Exempt Investments — 96.4%
(identified cost $56,217,778)			$	57,415,857



Other Assets, Less Liabilities — 3.6%			$	2,127,080



Net Assets — 100.0%			$	59,542,937

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

The Fund invests primarily in debt securities issued by Tennessee municipalities. In addition, 13.0% of the Fund’s net assets at February 28, 2010 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 February 28, 2010, 58.7% 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 27.4% of total investments.


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

(2)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).

See notes to financial statements

Eaton Vance Virginia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)


Tax-Exempt Investments — 102.0%

Principal Amount
(000’s omitted)		Security	Value



Education — 8.1%

$	1,700	Alexandria Industrial Development Authority, (Episcopal High School), 5.00%, 1/1/40	$	1,718,343
	5,100	University of Virginia, 5.00%, 6/1/40⁽¹⁾		5,376,624
	4,000	Virginia College Building Authority, 5.00%, 9/1/33		4,246,160
	275	Virginia College Building Authority, 5.00%, 9/1/38		289,102


			$	11,630,229




Electric Utilities — 1.0%

$	1,500	Chesterfield County Economic Development Authority, (Virginia Electric Power Co. Project), (AMT), 5.60%, 11/1/31	$	1,472,175


			$	1,472,175




Escrowed / Prerefunded — 0.1%

$	75	Henrico County Economic Development, (Bon Secours Health System, Inc.), Prerefunded to 11/15/12, 5.60%, 11/15/30	$	84,588


			$	84,588




General Obligations — 6.6%

$	2,820	Loudoun County, 5.00%, 7/1/27	$	3,148,671
	1,390	Peninsula Airport Commission, (City Guaranteed), (AMT), 5.50%, 7/15/21		1,430,491
	500	Portsmouth, 4.75%, 7/15/25		534,130
	675	Portsmouth, 5.25%, 7/15/25		755,311
	1,980	Virginia Public School Authority, 4.50%, 8/1/32		1,992,375
	1,550	Virginia Public School Authority, 5.00%, 8/1/21		1,666,730


			$	9,527,708




Hospital — 15.5%

$	2,250	Albemarle County Industrial Development Authority, (Martha Jefferson Hospital), 5.25%, 10/1/35	$	2,234,205
	5,000	Fairfax County Industrial Development Authority, (Inova Health System Hospitals), 5.00%, 8/15/23⁽²⁾		5,465,880
	3,000	Fairfax County Industrial Development Authority, (Inova Health System Hospitals), 5.50%, 5/15/35		3,143,340
	1,000	Fauquier County Industrial Development Authority, (Fauquier Hospital), 5.25%, 10/1/37		985,610
	795	Henrico County Economic Development, (Bon Secours Health System, Inc.), 5.60%, 11/15/30		804,707
	465	Prince William County Industrial Development Authority, 5.20%, 10/1/30		429,585
	1,000	Prince William County Industrial Development Authority, (Potomac Hospital Corp.), 5.35%, 10/1/36		899,440
	3,000	Virginia Small Business Financing Authority, (Sentara Healthcare), 5.00%, 11/1/40		3,035,610
	1,500	Virginia Small Business Financing Authority, (Wellmont Health), 5.25%, 9/1/27		1,449,990
	2,000	Virginia Small Business Financing Authority, (Wellmont Health), 5.25%, 9/1/37		1,816,580
	2,000	Winchester Industrial Development Authority, (Valley Health System), 5.25%, 1/1/37		2,043,680


			$	22,308,627




Housing — 8.1%

$	5,000	Fairfax County Redevelopment and Housing Authority, (Cedar Ridge), (AMT), 4.85%, 10/1/48	$	4,653,250
	1,790	Multifamily Housing Bond Pass Through Certificates of Beneficial Owners, (Prince William County), (AMT), 6.00% to 11/01/2022 (Put Date), 11/1/33		1,615,869
	2,750	Virginia Housing Development Authority, (AMT), 4.90%, 1/1/33		2,756,242
	1,000	Virginia Housing Development Authority, (AMT), Variable Rate, 31.756%, 10/1/35^(3)(4)(5)		1,168,730
	1,500	Virginia Housing Development Authority, Series A1, (AMT), 5.10%, 10/1/35		1,525,350


			$	11,719,441




Industrial Development Revenue — 4.2%

$	1,250	James City County Industrial Development Authority, (Anheuser Busch Cos., Inc.), (AMT), 6.00%, 4/1/32	$	1,250,175
	1,250	King George County Industrial Development Authority, (Waste Management Inc.), (AMT), 6.00% to 5/3/10 (Put Date), 6/1/23⁽³⁾		1,257,238
	1,630	Norfolk Airport Authority, (AMT), 6.25%, 1/1/30		1,514,563
	2,230	Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		1,996,965


			$	6,018,941




Insured-Education — 5.5%

$	6,655	Virginia College Building Authority, (Washington and Lee University), (NPFG), 5.25%, 1/1/31	$	7,872,665


			$	7,872,665




Insured-Electric Utilities — 3.7%

$	2,000	Halifax County Industrial Development Authority, (Old Dominion Electric Cooperation), (AMBAC), (AMT), 5.625%, 6/1/28	$	2,069,780
	2,015	Puerto Rico Electric Power Authority, (NPFG), 5.50%, 7/1/16		2,231,612

See notes to financial statements

Eaton Vance Virginia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value


Insured-Electric Utilities (continued)


$	1,000	Puerto Rico Electric Power Authority, (XLCA), 5.375%, 7/1/18	$	1,096,710


			$	5,398,102




Insured-General Obligations — 0.5%

$	710	Fairfax, (NPFG), 4.50%, 1/15/36	$	716,326


			$	716,326




Insured-Hospital — 4.1%

$	325	Harrisonburg Industrial Development Authority, (Rockingham Memorial Hospital), (AMBAC), 5.00%, 8/15/46	$	286,491
	1,500	Henrico County, (Bon Secours Health System, Inc.), (NPFG), 6.25%, 8/15/20		1,693,935
	3,655	Virginia Beach, (Virginia Beach Memorial Hospital), (AMBAC), 5.125%, 2/15/18		3,993,124


			$	5,973,550




Insured-Lease Revenue / Certificates of Participation — 1.3%

$	1,950	Rappahannock Regional Jail Authority, (NPFG), 4.50%, 12/1/36	$	1,951,014


			$	1,951,014




Insured-Pooled Loans — 1.2%

$	250	Stafford County & Staunton Industrial Development Authority, (CIFG), 4.75%, 8/1/29	$	231,435
	1,640	Stafford County & Staunton Industrial Development Authority, (CIFG), 5.00%, 8/1/36		1,459,584


			$	1,691,019




Insured-Special Tax Revenue — 0.2%

$	1,020	Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/28	$	308,509


			$	308,509




Insured-Transportation — 17.8%

$	5,000	Chesapeake Bay Bridge and Tunnel Commission, (General Resolution), (NPFG), 5.50%, 7/1/25	$	5,382,350
	1,000	Metropolitan Washington, DC, Airport Authority System, (FGIC), (NPFG), (AMT), 5.00%, 10/1/33		987,670
	1,000	Metropolitan Washington, DC, Airport Authority System, (FGIC), (NPFG), (AMT), 5.25%, 10/1/32		1,004,520
	5,255	Metropolitan Washington, DC, Airport Authority System, (NPFG), (AMT), 5.50%, 10/1/27		5,343,547
	1,000	Norfolk Airport Authority, (FGIC), (NPFG), 5.125%, 7/1/31		1,004,900
	3,040	Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾		3,125,333
	1,600	Puerto Rico Highway and Transportation Authority, (AMBAC), 5.50%, 7/1/29		1,640,272
	3,800	Richmond, Metropolitan Authority Expressway, (FGIC), (NPFG), 5.25%, 7/15/22		4,120,112
	3,000	Virginia Port Authority, (AGM), (FGIC), (AMT), 5.00%, 7/1/36		2,978,070


			$	25,586,774




Insured-Water and Sewer — 2.9%

$	3,000	Spotsylvania County, Water and Sewer, (AGM), 4.50%, 6/1/32	$	3,005,910
	1,000	Upper Occoquan Sewer Authority, (NPFG), 5.15%, 7/1/20		1,174,820


			$	4,180,730




Other Revenue — 5.4%

$	7,000	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	260,750
	14,980	Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		285,818
	1,250	Prince William County Industrial Development Authority, (Catholic Diocese Arlington), 5.50%, 10/1/33		1,262,038
	40,000	Tobacco Settlement Financing Corp., 0.00%, 6/1/47		1,633,200
	2,000	Tobacco Settlement Financing Corp., 5.00%, 6/1/47		1,374,180
	2,710	Virginia Resources Authority Infrastructure Revenue, 5.25%, 11/1/33		2,936,556


			$	7,752,542




Senior Living / Life Care — 2.3%

$	1,065	Fairfax County Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/37	$	990,056
	1,480	Fairfax County Economic Development Authority, (Goodwin House, Inc.), 5.125%, 10/1/42		1,358,596
	1,000	Virginia Beach Development Authority, (Westminster-Canterbury), 5.375%, 11/1/32		926,490


			$	3,275,142




Special Tax Revenue — 3.5%

$	5,095	Puerto Rico Sales Tax Financing Corp., 5.25%, 8/1/57	$	5,058,622


			$	5,058,622

See notes to financial statements

Eaton Vance Virginia Municipal Income Fund as of February 28, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONT’D


Principal Amount
(000’s omitted)		Security	Value



Transportation — 1.8%

$	1,000	Metropolitan Washington, DC, Airport Authority System, (AMT), 5.375%, 10/1/29	$	1,029,420
	1,500	Washington Metropolitan Area Transit Authority, 5.00%, 7/1/32		1,574,145


			$	2,603,565




Water and Sewer — 8.2%

$	2,795	Fairfax County Water Authority, 5.25%, 4/1/27	$	3,420,214
	3,000	James City Service Authority, Water and Sewer, 4.75%, 1/15/39		3,046,200
	2,500	Upper Occoquan Sewer Authority, 4.50%, 7/1/38		2,485,975
	1,755	Upper Occoquan Sewer Authority, 5.00%, 7/1/41		1,835,537
	1,000	Virginia Resources Authority Clean Water Revenue, 5.00%, 10/1/31		1,081,910


			$	11,869,836



Total Tax-Exempt Investments — 102.0%
(identified cost $143,736,487)			$	147,000,105



Other Assets, Less Liabilities — (2.0)%			$	(2,915,702	)



Net Assets — 100.0%			$	144,084,403

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Fund invests primarily in debt securities issued by Virginia 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 February 28, 2010, 36.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.7% to 22.8% of total investments.


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

(2)		Security represents the underlying municipal bond of an inverse floater (see Note 1I).


(3)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At February 28, 2010, the aggregate value of these securities is $2,425,968 or 1.7% of the Fund’s net assets.

(4)		Security has been issued as a leveraged inverse floater bond. The stated interest rate represents the rate in effect at February 28, 2010.

(5)		Security is subject to a shortfall agreement which may require the Fund 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 Fund could ultimately be required to make under the agreement is $4,000,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the inverse floater.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited)

Statements of Assets and Liabilities


As of February 28, 2010	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

Assets

Investments —
Identified cost	$	55,005,307		$	70,211,679		$	91,267,358		$	52,968,275
Unrealized appreciation (depreciation)		1,733,311			(198,345	)		1,660,829			1,264,085


Investments, at value	$	56,738,618		$	70,013,334		$	92,928,187		$	54,232,360


Cash	$	2,346,128		$	2,082,866		$	403,426		$	451,411
Interest receivable		665,265			804,690			1,016,275			573,357
Receivable for investments sold		73,706			171,351			92,716			384,636
Receivable for Fund shares sold		93,914			58,264			38,412			8,373
Receivable for open swap contracts		—			155,451			89,896			—


Total assets	$	59,917,631		$	73,285,956		$	94,568,912		$	55,650,137


Liabilities

Payable for floating rate notes issued	$	1,305,000		$	600,000		$	7,920,000		$	—
Payable for investments purchased		—			—			186,091			—
Payable for when-issued securities		962,515			—			—			—
Payable for variation margin on open financial futures contracts		26,250			—			63,750			—
Payable for open swap contracts		29,102			88,922			129,341			125,393
Payable for Fund shares redeemed		179,253			258,035			49,265			186,879
Distributions payable		87,964			74,467			122,698			49,663
Payable to affiliates:
Investment adviser fee		13,379			18,858			24,501			13,009
Distribution and service fees		12,158			16,214			20,830			12,092
Interest expense and fees payable		2,913			1,219			12,630			—
Accrued expenses		42,951			42,244			50,538			39,826


Total liabilities	$	2,661,485		$	1,099,959		$	8,579,644		$	426,862


Net Assets	$	57,256,146		$	72,185,997		$	85,989,268		$	55,223,275


Sources of Net Assets

Paid-in capital	$	56,792,790		$	75,908,386		$	90,782,542		$	57,857,563
Accumulated net realized loss		(1,153,896	)		(3,542,874	)		(6,274,400	)		(3,779,692	)
Accumulated undistributed (distributions in excess of) net investment income		(51,835	)		(47,699	)		(31,719	)		6,712
Net unrealized appreciation (depreciation)		1,669,087			(131,816	)		1,512,845			1,138,692


Net Assets	$	57,256,146		$	72,185,997		$	85,989,268		$	55,223,275


Class A Shares

Net Assets	$	45,660,019		$	63,385,715		$	63,049,986		$	48,966,061
Shares Outstanding		4,749,565			6,920,613			7,187,581			5,589,946
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.61		$	9.16		$	8.77		$	8.76
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	10.09		$	9.62		$	9.21		$	9.20


Class B Shares

Net Assets	$	5,023,536		$	3,614,327		$	5,913,584		$	3,876,201
Shares Outstanding		475,064			367,339			630,895			409,829
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	10.57		$	9.84		$	9.37		$	9.46


Class C Shares

Net Assets	$	2,089,810		$	5,185,955		$	9,349,065		$	2,381,013
Shares Outstanding		197,462			527,148			996,695			251,584
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	10.58		$	9.84		$	9.38		$	9.46


Class I Shares

Net Assets	$	4,482,781		$	—		$	7,676,633		$	—
Shares Outstanding		466,034			—			872,667			—
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.62		$	—		$	8.80		$	—

On sales of $50,000 or more ($25,000 or more prior to October 12, 2009), the offering price of Class A shares is reduced.


*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Assets and Liabilities


As of February 28, 2010	Louisiana Fund			Maryland Fund			Missouri Fund			North Carolina Fund

Assets

Investments —
Identified cost	$	39,522,270		$	99,027,979		$	99,637,736		$	115,981,361
Unrealized appreciation (depreciation)		(42,802	)		711,415			2,350,242			4,657,785


Investments, at value	$	39,479,468		$	99,739,394		$	101,987,978		$	120,639,146


Cash	$	492,543		$	2,299,989		$	951,386		$	2,223,410
Interest receivable		541,888			1,222,721			1,175,758			1,415,546
Receivable for investments sold		20,255			—			129,231			—
Receivable for Fund shares sold		67,222			191,558			24,778			313,490
Receivable for open swap contracts		46,690			102,439			112,892			—


Total assets	$	40,648,066		$	103,556,101		$	104,382,023		$	124,591,592


Liabilities

Payable for floating rate notes issued	$	310,000		$	2,280,000		$	1,880,000		$	7,970,000
Payable for when-issued securities		520,075			—			—			4,718,672
Payable for variation margin on open financial futures contracts		3,781			79,500			59,250			—
Payable for open swap contracts		—			—			59,011			—
Payable for Fund shares redeemed		33,042			152,230			141,938			288,607
Distributions payable		53,055			116,727			93,645			158,534
Payable to affiliates:
Investment adviser fee		7,446			29,234			31,018			33,019
Distribution and service fees		8,239			26,866			22,119			23,320
Interest expense and fees payable		630			5,219			5,218			38,240
Accrued expenses		33,536			54,992			53,579			61,719


Total liabilities	$	969,804		$	2,744,768		$	2,345,778		$	13,292,111


Net Assets	$	39,678,262		$	100,811,333		$	102,036,245		$	111,299,481


Sources of Net Assets

Paid-in capital	$	41,933,835		$	107,738,127		$	106,406,905		$	110,408,393
Accumulated net realized loss		(2,226,415	)		(7,645,618	)		(6,744,271	)		(3,966,642	)
Accumulated undistributed (distributions in excess of) net investment income		(14,273	)		11,340			48,765			199,945
Net unrealized appreciation (depreciation)		(14,885	)		707,484			2,324,846			4,657,785


Net Assets	$	39,678,262		$	100,811,333		$	102,036,245		$	111,299,481


Class A Shares

Net Assets	$	36,183,735		$	75,541,316		$	90,987,961		$	80,720,105
Shares Outstanding		3,894,623			8,401,880			9,711,612			8,897,885
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	9.29		$	8.99		$	9.37		$	9.07
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.75		$	9.44		$	9.84		$	9.52


Class B Shares

Net Assets	$	1,722,361		$	7,033,259		$	5,418,812		$	4,523,943
Shares Outstanding		175,337			717,276			523,324			463,669
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.82		$	9.81		$	10.35		$	9.76


Class C Shares

Net Assets	$	1,772,166		$	13,833,488		$	5,629,472		$	11,231,342
Shares Outstanding		180,167			1,410,525			544,178			1,150,960
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.84		$	9.81		$	10.34		$	9.76


Class I Shares

Net Assets	$	—		$	4,403,270		$	—		$	14,824,091
Shares Outstanding		—			488,833			—			1,629,452
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	—		$	9.01		$	—		$	9.10

On sales of $50,000 or more ($25,000 or more prior to October 12, 2009), the offering price of Class A shares is reduced.


*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Assets and Liabilities


As of February 28, 2010	Oregon Fund			South Carolina Fund			Tennessee Fund			Virginia Fund

Assets

Investments —
Identified cost	$	157,924,096		$	166,923,689		$	56,217,778		$	143,736,487
Unrealized appreciation		1,168,651			2,719,685			1,198,079			3,263,618


Investments, at value	$	159,092,747		$	169,643,374		$	57,415,857		$	147,000,105


Cash	$	—		$	333,319		$	939,451		$	727,944
Interest receivable		1,361,162			2,258,693			656,385			1,815,561
Receivable for investments sold		2,970,000			621,967			979,700			—
Receivable for Fund shares sold		1,088,705			150,870			111,229			328,718
Receivable for open swap contracts		—			—			64,112			141,464


Total assets	$	164,512,614		$	173,008,223		$	60,166,734		$	150,013,792


Liabilities

Payable for floating rate notes issued	$	6,900,000		$	3,350,000		$	280,000		$	4,850,000
Demand note payable		900,000			—			—			—
Payable for investments purchased		2,955,030			—			—			—
Payable for variation margin on open financial futures contracts		—			—			45,000			270,000
Payable for open swap contracts		—			—			97,006			80,030
Payable for Fund shares redeemed		179,379			351,632			66,242			395,091
Distributions payable		129,415			230,034			64,856			183,830
Due to custodian		64,403			—			—			—
Payable to affiliates:
Investment adviser fee		49,086			55,963			14,107			46,328
Distribution and service fees		41,566			41,378			15,133			32,053
Interest expense and fees payable		11,245			7,029			569			4,894
Accrued expenses		66,476			69,789			40,884			67,163


Total liabilities	$	11,296,600		$	4,105,825		$	623,797		$	5,929,389


Net Assets	$	153,216,014		$	168,902,398		$	59,542,937		$	144,084,403


Sources of Net Assets

Paid-in capital	$	164,679,432		$	180,344,307		$	62,695,936		$	150,593,982
Accumulated net realized loss		(12,768,639	)		(14,274,168	)		(4,223,851	)		(9,529,284	)
Accumulated undistributed (distributions in excess of) net investment income		136,570			112,574			(17,716	)		154,350
Net unrealized appreciation		1,168,651			2,719,685			1,088,568			2,865,355


Net Assets	$	153,216,014		$	168,902,398		$	59,542,937		$	144,084,403


Class A Shares

Net Assets	$	121,558,790		$	101,417,831		$	48,612,837		$	104,433,684
Shares Outstanding		13,896,670			11,120,824			5,432,848			12,077,899
Net Asset Value and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	8.75		$	9.12		$	8.95		$	8.65
Maximum Offering Price Per Share
(100 ¸ 95.25 of net asset value per share)	$	9.19		$	9.57		$	9.40		$	9.08


Class B Shares

Net Assets	$	11,260,283		$	8,646,885		$	3,614,747		$	8,200,937
Shares Outstanding		1,176,880			894,090			370,800			856,831
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.57		$	9.67		$	9.75		$	9.57


Class C Shares

Net Assets	$	20,396,941		$	26,240,791		$	7,315,353		$	13,507,067
Shares Outstanding		2,129,557			2,712,231			750,926			1,410,257
Net Asset Value and Offering Price Per Share*
(net assets ¸ shares of beneficial interest outstanding)	$	9.58		$	9.67		$	9.74		$	9.58


Class I Shares

Net Assets	$	—		$	32,596,891		$	—		$	17,942,715
Shares Outstanding		—			3,571,625			—			2,070,160
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ¸ shares of beneficial interest outstanding)	$	—		$	9.13		$	—		$	8.67

On sales of $50,000 or more ($25,000 or more prior to October 12, 2009), the offering price of Class A shares is reduced.


*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Operations


For the Six Months Ended February 28, 2010	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund



Investment Income

Interest	$	1,403,274		$	1,718,320		$	2,299,636		$	1,415,718


Total investment income	$	1,403,274		$	1,718,320		$	2,299,636		$	1,415,718





Expenses

Investment adviser fee	$	77,521		$	107,963		$	141,956		$	76,723
Distribution and service fees
Class A		44,447			62,150			62,794			48,345
Class B		27,188			17,174			29,643			18,968
Class C		7,898			19,055			42,058			11,870
Trustees’ fees and expenses		1,177			1,429			1,675			1,168
Custodian fee		22,409			26,140			31,572			21,297
Transfer and dividend disbursing agent fees		11,668			12,869			18,572			12,565
Legal and accounting services		18,203			19,361			21,669			17,747
Printing and postage		4,463			4,693			4,238			4,290
Registration fees		792			1,864			457			1,644
Interest expense and fees		5,272			4,710			37,385			—
Miscellaneous		8,359			10,898			10,660			7,563


Total expenses	$	229,397		$	288,306		$	402,679		$	222,180


Deduct —
Reduction of custodian fee	$	30		$	69		$	23		$	35


Total expense reductions	$	30		$	69		$	23		$	35



Net expenses	$	229,367		$	288,237		$	402,656		$	222,145



Net investment income	$	1,173,907		$	1,430,083		$	1,896,980		$	1,193,573





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	138,627		$	(60,008	)	$	99,108		$	(5,340	)
Financial futures contracts		17,490			—			77,169			—
Swap contracts		97			306,163			(219,812	)		49,723


Net realized gain (loss)	$	156,214		$	246,155		$	(43,535	)	$	44,383


Change in unrealized appreciation (depreciation) —
Investments	$	1,640,781		$	1,952,943		$	2,399,172		$	2,025,487
Financial futures contracts		(21,525	)		—			(80,351	)		—
Swap contracts		29,347			(52,864	)		402,821			112,746


Net change in unrealized appreciation (depreciation)	$	1,648,603		$	1,900,079		$	2,721,642		$	2,138,233



Net realized and unrealized gain	$	1,804,817		$	2,146,234		$	2,678,107		$	2,182,616



Net increase in net assets from operations	$	2,978,724		$	3,576,317		$	4,575,087		$	3,376,189

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Operations


For the Six Months Ended February 28, 2010	Louisiana Fund			Maryland Fund			Missouri Fund			North Carolina Fund



Investment Income

Interest	$	1,125,052		$	2,598,881		$	2,538,816		$	2,943,877


Total investment income	$	1,125,052		$	2,598,881		$	2,538,816		$	2,943,877





Expenses

Investment adviser fee	$	47,352		$	180,162		$	179,073		$	197,442
Distribution and service fees
Class A		37,218			75,845			91,186			79,367
Class B		10,391			35,556			28,967			22,399
Class C		8,450			63,396			26,987			46,787
Trustees’ fees and expenses		911			1,934			1,975			1,985
Custodian fee		19,106			34,728			37,309			37,282
Transfer and dividend disbursing agent fees		6,247			23,920			20,513			24,190
Legal and accounting services		15,716			21,491			17,408			17,699
Printing and postage		2,207			6,252			5,971			5,960
Registration fees		819			3,600			1,885			494
Interest expense and fees		2,434			14,799			11,539			38,016
Miscellaneous		7,430			10,330			10,722			10,878


Total expenses	$	158,281		$	472,013		$	433,535		$	482,499


Deduct —
Reduction of custodian fee	$	8		$	35		$	37		$	44


Total expense reductions	$	8		$	35		$	37		$	44



Net expenses	$	158,273		$	471,978		$	433,498		$	482,455



Net investment income	$	966,779		$	2,126,903		$	2,105,318		$	2,461,422





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	(2,619	)	$	(517,626	)	$	(260,524	)	$	317,663
Financial futures contracts		(1,229	)		64,766			45,183			—
Swap contracts		(114,389	)		(250,973	)		(276,386	)		(199,754	)


Net realized gain (loss)	$	(118,237	)	$	(703,833	)	$	(491,727	)	$	117,909


Change in unrealized appreciation (depreciation) —
Investments	$	1,436,619		$	3,983,769		$	3,176,059		$	2,602,331
Financial futures contracts		(8,085	)		(71,218	)		(51,227	)		—
Swap contracts		141,472			310,393			401,578			165,515


Net change in unrealized appreciation (depreciation)	$	1,570,006		$	4,222,944		$	3,526,410		$	2,767,846



Net realized and unrealized gain	$	1,451,769		$	3,519,111		$	3,034,683		$	2,885,755



Net increase in net assets from operations	$	2,418,548		$	5,646,014		$	5,140,001		$	5,347,177

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Operations


For the Six Months Ended February 28, 2010	Oregon Fund			South Carolina Fund			Tennessee Fund			Virginia Fund



Investment Income

Interest	$	4,257,495		$	4,403,490		$	1,451,128		$	3,854,890


Total investment income	$	4,257,495		$	4,403,490		$	1,451,128		$	3,854,890





Expenses

Investment adviser fee	$	312,855		$	324,043		$	80,259		$	267,658
Distribution and service fees
Class A		121,550			104,017			46,811			104,025
Class B		55,290			43,872			18,361			44,579
Class C		94,381			118,573			30,129			61,827
Trustees’ fees and expenses		2,795			3,066			1,196			2,634
Custodian fee		49,841			54,879			22,632			45,824
Transfer and dividend disbursing agent fees		29,101			31,656			12,197			32,256
Legal and accounting services		20,552			26,116			17,003			23,084
Printing and postage		7,637			5,845			3,768			7,320
Registration fees		644			352			835			2,698
Interest expense and fees		31,629			18,770			2,198			29,266
Miscellaneous		13,545			12,249			9,940			10,400


Total expenses	$	739,820		$	743,438		$	245,329		$	631,571


Deduct —
Reduction of custodian fee	$	17		$	42		$	24		$	24


Total expense reductions	$	17		$	42		$	24		$	24



Net expenses	$	739,803		$	743,396		$	245,305		$	631,547



Net investment income	$	3,517,692		$	3,660,094		$	1,205,823		$	3,223,343





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	941,317		$	923,894		$	129,646		$	(31,610	)
Financial futures contracts		—			—			51,348			320,585
Swap contracts		(249,266	)		(150,242	)		(156,749	)		(346,316	)


Net realized gain (loss)	$	692,051		$	773,652		$	24,245		$	(57,341	)


Change in unrealized appreciation (depreciation) —
Investments	$	3,014,423		$	3,257,694		$	1,513,915		$	4,359,039
Financial futures contracts		—			—			(53,594	)		(334,062	)
Swap contracts		206,540			124,490			292,086			509,345


Net change in unrealized appreciation (depreciation)	$	3,220,963		$	3,382,184		$	1,752,407		$	4,534,322



Net realized and unrealized gain	$	3,913,014		$	4,155,836		$	1,776,652		$	4,476,981



Net increase in net assets from operations	$	7,430,706		$	7,815,930		$	2,982,475		$	7,700,324

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Changes in Net Assets


For the Six Months Ended February 28, 2010
Increase (Decrease) in Net Assets	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

From operations —
Net investment income	$	1,173,907		$	1,430,083		$	1,896,980		$	1,193,573
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		156,214			246,155			(43,535	)		44,383
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		1,648,603			1,900,079			2,721,642			2,138,233


Net increase in net assets from operations	$	2,978,724		$	3,576,317		$	4,575,087		$	3,376,189


Distributions to shareholders —
From net investment income
Class A	$	(927,741	)	$	(1,273,662	)	$	(1,386,969	)	$	(1,042,809	)
Class B		(99,266	)		(61,186	)		(115,961	)		(71,882	)
Class C		(28,671	)		(67,497	)		(164,324	)		(44,955	)
Class I		(83,954	)		—			(157,930	)		—


Total distributions to shareholders	$	(1,139,632	)	$	(1,402,345	)	$	(1,825,184	)	$	(1,159,646	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,875,172		$	3,939,816		$	3,275,493		$	2,267,542
Class B		113,088			257,244			55,875			66,732
Class C		593,947			2,042,345			1,924,782			134,305
Class I		1,216,908			—			3,157,236			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		520,759			860,763			844,092			760,624
Class B		55,145			44,584			65,196			46,209
Class C		10,734			24,133			101,506			28,426
Class I		9			—			1,639			—
Cost of shares redeemed
Class A		(3,459,496	)		(2,559,270	)		(6,988,689	)		(2,937,152	)
Class B		(555,287	)		(237,187	)		(303,309	)		(324,634	)
Class C		(132,058	)		(382,561	)		(1,134,916	)		(392,256	)
Class I		(197,438	)		—			(2,278,964	)		—
Net asset value of shares exchanged
Class A		1,179,911			89,941			492,831			267,809
Class B		(1,179,911	)		(89,941	)		(492,831	)		(267,809	)


Net increase (decrease) in net assets from Fund share transactions	$	1,041,483		$	3,989,867		$	(1,280,059	)	$	(350,204	)



Net increase in net assets	$	2,880,575		$	6,163,839		$	1,469,844		$	1,866,339





Net Assets

At beginning of period	$	54,375,571		$	66,022,158		$	84,519,424		$	53,356,936


At end of period	$	57,256,146		$	72,185,997		$	85,989,268		$	55,223,275





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	(51,835	)	$	(47,699	)	$	(31,719	)	$	6,712

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Changes in Net Assets


For the Six Months Ended February 28, 2010
Increase (Decrease) in Net Assets	Louisiana Fund			Maryland Fund			Missouri Fund			North Carolina Fund

From operations —
Net investment income	$	966,779		$	2,126,903		$	2,105,318		$	2,461,422
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		(118,237	)		(703,833	)		(491,727	)		117,909
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		1,570,006			4,222,944			3,526,410			2,767,846


Net increase in net assets from operations	$	2,418,548		$	5,646,014		$	5,140,001		$	5,347,177


Distributions to shareholders —
From net investment income
Class A	$	(841,817	)	$	(1,654,198	)	$	(1,765,425	)	$	(1,782,226	)
Class B		(41,851	)		(137,196	)		(96,093	)		(90,160	)
Class C		(34,028	)		(244,515	)		(89,634	)		(187,408	)
Class I		—			(52,238	)		—			(247,397	)


Total distributions to shareholders	$	(917,696	)	$	(2,088,147	)	$	(1,951,152	)	$	(2,307,191	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,666,239		$	4,433,227		$	4,230,593		$	8,654,681
Class B		54,351			315,704			123,193			262,616
Class C		281,313			1,669,162			353,540			2,676,451
Class I		—			3,956,577			—			6,751,853
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		525,816			1,103,540			1,214,536			1,206,445
Class B		21,326			89,747			52,377			48,568
Class C		9,600			140,783			51,770			118,014
Class I		—			229			—			14,007
Cost of shares redeemed
Class A		(5,162,643	)		(9,291,798	)		(7,993,901	)		(10,146,202	)
Class B		(127,077	)		(445,487	)		(333,986	)		(730,353	)
Class C		(257,562	)		(821,852	)		(501,473	)		(553,406	)
Class I		—			(29,556	)		—			(535,093	)
Net asset value of shares exchanged
Class A		783,808			947,433			1,165,149			417,503
Class B		(783,808	)		(947,433	)		(1,165,149	)		(417,503	)


Net increase (decrease) in net assets from Fund share transactions	$	(2,988,637	)	$	1,120,276		$	(2,803,351	)	$	7,767,581



Net increase (decrease) in net assets	$	(1,487,785	)	$	4,678,143		$	385,498		$	10,807,567





Net Assets

At beginning of period	$	41,166,047		$	96,133,190		$	101,650,747		$	100,491,914


At end of period	$	39,678,262		$	100,811,333		$	102,036,245		$	111,299,481





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	(14,273	)	$	11,340		$	48,765		$	199,945

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS (Unaudited) CONT’D

Statements of Changes in Net Assets


For the Six Months Ended February 28, 2010
Increase (Decrease) in Net Assets	Oregon Fund			South Carolina Fund			Tennessee Fund			Virginia Fund

From operations —
Net investment income	$	3,517,692		$	3,660,094		$	1,205,823		$	3,223,343
Net realized gain (loss) from investment transactions, financial futures contracts and swap contracts		692,051			773,652			24,245			(57,341	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		3,220,963			3,382,184			1,752,407			4,534,322


Net increase in net assets from operations	$	7,430,706		$	7,815,930		$	2,982,475		$	7,700,324


Distributions to shareholders —
From net investment income
Class A	$	(2,658,022	)	$	(2,139,234	)	$	(970,285	)	$	(2,211,742	)
Class B		(213,056	)		(157,658	)		(66,108	)		(166,838	)
Class C		(363,041	)		(425,125	)		(108,297	)		(231,856	)
Class I		—			(610,582	)		—			(318,127	)


Total distributions to shareholders	$	(3,234,119	)	$	(3,332,599	)	$	(1,144,690	)	$	(2,928,563	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,927,606		$	5,034,616		$	3,630,837		$	5,156,357
Class B		438,166			371,011			46,887			371,132
Class C		1,927,666			4,041,409			1,624,396			1,495,690
Class I		—			11,465,856			—			8,744,202
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,909,443			1,536,290			602,342			1,512,437
Class B		145,372			113,192			41,944			112,069
Class C		296,214			287,535			69,959			159,996
Class I		—			5,539			—			612
Cost of shares redeemed
Class A		(11,566,892	)		(12,325,583	)		(4,348,283	)		(13,366,828	)
Class B		(621,793	)		(740,661	)		(245,872	)		(772,430	)
Class C		(1,805,744	)		(1,747,615	)		(576,978	)		(861,191	)
Class I		—			(3,264,672	)		—			(1,122,068	)
Net asset value of shares exchanged
Class A		1,146,155			802,211			423,560			1,708,129
Class B		(1,146,155	)		(802,211	)		(423,560	)		(1,708,129	)


Net increase (decrease) in net assets from Fund share transactions	$	(1,349,962	)	$	4,776,917		$	845,232		$	1,429,978



Net increase in net assets	$	2,846,625		$	9,260,248		$	2,683,017		$	6,201,739





Net Assets

At beginning of period	$	150,369,389		$	159,642,150		$	56,859,920		$	137,882,664


At end of period	$	153,216,014		$	168,902,398		$	59,542,937		$	144,084,403





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of period	$	136,570		$	112,574		$	(17,716	)	$	154,350

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets


For the Year Ended August 31, 2009
Increase (Decrease) in Net Assets	Alabama Fund			Arkansas Fund			Georgia Fund			Kentucky Fund

From operations —
Net investment income	$	2,390,478		$	2,684,146		$	3,782,229		$	2,414,329
Net realized loss from investment transactions, financial futures contracts and swap contracts		(861,678	)		(1,955,730	)		(2,998,078	)		(261,585	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(325,640	)		63,040			(107,227	)		(1,474,472	)


Net increase in net assets from operations	$	1,203,160		$	791,456		$	676,924		$	678,272


Distributions to shareholders —
From net investment income
Class A	$	(1,941,418	)	$	(2,495,073	)	$	(2,928,933	)	$	(2,132,268	)
Class B		(276,068	)		(144,291	)		(275,119	)		(197,179	)
Class C		(48,047	)		(117,073	)		(299,910	)		(85,827	)
Class I		(157,213	)		—			(291,211	)		—


Total distributions to shareholders	$	(2,422,746	)	$	(2,756,437	)	$	(3,795,173	)	$	(2,415,274	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	4,720,827		$	8,774,484		$	7,107,637		$	3,728,846
Class B		361,959			285,655			369,416			116,742
Class C		828,931			1,063,014			2,467,395			679,824
Class I		1,369,219			—			3,585,981			—
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,036,612			1,628,668			1,564,389			1,503,801
Class B		160,039			91,049			145,763			129,618
Class C		16,913			31,568			181,945			55,950
Class I		2,382			—			281			—
Cost of shares redeemed
Class A		(12,131,372	)		(6,417,709	)		(12,672,849	)		(8,124,341	)
Class B		(1,284,994	)		(388,307	)		(1,011,295	)		(922,098	)
Class C		(267,183	)		(633,353	)		(1,873,255	)		(379,959	)
Class I		(1,902,315	)		—			(1,628,209	)		—
Net asset value of shares exchanged
Class A		1,299,932			450,313			1,060,307			1,144,074
Class B		(1,299,932	)		(450,313	)		(1,060,307	)		(1,144,074	)


Net increase (decrease) in net assets from Fund share transactions	$	(7,088,982	)	$	4,435,069		$	(1,762,801	)	$	(3,211,617	)



Net increase (decrease) in net assets	$	(8,308,568	)	$	2,470,088		$	(4,881,050	)	$	(4,948,619	)





Net Assets

At beginning of year	$	62,684,139		$	63,552,070		$	89,400,474		$	58,305,555


At end of year	$	54,375,571		$	66,022,158		$	84,519,424		$	53,356,936





Accumulated distributions in excess of net investment income included in net assets

At end of year	$	(86,110	)	$	(75,437	)	$	(103,515	)	$	(27,215	)

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets


For the Year Ended August 31, 2009
Increase (Decrease) in Net Assets	Louisiana Fund			Maryland Fund			Missouri Fund			North Carolina Fund

From operations —
Net investment income	$	1,985,747		$	4,339,712		$	4,329,994		$	4,735,453
Net realized loss from investment transactions, financial futures contracts and swap contracts		(1,305,699	)		(1,686,962	)		(3,414,372	)		(2,452,704	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		(335,426	)		(1,442,625	)		(88,236	)		1,800,377


Net increase in net assets from operations	$	344,622		$	1,210,125		$	827,386		$	4,083,126


Distributions to shareholders —
From net investment income
Class A	$	(1,804,951	)	$	(3,580,645	)	$	(3,906,457	)	$	(3,625,105	)
Class B		(126,836	)		(352,037	)		(249,209	)		(227,953	)
Class C		(38,806	)		(434,339	)		(193,728	)		(331,542	)
Class I		—			(10,921	)		—			(337,496	)


Total distributions to shareholders	$	(1,970,593	)	$	(4,377,942	)	$	(4,349,394	)	$	(4,522,096	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,808,033		$	9,938,316		$	10,691,243		$	9,945,305
Class B		52,444			773,202			518,793			342,491
Class C		1,341,446			4,358,135			1,190,313			2,873,651
Class I		—			355,699			—			9,753,330
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		989,574			2,363,946			2,592,146			2,281,049
Class B		50,200			221,476			126,532			110,828
Class C		12,130			254,186			133,963			181,539
Class I		—			—			—			9,105
Cost of shares redeemed
Class A		(8,504,630	)		(16,729,443	)		(15,519,694	)		(19,942,607	)
Class B		(364,240	)		(2,088,795	)		(479,040	)		(641,576	)
Class C		(34,080	)		(1,910,310	)		(1,125,255	)		(2,504,249	)
Class I		—			(24,638	)		—			(3,568,684	)
Net asset value of shares exchanged
Class A		977,261			884,989			774,142			1,188,472
Class B		(977,261	)		(884,989	)		(774,142	)		(1,188,472	)


Net decrease in net assets from Fund share transactions	$	(2,649,123	)	$	(2,488,226	)	$	(1,870,999	)	$	(1,159,818	)



Net decrease in net assets	$	(4,275,094	)	$	(5,656,043	)	$	(5,393,007	)	$	(1,598,788	)





Net Assets

At beginning of year	$	45,441,141		$	101,789,233		$	107,043,754		$	102,090,702


At end of year	$	41,166,047		$	96,133,190		$	101,650,747		$	100,491,914





Accumulated undistributed (distributions in excess of) net investment income included in net assets

At end of year	$	(63,356	)	$	(27,416	)	$	(105,401	)	$	45,714

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Statements of Changes in Net Assets


For the Year Ended August 31, 2009
Increase (Decrease) in Net Assets	Oregon Fund			South Carolina Fund			Tennessee Fund			Virginia Fund

From operations —
Net investment income	$	6,649,964		$	6,950,448		$	2,419,426		$	6,095,426
Net realized loss from investment transactions, financial futures contracts and swap contracts		(7,552,879	)		(8,476,430	)		(2,604,220	)		(3,740,941	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts		3,128,951			2,964,294			(356,293	)		71,258


Net increase (decrease) in net assets from operations	$	2,226,036		$	1,438,312		$	(541,087	)	$	2,425,743


Distributions to shareholders —
From net investment income
Class A	$	(5,413,651	)	$	(4,674,242	)	$	(2,082,098	)	$	(4,863,922	)
Class B		(521,225	)		(388,320	)		(180,030	)		(474,923	)
Class C		(710,992	)		(792,300	)		(194,061	)		(419,110	)
Class I		—			(1,025,428	)		—			(375,413	)


Total distributions to shareholders	$	(6,645,868	)	$	(6,880,290	)	$	(2,456,189	)	$	(6,133,368	)


Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	17,694,873		$	20,208,981		$	7,206,625		$	14,168,537
Class B		1,537,564			594,631			385,743			1,073,486
Class C		6,025,921			7,917,400			2,933,718			4,309,544
Class I		—			14,769,858			—			11,081,818
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		3,894,452			3,148,856			1,299,274			2,875,953
Class B		342,324			263,337			117,225			311,865
Class C		521,880			492,957			114,788			296,189
Class I		—			3,984			—			—
Cost of shares redeemed
Class A		(24,835,492	)		(27,876,919	)		(8,994,885	)		(16,401,259	)
Class B		(2,211,561	)		(1,410,443	)		(740,187	)		(3,311,574	)
Class C		(3,738,976	)		(5,630,087	)		(1,008,474	)		(1,626,247	)
Class I		—			(12,877,268	)		—			(4,100,393	)
Net asset value of shares exchanged
Class A		1,492,155			930,179			648,622			1,700,039
Class B		(1,492,155	)		(930,179	)		(648,622	)		(1,700,039	)


Net increase (decrease) in net assets from Fund share transactions	$	(769,015	)	$	(394,713	)	$	1,313,827		$	8,677,919



Net increase (decrease) in net assets	$	(5,188,847	)	$	(5,836,691	)	$	(1,683,449	)	$	4,970,294





Net Assets

At beginning of year	$	155,558,236		$	165,478,841		$	58,543,369		$	132,912,370


At end of year	$	150,369,389		$	159,642,150		$	56,859,920		$	137,882,664





Accumulated distributions in excess of net investment income included in net assets

At end of year	$	(147,003	)	$	(214,921	)	$	(78,849	)	$	(140,430	)

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Alabama Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.290		$	9.330		$	9.600		$	9.910		$	9.890		$	9.800




Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.204		$	0.402		$	0.402		$	0.394		$	0.401		$	0.422
Net realized and unrealized gain (loss)		0.314			(0.036	)		(0.232	)		(0.261	)		0.026			0.099


Total income from operations	$	0.518		$	0.366		$	0.170		$	0.133		$	0.427		$	0.521




Less Distributions

From net investment income	$	(0.198	)	$	(0.406	)	$	(0.395	)	$	(0.395	)	$	(0.407	)	$	(0.431	)
From net realized gain		—			—			(0.045	)		(0.048	)		—			—


Total distributions	$	(0.198	)	$	(0.406	)	$	(0.440	)	$	(0.443	)	$	(0.407	)	$	(0.431	)



Net asset value — End of period	$	9.610		$	9.290		$	9.330		$	9.600		$	9.910		$	9.890



Total Return⁽²⁾		5.60	%⁽³⁾		4.19	%		1.89	%		1.30	%		4.46	%		5.43	%




Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	45,660		$	43,090		$	49,124		$	44,947		$	43,163		$	42,390
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.72	%⁽⁴⁾		0.80	%		0.76	%		0.75	%⁽⁵⁾		0.75	%		0.76	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.02	%⁽⁴⁾		0.05	%		0.11	%		0.16	%		0.09	%		0.05	%⁽⁶⁾
Total expenses before custodian fee reduction		0.74	%⁽⁴⁾		0.85	%		0.87	%		0.91	%⁽⁵⁾		0.84	%		0.81	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.72	%⁽⁴⁾		0.79	%		0.74	%		0.74	%⁽⁵⁾		0.73	%		0.75	%⁽⁶⁾
Net investment income		4.30	%⁽⁴⁾		4.59	%		4.20	%		3.99	%		4.11	%		4.29	%
Portfolio Turnover		8	%⁽³⁾		22	%		12	%		29	%		31	%		16	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Alabama Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	10.230		$	10.270		$	10.560		$	10.900		$	10.870		$	10.770




Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.186		$	0.370		$	0.363		$	0.353		$	0.362		$	0.384
Net realized and unrealized gain (loss)		0.335			(0.036	)		(0.255	)		(0.293	)		0.034			0.108


Total income from operations	$	0.521		$	0.334		$	0.108		$	0.060		$	0.396		$	0.492




Less Distributions

From net investment income	$	(0.181	)	$	(0.374	)	$	(0.353	)	$	(0.352	)	$	(0.366	)	$	(0.392	)
From net realized gain		—			—			(0.045	)		(0.048	)		—			—


Total distributions	$	(0.181	)	$	(0.374	)	$	(0.398	)	$	(0.400	)	$	(0.366	)	$	(0.392	)



Net asset value — End of period	$	10.570		$	10.230		$	10.270		$	10.560		$	10.900		$	10.870



Total Return⁽²⁾		5.12	%⁽³⁾		3.56	%		1.03	%		0.51	%		3.75	%		4.81	%⁽⁴⁾




Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,024		$	6,380		$	8,643		$	10,690		$	13,854		$	17,556
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁵⁾		1.55	%		1.52	%		1.50	%⁽⁶⁾		1.50	%		1.51	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.02	%⁽⁵⁾		0.05	%		0.11	%		0.16	%		0.09	%		0.05	%⁽⁷⁾
Total expenses before custodian fee reduction		1.49	%⁽⁵⁾		1.60	%		1.63	%		1.66	%⁽⁶⁾		1.59	%		1.56	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁵⁾		1.54	%		1.49	%		1.49	%⁽⁶⁾		1.48	%		1.50	%⁽⁷⁾
Net investment income		3.56	%⁽⁵⁾		3.85	%		3.44	%		3.25	%		3.37	%		3.55	%
Portfolio Turnover		8	%⁽³⁾		22	%		12	%		29	%		31	%		16	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.15% due to a change in the timing of payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Alabama Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	10.230		$	10.270		$	10.560		$	10.900		$	10.830




Income (Loss) From Operations

Net investment income⁽²⁾	$	0.186		$	0.369		$	0.368		$	0.351		$	0.138
Net realized and unrealized gain (loss)		0.345			(0.035	)		(0.259	)		(0.291	)		0.089


Total income from operations	$	0.531		$	0.334		$	0.109		$	0.060		$	0.227




Less Distributions

From net investment income	$	(0.181	)	$	(0.374	)	$	(0.354	)	$	(0.352	)	$	(0.157	)
From net realized gain		—			—			(0.045	)		(0.048	)		—


Total distributions	$	(0.181	)	$	(0.374	)	$	(0.399	)	$	(0.400	)	$	(0.157	)



Net asset value — End of period	$	10.580		$	10.230		$	10.270		$	10.560		$	10.900



Total Return⁽³⁾		5.21	%⁽⁴⁾		3.55	%		1.03	%		0.51	%		2.13	%⁽⁴⁾




Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,090		$	1,562		$	958		$	1,285		$	598
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁵⁾		1.55	%		1.51	%		1.50	%⁽⁶⁾		1.50	%⁽⁵⁾
Interest and fee expense⁽⁷⁾		0.02	%⁽⁵⁾		0.05	%		0.11	%		0.16	%		0.09	%⁽⁵⁾
Total expenses before custodian fee reduction		1.49	%⁽⁵⁾		1.60	%		1.62	%		1.66	%⁽⁶⁾		1.59	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁵⁾		1.54	%		1.49	%		1.49	%⁽⁶⁾		1.48	%⁽⁵⁾
Net investment income		3.56	%⁽⁵⁾		3.82	%		3.48	%		3.23	%		2.85	%⁽⁵⁾
Portfolio Turnover		8	%⁽⁴⁾		22	%		12	%		29	%		31	%⁽⁸⁾


(1)		For the period from the start of business, March 21, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(4)		Not annualized.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(8)		For the year ended August 31, 2006.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Alabama Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	9.300		$	9.340		$	9.040




Income (Loss) From Operations

Net investment income⁽²⁾	$	0.213		$	0.419		$	0.209
Net realized and unrealized gain (loss)		0.314			(0.035	)		0.300


Total income from operations	$	0.527		$	0.384		$	0.509




Less Distributions

From net investment income	$	(0.207	)	$	(0.424	)	$	(0.209	)


Total distributions	$	(0.207	)	$	(0.424	)	$	(0.209	)



Net asset value — End of period	$	9.620		$	9.300		$	9.340



Total Return⁽³⁾		5.70	%⁽⁴⁾		4.51	%		5.64	%⁽⁴⁾




Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	4,483		$	3,343		$	3,958
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.52	%⁽⁵⁾		0.60	%		0.56	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁵⁾		0.05	%		0.11	%⁽⁵⁾
Total expenses before custodian fee reduction		0.54	%⁽⁵⁾		0.65	%		0.67	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.52	%⁽⁵⁾		0.59	%		0.54	%⁽⁵⁾
Net investment income		4.50	%⁽⁵⁾		4.79	%		4.47	%⁽⁵⁾
Portfolio Turnover		8	%⁽⁴⁾		22	%		12	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Arkansas Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.870		$	9.160		$	9.710		$	9.970		$	9.870		$	9.880





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.189		$	0.392		$	0.415		$	0.419		$	0.438		$	0.460
Net realized and unrealized gain (loss)		0.286			(0.278	)		(0.540	)		(0.254	)		0.100			(0.002	)


Total income (loss) from operations	$	0.475		$	0.114		$	(0.125	)	$	0.165		$	0.538		$	0.458





Less Distributions

From net investment income	$	(0.185	)	$	(0.404	)	$	(0.425	)	$	(0.425	)	$	(0.438	)	$	(0.468	)


Total distributions	$	(0.185	)	$	(0.404	)	$	(0.425	)	$	(0.425	)	$	(0.438	)	$	(0.468	)



Net asset value — End of period	$	9.160		$	8.870		$	9.160		$	9.710		$	9.970		$	9.870



Total Return⁽²⁾		5.39	%⁽³⁾		1.55	%		(1.21	)%		1.61	%		5.61	%		4.74	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	63,386		$	59,111		$	56,405		$	57,319		$	46,779		$	36,014
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.73	%⁽⁴⁾		0.78	%		0.76	%		0.75	%⁽⁵⁾		0.74	%		0.74	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.01	%⁽⁴⁾		0.05	%		0.14	%		0.20	%		0.21	%		0.13	%⁽⁶⁾
Total expenses before custodian fee reduction		0.74	%⁽⁴⁾		0.83	%		0.90	%		0.95	%⁽⁵⁾		0.95	%		0.87	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.73	%⁽⁴⁾		0.78	%		0.73	%		0.72	%⁽⁵⁾		0.71	%		0.73	%⁽⁶⁾
Net investment income		4.18	%⁽⁴⁾		4.71	%		4.37	%		4.19	%		4.46	%		4.65	%
Portfolio Turnover		5	%⁽³⁾		18	%		15	%		26	%		18	%		14	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Arkansas Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.530		$	9.850		$	10.430		$	10.710		$	10.610		$	10.610





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.167		$	0.356		$	0.371		$	0.372		$	0.393		$	0.416
Net realized and unrealized gain (loss)		0.308			(0.311	)		(0.573	)		(0.275	)		0.098			0.007


Total income (loss) from operations	$	0.475		$	0.045		$	(0.202	)	$	0.097		$	0.491		$	0.423





Less Distributions

From net investment income	$	(0.165	)	$	(0.365	)	$	(0.378	)	$	(0.377	)	$	(0.391	)	$	(0.423	)


Total distributions	$	(0.165	)	$	(0.365	)	$	(0.378	)	$	(0.377	)	$	(0.391	)	$	(0.423	)



Net asset value — End of period	$	9.840		$	9.530		$	9.850		$	10.430		$	10.710		$	10.610



Total Return⁽²⁾		5.00	%⁽³⁾		0.80	%		(1.97	)%		0.85	%		4.75	%		4.23	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	3,614		$	3,525		$	4,157		$	5,413		$	8,166		$	8,924
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁵⁾		1.53	%		1.50	%		1.50	%⁽⁶⁾		1.50	%		1.49	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.01	%⁽⁵⁾		0.05	%		0.14	%		0.20	%		0.21	%		0.13	%⁽⁷⁾
Total expenses before custodian fee reduction		1.49	%⁽⁵⁾		1.58	%		1.64	%		1.70	%⁽⁶⁾		1.71	%		1.62	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁵⁾		1.53	%		1.48	%		1.47	%⁽⁶⁾		1.46	%		1.48	%⁽⁷⁾
Net investment income		3.43	%⁽⁵⁾		3.98	%		3.63	%		3.47	%		3.72	%		3.92	%
Portfolio Turnover		5	%⁽³⁾		18	%		15	%		26	%		18	%		14	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.17% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Arkansas Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.530		$	9.850		$	10.420		$	10.710		$	10.550





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.165		$	0.354		$	0.369		$	0.364		$	0.112
Net realized and unrealized gain (loss)		0.310			(0.309	)		(0.562	)		(0.277	)		0.177


Total income (loss) from operations	$	0.475		$	0.045		$	(0.193	)	$	0.087		$	0.289





Less Distributions

From net investment income	$	(0.165	)	$	(0.365	)	$	(0.377	)	$	(0.377	)	$	(0.129	)


Total distributions	$	(0.165	)	$	(0.365	)	$	(0.377	)	$	(0.377	)	$	(0.129	)



Net asset value — End of period	$	9.840		$	9.530		$	9.850		$	10.420		$	10.710



Total Return⁽³⁾		5.00	%⁽⁴⁾		0.80	%		(1.88	)%		0.76	%		2.76	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,186		$	3,386		$	2,989		$	2,756		$	638
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.48	%⁽⁵⁾		1.53	%		1.52	%		1.50	%⁽⁶⁾		1.49	%⁽⁵⁾
Interest and fee expense⁽⁷⁾		0.01	%⁽⁵⁾		0.05	%		0.14	%		0.20	%		0.21	%⁽⁵⁾
Total expenses before custodian fee reduction		1.49	%⁽⁵⁾		1.58	%		1.66	%		1.70	%⁽⁶⁾		1.70	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.48	%⁽⁵⁾		1.53	%		1.48	%		1.47	%⁽⁶⁾		1.46	%⁽⁵⁾
Net investment income		3.40	%⁽⁵⁾		3.95	%		3.62	%		3.41	%		3.07	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		18	%		15	%		26	%		18	%⁽⁸⁾


(1)		For the period from the start of business, April 28, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(4)		Not annualized.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(8)		For the year ended August 31, 2006.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Georgia Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.500		$	8.730		$	9.130		$	9.460		$	9.510		$	9.480





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.199		$	0.391		$	0.393		$	0.393		$	0.420		$	0.448
Net realized and unrealized gain (loss)		0.262			(0.229	)		(0.399	)		(0.321	)		(0.044	)		0.039


Total income (loss) from operations	$	0.461		$	0.162		$	(0.006	)	$	0.072		$	0.376		$	0.487





Less Distributions

From net investment income	$	(0.191	)	$	(0.392	)	$	(0.394	)	$	(0.402	)	$	(0.426	)	$	(0.457	)


Total distributions	$	(0.191	)	$	(0.392	)	$	(0.394	)	$	(0.402	)	$	(0.426	)	$	(0.457	)



Net asset value — End of period	$	8.770		$	8.500		$	8.730		$	9.130		$	9.460		$	9.510



Total Return⁽²⁾		5.46	%⁽³⁾		2.30	%		(0.07	)%		0.71	%		4.10	%		5.25	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	63,050		$	63,387		$	68,832		$	69,269		$	49,431		$	42,511
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.74	%⁽⁴⁾		0.83	%		0.77	%		0.76	%⁽⁵⁾		0.75	%		0.77	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.09	%⁽⁴⁾		0.18	%		0.21	%		0.29	%		0.45	%		0.34	%⁽⁶⁾
Total expenses before custodian fee reduction		0.83	%⁽⁴⁾		1.01	%		0.98	%		1.05	%⁽⁵⁾		1.20	%		1.11	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽⁴⁾		0.81	%		0.74	%		0.71	%⁽⁵⁾		0.73	%		0.75	%⁽⁶⁾
Net investment income		4.59	%⁽⁴⁾		4.92	%		4.37	%		4.18	%		4.49	%		4.71	%
Portfolio Turnover of the Portfolio⁽⁸⁾		—			—			—			—			—			2	%
Portfolio Turnover of the Fund		9	%⁽³⁾		18	%		34	%		12	%		20	%		11	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

(8)		Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Georgia Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.080		$	9.320		$	9.750		$	10.100		$	10.150		$	10.130





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.178		$	0.354		$	0.348		$	0.347		$	0.375		$	0.404
Net realized and unrealized gain (loss)		0.284			(0.241	)		(0.433	)		(0.343	)		(0.046	)		0.028


Total income (loss) from operations	$	0.462		$	0.113		$	(0.085	)	$	0.004		$	0.329		$	0.432





Less Distributions

From net investment income	$	(0.172	)	$	(0.353	)	$	(0.345	)	$	(0.354	)	$	(0.379	)	$	(0.412	)


Total distributions	$	(0.172	)	$	(0.353	)	$	(0.345	)	$	(0.354	)	$	(0.379	)	$	(0.412	)



Net asset value — End of period	$	9.370		$	9.080		$	9.320		$	9.750		$	10.100		$	10.150



Total Return⁽²⁾		5.11	%⁽³⁾		1.45	%		(0.78	)%		(0.02	)%		3.35	%		4.52	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,914		$	6,387		$	8,301		$	11,363		$	13,382		$	15,075
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁵⁾		1.57	%		1.52	%		1.51	%⁽⁶⁾		1.50	%		1.52	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.09	%⁽⁵⁾		0.18	%		0.21	%		0.29	%		0.45	%		0.34	%⁽⁷⁾
Total expenses before custodian fee reduction		1.58	%⁽⁵⁾		1.75	%		1.73	%		1.80	%⁽⁶⁾		1.95	%		1.86	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁵⁾		1.56	%		1.49	%		1.46	%⁽⁶⁾		1.48	%		1.50	%⁽⁷⁾
Net investment income		3.84	%⁽⁵⁾		4.18	%		3.62	%		3.44	%		3.75	%		3.98	%
Portfolio Turnover of the Portfolio⁽⁹⁾		—			—			—			—			—			2	%
Portfolio Turnover of the Fund		9	%⁽³⁾		18	%		34	%		12	%		20	%		11	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.18% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

(9)		Portfolio turnover represents the rate of portfolio activity for the period while the Fund was making investments directly into the Portfolio.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Georgia Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.090		$	9.330		$	9.760		$	10.100		$	9.980





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.178		$	0.354		$	0.345		$	0.342		$	0.116
Net realized and unrealized gain (loss)		0.285			(0.241	)		(0.429	)		(0.328	)		0.133	⁽³⁾


Total income (loss) from operations	$	0.463		$	0.113		$	(0.084	)	$	0.014		$	0.249





Less Distributions

From net investment income	$	(0.173	)	$	(0.353	)	$	(0.346	)	$	(0.354	)	$	(0.129	)


Total distributions	$	(0.173	)	$	(0.353	)	$	(0.346	)	$	(0.354	)	$	(0.129	)



Net asset value — End of period	$	9.380		$	9.090		$	9.330		$	9.760		$	10.100



Total Return⁽⁴⁾		5.11	%⁽⁵⁾		1.56	%		(0.88	)%		0.08	%		2.52	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	9,349		$	8,190		$	7,688		$	6,318		$	1,185
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁶⁾		1.57	%		1.53	%		1.51	%⁽⁷⁾		1.50	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.09	%⁽⁶⁾		0.18	%		0.21	%		0.29	%		0.45	%⁽⁶⁾
Total expenses before custodian fee reduction		1.58	%⁽⁶⁾		1.75	%		1.74	%		1.80	%⁽⁷⁾		1.95	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁶⁾		1.56	%		1.49	%		1.46	%⁽⁷⁾		1.48	%⁽⁶⁾
Net investment income		3.84	%⁽⁶⁾		4.16	%		3.60	%		3.41	%		3.28	%⁽⁶⁾
Portfolio Turnover		9	%⁽⁵⁾		18	%		34	%		12	%		20	%⁽⁹⁾


(1)		For the period from the start of business, April 25, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Georgia Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.520		$	8.750		$	8.400





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.209		$	0.407		$	0.208
Net realized and unrealized gain (loss)		0.271			(0.228	)		0.347


Total income from operations	$	0.480		$	0.179		$	0.555





Less Distributions

From net investment income	$	(0.200	)	$	(0.409	)	$	(0.205	)


Total distributions	$	(0.200	)	$	(0.409	)	$	(0.205	)



Net asset value — End of period	$	8.800		$	8.520		$	8.750



Total Return⁽³⁾		5.67	%⁽⁴⁾		2.51	%		6.62	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	7,677		$	6,555		$	4,579
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.55	%⁽⁵⁾		0.62	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.09	%⁽⁵⁾		0.18	%		0.21	%⁽⁵⁾
Total expenses before custodian fee reduction		0.64	%⁽⁵⁾		0.80	%		0.79	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.55	%⁽⁵⁾		0.61	%		0.55	%⁽⁵⁾
Net investment income		4.81	%⁽⁵⁾		5.12	%		4.75	%⁽⁵⁾
Portfolio Turnover		9	%⁽⁴⁾		18	%		34	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Kentucky Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.410		$	8.610		$	8.970		$	9.240		$	9.320		$	9.320





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.191		$	0.382		$	0.386		$	0.399		$	0.400		$	0.424
Net realized and unrealized gain (loss)		0.344			(0.200	)		(0.359	)		(0.277	)		(0.074	)		0.005	⁽²⁾


Total income from operations	$	0.535		$	0.182		$	0.027		$	0.122		$	0.326		$	0.429





Less Distributions

From net investment income	$	(0.185	)	$	(0.382	)	$	(0.387	)	$	(0.392	)	$	(0.406	)	$	(0.429	)


Total distributions	$	(0.185	)	$	(0.382	)	$	(0.387	)	$	(0.392	)	$	(0.406	)	$	(0.429	)



Net asset value — End of period	$	8.760		$	8.410		$	8.610		$	8.970		$	9.240		$	9.320



Total Return⁽³⁾		6.41	%⁽⁴⁾		2.44	%		0.29	%		1.31	%		3.63	%		4.71	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	48,966		$	46,662		$	49,880		$	50,736		$	52,188		$	50,371
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.72	%⁽⁵⁾		0.78	%		0.77	%		0.78	%⁽⁶⁾		0.79	%		0.77	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		—			—			0.03	%		0.06	%		0.06	%		0.05	%⁽⁷⁾
Total expenses before custodian fee reduction		0.72	%⁽⁵⁾		0.78	%		0.80	%		0.84	%⁽⁶⁾		0.85	%		0.82	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		0.72	%⁽⁵⁾		0.77	%		0.75	%		0.76	%⁽⁶⁾		0.76	%		0.75	%⁽⁷⁾
Net investment income		4.44	%⁽⁵⁾		4.75	%		4.35	%		4.35	%		4.37	%		4.56	%
Portfolio Turnover		1	%⁽⁴⁾		15	%		19	%		14	%		11	%		22	%


(1)		Computed using average shares outstanding.

(2)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(3)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(4)		Not annualized.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Kentucky Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.080		$	9.300		$	9.680		$	9.970		$	10.050		$	10.060





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.171		$	0.347		$	0.345		$	0.356		$	0.359		$	0.384
Net realized and unrealized gain (loss)		0.376			(0.222	)		(0.383	)		(0.298	)		(0.076	)		(0.007	)


Total income (loss) from operations	$	0.547		$	0.125		$	(0.038	)	$	0.058		$	0.283		$	0.377





Less Distributions

From net investment income	$	(0.167	)	$	(0.345	)	$	(0.342	)	$	(0.348	)	$	(0.363	)	$	(0.387	)


Total distributions	$	(0.167	)	$	(0.345	)	$	(0.342	)	$	(0.348	)	$	(0.363	)	$	(0.387	)



Net asset value — End of period	$	9.460		$	9.080		$	9.300		$	9.680		$	9.970		$	10.050



Total Return⁽²⁾		6.06	%⁽³⁾		1.60	%		(0.41	)%		0.56	%		2.92	%		3.99	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	3,876		$	4,186		$	6,236		$	8,050		$	10,122		$	13,305
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁵⁾		1.53	%		1.52	%		1.53	%⁽⁶⁾		1.54	%		1.52	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		—			—			0.03	%		0.06	%		0.06	%		0.05	%⁽⁷⁾
Total expenses before custodian fee reduction		1.47	%⁽⁵⁾		1.53	%		1.55	%		1.59	%⁽⁶⁾		1.60	%		1.57	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁵⁾		1.52	%		1.50	%		1.51	%⁽⁶⁾		1.51	%		1.50	%⁽⁷⁾
Net investment income		3.69	%⁽⁵⁾		4.01	%		3.60	%		3.60	%		3.63	%		3.82	%
Portfolio Turnover		1	%⁽³⁾		15	%		19	%		14	%		11	%		22	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.17% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Kentucky Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.090		$	9.300		$	9.680		$	9.970		$	9.940





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.171		$	0.348		$	0.346		$	0.354		$	0.147
Net realized and unrealized gain (loss)		0.366			(0.213	)		(0.384	)		(0.296	)		0.037	⁽³⁾


Total income (loss) from operations	$	0.537		$	0.135		$	(0.038	)	$	0.058		$	0.184





Less Distributions

From net investment income	$	(0.167	)	$	(0.345	)	$	(0.342	)	$	(0.348	)	$	(0.154	)


Total distributions	$	(0.167	)	$	(0.345	)	$	(0.342	)	$	(0.348	)	$	(0.154	)



Net asset value — End of period	$	9.460		$	9.090		$	9.300		$	9.680		$	9.970



Total Return⁽⁴⁾		5.94	%⁽⁵⁾		1.71	%		(0.41	)%		0.56	%		1.89	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	2,381		$	2,509		$	2,189		$	1,994		$	297
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁶⁾		1.53	%		1.52	%		1.53	%⁽⁷⁾		1.54	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		—			—			0.03	%		0.06	%		0.06	%⁽⁶⁾
Total expenses before custodian fee reduction		1.47	%⁽⁶⁾		1.53	%		1.55	%		1.59	%⁽⁷⁾		1.60	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁶⁾		1.52	%		1.50	%		1.51	%⁽⁷⁾		1.51	%⁽⁶⁾
Net investment income		3.69	%⁽⁶⁾		4.00	%		3.62	%		3.59	%		3.37	%⁽⁶⁾
Portfolio Turnover		1	%⁽⁵⁾		15	%		19	%		14	%		11	%⁽⁹⁾


(1)		For the period from the start of business, March 23, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Louisiana Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.960		$	9.170		$	9.660		$	9.960		$	9.960		$	9.840





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.219		$	0.428		$	0.423		$	0.425		$	0.449		$	0.460
Net realized and unrealized gain (loss)		0.319			(0.213	)		(0.484	)		(0.285	)		—			0.123


Total income (loss) from operations	$	0.538		$	0.215		$	(0.061	)	$	0.140		$	0.449		$	0.583





Less Distributions

From net investment income	$	(0.208	)	$	(0.425	)	$	(0.429	)	$	(0.440	)	$	(0.449	)	$	(0.463	)


Total distributions	$	(0.208	)	$	(0.425	)	$	(0.429	)	$	(0.440	)	$	(0.449	)	$	(0.463	)



Net asset value — End of period	$	9.290		$	8.960		$	9.170		$	9.660		$	9.960		$	9.960



Total Return⁽²⁾		6.03	%⁽³⁾		2.85	%		(0.65	)%		1.36	%		4.66	%		6.04	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	36,184		$	37,019		$	41,310		$	40,323		$	26,972		$	22,317
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.69	%⁽⁴⁾		0.76	%		0.72	%		0.72	%⁽⁵⁾		0.71	%		0.76	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.01	%⁽⁴⁾		0.04	%		0.15	%		0.26	%		0.26	%		0.14	%⁽⁶⁾
Total expenses before custodian fee reduction		0.70	%⁽⁴⁾		0.80	%		0.87	%		0.98	%⁽⁵⁾		0.97	%		0.90	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.69	%⁽⁴⁾		0.75	%		0.70	%		0.67	%⁽⁵⁾		0.68	%		0.75	%⁽⁶⁾
Net investment income		4.77	%⁽⁴⁾		5.15	%		4.46	%		4.28	%		4.57	%		4.63	%
Portfolio Turnover		6	%⁽³⁾		30	%		22	%		19	%		30	%		12	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Louisiana Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.480		$	9.690		$	10.210		$	10.530		$	10.520		$	10.400





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.195		$	0.386		$	0.373		$	0.374		$	0.399		$	0.411
Net realized and unrealized gain (loss)		0.331			(0.215	)		(0.519	)		(0.309	)		0.006			0.120


Total income (loss) from operations	$	0.526		$	0.171		$	(0.146	)	$	0.065		$	0.405		$	0.531





Less Distributions

From net investment income	$	(0.186	)	$	(0.381	)	$	(0.374	)	$	(0.385	)	$	(0.395	)	$	(0.411	)


Total distributions	$	(0.186	)	$	(0.381	)	$	(0.374	)	$	(0.385	)	$	(0.395	)	$	(0.411	)



Net asset value — End of period	$	9.820		$	9.480		$	9.690		$	10.210		$	10.530		$	10.520



Total Return⁽²⁾		5.57	%⁽³⁾		2.18	%		(1.46	)%		0.57	%		3.97	%		5.36	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,722		$	2,471		$	3,891		$	4,487		$	6,124		$	8,285
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%⁽⁵⁾		1.51	%		1.47	%		1.47	%⁽⁶⁾		1.47	%		1.51	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.01	%⁽⁵⁾		0.04	%		0.15	%		0.26	%		0.26	%		0.14	%⁽⁷⁾
Total expenses before custodian fee reduction		1.45	%⁽⁵⁾		1.55	%		1.62	%		1.73	%⁽⁶⁾		1.73	%		1.65	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.44	%⁽⁵⁾		1.50	%		1.45	%		1.42	%⁽⁶⁾		1.44	%		1.50	%⁽⁷⁾
Net investment income		4.00	%⁽⁵⁾		4.42	%		3.71	%		3.56	%		3.84	%		3.91	%
Portfolio Turnover		6	%⁽³⁾		30	%		22	%		19	%		30	%		12	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.17% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Louisiana Fund — Class C
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	9.490		$	9.710		$	10.230





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.196		$	0.388		$	0.286
Net realized and unrealized gain (loss)		0.340			(0.227	)		(0.528	)


Total income (loss) from operations	$	0.536		$	0.161		$	(0.242	)





Less Distributions

From net investment income	$	(0.186	)	$	(0.381	)	$	(0.278	)


Total distributions	$	(0.186	)	$	(0.381	)	$	(0.278	)



Net asset value — End of period	$	9.840		$	9.490		$	9.710



Total Return⁽³⁾		5.67	%⁽⁴⁾		2.18	%		(2.47	)%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,772		$	1,677		$	240
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.44	%⁽⁵⁾		1.50	%		1.47	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.01	%⁽⁵⁾		0.04	%		0.15	%⁽⁵⁾
Total expenses before custodian fee reduction		1.45	%⁽⁵⁾		1.54	%		1.62	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.44	%⁽⁵⁾		1.50	%		1.44	%⁽⁵⁾
Net investment income		4.03	%⁽⁵⁾		4.35	%		3.90	%⁽⁵⁾
Portfolio Turnover		6	%⁽⁴⁾		30	%		22	%⁽⁷⁾


(1)		For the period from the start of business, December 4, 2007, to August 31, 2008.

(2)		Computed using average shares outstanding.

(3)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Maryland Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.670		$	8.900		$	9.260		$	9.620		$	9.590		$	9.490





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.198		$	0.403		$	0.404		$	0.411		$	0.454		$	0.442
Net realized and unrealized gain (loss)		0.315			(0.226	)		(0.348	)		(0.347	)		0.005			0.094


Total income from operations	$	0.513		$	0.177		$	0.056		$	0.064		$	0.459		$	0.536





Less Distributions

From net investment income	$	(0.193	)	$	(0.407	)	$	(0.416	)	$	(0.424	)	$	(0.429	)	$	(0.436	)


Total distributions	$	(0.193	)	$	(0.407	)	$	(0.416	)	$	(0.424	)	$	(0.429	)	$	(0.436	)



Net asset value — End of period	$	8.990		$	8.670		$	8.900		$	9.260		$	9.620		$	9.590



Total Return⁽²⁾		5.95	%⁽³⁾		2.43	%		0.60	%		0.59	%		4.94	%		5.77	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	75,541		$	75,555		$	81,774		$	75,025		$	55,380		$	45,791
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.77	%⁽⁴⁾		0.82	%		0.77	%		0.78	%⁽⁵⁾		0.79	%		0.80	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.03	%⁽⁴⁾		0.10	%		0.23	%		0.41	%		0.76	%		0.28	%⁽⁶⁾
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		0.92	%		1.00	%		1.19	%⁽⁵⁾		1.55	%		1.08	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.77	%⁽⁴⁾		0.81	%		0.74	%		0.73	%⁽⁵⁾		0.76	%		0.79	%⁽⁶⁾
Net investment income		4.45	%⁽⁴⁾		4.97	%		4.41	%		4.29	%		4.78	%		4.64	%
Portfolio Turnover		5	%⁽³⁾		16	%		15	%		6	%		15	%		10	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

100

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Maryland Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.460		$	9.700		$	10.090		$	10.490		$	10.460		$	10.350





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.179		$	0.374		$	0.368		$	0.373		$	0.419		$	0.405
Net realized and unrealized gain (loss)		0.349			(0.239	)		(0.382	)		(0.388	)		0.002			0.103


Total income (loss) from operations	$	0.528		$	0.135		$	(0.014	)	$	(0.015	)	$	0.421		$	0.508





Less Distributions

From net investment income	$	(0.178	)	$	(0.375	)	$	(0.376	)	$	(0.385	)	$	(0.391	)	$	(0.398	)


Total distributions	$	(0.178	)	$	(0.375	)	$	(0.376	)	$	(0.385	)	$	(0.391	)	$	(0.398	)



Net asset value — End of period	$	9.810		$	9.460		$	9.700		$	10.090		$	10.490		$	10.460



Total Return⁽²⁾		5.60	%⁽³⁾		1.76	%		(0.15	)%		(0.22	)%		4.14	%		5.17	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	7,033		$	7,742		$	10,140		$	12,995		$	17,178		$	19,783
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁵⁾		1.58	%		1.52	%		1.53	%⁽⁶⁾		1.54	%		1.55	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.03	%⁽⁵⁾		0.10	%		0.23	%		0.41	%		0.76	%		0.28	%⁽⁷⁾
Total expenses before custodian fee reduction		1.55	%⁽⁵⁾		1.68	%		1.75	%		1.94	%⁽⁶⁾		2.30	%		1.83	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁵⁾		1.56	%		1.48	%		1.48	%⁽⁶⁾		1.51	%		1.54	%⁽⁷⁾
Net investment income		3.69	%⁽⁵⁾		4.23	%		3.67	%		3.56	%		4.05	%		3.90	%
Portfolio Turnover		5	%⁽³⁾		16	%		15	%		6	%		15	%		10	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.17% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

101

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Maryland Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.460		$	9.710		$	10.090		$	10.470		$	10.340





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.179		$	0.373		$	0.364		$	0.366		$	0.115
Net realized and unrealized gain (loss)		0.349			(0.248	)		(0.368	)		(0.361	)		0.146


Total income (loss) from operations	$	0.528		$	0.125		$	(0.004	)	$	0.005		$	0.261





Less Distributions

From net investment income	$	(0.178	)	$	(0.375	)	$	(0.376	)	$	(0.385	)	$	(0.131	)


Total distributions	$	(0.178	)	$	(0.375	)	$	(0.376	)	$	(0.385	)	$	(0.131	)



Net asset value — End of period	$	9.810		$	9.460		$	9.710		$	10.090		$	10.470



Total Return⁽³⁾		5.60	%⁽⁴⁾		1.65	%		(0.05	)%		(0.03	)%		2.54	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	13,833		$	12,388		$	9,790		$	6,878		$	342
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁵⁾		1.57	%		1.53	%		1.53	%⁽⁶⁾		1.54	%⁽⁵⁾
Interest and fee expense⁽⁷⁾		0.03	%⁽⁵⁾		0.10	%		0.23	%		0.41	%		0.76	%⁽⁵⁾
Total expenses before custodian fee reduction		1.55	%⁽⁵⁾		1.67	%		1.76	%		1.94	%⁽⁶⁾		2.30	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁵⁾		1.56	%		1.49	%		1.48	%⁽⁶⁾		1.51	%⁽⁵⁾
Net investment income		3.69	%⁽⁵⁾		4.20	%		3.65	%		3.53	%		3.31	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		16	%		15	%		6	%		15	%⁽⁸⁾


(1)		For the period from the start of business, May 2, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(4)		Not annualized.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(8)		For the year ended August 31, 2006.

See notes to financial statements

102

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Maryland Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.680		$	8.900		$	8.600





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.205		$	0.419		$	0.206
Net realized and unrealized gain (loss)		0.326			(0.216	)		0.310


Total income from operations	$	0.531		$	0.203		$	0.516





Less Distributions

From net investment income	$	(0.201	)	$	(0.423	)	$	(0.216	)


Total distributions	$	(0.201	)	$	(0.423	)	$	(0.216	)



Net asset value — End of period	$	9.010		$	8.680		$	8.900



Total Return⁽³⁾		6.15	%⁽⁴⁾		2.75	%		6.01	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	4,403		$	448		$	85
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.57	%⁽⁵⁾		0.61	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.03	%⁽⁵⁾		0.10	%		0.23	%⁽⁵⁾
Total expenses before custodian fee reduction		0.60	%⁽⁵⁾		0.71	%		0.81	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.57	%⁽⁵⁾		0.61	%		0.54	%⁽⁵⁾
Net investment income		4.60	%⁽⁵⁾		5.16	%		4.60	%⁽⁵⁾
Portfolio Turnover		5	%⁽⁴⁾		16	%		15	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

103

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Missouri Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.080		$	9.370		$	9.750		$	10.120		$	10.180		$	10.080





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.193		$	0.389		$	0.406		$	0.415		$	0.441		$	0.462
Net realized and unrealized gain (loss)		0.276			(0.288	)		(0.377	)		(0.368	)		(0.058	)		0.116


Total income from operations	$	0.469		$	0.101		$	0.029		$	0.047		$	0.383		$	0.578





Less Distributions

From net investment income	$	(0.179	)	$	(0.391	)	$	(0.409	)	$	(0.417	)	$	(0.443	)	$	(0.478	)


Total distributions	$	(0.179	)	$	(0.391	)	$	(0.409	)	$	(0.417	)	$	(0.443	)	$	(0.478	)



Net asset value — End of period	$	9.370		$	9.080		$	9.370		$	9.750		$	10.120		$	10.180



Total Return⁽²⁾		5.19	%⁽³⁾		1.41	%		0.29	%		0.41	%		3.91	%		5.87	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	90,988		$	89,556		$	94,078		$	90,059		$	64,947		$	55,806
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.74	%⁽⁴⁾		0.80	%		0.76	%		0.75	%⁽⁵⁾		0.75	%		0.79	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.02	%⁽⁴⁾		0.04	%		0.08	%		0.17	%		0.27	%		0.21	%⁽⁶⁾
Total expenses before custodian fee reduction		0.76	%⁽⁴⁾		0.84	%		0.84	%		0.92	%⁽⁵⁾		1.02	%		1.00	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.74	%⁽⁴⁾		0.79	%		0.74	%		0.71	%⁽⁵⁾		0.71	%		0.76	%⁽⁶⁾
Net investment income		4.18	%⁽⁴⁾		4.51	%		4.21	%		4.12	%		4.41	%		4.58	%
Portfolio Turnover		4	%⁽³⁾		21	%		18	%		20	%		27	%		6	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

104

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Missouri Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	10.040		$	10.360		$	10.770		$	11.180		$	11.250		$	11.140





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.175		$	0.359		$	0.370		$	0.377		$	0.407		$	0.429
Net realized and unrealized gain (loss)		0.296			(0.320	)		(0.410	)		(0.409	)		(0.071	)		0.125


Total income (loss) from operations	$	0.471		$	0.039		$	(0.040	)	$	(0.032	)	$	0.336		$	0.554





Less Distributions

From net investment income	$	(0.161	)	$	(0.359	)	$	(0.370	)	$	(0.378	)	$	(0.406	)	$	(0.444	)


Total distributions	$	(0.161	)	$	(0.359	)	$	(0.370	)	$	(0.378	)	$	(0.406	)	$	(0.444	)



Net asset value — End of period	$	10.350		$	10.040		$	10.360		$	10.770		$	11.180		$	11.250



Total Return⁽²⁾		4.71	%⁽³⁾		0.64	%		(0.39	)%		(0.35	)%		3.10	%		5.26	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,419		$	6,542		$	7,404		$	9,626		$	11,169		$	13,142
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁵⁾		1.55	%		1.51	%		1.50	%⁽⁶⁾		1.50	%		1.54	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.02	%⁽⁵⁾		0.04	%		0.08	%		0.17	%		0.27	%		0.21	%⁽⁷⁾
Total expenses before custodian fee reduction		1.51	%⁽⁵⁾		1.59	%		1.59	%		1.67	%⁽⁶⁾		1.77	%		1.75	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁵⁾		1.54	%		1.49	%		1.46	%⁽⁶⁾		1.46	%		1.51	%⁽⁷⁾
Net investment income		3.42	%⁽⁵⁾		3.77	%		3.47	%		3.38	%		3.68	%		3.85	%
Portfolio Turnover		4	%⁽³⁾		21	%		18	%		20	%		27	%		6	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

105

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Missouri Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	10.030		$	10.350		$	10.770		$	11.170		$	11.140





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.175		$	0.359		$	0.364		$	0.371		$	0.189
Net realized and unrealized gain (loss)		0.296			(0.320	)		(0.414	)		(0.393	)		0.052	⁽³⁾


Total income (loss) from operations	$	0.471		$	0.039		$	(0.050	)	$	(0.022	)	$	0.241





Less Distributions

From net investment income	$	(0.161	)	$	(0.359	)	$	(0.370	)	$	(0.378	)	$	(0.211	)


Total distributions	$	(0.161	)	$	(0.359	)	$	(0.370	)	$	(0.378	)	$	(0.211	)



Net asset value — End of period	$	10.340		$	10.030		$	10.350		$	10.770		$	11.170



Total Return⁽⁴⁾		4.72	%⁽⁵⁾		0.64	%		(0.48	)%		(0.26	)%		2.20	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,629		$	5,553		$	5,561		$	4,491		$	1,117
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.49	%⁽⁶⁾		1.55	%		1.52	%		1.50	%⁽⁷⁾		1.50	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.02	%⁽⁶⁾		0.04	%		0.08	%		0.17	%		0.27	%⁽⁶⁾
Total expenses before custodian fee reduction		1.51	%⁽⁶⁾		1.59	%		1.60	%		1.67	%⁽⁷⁾		1.77	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.49	%⁽⁶⁾		1.54	%		1.49	%		1.46	%⁽⁷⁾		1.46	%⁽⁶⁾
Net investment income		3.42	%⁽⁶⁾		3.76	%		3.42	%		3.35	%		3.17	%⁽⁶⁾
Portfolio Turnover		4	%⁽⁵⁾		21	%		18	%		20	%		27	%⁽⁹⁾


(1)		For the period from the start of business, February 16, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

106

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	North Carolina Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.810		$	8.810		$	9.160		$	9.370		$	9.340		$	9.390





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.215		$	0.418		$	0.400		$	0.404		$	0.410		$	0.419
Net realized and unrealized gain (loss)		0.246			(0.019	)		(0.355	)		(0.212	)		0.025			(0.052	)


Total income from operations	$	0.461		$	0.399		$	0.045		$	0.192		$	0.435		$	0.367





Less Distributions

From net investment income	$	(0.201	)	$	(0.399	)	$	(0.395	)	$	(0.402	)	$	(0.405	)	$	(0.417	)


Total distributions	$	(0.201	)	$	(0.399	)	$	(0.395	)	$	(0.402	)	$	(0.405	)	$	(0.417	)



Net asset value — End of period	$	9.070		$	8.810		$	8.810		$	9.160		$	9.370		$	9.340



Total Return⁽²⁾		5.26	%⁽³⁾		4.99	%		0.49	%		2.04	%		4.80	%		4.00	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	80,720		$	78,245		$	86,348		$	79,909		$	67,480		$	57,823
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.77	%⁽⁴⁾		0.82	%		0.78	%		0.77	%⁽⁵⁾		0.77	%		0.79	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.07	%⁽⁴⁾		0.11	%		0.29	%		0.58	%		0.38	%		0.16	%⁽⁶⁾
Total expenses before custodian fee reduction		0.84	%⁽⁴⁾		0.93	%		1.07	%		1.35	%⁽⁵⁾		1.15	%		0.95	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.77	%⁽⁴⁾		0.82	%		0.75	%		0.74	%⁽⁵⁾		0.75	%		0.79	%⁽⁶⁾
Net investment income		4.79	%⁽⁴⁾		5.11	%		4.41	%		4.32	%		4.43	%		4.48	%
Portfolio Turnover		7	%⁽³⁾		42	%		23	%		9	%		18	%		8	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

107

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	North Carolina Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.480		$	9.470		$	9.850		$	10.080		$	10.040		$	10.100





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.195		$	0.383		$	0.357		$	0.360		$	0.368		$	0.375
Net realized and unrealized gain (loss)		0.269			(0.011	)		(0.388	)		(0.233	)		0.032			(0.061	)


Total income (loss) from operations	$	0.464		$	0.372		$	(0.031	)	$	0.127		$	0.400		$	0.314



											��

Less Distributions

From net investment income	$	(0.184	)	$	(0.362	)	$	(0.349	)	$	(0.357	)	$	(0.360	)	$	(0.374	)


Total distributions	$	(0.184	)	$	(0.362	)	$	(0.349	)	$	(0.357	)	$	(0.360	)	$	(0.374	)



Net asset value — End of period	$	9.760		$	9.480		$	9.470		$	9.850		$	10.080		$	10.040



Total Return⁽²⁾		4.92	%⁽³⁾		4.30	%		(0.33	)%		1.23	%		4.09	%		3.32	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	4,524		$	5,209		$	6,719		$	8,683		$	12,145		$	15,344
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁵⁾		1.57	%		1.53	%		1.52	%⁽⁶⁾		1.52	%		1.54	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.07	%⁽⁵⁾		0.11	%		0.29	%		0.58	%		0.38	%		0.16	%⁽⁷⁾
Total expenses before custodian fee reduction		1.59	%⁽⁵⁾		1.68	%		1.82	%		2.10	%⁽⁶⁾		1.90	%		1.70	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁵⁾		1.57	%		1.50	%		1.49	%⁽⁶⁾		1.50	%		1.54	%⁽⁷⁾
Net investment income		4.06	%⁽⁵⁾		4.37	%		3.66	%		3.57	%		3.69	%		3.73	%
Portfolio Turnover		7	%⁽³⁾		42	%		23	%		9	%		18	%		8	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

108

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	North Carolina Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.480		$	9.470		$	9.850		$	10.070		$	9.910





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.194		$	0.384		$	0.355		$	0.357		$	0.097
Net realized and unrealized gain (loss)		0.270			(0.012	)		(0.386	)		(0.220	)		0.183	⁽³⁾


Total income (loss) from operations	$	0.464		$	0.372		$	(0.031	)	$	0.137		$	0.280





Less Distributions

From net investment income	$	(0.184	)	$	(0.362	)	$	(0.349	)	$	(0.357	)	$	(0.120	)


Total distributions	$	(0.184	)	$	(0.362	)	$	(0.349	)	$	(0.357	)	$	(0.120	)



Net asset value — End of period	$	9.760		$	9.480		$	9.470		$	9.850		$	10.070



Total Return⁽⁴⁾		4.92	%⁽⁵⁾		4.30	%		(0.33	)%		1.34	%		2.85	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	11,231		$	8,734		$	8,073		$	4,880		$	527
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁶⁾		1.57	%		1.53	%		1.51	%⁽⁷⁾		1.52	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.07	%⁽⁶⁾		0.11	%		0.29	%		0.58	%		0.38	%⁽⁶⁾
Total expenses before custodian fee reduction		1.59	%⁽⁶⁾		1.68	%		1.82	%		2.09	%⁽⁷⁾		1.90	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁶⁾		1.57	%		1.50	%		1.48	%⁽⁷⁾		1.50	%⁽⁶⁾
Net investment income		4.03	%⁽⁶⁾		4.36	%		3.65	%		3.56	%		2.91	%⁽⁶⁾
Portfolio Turnover		7	%⁽⁵⁾		42	%		23	%		9	%		18	%⁽⁹⁾


(1)		For the period from the start of business, May 2, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

109

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	North Carolina Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.830		$	8.820		$	8.550





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.224		$	0.437		$	0.216
Net realized and unrealized gain (loss)		0.256			(0.010	)		0.259


Total income from operations	$	0.480		$	0.427		$	0.475





Less Distributions

From net investment income	$	(0.210	)	$	(0.417	)	$	(0.205	)


Total distributions	$	(0.210	)	$	(0.417	)	$	(0.205	)



Net asset value — End of period	$	9.100		$	8.830		$	8.820



Total Return⁽³⁾		5.47	%⁽⁴⁾		5.32	%		5.56	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	14,824		$	8,303		$	950
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.57	%⁽⁵⁾		0.63	%		0.58	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.07	%⁽⁵⁾		0.11	%		0.29	%⁽⁵⁾
Total expenses before custodian fee reduction		0.64	%⁽⁵⁾		0.74	%		0.87	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.57	%⁽⁵⁾		0.62	%		0.54	%⁽⁵⁾
Net investment income		4.99	%⁽⁵⁾		5.33	%		4.86	%⁽⁵⁾
Portfolio Turnover		7	%⁽⁴⁾		42	%		23	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

110

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Oregon Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.510		$	8.720		$	9.260		$	9.550		$	9.460		$	9.480





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.205		$	0.399		$	0.410		$	0.411		$	0.443		$	0.470
Net realized and unrealized gain (loss)		0.224			(0.210	)		(0.533	)		(0.278	)		0.089			(0.015	)


Total income (loss) from operations	$	0.429		$	0.189		$	(0.123	)	$	0.133		$	0.532		$	0.455





Less Distributions

From net investment income	$	(0.189	)	$	(0.399	)	$	(0.417	)	$	(0.423	)	$	(0.442	)	$	(0.475	)


Total distributions	$	(0.189	)	$	(0.399	)	$	(0.417	)	$	(0.423	)	$	(0.442	)	$	(0.475	)



Net asset value — End of period	$	8.750		$	8.510		$	8.720		$	9.260		$	9.550		$	9.460



Total Return⁽²⁾		5.07	%⁽³⁾		2.65	%		(1.36	)%		1.34	%		5.78	%		4.91	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	121,559		$	118,827		$	124,199		$	110,060		$	73,764		$	66,240
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.77	%⁽⁴⁾		0.82	%		0.76	%		0.78	%⁽⁵⁾		0.77	%		0.80	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.04	%⁽⁴⁾		0.12	%		0.22	%		0.47	%		0.46	%		0.26	%⁽⁶⁾
Total expenses before custodian fee reduction		0.81	%⁽⁴⁾		0.94	%		0.98	%		1.25	%⁽⁵⁾		1.23	%		1.06	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.77	%⁽⁴⁾		0.81	%		0.74	%		0.75	%⁽⁵⁾		0.75	%		0.79	%⁽⁶⁾
Net investment income		4.75	%⁽⁴⁾		5.05	%		4.53	%		4.31	%		4.69	%		4.96	%
Portfolio Turnover		13	%⁽³⁾		42	%		34	%		42	%		15	%		27	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

111

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Oregon Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.310		$	9.540		$	10.120		$	10.440		$	10.340		$	10.370





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.189		$	0.372		$	0.375		$	0.376		$	0.408		$	0.438
Net realized and unrealized gain (loss)		0.244			(0.233	)		(0.577	)		(0.312	)		0.097			(0.026	)


Total income (loss) from operations	$	0.433		$	0.139		$	(0.202	)	$	0.064		$	0.505		$	0.412





Less Distributions

From net investment income	$	(0.173	)	$	(0.369	)	$	(0.378	)	$	(0.384	)	$	(0.405	)	$	(0.442	)


Total distributions	$	(0.173	)	$	(0.369	)	$	(0.378	)	$	(0.384	)	$	(0.405	)	$	(0.442	)



Net asset value — End of period	$	9.570		$	9.310		$	9.540		$	10.120		$	10.440		$	10.340



Total Return⁽²⁾		4.67	%⁽³⁾		1.85	%		(2.04	)%		0.56	%		5.00	%		4.24	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	11,260		$	12,114		$	14,432		$	17,077		$	21,015		$	22,363
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁵⁾		1.56	%		1.51	%		1.53	%⁽⁶⁾		1.52	%		1.55	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.04	%⁽⁵⁾		0.12	%		0.22	%		0.47	%		0.46	%		0.26	%⁽⁷⁾
Total expenses before custodian fee reduction		1.56	%⁽⁵⁾		1.68	%		1.73	%		2.00	%⁽⁶⁾		1.98	%		1.81	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁵⁾		1.56	%		1.49	%		1.50	%⁽⁶⁾		1.50	%		1.54	%⁽⁷⁾
Net investment income		4.00	%⁽⁵⁾		4.31	%		3.77	%		3.60	%		3.96	%		4.24	%
Portfolio Turnover		13	%⁽³⁾		42	%		34	%		42	%		15	%		27	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.18% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

112

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Oregon Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.320		$	9.550		$	10.130		$	10.440		$	10.400





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.189		$	0.371		$	0.373		$	0.368		$	0.172
Net realized and unrealized gain (loss)		0.244			(0.232	)		(0.575	)		(0.294	)		0.061	⁽³⁾


Total income (loss) from operations	$	0.433		$	0.139		$	(0.202	)	$	0.074		$	0.233





Less Distributions

From net investment income	$	(0.173	)	$	(0.369	)	$	(0.378	)	$	(0.384	)	$	(0.193	)


Total distributions	$	(0.173	)	$	(0.369	)	$	(0.378	)	$	(0.384	)	$	(0.193	)



Net asset value — End of period	$	9.580		$	9.320		$	9.550		$	10.130		$	10.440



Total Return⁽⁴⁾		4.67	%⁽⁵⁾		1.85	%		(2.03	)%		0.66	%		2.27	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	20,397		$	19,429		$	16,927		$	8,362		$	666
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.52	%⁽⁶⁾		1.57	%		1.52	%		1.53	%⁽⁷⁾		1.52	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.04	%⁽⁶⁾		0.12	%		0.22	%		0.47	%		0.46	%⁽⁶⁾
Total expenses before custodian fee reduction		1.56	%⁽⁶⁾		1.69	%		1.74	%		2.00	%⁽⁷⁾		1.98	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.52	%⁽⁶⁾		1.56	%		1.49	%		1.50	%⁽⁷⁾		1.50	%⁽⁶⁾
Net investment income		4.00	%⁽⁶⁾		4.29	%		3.78	%		3.54	%		3.32	%⁽⁶⁾
Portfolio Turnover		13	%⁽⁵⁾		42	%		34	%		42	%		15	%⁽⁹⁾


(1)		For the period from the start of business, May 2, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

113

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	South Carolina Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.870		$	9.100		$	9.700		$	10.050		$	10.060		$	9.710





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.205		$	0.405		$	0.420		$	0.409		$	0.423		$	0.463
Net realized and unrealized gain (loss)		0.231			(0.233	)		(0.598	)		(0.346	)		(0.002	)		0.370


Total income (loss) from operations	$	0.436		$	0.172		$	(0.178	)	$	0.063		$	0.421		$	0.833





Less Distributions

From net investment income	$	(0.186	)	$	(0.402	)	$	(0.422	)	$	(0.413	)	$	(0.431	)	$	(0.483	)


Total distributions	$	(0.186	)	$	(0.402	)	$	(0.422	)	$	(0.413	)	$	(0.431	)	$	(0.483	)



Net asset value — End of period	$	9.120		$	8.870		$	9.100		$	9.700		$	10.050		$	10.060



Total Return⁽²⁾		4.93	%⁽³⁾		2.23	%		(1.75	)%		0.55	%		4.35	%		8.78	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	101,418		$	103,451		$	110,470		$	103,975		$	71,412		$	50,593
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.75	%⁽⁴⁾		0.80	%		0.77	%		0.76	%⁽⁵⁾		0.75	%		0.75	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.02	%⁽⁴⁾		0.10	%		0.22	%		0.45	%		0.37	%		0.37	%⁽⁶⁾
Total expenses before custodian fee reduction		0.77	%⁽⁴⁾		0.90	%		0.99	%		1.21	%⁽⁵⁾		1.12	%		1.12	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.75	%⁽⁴⁾		0.80	%		0.75	%		0.73	%⁽⁵⁾		0.73	%		0.72	%⁽⁶⁾
Net investment income		4.51	%⁽⁴⁾		4.91	%		4.44	%		4.06	%		4.28	%		4.69	%
Portfolio Turnover		14	%⁽³⁾		44	%		47	%		33	%		42	%		29	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

114

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	South Carolina Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.410		$	9.650		$	10.280		$	10.660		$	10.670		$	10.300





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.181		$	0.364		$	0.371		$	0.356		$	0.372		$	0.417
Net realized and unrealized gain (loss)		0.243			(0.246	)		(0.631	)		(0.378	)		(0.005	)		0.387


Total income (loss) from operations	$	0.424		$	0.118		$	(0.260	)	$	(0.022	)	$	0.367		$	0.804





Less Distributions

From net investment income	$	(0.164	)	$	(0.358	)	$	(0.370	)	$	(0.358	)	$	(0.377	)	$	(0.434	)


Total distributions	$	(0.164	)	$	(0.358	)	$	(0.370	)	$	(0.358	)	$	(0.377	)	$	(0.434	)



Net asset value — End of period	$	9.670		$	9.410		$	9.650		$	10.280		$	10.660		$	10.670



Total Return⁽²⁾		4.52	%⁽³⁾		1.59	%		(2.56	)%		(0.29	)%		3.57	%		8.16	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,647		$	9,442		$	11,316		$	14,559		$	17,667		$	18,039
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁵⁾		1.56	%		1.52	%		1.51	%⁽⁶⁾		1.50	%		1.50	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.02	%⁽⁵⁾		0.10	%		0.22	%		0.45	%		0.37	%		0.37	%⁽⁷⁾
Total expenses before custodian fee reduction		1.52	%⁽⁵⁾		1.66	%		1.74	%		1.96	%⁽⁶⁾		1.87	%		1.87	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁵⁾		1.56	%		1.50	%		1.48	%⁽⁶⁾		1.48	%		1.47	%⁽⁷⁾
Net investment income		3.76	%⁽⁵⁾		4.17	%		3.69	%		3.33	%		3.55	%		3.98	%
Portfolio Turnover		14	%⁽³⁾		44	%		47	%		33	%		42	%		29	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.18% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

115

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	South Carolina Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.410		$	9.660		$	10.280		$	10.660		$	10.470





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.181		$	0.364		$	0.369		$	0.349		$	0.218
Net realized and unrealized gain (loss)		0.243			(0.256	)		(0.619	)		(0.371	)		0.199	⁽³⁾


Total income (loss) from operations	$	0.424		$	0.108		$	(0.250	)	$	(0.022	)	$	0.417





Less Distributions

From net investment income	$	(0.164	)	$	(0.358	)	$	(0.370	)	$	(0.358	)	$	(0.227	)


Total distributions	$	(0.164	)	$	(0.358	)	$	(0.370	)	$	(0.358	)	$	(0.227	)



Net asset value — End of period	$	9.670		$	9.410		$	9.660		$	10.280		$	10.660



Total Return⁽⁴⁾		4.51	%⁽⁵⁾		1.48	%		(2.46	)%		(0.29	)%		4.04	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	26,241		$	23,022		$	20,867		$	13,623		$	2,272
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.50	%⁽⁶⁾		1.55	%		1.52	%		1.51	%⁽⁷⁾		1.50	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.02	%⁽⁶⁾		0.10	%		0.22	%		0.45	%		0.37	%⁽⁶⁾
Total expenses before custodian fee reduction		1.52	%⁽⁶⁾		1.65	%		1.74	%		1.96	%⁽⁷⁾		1.87	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.50	%⁽⁶⁾		1.55	%		1.50	%		1.48	%⁽⁷⁾		1.48	%⁽⁶⁾
Net investment income		3.76	%⁽⁶⁾		4.15	%		3.69	%		3.29	%		3.27	%⁽⁶⁾
Portfolio Turnover		14	%⁽⁵⁾		44	%		47	%		33	%		42	%⁽⁹⁾


(1)		For the period from the start of business, January 12, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

116

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	South Carolina Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.880		$	9.110		$	8.620





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.214		$	0.422		$	0.215
Net realized and unrealized gain (loss)		0.231			(0.233	)		0.496


Total income from operations	$	0.445		$	0.189		$	0.711





Less Distributions

From net investment income	$	(0.195	)	$	(0.419	)	$	(0.221	)


Total distributions	$	(0.195	)	$	(0.419	)	$	(0.221	)



Net asset value — End of period	$	9.130		$	8.880		$	9.110



Total Return⁽³⁾		5.03	%⁽⁴⁾		2.56	%		8.26	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	32,597		$	23,727		$	22,826
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.56	%⁽⁵⁾		0.60	%		0.55	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.02	%⁽⁵⁾		0.10	%		0.22	%⁽⁵⁾
Total expenses before custodian fee reduction		0.58	%⁽⁵⁾		0.70	%		0.77	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.56	%⁽⁵⁾		0.60	%		0.54	%⁽⁵⁾
Net investment income		4.72	%⁽⁵⁾		5.11	%		4.68	%⁽⁵⁾
Portfolio Turnover		14	%⁽⁴⁾		44	%		47	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

117

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Tennessee Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.670		$	9.100		$	9.530		$	9.850		$	9.880		$	9.900





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.192		$	0.388		$	0.409		$	0.407		$	0.419		$	0.431
Net realized and unrealized gain (loss)		0.270			(0.424	)		(0.433	)		(0.318	)		(0.028	)		(0.001	)


Total income (loss) from operations	$	0.462		$	(0.036	)	$	(0.024	)	$	0.089		$	0.391		$	0.430





Less Distributions

From net investment income	$	(0.182	)	$	(0.394	)	$	(0.406	)	$	(0.409	)	$	(0.421	)	$	(0.450	)


Total distributions	$	(0.182	)	$	(0.394	)	$	(0.406	)	$	(0.409	)	$	(0.421	)	$	(0.450	)



Net asset value — End of period	$	8.950		$	8.670		$	9.100		$	9.530		$	9.850		$	9.880



Total Return⁽²⁾		5.37	%⁽³⁾		(0.03	)%		(0.26	)%		0.85	%		4.09	%		4.44	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	48,613		$	46,787		$	49,219		$	49,444		$	46,023		$	42,088
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.72	%⁽⁴⁾		0.79	%		0.74	%		0.75	%⁽⁵⁾		0.73	%		0.76	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.01	%⁽⁴⁾		0.03	%		0.09	%		0.21	%		0.19	%		0.16	%⁽⁶⁾
Total expenses before custodian fee reduction		0.73	%⁽⁴⁾		0.82	%		0.83	%		0.96	%⁽⁵⁾		0.92	%		0.92	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.72	%⁽⁴⁾		0.79	%		0.72	%		0.72	%⁽⁵⁾		0.70	%		0.75	%⁽⁶⁾
Net investment income		4.36	%⁽⁴⁾		4.72	%		4.35	%		4.15	%		4.30	%		4.36	%
Portfolio Turnover		8	%⁽³⁾		20	%		26	%		20	%		16	%		13	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

118

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Tennessee Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.450		$	9.910		$	10.380		$	10.730		$	10.750		$	10.780





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.173		$	0.356		$	0.369		$	0.365		$	0.378		$	0.390
Net realized and unrealized gain (loss)		0.291			(0.458	)		(0.475	)		(0.350	)		(0.020	)		(0.010	)


Total income (loss) from operations	$	0.464		$	(0.102	)	$	(0.106	)	$	0.015		$	0.358		$	0.380





Less Distributions

From net investment income	$	(0.164	)	$	(0.358	)	$	(0.364	)	$	(0.365	)	$	(0.378	)	$	(0.410	)


Total distributions	$	(0.164	)	$	(0.358	)	$	(0.364	)	$	(0.365	)	$	(0.378	)	$	(0.410	)



Net asset value — End of period	$	9.750		$	9.450		$	9.910		$	10.380		$	10.730		$	10.750



Total Return⁽²⁾		4.94	%⁽³⁾		(0.73	)%		(1.05	)%		0.09	%		3.43	%		3.75	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	3,615		$	4,069		$	5,247		$	6,215		$	8,638		$	10,346
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.47	%⁽⁵⁾		1.54	%		1.49	%		1.50	%⁽⁶⁾		1.48	%		1.51	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.01	%⁽⁵⁾		0.03	%		0.09	%		0.21	%		0.19	%		0.16	%⁽⁷⁾
Total expenses before custodian fee reduction		1.48	%⁽⁵⁾		1.57	%		1.58	%		1.71	%⁽⁶⁾		1.67	%		1.67	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.47	%⁽⁵⁾		1.54	%		1.47	%		1.47	%⁽⁶⁾		1.45	%		1.50	%⁽⁷⁾
Net investment income		3.61	%⁽⁵⁾		3.99	%		3.60	%		3.41	%		3.56	%		3.63	%
Portfolio Turnover		8	%⁽³⁾		20	%		26	%		20	%		16	%		13	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

119

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Tennessee Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.440		$	9.910		$	10.370		$	10.720		$	10.580





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.173		$	0.351		$	0.366		$	0.362		$	0.110
Net realized and unrealized gain (loss)		0.291			(0.463	)		(0.463	)		(0.347	)		0.156	⁽³⁾


Total income (loss) from operations	$	0.464		$	(0.112	)	$	(0.097	)	$	0.015		$	0.266





Less Distributions

From net investment income	$	(0.164	)	$	(0.358	)	$	(0.363	)	$	(0.365	)	$	(0.126	)


Total distributions	$	(0.164	)	$	(0.358	)	$	(0.363	)	$	(0.365	)	$	(0.126	)



Net asset value — End of period	$	9.740		$	9.440		$	9.910		$	10.370		$	10.720



Total Return⁽⁴⁾		4.94	%⁽⁵⁾		(0.83	)%		(0.95	)%		0.09	%		2.54	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	7,315		$	6,004		$	4,078		$	2,683		$	559
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.46	%⁽⁶⁾		1.54	%		1.50	%		1.49	%⁽⁷⁾		1.48	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.01	%⁽⁶⁾		0.03	%		0.09	%		0.21	%		0.19	%⁽⁶⁾
Total expenses before custodian fee reduction		1.47	%⁽⁶⁾		1.57	%		1.59	%		1.70	%⁽⁷⁾		1.67	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.46	%⁽⁶⁾		1.54	%		1.47	%		1.46	%⁽⁷⁾		1.45	%⁽⁶⁾
Net investment income		3.60	%⁽⁶⁾		3.93	%		3.59	%		3.40	%		3.10	%⁽⁶⁾
Portfolio Turnover		8	%⁽⁵⁾		20	%		26	%		20	%		16	%⁽⁹⁾


(1)		For the period from the start of business, May 2, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

120

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FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Virginia Fund — Class A
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	8.360		$	8.690		$	9.280		$	9.770		$	9.790		$	9.590





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.200		$	0.391		$	0.412		$	0.403		$	0.418		$	0.426
Net realized and unrealized gain (loss)		0.271			(0.327	)		(0.592	)		(0.485	)		(0.025	)		0.202


Total income (loss) from operations	$	0.471		$	0.064		$	(0.180	)	$	(0.082	)	$	0.393		$	0.628





Less Distributions

From net investment income	$	(0.181	)	$	(0.394	)	$	(0.410	)	$	(0.408	)	$	(0.413	)	$	(0.428	)


Total distributions	$	(0.181	)	$	(0.394	)	$	(0.410	)	$	(0.408	)	$	(0.413	)	$	(0.428	)



Net asset value — End of period	$	8.650		$	8.360		$	8.690		$	9.280		$	9.770		$	9.790



Total Return⁽²⁾		5.67	%⁽³⁾		1.27	%		(2.00	)%		(0.95	)%		4.16	%		6.70	%





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	104,434		$	105,788		$	107,673		$	107,632		$	89,098		$	78,848
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.76	%⁽⁴⁾		0.83	%		0.78	%		0.78	%⁽⁵⁾		0.77	%		0.80	%⁽⁶⁾
Interest and fee expense⁽⁷⁾		0.04	%⁽⁴⁾		0.12	%		0.37	%		0.57	%		0.54	%		0.23	%⁽⁶⁾
Total expenses before custodian fee reduction		0.80	%⁽⁴⁾		0.95	%		1.15	%		1.35	%⁽⁵⁾		1.31	%		1.03	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		0.76	%⁽⁴⁾		0.82	%		0.76	%		0.76	%⁽⁵⁾		0.76	%		0.79	%⁽⁶⁾
Net investment income		4.68	%⁽⁴⁾		5.06	%		4.53	%		4.14	%		4.34	%		4.41	%
Portfolio Turnover		2	%⁽³⁾		32	%		26	%		28	%		30	%		47	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Annualized.

(5)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(6)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

121

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Virginia Fund — Class B
	Six Months Ended			Year Ended August 31,
	February 28, 2010
	(Unaudited)			2009			2008			2007			2006			2005

Net asset value — Beginning of period	$	9.250		$	9.620		$	10.270		$	10.820		$	10.830		$	10.610





Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.185		$	0.370		$	0.381		$	0.367		$	0.384		$	0.392
Net realized and unrealized gain (loss)		0.303			(0.370	)		(0.656	)		(0.547	)		(0.018	)		0.222


Total income (loss) from operations	$	0.488		$	—		$	(0.275	)	$	(0.180	)	$	0.366		$	0.614





Less Distributions

From net investment income	$	(0.168	)	$	(0.370	)	$	(0.375	)	$	(0.370	)	$	(0.376	)	$	(0.394	)


Total distributions	$	(0.168	)	$	(0.370	)	$	(0.375	)	$	(0.370	)	$	(0.376	)	$	(0.394	)



Net asset value — End of period	$	9.570		$	9.250		$	9.620		$	10.270		$	10.820		$	10.830



Total Return⁽²⁾		5.30	%⁽³⁾		0.43	%		(2.73	)%		(1.77	)%		3.49	%		6.06	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	8,201		$	9,863		$	14,451		$	19,055		$	24,411		$	29,456
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁵⁾		1.58	%		1.53	%		1.53	%⁽⁶⁾		1.52	%		1.55	%⁽⁷⁾
Interest and fee expense⁽⁸⁾		0.04	%⁽⁵⁾		0.12	%		0.37	%		0.57	%		0.54	%		0.23	%⁽⁷⁾
Total expenses before custodian fee reduction		1.55	%⁽⁵⁾		1.70	%		1.90	%		2.10	%⁽⁶⁾		2.06	%		1.78	%⁽⁷⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁵⁾		1.57	%		1.51	%		1.51	%⁽⁶⁾		1.51	%		1.54	%⁽⁷⁾
Net investment income		3.92	%⁽⁵⁾		4.34	%		3.78	%		3.40	%		3.61	%		3.67	%
Portfolio Turnover		2	%⁽³⁾		32	%		26	%		28	%		30	%		47	%


(1)		Computed using average shares outstanding.

(2)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(3)		Not annualized.

(4)		Total return reflects an increase of 0.16% due to a change in the timing of the payment and reinvestment of distributions.

(5)		Annualized.

(6)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

(7)		Includes the Fund’s share of the corresponding Portfolio’s allocated expenses while the Fund was making investments directly into the Portfolio.

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

See notes to financial statements

122

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Virginia Fund — Class C
	Six Months Ended			Year Ended August 31,
	February 28, 2010												Period Ended
	(Unaudited)			2009			2008			2007			August 31, 2006⁽¹⁾

Net asset value — Beginning of period	$	9.260		$	9.630		$	10.280		$	10.810		$	10.660





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.186		$	0.368		$	0.381		$	0.365		$	0.198
Net realized and unrealized gain (loss)		0.303			(0.368	)		(0.656	)		(0.525	)		0.158	⁽³⁾


Total income (loss) from operations	$	0.489		$	—		$	(0.275	)	$	(0.160	)	$	0.356





Less Distributions

From net investment income	$	(0.169	)	$	(0.370	)	$	(0.375	)	$	(0.370	)	$	(0.206	)


Total distributions	$	(0.169	)	$	(0.370	)	$	(0.375	)	$	(0.370	)	$	(0.206	)



Net asset value — End of period	$	9.580		$	9.260		$	9.630		$	10.280		$	10.810



Total Return⁽⁴⁾		5.30	%⁽⁵⁾		0.43	%		(2.73	)%		(1.58	)%		3.38	%⁽⁵⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	13,507		$	12,287		$	9,451		$	5,236		$	548
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		1.51	%⁽⁶⁾		1.59	%		1.53	%		1.53	%⁽⁷⁾		1.52	%⁽⁶⁾
Interest and fee expense⁽⁸⁾		0.04	%⁽⁶⁾		0.12	%		0.37	%		0.57	%		0.54	%⁽⁶⁾
Total expenses before custodian fee reduction		1.55	%⁽⁶⁾		1.71	%		1.90	%		2.10	%⁽⁷⁾		2.06	%⁽⁶⁾
Expenses after custodian fee reduction excluding interest and fees		1.51	%⁽⁶⁾		1.58	%		1.51	%		1.51	%⁽⁷⁾		1.51	%⁽⁶⁾
Net investment income		3.92	%⁽⁶⁾		4.29	%		3.80	%		3.40	%		3.31	%⁽⁶⁾
Portfolio Turnover		2	%⁽⁵⁾		32	%		26	%		28	%		30	%⁽⁹⁾


(1)		For the period from the start of business, February 8, 2006, to August 31, 2006.

(2)		Computed using average shares outstanding.

(3)		The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

(4)		Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

(5)		Not annualized.

(6)		Annualized.

(7)		The investment adviser was allocated a portion of the Fund’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended August 31, 2007). Absent this allocation, total return would be lower.

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

(9)		For the year ended August 31, 2006.

See notes to financial statements

123

Eaton Vance Municipal Income Funds as of February 28, 2010

FINANCIAL STATEMENTS CONT’D

Financial Highlights


	Virginia Fund — Class I
	Six Months Ended
	February 28, 2010			Year Ended			Period Ended
	(Unaudited)			August 31, 2009			August 31, 2008⁽¹⁾

Net asset value — Beginning of period	$	8.370		$	8.710		$	8.440





Income (Loss) From Operations

Net investment income⁽²⁾	$	0.209		$	0.403		$	0.222
Net realized and unrealized gain (loss)		0.280			(0.332	)		0.263


Total income from operations	$	0.489		$	0.071		$	0.485





Less Distributions

From net investment income	$	(0.189	)	$	(0.411	)	$	(0.215	)


Total distributions	$	(0.189	)	$	(0.411	)	$	(0.215	)



Net asset value — End of period	$	8.670		$	8.370		$	8.710



Total Return⁽³⁾		5.88	%⁽⁴⁾		1.36	%		5.73	%⁽⁴⁾





Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	17,943		$	9,945		$	1,338
Ratios (as a percentage of average daily net assets):
Expenses excluding interest and fees		0.56	%⁽⁵⁾		0.64	%		0.63	%⁽⁵⁾
Interest and fee expense⁽⁶⁾		0.04	%⁽⁵⁾		0.12	%		0.37	%⁽⁵⁾
Total expenses before custodian fee reduction		0.60	%⁽⁵⁾		0.76	%		1.00	%⁽⁵⁾
Expenses after custodian fee reduction excluding interest and fees		0.56	%⁽⁵⁾		0.63	%		0.56	%⁽⁵⁾
Net investment income		4.88	%⁽⁵⁾		5.20	%		5.07	%⁽⁵⁾
Portfolio Turnover		2	%⁽⁴⁾		32	%		26	%⁽⁷⁾


(1)		For the period from the start of business, March 3, 2008, to August 31, 2008.

(2)		Computed using average shares outstanding.

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

(4)		Not annualized.

(5)		Annualized.

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

(7)		For the year ended August 31, 2008.

See notes to financial statements

124

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

Eaton Vance Municipals Trust (the Trust) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Trust presently consists of twenty-five funds, twelve of which, each non-diversified, are included in these financial statements. They include Eaton Vance Alabama Municipal Income Fund (formerly, Eaton Vance Alabama Municipals Fund) (Alabama Fund), Eaton Vance Arkansas Municipal Income Fund (formerly, Eaton Vance Arkansas Municipals Fund) (Arkansas Fund), Eaton Vance Georgia Municipal Income Fund (formerly, Eaton Vance Georgia Municipals Fund) (Georgia Fund), Eaton Vance Kentucky Municipal Income Fund (formerly, Eaton Vance Kentucky Municipals Fund) (Kentucky Fund), Eaton Vance Louisiana Municipal Income Fund (formerly, Eaton Vance Louisiana Municipals Fund) (Louisiana Fund), Eaton Vance Maryland Municipal Income Fund (formerly, Eaton Vance Maryland Municipals Fund) (Maryland Fund), Eaton Vance Missouri Municipal Income Fund (formerly, Eaton Vance Missouri Municipals Fund) (Missouri Fund), Eaton Vance North Carolina Municipal Income Fund (formerly, Eaton Vance North Carolina Municipals Fund) (North Carolina Fund), Eaton Vance Oregon Municipal Income Fund (formerly, Eaton Vance Oregon Municipals Fund) (Oregon Fund), Eaton Vance South Carolina Municipal Income Fund (formerly, Eaton Vance South Carolina Municipals Fund) (South Carolina Fund), Eaton Vance Tennessee Municipal Income Fund (formerly, Eaton Vance Tennessee Municipals Fund) (Tennessee Fund) and Eaton Vance Virginia Municipal Income Fund (formerly, Eaton Vance Virginia Municipals Fund) (Virginia Fund), (each individually referred to as the Fund, and collectively, the Funds). The Funds seek to provide current income exempt from regular federal income tax and from particular state or local income or other taxes. The Arkansas Fund, Kentucky Fund, Louisiana Fund, Missouri Fund, Oregon Fund and Tennessee Fund each offer three classes of shares. The Alabama Fund, Georgia Fund, Maryland Fund, North Carolina Fund, South Carolina Fund and Virginia Fund each offer four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class B and Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Class B shares of each Fund automatically convert to Class A shares eight years after their purchase as described in each Fund’s prospectus. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Net investment income, other than class-specific expenses, is allocated daily to each class of shares based upon the ratio of the value of each class’s paid shares to the total value of all paid shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America. A source of authoritative accounting principles applied in the preparation of the Funds’ financial statements is the Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification), which superseded existing non-Securities and Exchange Commission accounting and reporting standards for interim and annual reporting periods ending after September 15, 2009. The adoption of the Codification for the current reporting period did not impact the Funds’ application of generally accepted accounting principles.

A Investment Valuation — Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a third party pricing service, as derived from such service’s 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 service may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service 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 generally valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Fund in a manner that most fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer,

125

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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 Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Fund 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 Fund, 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 August 31, 2009, the following Funds, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:


Fund	Amount		Expiration Date

Alabama	$	143,185		August 31, 2016
		149,650		August 31, 2017

Arkansas	$	661,011		August 31, 2013
		126,693		August 31, 2016
		826,603		August 31, 2017

Georgia	$	129,324		August 31, 2011
		117,457		August 31, 2012
		931,893		August 31, 2013
		536,265		August 31, 2015
		306,338		August 31, 2016
		980,989		August 31, 2017

Kentucky	$	2,260,947		August 31, 2012
		944,485		August 31, 2013
		98,602		August 31, 2016
		155,003		August 31, 2017

Louisiana	$	183,393		August 31, 2010
		142,162		August 31, 2012
		197,480		August 31, 2013
		85,459		August 31, 2016
		292,157		August 31, 2017

Maryland	$	818,358		August 31, 2013
		204,999		August 31, 2015
		4,159,062		August 31, 2016
		34,823		August 31, 2017

Missouri	$	69,474		August 31, 2010
		135,451		August 31, 2012
		831,764		August 31, 2013
		337,671		August 31, 2016
		2,259,438		August 31, 2017

North Carolina	$	88,235		August 31, 2015
		274,170		August 31, 2016

Oregon	$	1,258,470		August 31, 2013
		2,145,240		August 31, 2016
		1,066,237		August 31, 2017

South Carolina	$	290,746		August 31, 2013
		1,027,752		August 31, 2016
		3,019,420		August 31, 2017

Tennessee	$	309,297		August 31, 2013
		238,529		August 31, 2016

Virginia	$	174,008		August 31, 2012
		1,185,970		August 31, 2013
		502,088		August 31, 2016
		3,212,881		August 31, 2017

Additionally, at August 31, 2009, the Alabama Fund, Arkansas Fund, Georgia Fund, Kentucky Fund, Louisiana Fund, Maryland Fund, Missouri Fund, North Carolina Fund, Oregon Fund, South Carolina Fund, Tennessee Fund and Virginia Fund had net capital losses of $1,189,226, $2,288,148, $2,681,496, $410,720, $1,359,809, $1,720,414, $2,737,840, $3,569,092, $9,225,865, $10,960,707, $3,777,392 and $4,705,370, respectively, attributable to security transactions incurred after October 31, 2008. These net capital losses are treated as arising on the first day of the Funds’ taxable year ending August 31, 2010.

As of February 28, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended August 31, 2009 remains subject to examination by the Internal Revenue Service.

126

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

D Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

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

F 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.

G 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.

H Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust, (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

I Floating Rate Notes Issued in Conjunction with Securities Held — The Funds may invest in inverse floating rate securities, also referred to as residual interest bonds, whereby a Fund may sell a fixed rate bond to a broker for cash. At the same time, the Fund 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 Fund, and which may have been, but is not required to be, the fixed rate bond purchased from the Fund (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Inverse Floater held by a Fund gives the Fund 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 Fund, thereby terminating the SPV. Should the Fund exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Funds 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 Funds’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Fund, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying bond, bankruptcy of or payment failure by the issuer of the underlying bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. At February 28, 2010, the amounts of the Funds’ Floating Rate Notes and related interest rates and collateral were as follows:

127

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


				Collateral
	Floating		Interest Rate	for Floating
	Rate		or Range of	Rate
	Notes		Interest	Notes
Fund	Outstanding		Rates (%)	Outstanding

Alabama	$	1,305,000	0.20	$	1,748,744
Arkansas		600,000	0.35		1,233,684
Georgia		7,920,000	0.18 – 0.35		11,936,619
Louisiana		310,000	0.35		637,403
Maryland		2,280,000	0.21 – 0.26		3,271,570
Missouri		1,880,000	0.18 – 0.35		3,506,529
North Carolina		7,970,000	0.18 – 0.35		12,096,586
Oregon		6,900,000	0.18 – 0.35		10,175,206
South Carolina		3,350,000	0.18 – 0.35		5,940,939
Tennessee		280,000	0.35		575,719
Virginia		4,850,000	0.22 – 0.35		8,591,213

For the six months ended February 28, 2010, the Funds’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:


	Average
	Floating
	Rate
	Notes		Average
Fund	Outstanding		Interest Rate

Alabama	$	1,305,000		0.81	%
Arkansas		600,000		1.58
Georgia		7,920,000		0.95
Louisiana		310,000		1.58
Maryland		3,253,757		0.92
Missouri		1,880,000		1.24
North Carolina		7,970,000		0.96
Oregon		6,900,000		0.92
South Carolina		3,350,000		1.13
Tennessee		280,000		1.58
Virginia		4,850,000		1.22

The Funds may enter into shortfall and forbearance agreements with the broker by which a Fund 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 Funds had no shortfalls as of February 28, 2010.

The Funds may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. The Funds’ 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 Funds’ investment policies do not allow the Funds to borrow money except as permitted by the 1940 Act. Management believes that the Funds’ 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 in the Funds’ Statement 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 Funds’ restrictions apply. Inverse Floaters held by the Funds are securities exempt from registration under Rule 144A of the Securities Act of 1933.

J Financial Futures Contracts — The Funds may enter into financial futures contracts. The Funds’ 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 Fund 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 Fund 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 Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

K Interest Rate Swaps — The Funds 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 Fund 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 Fund is

128

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

L When-Issued Securities and Delayed Delivery Transactions — The Funds 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 Funds 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.

M Interim Financial Statements — The interim financial statements relating to February 28, 2010 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

The net investment income of each Fund is determined daily and substantially all of the net investment income so determined is declared as a dividend to shareholders of record at the time of declaration. Distributions are declared separately for each class of shares. Distributions are paid monthly. Distributions of realized capital gains (reduced by available capital loss carryforwards, if any), are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds 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. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to each Fund. The fee is based upon a percentage of average daily net assets plus a percentage of gross income (i.e., income other than gains from the sale of securities) as presented in the following table and is payable monthly.


	Annual			Daily
Daily Net Assets	Asset Rate			Income Rate

Up to $20 million		0.10	%		1.00	%
$20 million up to $40 million		0.20			2.00
$40 million up to $500 million		0.30			3.00

On average daily net assets of $500 million or more, the rates are reduced. For the six months ended February 28, 2010, investment adviser fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:


	Investment		Effective
Fund	Adviser Fee		Annual Rate

Alabama	$	77,521		0.28	%
Arkansas		107,963		0.31
Georgia		141,956		0.33
Kentucky		76,723		0.28
Louisiana		47,352		0.23
Maryland		180,162		0.36
Missouri		179,073		0.35
North Carolina		197,442		0.38
Oregon		312,855		0.41
South Carolina		324,043		0.39
Tennessee		80,259		0.28
Virginia		267,658		0.38

EVM serves as administrator of each Fund, but receives no compensation. EVM serves as the sub-transfer agent of each Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A, Class B and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM and Class A sales charges that the Funds were informed were received by EVD for the six months ended February 28, 2010 were as follows:

129

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


	EVM’s		EVD’s
	Sub-Transfer		Class A
Fund	Agent Fees		Sales Charges

Alabama	$	512	$	8,003
Arkansas		608		16,272
Georgia		762		7,624
Kentucky		615		5,594
Louisiana		233		6,415
Maryland		946		17,528
Missouri		995		7,936
North Carolina		1,110		18,167
Oregon		1,216		14,226
South Carolina		797		20,749
Tennessee		556		8,708
Virginia		1,352		10,719

Except for Trustees of the Funds who are not members of EVM’s or BMR’s organizations, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Trustees of the Funds 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 six months ended February 28, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of the above organizations.

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class A Plan provides that each Fund will pay EVD a distribution and service fee not exceeding 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. The Trustees approved distribution and service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class A shares. Distribution and service fees paid or accrued to EVD for the six months ended February 28, 2010 for Class A shares amounted to the following:


	Class A
	Distribution and
Fund	Service Fees

Alabama	$	44,447
Arkansas		62,150
Georgia		62,794
Kentucky		48,345
Louisiana		37,218
Maryland		75,845
Missouri		91,186
North Carolina		79,367
Oregon		121,550
South Carolina		104,017
Tennessee		46,811
Virginia		104,025

Each Fund also has in effect distribution plans for Class B shares (Class B Plan) and Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. The Class B and Class C Plans require each Fund to pay EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class B and Class C shares for providing ongoing distribution services and facilities to the respective Funds. Each Fund will automatically discontinue payments to EVD during any period in which there are no outstanding Uncovered Distribution Charges, which are equivalent to the sum of (i) 5% and 6.25% of the aggregate amount received by each Fund for Class B and Class C shares sold, respectively, plus (ii) interest calculated by applying the rate of 1% over the prevailing prime rate to the outstanding balance of Uncovered Distribution Charges of EVD of each respective class, reduced by the aggregate amount of contingent deferred sales charges (see Note 5) and amounts theretofore paid or payable to EVD by each respective class. For the six months ended February 28, 2010, the Funds paid or accrued to EVD the following distribution fees, representing 0.75% (annualized) of the average daily net assets of each Fund’s Class B and Class C shares:


	Class B		Class C
	Distribution		Distribution
Fund	Fees		Fees

Alabama	$	21,464	$	6,235
Arkansas		13,559		15,044
Georgia		23,402		33,204
Kentucky		14,975		9,371
Louisiana		8,204		6,671
Maryland		28,070		50,049
Missouri		22,868		21,306
North Carolina		17,684		36,937
Oregon		43,650		74,512
South Carolina		34,636		93,610
Tennessee		14,496		23,786
Virginia		35,194		48,811

130

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

At February 28, 2010, the amounts of Uncovered Distribution Charges of EVD calculated under the Class B and Class C Plans were approximately as follows:


Fund	Class B		Class C

Alabama	$	1,180,000	$	255,000
Arkansas		1,136,000		399,000
Georgia		1,692,000		713,000
Kentucky		1,186,000		205,000
Louisiana		724,000		97,000
Maryland		3,671,000		973,000
Missouri		409,000		360,000
North Carolina		1,725,000		712,000
Oregon		1,639,000		1,395,000
South Carolina		1,197,000		2,006,000
Tennessee		676,000		463,000
Virginia		954,000		812,000

The Class B and Class C Plans also authorize the Funds to make payments of service fees to EVD, financial intermediaries and other persons in amounts not exceeding 0.25% per annum of the average daily net assets attributable to that class. The Trustees approved service fee payments equal to 0.20% per annum of each Fund’s average daily net assets attributable to Class B and Class C shares. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the Class B and Class C sales commissions and distribution fees and, as such, are not subject to automatic discontinuance when there are no outstanding Uncovered Distribution Charges of EVD. Service fees paid or accrued for the six months ended February 28, 2010 amounted to the following:


	Class B		Class C
	Service		Service
Fund	Fees		Fees

Alabama	$	5,724	$	1,663
Arkansas		3,615		4,011
Georgia		6,241		8,854
Kentucky		3,993		2,499
Louisiana		2,187		1,779
Maryland		7,486		13,347
Missouri		6,099		5,681
North Carolina		4,715		9,850
Oregon		11,640		19,869
South Carolina		9,236		24,963
Tennessee		3,865		6,343
Virginia		9,385		13,016

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class B shares made within six years of purchase and on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within eighteen months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. The CDSC for Class B shares is imposed at declining rates that begin at 5% in the case of redemptions in the first and second year after purchase, declining one percentage point each subsequent year. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. CDSCs received on Class B and Class C redemptions are paid to EVD to reduce the amount of Uncovered Distribution Charges calculated under each Fund’s Class B and Class C Plans. CDSCs received on Class B and Class C redemptions when no Uncovered Distribution Charges exist are credited to each Fund. For the six months ended February 28, 2010, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A, Class B and Class C shareholders:


Fund	Class A		Class B		Class C

Alabama	$	—	$	3,000	$	—
Arkansas		—		2,000		200
Georgia		—		2,000		300
Kentucky		—		700		60
Louisiana		—		—		10
Maryland		—		1,000		1,000
Missouri		—		3,000		1,000
North Carolina		—		2,000		70
Oregon		—		2,000		800
South Carolina		15,000		3,000		3,000
Tennessee		—		60		400
Virginia		800		8,000		60

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended February 28, 2010 were as follows:


Fund	Purchases		Sales

Alabama	$	4,183,325	$	5,108,832
Arkansas		7,559,259		3,382,402
Georgia		8,378,875		9,300,576

131

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Fund	Purchases		Sales

Kentucky	$	626,865	$	857,822
Louisiana		2,445,358		5,717,834
Maryland		4,869,140		6,422,254
Missouri		3,899,758		7,105,743
North Carolina		18,472,396		8,195,301
Oregon		20,689,363		23,075,906
South Carolina		26,086,295		23,291,917
Tennessee		4,976,129		4,556,795
Virginia		4,731,488		3,095,904

7 Shares of Beneficial Interest

Each Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes. Transactions in Fund shares were as follows:


Alabama Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		299,281			536,099
Issued to shareholders electing to receive payments of distributions in Fund shares		54,462			118,542
Redemptions		(363,472	)		(1,430,771	)
Exchange from Class B shares		122,987			149,990


Net increase (decrease)		113,258			(626,140	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		10,761			37,389
Issued to shareholders electing to receive payments of distributions in Fund shares		5,241			16,687
Redemptions		(52,421	)		(135,353	)
Exchange to Class A shares		(112,509	)		(136,249	)


Net decrease		(148,928	)		(217,526	)




Alabama Fund (continued)
	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		56,332			85,757
Issued to shareholders electing to receive payments of distributions in Fund shares		1,020			1,757
Redemptions		(12,547	)		(28,147	)


Net increase		44,805			59,367




	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		127,390			167,782
Issued to shareholders electing to receive payments of distributions in Fund shares		1			269
Redemptions		(20,921	)		(232,195	)


Net increase (decrease)		106,470			(64,144	)


Arkansas Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		432,547			1,047,945
Issued to shareholders electing to receive payments of distributions in Fund shares		94,422			196,653
Redemptions		(280,834	)		(789,369	)
Exchange from Class B shares		9,825			54,938


Net increase		255,960			510,167




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		26,091			32,025
Issued to shareholders electing to receive payments of distributions in Fund shares		4,551			10,247
Redemptions		(24,062	)		(43,450	)
Exchange to Class A shares		(9,141	)		(51,116	)


Net decrease		(2,561	)		(52,294	)

132

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Arkansas Fund (continued)


	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		208,394			118,079
Issued to shareholders electing to receive payments of distributions in Fund shares		2,464			3,552
Redemptions		(39,008	)		(69,967	)


Net increase		171,850			51,664


Georgia Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		369,448			889,704
Issued to shareholders electing to receive payments of distributions in Fund shares		96,684			197,490
Redemptions		(799,464	)		(1,652,319	)
Exchange from Class B shares		63,578			135,208


Net decrease		(269,754	)		(429,917	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		5,996			42,374
Issued to shareholders electing to receive payments of distributions in Fund shares		6,990			17,258
Redemptions		(32,512	)		(120,425	)
Exchange to Class A shares		(52,631	)		(126,425	)


Net decrease		(72,157	)		(187,218	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		206,243			290,089
Issued to shareholders electing to receive payments of distributions in Fund shares		10,874			21,451
Redemptions		(121,295	)		(234,640	)


Net increase		95,822			76,900




Georgia Fund (continued)
	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		360,119			463,954
Issued to shareholders electing to receive payments of distributions in Fund shares		187			33
Redemptions		(256,737	)		(218,151	)


Net increase		103,569			245,836


Kentucky Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		261,422			458,537
Issued to shareholders electing to receive payments of distributions in Fund shares		87,605			187,410
Redemptions		(338,337	)		(1,029,077	)
Exchange from Class B shares		30,880			141,013


Net increase (decrease)		41,570			(242,117	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		7,161			13,631
Issued to shareholders electing to receive payments of distributions in Fund shares		4,928			15,015
Redemptions		(34,591	)		(107,841	)
Exchange to Class A shares		(28,574	)		(130,506	)


Net decrease		(51,076	)		(209,701	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		14,301			79,803
Issued to shareholders electing to receive payments of distributions in Fund shares		3,030			6,452
Redemptions		(41,786	)		(45,584	)


Net increase (decrease)		(24,455	)		40,671

133

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Louisiana Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		179,661			458,204
Issued to shareholders electing to receive payments of distributions in Fund shares		56,646			119,676
Redemptions		(557,504	)		(1,066,456	)
Exchange from Class B shares		84,546			116,328


Net decrease		(236,651	)		(372,248	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		5,526			5,900
Issued to shareholders electing to receive payments of distributions in Fund shares		2,172			5,752
Redemptions		(13,120	)		(42,434	)
Exchange to Class A shares		(79,939	)		(109,980	)


Net decrease		(85,361	)		(140,762	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		28,787			154,394
Issued to shareholders electing to receive payments of distributions in Fund shares		977			1,370
Redemptions		(26,326	)		(3,712	)


Net increase		3,438			152,052


Maryland Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		495,298			1,239,297
Issued to shareholders electing to receive payments of distributions in Fund shares		123,256			292,491
Redemptions		(1,037,088	)		(2,115,912	)
Exchange from Class B shares		105,854			108,611


Net decrease		(312,680	)		(475,513	)




Maryland Fund (continued)
	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		32,429			89,230
Issued to shareholders electing to receive payments of distributions in Fund shares		9,189			25,186
Redemptions		(45,811	)		(241,242	)
Exchange to Class A shares		(97,039	)		(99,495	)


Net decrease		(101,232	)		(226,321	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		170,596			493,641
Issued to shareholders electing to receive payments of distributions in Fund shares		14,411			28,748
Redemptions		(84,037	)		(221,553	)


Net increase		100,970			300,836




	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		440,466			45,149
Issued to shareholders electing to receive payments of distributions in Fund shares		25			—
Redemptions		(3,277	)		(3,041	)


Net increase		437,214			42,108


Missouri Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		453,272			1,245,404
Issued to shareholders electing to receive payments of distributions in Fund shares		130,214			301,436
Redemptions		(857,082	)		(1,812,744	)
Exchange from Class B shares		124,923			89,216


Net decrease		(148,673	)		(176,688	)

134

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Missouri Fund (continued)


	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		11,957			53,957
Issued to shareholders electing to receive payments of distributions in Fund shares		5,081			13,339
Redemptions		(32,392	)		(49,759	)
Exchange to Class A shares		(112,949	)		(80,711	)


Net decrease		(128,303	)		(63,174	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		34,324			127,073
Issued to shareholders electing to receive payments of distributions in Fund shares		5,026			14,122
Redemptions		(48,758	)		(125,037	)


Net increase (decrease)		(9,408	)		16,158


North Carolina Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		957,263			1,224,791
Issued to shareholders electing to receive payments of distributions in Fund shares		133,474			278,440
Redemptions		(1,123,465	)		(2,569,259	)
Exchange from Class B shares		46,094			145,051


Net increase (decrease)		13,366			(920,977	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		26,801			39,265
Issued to shareholders electing to receive payments of distributions in Fund shares		4,996			12,632
Redemptions		(75,081	)		(76,755	)
Exchange to Class A shares		(42,834	)		(134,713	)


Net decrease		(86,118	)		(159,571	)




North Carolina Fund (continued)
	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		274,239			336,368
Issued to shareholders electing to receive payments of distributions in Fund shares		12,143			20,534
Redemptions		(57,103	)		(287,643	)


Net increase		229,279			69,259




	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		747,117			1,276,820
Issued to shareholders electing to receive payments of distributions in Fund shares		1,545			1,062
Redemptions		(59,567	)		(445,234	)


Net increase		689,095			832,648


Oregon Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		907,308			2,238,279
Issued to shareholders electing to receive payments of distributions in Fund shares		219,077			493,722
Redemptions		(1,327,207	)		(3,192,524	)
Exchange from Class B shares		131,997			186,379


Net decrease		(68,825	)		(274,144	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		45,743			181,030
Issued to shareholders electing to receive payments of distributions in Fund shares		15,246			39,765
Redemptions		(64,822	)		(261,771	)
Exchange to Class A shares		(120,659	)		(170,232	)


Net decrease		(124,492	)		(211,208	)

135

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Oregon Fund (continued)


	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		201,847			698,241
Issued to shareholders electing to receive payments of distributions in Fund shares		31,038			60,200
Redemptions		(188,386	)		(446,224	)


Net increase		44,499			312,217


South Carolina Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		550,504			2,537,743
Issued to shareholders electing to receive payments of distributions in Fund shares		168,130			382,509
Redemptions		(1,348,830	)		(3,503,845	)
Exchange from Class B shares		88,102			112,329


Net decrease		(542,094	)		(471,264	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		38,367			67,992
Issued to shareholders electing to receive payments of distributions in Fund shares		11,678			30,211
Redemptions		(76,417	)		(161,441	)
Exchange to Class A shares		(83,085	)		(105,938	)


Net decrease		(109,457	)		(169,176	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		416,572			899,650
Issued to shareholders electing to receive payments of distributions in Fund shares		29,657			56,261
Redemptions		(179,942	)		(671,151	)


Net increase		266,287			284,760




South Carolina Fund (continued)
	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		1,254,583			1,768,242
Issued to shareholders electing to receive payments of distributions in Fund shares		608			482
Redemptions		(356,632	)		(1,601,080	)


Net increase		898,559			167,644


Tennessee Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		406,997			873,304
Issued to shareholders electing to receive payments of distributions in Fund shares		67,823			159,260
Redemptions		(487,088	)		(1,119,926	)
Exchange from Class B shares		47,624			76,950


Net increase (decrease)		35,356			(10,412	)




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		4,820			43,387
Issued to shareholders electing to receive payments of distributions in Fund shares		4,336			13,205
Redemptions		(25,411	)		(84,570	)
Exchange to Class A shares		(43,705	)		(70,599	)


Net decrease		(59,960	)		(98,577	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		167,527			326,858
Issued to shareholders electing to receive payments of distributions in Fund shares		7,234			12,873
Redemptions		(59,982	)		(115,222	)


Net increase		114,779			224,509

136

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Virginia Fund
	Six Months Ended
	February 28, 2010			Year Ended
Class A	(Unaudited)			August 31, 2009

Sales		600,036			1,846,806
Issued to shareholders electing to receive payments of distributions in Fund shares		175,872			374,827
Redemptions		(1,553,465	)		(2,172,135	)
Exchange from Class B shares		197,676			220,724


Net increase (decrease)		(579,881	)		270,222




	Six Months Ended
	February 28, 2010			Year Ended
Class B	(Unaudited)			August 31, 2009

Sales		39,038			128,299
Issued to shareholders electing to receive payments of distributions in Fund shares		11,771			36,903
Redemptions		(81,267	)		(401,998	)
Exchange to Class A shares		(178,489	)		(199,317	)


Net decrease		(208,947	)		(436,113	)




	Six Months Ended
	February 28, 2010			Year Ended
Class C	(Unaudited)			August 31, 2009

Sales		156,992			505,153
Issued to shareholders electing to receive payments of distributions in Fund shares		16,793			34,765
Redemptions		(90,347	)		(194,792	)


Net increase		83,438			345,126




	Six Months Ended
	February 28, 2010			Year Ended
Class I	(Unaudited)			August 31, 2009

Sales		1,012,928			1,551,265
Issued to shareholders electing to receive payments of distributions in Fund shares		71			—
Redemptions		(130,345	)		(517,374	)


Net increase		882,654			1,033,891

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Fund at February 28, 2010, as determined on a federal income tax basis, were as follows:


Alabama Fund


Aggregate cost	$	53,540,793


Gross unrealized appreciation	$	2,542,256
Gross unrealized depreciation		(649,431	)


Net unrealized appreciation	$	1,892,825




Arkansas Fund


Aggregate cost	$	69,489,732


Gross unrealized appreciation	$	1,990,087
Gross unrealized depreciation		(2,066,485	)


Net unrealized depreciation	$	(76,398	)




Georgia Fund


Aggregate cost	$	83,846,163


Gross unrealized appreciation	$	3,213,566
Gross unrealized depreciation		(2,051,542	)


Net unrealized appreciation	$	1,162,024




Kentucky Fund


Aggregate cost	$	52,920,811


Gross unrealized appreciation	$	2,458,227
Gross unrealized depreciation		(1,146,678	)


Net unrealized appreciation	$	1,311,549




Louisiana Fund


Aggregate cost	$	39,078,651


Gross unrealized appreciation	$	1,534,443
Gross unrealized depreciation		(1,443,626	)


Net unrealized appreciation	$	90,817




Maryland Fund


Aggregate cost	$	96,685,604


Gross unrealized appreciation	$	3,790,600
Gross unrealized depreciation		(3,016,810	)


Net unrealized appreciation	$	773,790

137

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Missouri Fund


Aggregate cost	$	97,712,462


Gross unrealized appreciation	$	5,153,898
Gross unrealized depreciation		(2,758,382	)


Net unrealized appreciation	$	2,395,516




North Carolina Fund


Aggregate cost	$	108,138,217


Gross unrealized appreciation	$	6,263,144
Gross unrealized depreciation		(1,732,215	)


Net unrealized appreciation	$	4,530,929




Oregon Fund


Aggregate cost	$	150,796,963


Gross unrealized appreciation	$	7,300,130
Gross unrealized depreciation		(5,904,346	)


Net unrealized appreciation	$	1,395,784




South Carolina Fund


Aggregate cost	$	163,316,169


Gross unrealized appreciation	$	5,381,400
Gross unrealized depreciation		(2,404,195	)


Net unrealized appreciation	$	2,977,205




Tennessee Fund


Aggregate cost	$	55,885,682


Gross unrealized appreciation	$	3,374,097
Gross unrealized depreciation		(2,123,922	)


Net unrealized appreciation	$	1,250,175




Virginia Fund


Aggregate cost	$	138,663,573


Gross unrealized appreciation	$	8,346,629
Gross unrealized depreciation		(4,860,097	)


Net unrealized appreciation	$	3,486,532

9 Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $450 million unsecured line of credit agreement with a group of banks. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. At February 28, 2010, the Oregon Fund had a balance outstanding pursuant to this line of credit of $900,000 at an interest rate of 1.37%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at February 28, 2010. The Funds’ average borrowings or allocated fees during the six months ended February 28, 2010 were not significant.

10 Overdraft Advances

Pursuant to the respective custodian agreements, SSBT may, in its discretion, advance funds to the Funds to make properly authorized payments. When such payments result in an overdraft, the Funds are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on a Fund’s assets to the extent of any overdraft. At February 28, 2010, the Oregon Fund had payments due to SSBT pursuant to the foregoing arrangement of $64,403.

11 Financial Instruments

The Funds 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 Fund has in particular classes of financial instruments and do 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 February 28, 2010 is as follows:

138

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Futures Contracts

										Net
	Expiration			Aggregate						Unrealized
Fund	Date	Contracts	Position	Cost			Value			Depreciation

Alabama	6/10	35 U.S. Treasury Bond	Short	$	(4,083,940	)	$	(4,119,062	)	$	(35,122	)


Georgia	6/10	85 U.S. Treasury Bond	Short	$	(9,894,898	)	$	(10,003,437	)	$	(108,539	)


Louisiana	6/10	11 U.S. 10 Year Treasury Notes	Short	$	(1,273,555	)	$	(1,292,328	)	$	(18,773	)


Maryland	6/10	106 U.S. Treasury Bond	Short	$	(12,368,505	)	$	(12,474,875	)	$	(106,370	)


Missouri	6/10	79 U.S. Treasury Bond	Short	$	(9,218,036	)	$	(9,297,313	)	$	(79,277	)


Tennessee	6/10	60 U.S. Treasury Bond	Short	$	(6,984,633	)	$	(7,061,250	)	$	(76,617	)


Virginia	6/10	360 U.S. Treasury Bond	Short	$	(41,907,803	)	$	(42,367,500	)	$	(459,697	)

Interest Rate Swaps

Alabama Fund

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

Merrill Lynch
Capital
Services, Inc.

900,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(29,102

)

(29,102

)

Arkansas Fund

Annual

Floating

Effective Date/

Net Unrealized

Notional

Fixed Rate

Rate

Termination

Appreciation

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

(Depreciation)

Citibank, N.A

2,000,000

4.255%

3-month
USD-LIBOR-BBA

March 8, 2010/
March 8, 2040

56,363

JPMorgan
Chase Co.

2,000,000

4.279%

3-month
USD-LIBOR-BBA

March 8, 2010/
March 8, 2040

48,217

JPMorgan
Chase Co.

912,500

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

50,871

Merrill Lynch
Capital
Services, Inc.

2,750,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(88,922

)

66,529

Georgia Fund

Annual

Floating

Effective Date/

Net Unrealized

Notional

Fixed Rate

Rate

Termination

Appreciation

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

(Depreciation)

JPMorgan
Chase Co.

1,612,500

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

89,896

Merrill Lynch
Capital
Services, Inc.

4,000,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(129,341

)

(39,445

)

Kentucky Fund

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Depreciation

Barclays
Bank PLC

2,000,000

4.532%

3-month
USD-LIBOR-BBA

July 27, 2010/
July 27, 2039

(28,387

)

Merrill Lynch
Capital
Services, Inc.

3,000,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(97,006

)

(125,393

)

Louisiana Fund

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Appreciation

JPMorgan
Chase Co.

837,500

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

46,690

46,690

Maryland Fund

Annual

Floating

Effective Date/

Notional

Fixed Rate

Rate

Termination

Net Unrealized

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

Appreciation

JPMorgan
Chase Co.

1,837,500

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

102,439

102,439

Missouri Fund

Annual

Floating

Effective Date/

Net Unrealized

Notional

Fixed Rate

Rate

Termination

Appreciation

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

(Depreciation)

JPMorgan
Chase Co.

2,025,000

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

112,892

Merrill Lynch
Capital
Services, Inc.

1,825,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(59,011

)

53,881

139

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Tennessee Fund

Annual

Floating

Effective Date/

Net Unrealized

Notional

Fixed Rate

Rate

Termination

Appreciation

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

(Depreciation)

JPMorgan
Chase Co.

1,150,000

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

64,112

Merrill Lynch
Capital
Services, Inc.

3,000,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(97,006

)

(32,894

)

Virginia Fund

Annual

Floating

Effective Date/

Net Unrealized

Notional

Fixed Rate

Rate

Termination

Appreciation

Counterparty

Amount

Paid By Fund

Paid To Fund

Date

(Depreciation)

JPMorgan
Chase Co.

2,537,500

4.097%

3-month
USD-LIBOR-BBA

March 15, 2010/
March 15, 2040

141,464

Merrill Lynch
Capital
Services, Inc

2,475,000

4.665%

3-month
USD-LIBOR-BBA

May 24, 2010/
May 24, 2040

(80,030

)

61,434

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

At February 28, 2010, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, each Fund may enter into interest rate swap contracts. The Funds may also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The Funds enter into interest rate swap contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those swaps in a liability position. At February 28, 2010, the fair value of interest rate swaps with credit-related contingent features in a liability position was equal to the fair value of the liability derivative related to interest rate swaps included in the table below for each respective Fund. The value of securities pledged as collateral, if any, for open interest rate swap contracts at February 28, 2010 is disclosed in a note to each Fund’s Portfolio of Investments.

The non-exchange traded derivatives in which a Fund invests, including swap contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At February 28, 2010, the maximum amount of loss the Funds would incur due to counterparty risk was equal to the fair value of the asset derivative related to interest rate swaps included in the table below for each respective Fund. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of a Fund if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would also reduce the amount of any loss incurred.

The fair values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at February 28, 2010 were as follows:


	Fair Value
	Asset Derivatives			Liability Derivatives

Alabama Fund
Futures Contracts	$	—		$	(35,122	)⁽¹⁾
Interest Rate Swaps		—			(29,102	)⁽²⁾


Total	$	—		$	(64,224	)


Arkansas Fund
Interest Rate Swaps	$	155,451	⁽³⁾	$	(88,922	)⁽²⁾


Total	$	155,451		$	(88,922	)


Georgia Fund
Futures Contracts	$	—		$	(108,539	)⁽¹⁾
Interest Rate Swaps		89,896	⁽³⁾		(129,341	)⁽²⁾


Total	$	89,896		$	(237,880	)


Kentucky Fund
Interest Rate Swaps	$	—		$	(125,393	)⁽²⁾


Total	$	—		$	(125,393	)


Louisiana Fund
Futures Contracts	$	—		$	(18,773	)⁽¹⁾
Interest Rate Swaps		46,690	⁽³⁾		—


Total	$	46,690		$	(18,773	)


Maryland Fund
Futures Contracts	$	—		$	(106,370	)⁽¹⁾
Interest Rate Swaps		102,439	⁽³⁾		—


Total	$	102,439		$	(106,370	)


Missouri Fund
Futures Contracts	$	—		$	(79,277	)⁽¹⁾
Interest Rate Swaps		112,892	⁽³⁾		(59,011	)⁽²⁾


Total	$	112,892		$	(138,288	)

140

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


	Fair Value
	Asset Derivatives			Liability Derivatives

Tennessee Fund
Futures Contracts	$	—		$	(76,617	)⁽¹⁾
Interest Rate Swaps		64,112	⁽³⁾		(97,006	)⁽²⁾


Total	$	64,112		$	(173,623	)


Virginia Fund
Futures Contracts	$	—		$	(459,697	)⁽¹⁾
Interest Rate Swaps		141,464	⁽³⁾		(80,030	)⁽²⁾


Total	$	141,464		$	(539,727	)


(1)		Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

(2)		Statement of Assets and Liabilities location: Payable for open swap contracts; Net unrealized appreciation (depreciation).

(3)		Statement of Assets and Liabilities location: Receivable for open swap contracts; Net unrealized appreciation (depreciation).

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended February 28, 2010 was as follows:


				Change in
				Unrealized
	Realized Gain			Appreciation
	(Loss) on			(Depreciation) on
	Derivatives			Derivatives
	Recognized in			Recognized in
Fund	Income⁽¹⁾			Income⁽²⁾

Alabama	$	17,587		$	7,822
Arkansas		306,163			(52,864	)
Georgia		(142,643	)		322,470
Kentucky		49,723			112,746
Louisiana		(115,618	)		133,387
Maryland		(186,207	)		239,175
Missouri		(231,203	)		350,351
North Carolina		(199,754	)		165,515
Oregon		(249,266	)		206,540
South Carolina		(150,242	)		124,490
Tennessee		(105,401	)		238,492
Virginia		(25,731	)		175,283


(1)		Statement of Operations location: Net realized gain (loss) – Financial futures contracts and swap contracts.

(2)		Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and swap contracts.

The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended February 28, 2010, which are indicative of the volume of these derivative types, were approximately as follows:


	Futures Contacts –		Interest Rate Swaps –
	Average Notional		Average Notional
Fund	Amount		Amount

Alabama	$	3,900,000	$	900,000
Arkansas		—		7,662,500
Georgia		8,500,000		5,612,500
Kentucky		—		5,000,000
Louisiana		1,500,000		837,500
Maryland		10,600,000		1,837,500
Missouri		7,900,000		3,850,000
North Carolina		—		209,000
Oregon		—		261,000
South Carolina		—		157,000
Tennessee		6,000,000		4,150,000
Virginia		36,000,000		5,012,500

12 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is 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 fund’s 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.

At February 28, 2010, the inputs used in valuing the Funds’ investments, which are carried at value, were as follows:

141

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Alabama Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other			Significant
	Identical			Observable			Unobservable
	Assets			Inputs			Inputs

Asset Description	(Level 1)			(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—		$	56,738,618		$	—	$	56,738,618


Total Investments	$	—		$	56,738,618		$	—	$	56,738,618




Liability Description


Futures Contracts	$	(35,122	)	$	—		$	—	$	(35,122	)
Interest Rate Swaps		—			(29,102	)		—		(29,102	)


Total	$	(35,122	)	$	(29,102	)	$	—	$	(64,224	)


Arkansas Fund

	Quoted
	Prices in
	Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs

Asset Description	(Level 1)		(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—	$	70,013,334		$	—	$	70,013,334


Total Investments	$	—	$	70,013,334		$	—	$	70,013,334


Interest Rate Swaps	$	—	$	155,451		$	—	$	155,451


Total	$	—	$	70,168,785		$	—	$	70,168,785




Liability Description


Interest Rate Swaps	$	—	$	(88,922	)	$	—	$	(88,922	)


Total	$	—	$	(88,922	)	$	—	$	(88,922	)


Georgia Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other			Significant
	Identical			Observable			Unobservable
	Assets			Inputs			Inputs

Asset Description	(Level 1)			(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—		$	92,928,187		$	—	$	92,928,187


Total Investments	$	—		$	92,928,187		$	—	$	92,928,187


Interest Rate Swaps	$	—		$	89,896		$	—	$	89,896


Total	$	—		$	93,018,083		$	—	$	93,018,083




Liability Description


Futures Contracts	$	(108,539	)	$	—		$	—	$	(108,539	)
Interest Rate Swaps		—			(129,341	)		—		(129,341	)


Total	$	(108,539	)	$	(129,341	)	$	—	$	(237,880	)


Kentucky Fund

	Quoted
	Prices in
	Active		Significant
	Markets for		Other			Significant
	Identical		Observable			Unobservable
	Assets		Inputs			Inputs

Asset Description	(Level 1)		(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—	$	54,232,360		$	—	$	54,232,360


Total Investments	$	—	$	54,232,360		$	—	$	54,232,360




Liability Description


Interest Rate Swaps	$	—	$	(125,393	)	$	—	$	(125,393	)


Total	$	—	$	(125,393	)	$	—	$	(125,393	)


Louisiana Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs

Asset Description	(Level 1)			(Level 2)		(Level 3)		Total

Tax-Exempt Investments	$	—		$	39,479,468	$	—	$	39,479,468


Total Investments	$	—		$	39,479,468	$	—	$	39,479,468


Interest Rate Swaps	$	—		$	46,690	$	—	$	46,690


Total	$	—		$	39,526,158	$	—	$	39,526,158




Liability Description


Futures Contracts	$	(18,773	)	$	—	$	—	$	(18,773	)


Total	$	(18,773	)	$	—	$	—	$	(18,773	)


Maryland Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other		Significant
	Identical			Observable		Unobservable
	Assets			Inputs		Inputs

Asset Description	(Level 1)			(Level 2)		(Level 3)		Total

Tax-Exempt Investments	$	—		$	99,739,394	$	—	$	99,739,394


Total Investments	$	—		$	99,739,394	$	—	$	99,739,394


Interest Rate Swaps	$	—		$	102,439	$	—	$	102,439


Total	$	—		$	99,841,833	$	—	$	99,841,833




Liability Description


Futures Contracts	$	(106,370	)	$	—	$	—	$	(106,370	)


Total	$	(106,370	)	$	—	$	—	$	(106,370	)

142

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D


Missouri Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other			Significant
	Identical			Observable			Unobservable
	Assets			Inputs			Inputs

Asset Description	(Level 1)			(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—		$	101,987,978		$	—	$	101,987,978


Total Investments	$	—		$	101,987,978		$	—	$	101,987,978


Interest Rate Swaps	$	—		$	112,892		$	—	$	112,892


Total	$	—		$	102,100,870		$	—	$	102,100,870




Liability Description


Futures Contracts	$	(79,277	)	$	—		$	—	$	(79,277	)
Interest Rate Swaps		—			(59,011	)		—		(59,011	)


Total	$	(79,277	)	$	(59,011	)	$	—	$	(138,288	)

North Carolina Fund

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Asset Description

(Level 1)

(Level 2)

(Level 3)

Total

Tax-Exempt Investments

—

120,639,146

—

120,639,146

Total Investments

—

120,639,146

—

120,639,146

��

Oregon Fund

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Asset Description

(Level 1)

(Level 2)

(Level 3)

Total

Tax-Exempt Investments

—

159,092,747

—

159,092,747

Total Investments

—

159,092,747

—

159,092,747

South Carolina Fund

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Asset Description

(Level 1)

(Level 2)

(Level 3)

Total

Tax-Exempt Investments

—

169,643,374

—

169,643,374

Total Investments

—

169,643,374

—

169,643,374


Tennessee Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other			Significant
	Identical			Observable			Unobservable
	Assets			Inputs			Inputs

Asset Description	(Level 1)			(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—		$	57,415,857		$	—	$	57,415,857


Total Investments	$	—		$	57,415,857		$	—	$	57,415,857


Interest Rate Swaps	$	—		$	64,112		$	—	$	64,112


Total	$	—		$	57,479,969		$	—	$	57,479,969




Liability Description


Futures Contracts	$	(76,617	)	$	—		$	—	$	(76,617	)
Interest Rate Swaps		—			(97,006	)		—		(97,006	)


Total	$	(76,617	)	$	(97,006	)	$	—	$	(173,623	)


Virginia Fund

	Quoted
	Prices in
	Active			Significant
	Markets for			Other			Significant
	Identical			Observable			Unobservable
	Assets			Inputs			Inputs

Asset Description	(Level 1)			(Level 2)			(Level 3)		Total

Tax-Exempt Investments	$	—		$	147,000,105		$	—	$	147,000,105


Total Investments	$	—		$	147,000,105		$	—	$	147,000,105


Interest Rate Swaps	$	—		$	141,464		$	—	$	141,464


Total	$	—		$	147,141,569		$	—	$	147,141,569




Liability Description


Futures Contracts	$	(459,697	)	$	—		$	—	$	(459,697	)
Interest Rate Swaps		—			(80,030	)		—		(80,030	)


Total	$	(459,697	)	$	(80,030	)	$	—	$	(539,727	)

The Funds held no investments or other financial instruments as of August 31, 2009 whose fair value was determined using Level 3 inputs.

13 Name Change

Effective December 1, 2009, the names of Eaton Vance Alabama Municipal Income Fund, Eaton Vance Arkansas Municipal Income Fund, Eaton Vance Georgia Municipal Income Fund, Eaton Vance Kentucky Municipal Income Fund, Eaton Vance Louisiana Municipal Income Fund, Eaton Vance Maryland Municipal Income Fund, Eaton Vance Missouri Municipal Income Fund, Eaton Vance North Carolina Municipal Income Fund, Eaton Vance Oregon Municipal Income Fund, Eaton Vance South Carolina Municipal Income Fund, Eaton Vance Tennessee

143

Eaton Vance Municipal Income Funds as of February 28, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT’D

Municipal Income Fund and Eaton Vance Virginia Municipal Income Fund were changed from Eaton Vance Alabama Municipals Fund, Eaton Vance Arkansas Municipals Fund, Eaton Vance Georgia Municipals Fund, Eaton Vance Kentucky Municipals Fund, Eaton Vance Louisiana Municipals Fund, Eaton Vance Maryland Municipals Fund, Eaton Vance Missouri Municipals Fund, Eaton Vance North Carolina Municipals Fund, Eaton Vance Oregon Municipals Fund, Eaton Vance South Carolina Municipals Fund, Eaton Vance Tennessee Municipals Fund and Eaton Vance Virginia Municipals Fund, respectively.

144

Eaton Vance Municipal Income Funds

BOARD OF TRUSTEES’ ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 27, 2009, 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 2009. Such information included, among other things, the following:

Information about Fees, Performance and Expenses


	•	An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;
	•	An independent report comparing each fund’s total expense ratio and its components to comparable funds;
	•	An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;
	•	Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;
	•	Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;
	•	Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management


	•	Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;
	•	Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through “soft dollar” benefits received in connection with the funds’ brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;
	•	Data relating to portfolio turnover rates of each fund;
	•	The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser


	•	Reports detailing the financial results and condition of each adviser;
	•	Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;
	•	Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;
	•	Copies of or descriptions of each adviser’s proxy voting policies and procedures;
	•	Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;
	•	Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information


	•	Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;
	•	Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and
	•	The terms of each advisory agreement.

145

Eaton Vance Municipal Income Funds

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

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 April 30, 2009, the Board met eighteen times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, five, six, six and six times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund’s investment objective.

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

The 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:


	•	Eaton Vance Alabama Municipals Fund
	•	Eaton Vance Arkansas Municipals Fund
	•	Eaton Vance Georgia Municipals Fund
	•	Eaton Vance Kentucky Municipals Fund
	•	Eaton Vance Louisiana Municipals Fund
	•	Eaton Vance Maryland Municipals Fund
	•	Eaton Vance Missouri Municipals Fund
	•	Eaton Vance North Carolina Municipals Fund
	•	Eaton Vance Oregon Municipals Fund
	•	Eaton Vance South Carolina Municipals Fund
	•	Eaton Vance Tennessee Municipals Fund
	•	Eaton Vance Virginia Municipals Fund

(the “Funds”), each with Boston Management and Research (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 Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds.

146

Eaton Vance Municipal Income Funds

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

Specifically, the Board considered the Adviser’s 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 and the Financial Industry Regulatory Authority.

The Board 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.

The Board considered the Adviser’s recommendations for Board action and other steps taken in response to the unprecedented dislocations experienced in the capital markets over recent periods, including sustained periods of high volatility, credit disruption and government intervention. In particular, the Board considered the Adviser’s efforts and expertise with respect to each of the following matters as they relate to the Funds and/or other funds within the Eaton Vance family of funds: (i) negotiating and maintaining the availability of bank loan facilities and other sources of credit used for investment purposes or to satisfy liquidity needs; (ii) establishing the fair value of securities and other instruments held in investment portfolios during periods of market volatility and issuer-specific disruptions; and (iii) the ongoing monitoring of investment management processes and risk controls.

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 agreement.

Fund Performance

The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2008 for each Fund. The Board considered the impact of extraordinary market conditions during 2008 on each Fund’s performance relative to its peer universe in light of, among other things, the Adviser’s strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. On the basis of the foregoing and other relevant information, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the year ended September 30, 2008, as compared to a group of similarly managed funds selected by an independent data provider.

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

Profitability

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

147

Eaton Vance Municipal Income Funds

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

Economies of Scale

In reviewing management fees and profitability of each Fund, 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 reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. 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. The Board also concluded that, assuming reasonably foreseeable increases in the assets of each Fund, the structure of each advisory fee, which includes breakpoints at several asset levels, can be expected to cause the Adviser and its affiliates and the Fund to continue to share such benefits equitably.

148

Eaton Vance Municipal Income Funds

OFFICERS AND TRUSTEES

Eaton Vance Municipals Trust


Officers Thomas M. Metzold President William H. Ahern, Jr. Vice President Craig R. Brandon Vice President Cynthia J. Clemson Vice President Adam A. Weigold Vice President Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. O’Neil Chief Compliance Officer		Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

149

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Fund Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

PNC Global Investment Servicing

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

1-800-262-1122

Eaton Vance Municipals Trust

Two International Place

Boston, MA 02110

* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing the program is available to investors at www.FINRA.org.

This report must be preceded or accompanied by a current prospectus. Before investing, investors should consider carefully a Fund’s investment objective(s), risks, and charges and expenses. The Funds’ current prospectus contains this and other information about the Funds and is available through your financial advisor. Please read the prospectus carefully before you invest or send money. For further information please call 1-800-262-1122.


445-4/10	12MUNISRC

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, 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

Not required in this filing

Item 5. Audit Committee of Listed registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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

No Material Changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

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

Eaton Vance Municipals Trust


By:		/s/ Thomas M. Metzold Thomas M. Metzold
		President

Date:		April 12, 2010

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


By:		/s/ Barbara E. Campbell Barbara E. Campbell
		Treasurer

Date:		April 12, 2010

By:		/s/ Thomas M. Metzold Thomas M. Metzold
		President

Date:		April 12, 2010

Eaton Vance Municipals Trust N-CSRSCertified semi-annual shareholder report (management investment company)