Oregon Municipal Income Fund (A)

Overview

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	-0.18	6.80	19.54	10.04	4.37	4.85
Fund w/Max Sales Charge	-4.88	1.68	13.88	8.26	3.36	4.34
Barclays Capital Municipal Bond Index¹	0.60	2.92	11.36	7.40	5.59	5.37
3/31/2012	as of Mar 31, 2012
Fund at NAV	5.97	5.97	21.19	11.33	4.31	4.95
Fund w/Max Sales Charge	0.88	0.88	15.50	9.54	3.30	4.44
Barclays Capital Municipal Bond Index¹	1.75	1.75	12.07	7.69	5.41	5.46
Past performance is no guarantee of future results. 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 quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. 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. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Fund Facts as of Apr 30, 2012
Class A Inception	12/28/1993
Performance Inception	12/24/1991
Investment Objective	Current income
Total Net Assets of Fund	$146.2M
Minimum Investment	$1000
Expense Ratio (Gross)²	0.87%
Expense Ratio (Net)³	0.77%
CUSIP	27826L454

Top 10 Holdings (%)^4,5 as of Mar 31, 2012
BE Salem Keizer OR Sch Dist No 24J
Linn Cnty OR Lebanon SD (NPFG)
OR Hsg & Comm Svc SFM Series 2010
Clackamas Cnty OR Sch Oregon Trail
Port Portland Intl Arpt
OR Legacy Health
OR GO Elderly & Disabled House 1993 C
OR Hlth Sciences Univ (NPFG)
Medford OR Asante Hlth (AGC)
Oregon Lottery Rev (IF3)
Total	29.98

Portfolio Management
Thomas M. Metzold, CFA			Managed Fund since 1996

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Total annual operating expense ratios are as stated in the Fund's most recent prospectus. Net expense ratio excludes interest expense 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.
4. Percent of total net assets.
5. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2012
4/30/2012	as of Apr 30, 2012
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years
Fund at NAV	-0.18	6.80	19.54	10.04	4.37	4.85
Fund w/Max Sales Charge	-4.88	1.68	13.88	8.26	3.36	4.34
Barclays Capital Municipal Bond Index¹	0.60	2.92	11.36	7.40	5.59	5.37
3/31/2012	as of Mar 31, 2012
Fund at NAV	5.97	5.97	21.19	11.33	4.31	4.95
Fund w/Max Sales Charge	0.88	0.88	15.50	9.54	3.30	4.44
Barclays Capital Municipal Bond Index¹	1.75	1.75	12.07	7.69	5.41	5.46
Past performance is no guarantee of future results. 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 quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. 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. Total return prior to the commencement of the class reflects returns of another Fund class that invests in the same Portfolio. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Max Sales Charge: 4.75%.

Calendar Year Returns (%)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Fund at NAV	7.46	6.64	2.44	4.21	7.34	-0.06	-18.90	27.16	-0.02	13.99
Barclays Capital Municipal Bond Index¹	9.60	5.31	4.48	3.51	4.84	3.36	-2.47	12.91	2.38	10.70

Fund Facts
Expense Ratio (Gross)²	0.87%
Expense Ratio (Net)³	0.77%
Class A Inception	12/28/1993
Performance Inception	12/24/1991
Distribution Frequency	Monthly

Yield Information⁶ as of Apr 30, 2012
SEC 30 Day Yield	3.50%

Morningstar™ Ratings as of Apr 30, 2012
Time Period	Rating	Rating (Load Waived)	Funds in Muni Single State Long Category
Overall			298
3 Years			298
5 Years			284
10 Years			251
Based on Risk-Adjusted Returns. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. © 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History
Date	NAV	NAV Change
May 15, 2012	$9.54	$-0.01
May 15, 2012	$9.54	$-0.01
May 14, 2012	$9.55	$0.01
May 14, 2012	$9.55	$0.01
May 11, 2012	$9.54	$0.00
May 11, 2012	$9.54	$0.00
May 10, 2012	$9.54	$0.00
May 10, 2012	$9.54	$0.00
May 09, 2012	$9.54	$0.02
May 09, 2012	$9.54	$0.02
View All

Distribution History⁷
Ex-Date	Distribution	Reinvest NAV
Apr 30, 2012	$0.03385	$9.40
Apr 30, 2012	$0.03385	$9.40
Mar 30, 2012	$0.03418	$9.36
Feb 29, 2012	$0.03461	$9.52
Jan 31, 2012	$0.03469	$9.52
Dec 30, 2011	$0.03561	$8.93
Nov 30, 2011	$0.03542	$8.71
Oct 31, 2011	$0.03588	$8.75
Sep 30, 2011	$0.03607	$8.83
Aug 31, 2011	$0.03687	$8.63
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus

Capital Gain History⁷
Ex-Date	Short-Term	Long-Term	Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years. Fund prospectus



Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to www.eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

1. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Total annual operating expense ratios are as stated in the Fund's most recent prospectus. Net expense ratio excludes interest expense 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.
6. SEC Yield is a standardized measure based on the estimated yield to maturity of a fund's investments over a 30-day period and is based on the maximum offer price at the date specified. The SEC Yield is not based on the distributions made by the fund, which may differ. Subsidized yield reflects the effect of fee waivers and expense reimbursements.
7. The Fund's distributions may be comprised of tax-exempt income, ordinary income, net realized capital gains and return of capital. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)⁴ as of Mar 31, 2012
State & Muni Bonds	98.02
Cash & Equivalents	1.98
Total	100.00

Portfolio Statistics as of Mar 31, 2012
Number of Holdings	88
Average Yield to Maturity	4.45%
Average Coupon	4.38%
Average Maturity	20.64 yrs.
Average Effective Maturity	12.36 yrs.
Average Duration	9.50 yrs.
Average Call	11.97 yrs.
Average Price	$90.87
Total Insured (% of bond holdings)	18.84%
Subject to AMT (% of bond holdings):	17.30%

Sector Breakdown (%)⁴ as of Mar 31, 2012
Local GO	30.09
Education	8.85
HealthCare:Acute	6.43
Insured Special Tax	5.98
Insured Local GO	5.68
Single-Family Housing	5.12
Multi-Family Housing	4.11
Water & Sewer	3.60
Insured Public Power	3.44
Insured HealthCare:Acute	3.43

Credit Quality (%)⁸ as of Mar 31, 2012
AAA	7.38
AA	58.21
A	13.80
BBB	17.35
Not Rated	3.25
Total	100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied.

Maturity Distribution (%)⁴ as of Mar 31, 2012
3 To 5 Years	1.47
5 To 10 Years	3.82
10 To 20 Years	50.27
20 To 30 Years	33.18
More Than 30 Years	11.25
Total	99.99

Portfolio Composition - Muni Bonds⁴ as of Mar 31, 2012
GENERAL OBLIGATION BONDS	38.25
Education	8.85
Hospitals/Nursing Homes/ Healthcare	7.67
Housing	9.23
Special Tax	2.31
Transportation	4.18
Utility	6.03
INSURED BONDS	18.84
OTHER	3.35
Total	98.71

Fund Holdings^4,9 as of Mar 31, 2012
Holding	Coupon Rate	Maturity Date	Weighting
Salem-Keizer School District No 24J	0.00%	06/15/2030	4.4106%
Linn County Community School District No 9 Lebanon/OR	5.50%	06/15/2030	3.6291%
State of Oregon Housing & Community Services Department	5.15%	07/01/2042	3.5720%
Clackamas County School District No 46 Oregon Trail	0.00%	06/15/2039	3.0252%
Port of Portland OR	5.00%	07/01/2029	3.0168%
Oregon State Facilities Authority	5.00%	03/15/2030	2.7483%
State of Oregon	5.65%	08/01/2026	2.4803%
Oregon Health & Science University	0.00%	07/01/2021	2.4038%
Medford Hospital Facilities Authority	5.50%	08/15/2028	2.3865%
Barclays Capital Municipal Trust Receipts	17.33%	04/01/2028	2.3595%
View All

The information included herein does not reflect securities deemed to be held by the Fund pursuant to financial accounting standard 140 (FAS 140).

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Insights & Analysis

Quarterly Commentary

No commentary information is available.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Attribution

No attribution information is available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk

An imbalance in supply and demand in the municipal market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about municipal issuers. As interest rates rise, the value of certain income investments is likely to decline. Longer-term bonds typically are more sensitive to interest-rate changes than shorter-term bonds. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Because the Fund investments may be concentrated in a particular state, the Fund share value may fluctuate more than that of a less concentrated fund. Investments rated below investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher rated investments. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

Management

Biography

Thomas M. Metzold, CFA

Vice President, Co-Director of Municipal Investments, Eaton Vance Management
Joined Eaton Vance 1987

Tom Metzold is a vice president of Eaton Vance Management,co-director of Municipal Investments and portfolio manager on Eaton Vance's municipal bond team.

Tom has been in the investment management industry since 1986. He joined Eaton Vance in 1987 as a high yield municipal bond analyst covering the health care and hospital sectors, and became a portfolio manager in 1991. He was formerly a financial analyst at General Electric Company from 1981 to 1986.

Tom earned a B.S. in finance from Siena College in 1980 and an M.B.A. with a concentration in finance from the State University of New York at Albany in 1987. He is a CFA charterholder and is a member of the Boston Security Analysts Society, the CFA Institute, the Boston Municipal Analysts Forum and the National Federation of Municipal Analysts.

Tom's commentary has appeared in Barron's, Bloomberg, The Bond Buyer, The Boston Globe, The New York Times, Reuters Financial Report, and The Wall Street Journal, among other publications.