Edgar Filing: EATON VANCE OHIO MUNICIPAL INCOME TRUST

Eaton Vance Ohio Municipal Income Trust

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: 811-09149

Eaton Vance Ohio Municipal Income 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)

November 30

Date of Fiscal Year End

November 30, 2012

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2012

LOGO

California (CEV) • Massachusetts (MMV) • Michigan (EMI) • New Jersey (EVJ)

New York (EVY) • Ohio (EVO) • Pennsylvania (EVP)

LOGO

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.

Annual Report November 30, 2012

Eaton Vance

Municipal Income Trusts

Table of Contents


Management’s Discussion of Fund Performance			2

Performance and Fund Profile


California Municipal Income Trust			4
Massachusetts Municipal Income Trust			5
Michigan Municipal Income Trust			6
New Jersey Municipal Income Trust			7
New York Municipal Income Trust			8
Ohio Municipal Income Trust			9
Pennsylvania Municipal Income Trust			10



Endnotes and Additional Disclosures			11

Financial Statements			12

Report of Independent Registered Public Accounting Firm			60

Federal Tax Information			61

Dividend Reinvestment Plan			62

Management and Organization			64

Important Notices			67

Eaton Vance

Municipal Income Trusts

November 30, 2012

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

In December 2011, an equity rally took hold and continued into early April 2012, fueled by stronger economic growth in the fourth quarter, falling unemployment and what the markets perceived as a successful restructuring of Greek debt. Then in May 2012, the third annual mid-year economic slowdown arrived, instigated by renewed concerns in Europe, slowing growth in China and continuing political uncertainty in the United States with the upcoming presidential election.

Despite a slowdown in consumer spending and weakening employment data, however, stocks moved upward intermittently from June 2012 through early fall — in part because investors anticipated that worsening economic news would prompt the U.S. Federal Reserve to initiate another round of quantitative easing to stimulate the economy, which it did in September 2012. U.S. Treasury yields, meanwhile, fell to all-time lows in July 2012. In the final weeks of the period, however, during the run-up to the election and after President Obama’s victory, the equity market retreated as investors turned their attention to the so-called fiscal cliff, the automatic triggering of spending cuts and expiration of tax cuts set to occur on New Year’s Day 2013.

Against this backdrop, municipal bonds rallied during the one-year period ended November 30, 2012, led by the long end of the yield curve. The Barclays Capital Municipal Bond Index² — an unmanaged index of municipal bonds traded in the United States — returned 10.17% for the period, while the Funds’ benchmark, the Barclays Capital Long (22+) Municipal Bond Index (the Index), returned 16.10%. As yields on high quality bonds fell, investors moved out on the yield curve, buying longer-maturity municipal bonds to potentially take advantage of higher yields. In their quest for income during a period of historically low interest rates, investors also favored lower-quality, higher-yielding issues over higher-quality bonds. As a result, longer-duration, lower credit-quality bonds were the best performers in the municipal space during the period.

Municipal bonds offered higher taxable-equivalent yields than Treasuries for much of the period. The ratio of 30-year AAA⁶ municipal yields to 30-year Treasury yields — which historically has averaged less than 100% because municipal yields are federally tax-exempt — began the period at 125.9%, making municipal bonds attractive relative to Treasuries. After the election, however, investors seemed to view Obama’s win as an indication that marginal tax

rates were likely to go up. That sentiment led to higher demand for tax-exempt municipals, driving the municipal-to-Treasury yield ratio down to 87.9% at period-end on November 30, 2012. For the one-year period, municipal bonds outperformed Treasuries.

Fund Performance

For the fiscal year ended November 30, 2012, all of the Funds’ shares at net asset value (NAV) outperformed the 16.10% return of the Index.

The Funds’ overall strategy is to invest in bonds with maturities of 10 years or more, in order to capture their generally higher yields and potentially greater income payments at the long end of the yield curve. Management tends to hedge to various degrees against the greater potential risk of volatility at the long end of the yield curve by using Treasury futures in seeking to provide downside protection.

For all Funds except the Massachusetts Fund, an overweighting in zero-coupon bonds — which were the strongest-performing coupon structure in the Index during the period — contributed to those Funds’ relative outperformance versus the Index. However, security selection in the zero-coupon issues detracted from results relative to the Index for all Funds, as none was able to beat the 38.10% return of the zero-coupon allocation in the Index.

The Funds’ use of leverage⁵ contributed to the outperformance of all Funds versus the Index during the one-year period. In managing the Funds, management employs leverage to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market. Leverage magnifies the Funds’ exposure to their underlying investments in both up and down markets. During this period of strong performance by municipal bonds, leverage was a key contributor to the Funds’ relative outperformance versus the unleveraged Index.

As a risk-management tactic within the overall Fund strategy mentioned above, interest-rate hedging is intended to moderate performance on both the upside and the downside of the market. During the one-year period, when municipal bonds and Treasuries performed strongly, the hedging strategy moderated a portion of the positive performance versus the Index of all Funds to various degrees.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.


		2

Eaton Vance

Municipal Income Trusts

November 30, 2012

Management’s Discussion of Fund Performance—continued

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 25.59%, surpassing the 16.10% return of the Index. In addition to leverage and an overweighting in zero-coupon bonds, the Fund’s longer call protection, relative to the Index, contributed to the Fund’s relative outperformance. In a period of falling interest rates, such as occurred during the Fund’s fiscal year, bond issuers tend to retire bonds as soon as they are callable and replace them with lower-interest issues. Thus in a rallying market, it may be beneficial for a fund to own bonds with longer call protection, because it allows the Fund to hold onto higher-yielding issues. Notable detractors from Fund performance versus the Index included the Fund’s hedging strategy, security selection in zero-coupon bonds, and an underweighting in A-rated issues, which were the strongest-performing rating category in the Index. Underweighted positions in hospital bonds, industrial development revenue (IDR) bonds and lease revenue/certificates of participation (COP) bonds dragged on performance relative to the Index as well.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 22.28%, outperforming the 16.10% return of the Index. Key contributors to performance versus the Index included leverage, longer call protection, and an overweighting and security selection in the education sector, which performed well during the period. Detractors from performance versus the Index included security selection in zero-coupon bonds, the Fund’s hedging strategy, and underweights and security selection in A-rated and BBB-rated issues.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 20.92%, outperforming the 16.10% return of the Index. Leverage and an overweighting in zero-coupon bonds were contributors to relative outperformance versus the Index. The key detractors from performance versus the Index were security selection in zero-coupon bonds, an underweighting and security selection in IDR bonds, and an overweighting in high-quality, intermediate-maturity general obligation (GO) bonds.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 20.18%, outpacing the 16.10% return of the Index. The Fund’s relative outperformance versus the Index was driven by leverage, overweights in zero-coupon bonds and IDR bonds, and longer call protection. Primary detractors from the Fund’s performance versus the Index included the

Fund’s hedging strategy as well as security selection in both zero-coupon bonds and IDR bonds.

Eaton Vance New York Municipal Income Trust shares at NAV returned 24.30%, outperforming the 16.10% return of the Index. Key contributors to results versus the Index included leverage, an overweighting in zero-coupon bonds, an overweighting and security selection in IDR bonds, and longer call protection. Detractors from the Fund’s performance versus the Index included security selection in zero-coupon bonds, the Fund’s hedging strategy, and an underweighting and security selection in A-rated bonds.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 24.71%, outperforming the 16.10% return of the Index. Leverage, an overweighting in zero-coupon bonds, and longer call protection were the main drivers of results versus the Index. In contrast, security selection in zero-coupon bonds, the Fund’s hedging strategy, and an underweighting in A-rated and BBB-rated bonds detracted from results versus the Index.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 18.20%, outperforming the 16.10% return of the Index. The Fund’s relative outperformance versus the Index was driven by leverage and an overweighing in zero-coupon bonds. Detractors from the Fund’s performance versus the Index included security selection in zero-coupon bonds, the Fund’s hedging strategy, an overweighting in pre-refunded bonds, and security selection in hospital and IDR issues.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

California Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager Cynthia J. Clemson


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		25.59	%		6.25	%		6.52	%
Fund at Market Price		—		22.22			9.26			7.24
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										0.15	%


Distributions⁴
Total Distributions per share for the period									$	0.839
Distribution Rate at NAV										5.57	%
Taxable-Equivalent Distribution Rate at NAV										9.55	%
Distribution Rate at Market Price										5.56	%
Taxable-Equivalent Distribution Rate at Market Price										9.54	%


% Total Leverage⁵
Auction Preferred Shares (APS)										29.22	%
Residual Interest Bond (RIB)										8.58

Fund Profile

Credit Quality (% of total investments)⁶

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.⁵ Absent such securities, credit quality (% of total investments) is as follows:⁶


AAA	8.4	%	BBB	10.7	%
AA	54.3		BB	1.6
A	20.8		Not Rated	4.2

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		22.28	%		8.14	%		7.31	%
Fund at Market Price		—		16.41			11.19			6.57
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										0.93	%


Distributions⁴
Total Distributions per share for the period									$	0.805
Distribution Rate at NAV										4.91	%
Taxable-Equivalent Distribution Rate at NAV										7.98	%
Distribution Rate at Market Price										4.87	%
Taxable-Equivalent Distribution Rate at Market Price										7.91	%


% Total Leverage⁵
APS										28.86	%
RIB										7.03

Fund Profile

Credit Quality (% of total investments)⁶

LOGO


AAA	19.0	%	BBB	8.4	%
AA	41.5		BB	2.3
A	27.8		Not Rated	1.0

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Michigan Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager William H. Ahern, Jr., CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		20.92	%		7.78	%		6.94	%
Fund at Market Price		—		24.67			10.25			6.84
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										–4.05	%


Distributions⁴
Total Distributions per share for the period									$	0.773
Distribution Rate at NAV										5.02	%
Taxable-Equivalent Distribution Rate at NAV										8.07	%
Distribution Rate at Market Price										5.23	%
Taxable-Equivalent Distribution Rate at Market Price										8.41	%


% Total Leverage⁵
APS										35.08	%

Fund Profile

Credit Quality (% of total investments)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		6

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager Adam Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		20.18	%		6.52	%		6.93	%
Fund at Market Price		—		29.62			12.13			7.77
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										10.75	%


Distributions⁴
Total Distributions per share for the period									$	0.797
Distribution Rate at NAV										5.33	%
Taxable-Equivalent Distribution Rate at NAV										9.01	%
Distribution Rate at Market Price										4.81	%
Taxable-Equivalent Distribution Rate at Market Price										8.13	%


% Total Leverage⁵
APS										29.84	%
RIB										8.44

Fund Profile

Credit Quality (% of total investments)⁶

LOGO


AAA	12.1	%	BB	0.6	%
AA	28.9		B	2.1
A	43.4		Not Rated	0.8
BBB	12.1

See Endnotes and Additional Disclosures in this report.


		7

Eaton Vance

New York Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		24.30	%		7.32	%		7.00	%
Fund at Market Price		—		27.89			9.84			8.07
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										3.93	%


Distributions⁴
Total Distributions per share for the period									$	0.910
Distribution Rate at NAV										5.86	%
Taxable-Equivalent Distribution Rate at NAV										9.89	%
Distribution Rate at Market Price										5.63	%
Taxable-Equivalent Distribution Rate at Market Price										9.50	%


% Total Leverage⁵
APS										24.43	%
RIB										13.99

Fund Profile

Credit Quality (% of total investments)⁶

LOGO


AAA	12.3	%	BBB	13.4	%
AA	37.0		BB	2.6
A	27.2		Not Rated	7.5

See Endnotes and Additional Disclosures in this report.


		8

Eaton Vance

Ohio Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager William H. Ahern, Jr., CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		24.71	%		7.83	%		7.37	%
Fund at Market Price		—		33.34			12.26			7.56
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										5.99	%


Distributions⁴
Total Distributions per share for the period									$	0.831
Distribution Rate at NAV										5.24	%
Taxable-Equivalent Distribution Rate at NAV										8.57	%
Distribution Rate at Market Price										4.95	%
Taxable-Equivalent Distribution Rate at Market Price										8.09	%


% Total Leverage⁵
APS										32.71	%
RIB										2.09

Fund Profile

Credit Quality (% of total investments)⁶

LOGO

See Endnotes and Additional Disclosures in this report.


		9

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2012

Performance^2,3

Portfolio Manager Adam Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		18.20	%		6.43	%		6.64	%
Fund at Market Price		—		17.23			10.11			7.09
Barclays Capital Long (22+) Municipal Bond Index		—		16.10	%		6.73	%		6.29	%


% Premium/Discount to NAV
										2.17	%


Distributions⁴
Total Distributions per share for the period									$	0.827
Distribution Rate at NAV										5.46	%
Taxable-Equivalent Distribution Rate at NAV										8.67	%
Distribution Rate at Market Price										5.34	%
Taxable-Equivalent Distribution Rate at Market Price										8.48	%


% Total Leverage⁵
APS										33.60	%
RIB										2.62

Fund Profile

Credit Quality (% of total investments)⁶

LOGO


AAA	3.4	%	BB	6.3	%
AA	44.5		Not Rated	3.1
A	42.7

See Endnotes and Additional Disclosures in this report.


		10

Eaton Vance

Municipal Income Trusts

November 30, 2012

Endnotes and Additional Disclosures

The views expressed in this report are those of the 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 and the Fund(s) disclaim 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.

Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Performance results reflect the effects of leverage.

⁴

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be composed of ordinary income, tax- exempt income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for Ohio Municipal Income Trust.

⁵

Fund employs RIB financing and/or APS leverage. The leverage created by RIB investments and APS provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

⁶

Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. Ratings of BBB or higher by Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality.

Fund profile subject to change due to active management.


		11

Eaton Vance

California Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 159.5%


Security	Principal Amount (000’s omitted)		Value


Education — 18.1%
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	3,135	$	3,591,080
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31		195		234,938
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		388,912
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		849,039
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29		2,580		2,659,490
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		2,095,184
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		295,947
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		2,490		2,976,795
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		741,705
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		483,720
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		323,848
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		980,586
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		1,022,678
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		1,072,926
University of California, 5.25%, 5/15/39		1,250		1,495,387

			$	19,212,235


Electric Utilities — 14.2%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	324,648
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,275		2,556,122
Colton Public Financing Authority, Electric System Revenue, 5.00%, 4/1/27		1,500		1,763,340
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,594,821
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,784,550
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,335		1,624,415
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,795		2,179,381
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		789,405
Vernon, Electric System Revenue, 5.125%, 8/1/21		1,300		1,483,521

			$	15,100,203


Security	Principal Amount (000’s omitted)		Value


General Obligations — 19.7%
California, 5.50%, 11/1/35	$	1,600	$	1,975,904
California, 6.00%, 4/1/38		750		931,965
California, (AMT), 5.05%, 12/1/36		1,030		1,063,320
Cupertino Union School District, (Election of 2012), 5.00%, 8/1/35		1,000		1,206,370
Cupertino Union School District, (Election of 2012), 5.00%, 8/1/36		1,630		1,960,189
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/32		195		223,306
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/33		215		243,303
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/34		235		264,363
Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/35		230		262,441
Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/36		280		318,324
Larkspur-Corte Madera School District, (Election of 2011), 4.50%, 8/1/39		1,000		1,158,790
Menlo Park City School District, 5.00%, 7/1/30		1,035		1,297,942
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		4,323,975
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/33		740		900,491
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35		860		1,039,112
Santa Clara County, (Election of 2008), 5.00%, 8/1/39⁽¹⁾⁽²⁾		3,180		3,752,114

			$	20,921,909


Hospital — 17.4%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,178,970
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		222,783
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		1,000		1,101,690
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,052,506
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/39		910		1,056,728
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27		2,000		2,436,480
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33		1,000		1,178,090
California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38		1,475		1,818,262
California Health Facilities Financing Authority, (Stanford Hospital and Clinics), 5.00%, 8/15/51		1,530		1,758,888
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		600		667,098


		12		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36	$	445	$	494,764
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31		1,900		1,904,807
Washington Township Health Care District, 5.00%, 7/1/32		2,780		2,926,868
Washington Township Health Care District, 5.25%, 7/1/29		700		701,414

			$	18,499,348


Housing — 1.0%
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	$	665	$	677,318
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29		392		398,841

			$	1,076,159


Industrial Development Revenue — 1.3%
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23	$	1,235	$	1,351,115

			$	1,351,115


Insured – Education — 4.3%
California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35	$	2,660	$	2,933,608
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		1,250		1,636,862

			$	4,570,470


Insured – Electric Utilities — 3.0%
Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$	2,790	$	3,147,120

			$	3,147,120


Insured – Escrowed / Prerefunded — 3.6%
Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	3,840,267

			$	3,840,267


Insured – General Obligations — 8.2%
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34	$	6,485	$	2,065,408
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35		4,825		1,450,009
Riverside Community College District, (Election of 2004), (AGM), (NPFG), 5.00%, 8/1/32		2,005		2,306,211


Security	Principal Amount (000’s omitted)		Value


Insured – General Obligations (continued)
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25	$	4,720	$	2,951,227

			$	8,772,855


Insured – Hospital — 9.1%
California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37	$	2,900	$	3,224,800
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾		750		824,227
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38⁽¹⁾		5,000		5,684,100

			$	9,733,127


Insured – Lease Revenue / Certificates of Participation — 10.0%
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17	$	4,410	$	3,912,375
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		2,000		2,865,580
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾		3,500		3,913,560

			$	10,691,515


Insured – Special Tax Revenue — 1.6%
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	9,465	$	850,430
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		5,085		869,739

			$	1,720,169


Insured – Transportation — 10.8%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	2,127,600
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		1,819,710
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾⁽²⁾		740		848,995
San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32		10,000		3,746,400
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		1,320		1,409,641
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		1,350		1,536,057

			$	11,488,403


		13		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Water and Sewer — 3.9%
East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32⁽¹⁾	$	2,000	$	2,307,840
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		1,830		1,835,106

			$	4,142,946


Other Revenue — 2.1%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	416,489
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37		315		337,333
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37		980		876,316
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		640		597,485

			$	2,227,623


Senior Living / Life Care — 1.8%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	341,591
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26		175		179,436
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36		700		710,164
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41		600		699,768

			$	1,930,959


Special Tax Revenue — 12.0%
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26	$	285	$	286,961
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		443,997
Corona Public Financing Authority, 5.80%, 9/1/20		935		939,432
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/27		190		194,171
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/36		480		487,670
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,599,842
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22		240		281,172


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue (continued)
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23	$	480	$	558,134
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		276,859
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		385,250
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		275,066
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24		420		421,844
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29		750		753,090
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,901,600
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21		250		251,665
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		490		492,558
Temecula Unified School District, 5.00%, 9/1/27		250		257,825
Temecula Unified School District, 5.00%, 9/1/37		400		405,980
Tustin Community Facilities District, 6.00%, 9/1/37		500		528,010
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		1,000		1,001,260

			$	12,742,386


Transportation — 11.3%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Escrowed to Maturity, 5.00%, 4/1/31	$	2,000	$	2,293,800
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29		1,000		1,222,790
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾⁽²⁾		2,120		2,455,914
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,693,020
Port of Redwood City, (AMT), 5.125%, 6/1/30		1,170		1,174,458
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		3,153,272

			$	11,993,254


Water and Sewer — 6.1%
Beverly Hills Public Financing Authority, Water Revenue, 5.00%, 6/1/30	$	1,795	$	2,270,460
California Department of Water Resources, 5.00%, 12/1/29		1,840		2,191,256


		14		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Water and Sewer (continued)
San Mateo, Sewer Revenue, 5.00%, 8/1/36	$	1,700	$	2,008,295

			$	6,470,011


Total Tax-Exempt Investments — 159.5% (identified cost $151,193,761)			$	169,632,074


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (47.0)%			$	(49,975,000	)


Other Assets, Less Liabilities — (12.5)%			$	(13,290,216	)


Net Assets Applicable to Common Shares — 100.0%			$	106,366,858

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


AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC	–	Berkshire Hathaway Assurance Corp.
CIFG	–	CIFG Assurance North America, Inc.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
RADIAN	–	Radian Group, Inc.

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2012, 34.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 13.8% of total investments.

⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,712,022.


		15		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 153.5%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 6.1%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,300,053
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,421,472

			$	2,721,525


Education — 27.3%
Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33	$	600	$	609,084
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,259,658
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38		625		671,181
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		1,500		1,705,440
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,377,278
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38⁽¹⁾		1,500		1,762,920
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38		415		484,351
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,557,104
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38		1,420		1,740,395

			$	12,167,411


General Obligations — 16.9%
Boston, 4.00%, 4/1/24	$	300	$	354,768
Cambridge, 4.00%, 2/15/21		595		723,764
Danvers, 5.25%, 7/1/36		885		1,078,488
Lexington, 4.00%, 2/1/20		320		386,797
Lexington, 4.00%, 2/1/21		415		506,387
Lexington, 4.00%, 2/1/22		430		526,965
Lexington, 4.00%, 2/1/23		355		436,909
Newton, 5.00%, 4/1/36		750		869,460
Plymouth, 5.00%, 5/1/31		345		417,836
Plymouth, 5.00%, 5/1/32		315		380,696
Wayland, 5.00%, 2/1/33		510		619,844
Wayland, 5.00%, 2/1/36		770		924,962
Winchester, 5.00%, 4/15/36		245		295,436

			$	7,522,312


Security	Principal Amount (000’s omitted)		Value


Hospital — 27.4%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31	$	1,000	$	1,142,930
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		600		772,644
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		1,655		1,932,659
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,386,854
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		572,790
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,272,619
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33		755		768,665
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,030,654
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32⁽¹⁾		2,000		2,252,300
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		675		677,416
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		387,027

			$	12,196,558


Housing — 6.3%
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$	2,100	$	2,149,350
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28		650		672,932

			$	2,822,282


Industrial Development Revenue — 1.6%
Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27	$	700	$	709,625

			$	709,625


Insured – Education — 10.2%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,438,970
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾⁽²⁾		1,365		1,911,874
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		1,165		1,191,946

			$	4,542,790


		16		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Electric Utilities — 1.4%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	570	$	632,649

			$	632,649


Insured – General Obligations — 3.2%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,445,160

			$	1,445,160


Insured – Hospital — 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	335	$	379,602

			$	379,602


Insured – Other Revenue — 1.9%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	834,437

			$	834,437


Insured – Special Tax Revenue — 11.2%
Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	1,450	$	1,474,882
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		1,000		1,328,510
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽¹⁾		1,340		1,546,735
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		3,385		304,143
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,825		312,148

			$	4,966,418


Insured – Student Loan — 4.7%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	365	$	414,253
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		1,625		1,662,765

			$	2,077,018


Insured – Transportation — 0.7%
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	333,276

			$	333,276


Security	Principal Amount (000’s omitted)		Value


Other Revenue — 2.7%
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	500	$	599,230
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25		505		596,102

			$	1,195,332


Senior Living / Life Care — 5.6%
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31	$	250	$	250,105
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29		1,500		1,501,395
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30		125		141,081
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27		140		141,387
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41		475		471,604

			$	2,505,572


Special Tax Revenue — 7.6%
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$	140	$	166,089
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		1,665		746,819
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		5,195		1,990,049
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		75		80,160
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		335		400,620

			$	3,383,737


Transportation — 7.0%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,710,225
Massachusetts Port Authority, 5.00%, 7/1/28		500		617,005
Massachusetts Port Authority, 5.00%, 7/1/34		670		807,832

			$	3,135,062


Water and Sewer — 10.8%
Boston Water and Sewer Commission, 5.00%, 11/1/26	$	2,005	$	2,468,556
Boston Water and Sewer Commission, 5.00%, 11/1/29		495		603,549


		17		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Water and Sewer (continued)
Boston Water and Sewer Commission, 5.00%, 11/1/31	$	225	$	272,050
Massachusetts Water Resources Authority, 5.00%, 8/1/28		1,195		1,479,553

			$	4,823,708


Total Tax-Exempt Investments — 153.5% (identified cost $59,981,205)			$	68,394,474


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (45.0)%			$	(20,050,600	)


Other Assets, Less Liabilities — (8.5)%			$	(3,794,987	)


Net Assets Applicable to Common Shares — 100.0%			$	44,548,887

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


AGC	–	Assured Guaranty Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2012, 22.2% 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 1.2% to 13.4% of total investments.

⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,001,874.


		18		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 150.9%
Security	Principal Amount (000’s omitted)		Value


Bond Bank — 4.2%
Michigan Municipal Bond Authority, 5.00%, 10/1/29	$	600	$	735,294
Michigan Municipal Bond Authority, 5.00%, 10/1/30		500		627,025

			$	1,362,319


Education — 11.3%
Grand Valley State University, 5.625%, 12/1/29	$	525	$	610,318
Grand Valley State University, 5.75%, 12/1/34		525		612,864
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35		200		203,598
Michigan State University, 5.00%, 2/15/40		1,000		1,141,610
Michigan State University, 5.00%, 2/15/44		460		521,290
Oakland University, 5.00%, 3/1/42		500		567,490

			$	3,657,170


Electric Utilities — 3.7%
Lansing Board of Water and Light, 5.50%, 7/1/41	$	500	$	608,990
Michigan Public Power Agency, 5.00%, 1/1/43		550		603,620

			$	1,212,610


Escrowed / Prerefunded — 1.8%
Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34	$	560	$	590,162

			$	590,162


General Obligations — 33.2%
Allegan Public Schools, 5.00%, 5/1/31	$	1,000	$	1,161,130
Ann Arbor Public Schools, 4.50%, 5/1/24		350		396,032
Comstock Park Public Schools, 5.00%, 5/1/28		230		269,314
Comstock Park Public Schools, 5.125%, 5/1/31		275		322,094
Comstock Park Public Schools, 5.25%, 5/1/33		220		257,387
Howell Public Schools, 4.50%, 5/1/29		620		714,767
Jenison Public Schools, 5.00%, 5/1/28		500		578,535
Jenison Public Schools, 5.00%, 5/1/30		500		576,920
Kent County, 5.00%, 1/1/25		1,500		1,750,545
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,172,260
Livingston County, 4.00%, 6/1/28		310		350,374
Livingston County, 4.00%, 6/1/30		335		374,115
Michigan, 5.00%, 11/1/20		1,000		1,283,470
Michigan, 5.50%, 11/1/25		270		329,937
Northview Public Schools, 5.00%, 5/1/32		725		838,796
St. Clair County, (Convention Center), 3.75%, 4/1/42		375		382,699

			$	10,758,375


Security	Principal Amount (000’s omitted)		Value


Hospital — 27.4%
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25	$	185	$	191,740
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37		125		129,039
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		275		302,010
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18		360		360,817
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		569,805
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		675		716,344
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		1,000		1,070,830
Michigan Hospital Finance Authority, (McLaren Health Care), 5.00%, 6/1/35		250		284,755
Michigan Hospital Finance Authority, (McLaren Health Care), 5.00%, 8/1/35		1,080		1,168,333
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21		750		751,380
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), 6.125%, 6/1/39		500		592,175
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		1,000		1,182,300
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26		425		456,288
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,087,690

			$	8,863,506


Housing — 1.4%
Michigan Housing Development Authority, 4.60%, 12/1/26	$	410	$	459,237

			$	459,237


Industrial Development Revenue — 4.7%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	705,630
Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16		800		802,800

			$	1,508,430


Insured – Education — 4.9%
Ferris State University, (AGC), 5.125%, 10/1/33	$	570	$	664,432
Ferris State University, (AGC), 5.25%, 10/1/38		500		586,820
Wayne State University, (AGM), 5.00%, 11/15/35		300		341,331

			$	1,592,583


		19		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Electric Utilities — 5.2%
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	400	$	400,832
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		220		241,162
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/32		250		275,780
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		250		276,262
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		435		482,811

			$	1,676,847


Insured – General Obligations — 16.3%
Battle Creek School District, (AGM), 5.00%, 5/1/37	$	1,105	$	1,248,981
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		650		698,406
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		290		315,494
Detroit School District, (AGM), 5.25%, 5/1/32		300		387,006
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,207,180
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38		1,250		1,411,162

			$	5,268,229


Insured – Hospital — 2.7%
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35	$	860	$	862,399

			$	862,399


Insured – Lease Revenue / Certificates of Participation — 7.2%
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	1,000	$	460,990
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30		4,300		1,866,329

			$	2,327,319


Insured – Special Tax Revenue — 1.4%
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	2,300	$	206,655
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,475		252,284

			$	458,939


Insured – Transportation — 3.4%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,113,890

			$	1,113,890


Insured – Water and Sewer — 10.5%
Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$	560	$	578,799
Detroit, Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30		1,650		1,652,657
Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39		1,000		1,169,610

			$	3,401,066


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue — 4.9%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	115	$	131,712
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		125		143,210
Michigan Trunk Line Fund, 5.00%, 11/15/36		1,000		1,190,250
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		131,547

			$	1,596,719


Water and Sewer — 6.7%
Detroit, Water Supply System, 5.25%, 7/1/41	$	750	$	816,112
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		790		1,063,585
Port Huron, Water Supply System, 5.25%, 10/1/31		250		285,545

			$	2,165,242


Total Tax-Exempt Investments — 150.9% (identified cost $44,172,592)			$	48,875,042


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.0)%			$	(17,500,262	)


Other Assets, Less Liabilities — 3.1%			$	1,016,355


Net Assets Applicable to Common Shares — 100.0%			$	32,391,135

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


AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2012, 34.2% 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 0.4% to 12.4% of total investments.


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 159.6%


Security	Principal Amount (000’s omitted)		Value


Education — 22.7%
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27	$	250	$	270,433
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33		250		268,770
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37		220		237,191
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,730		2,024,204
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38⁽¹⁾		3,500		4,041,485
New Jersey Educational Facilities Authority, (Ramapo College), 4.00%, 7/1/27		1,325		1,459,594
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37		640		745,645
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27		1,650		1,795,909
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32		965		1,236,570
Rutgers State University, 5.00%, 5/1/39⁽¹⁾		3,150		3,587,251

			$	15,667,052


Electric Utilities — 4.5%
Puerto Rico Electric Power Authority, 5.00%, 7/1/29	$	500	$	525,835
Puerto Rico Electric Power Authority, 5.25%, 7/1/25		1,000		1,081,060
Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31		1,500		1,517,520

			$	3,124,415


General Obligations — 15.0%
Burlington County Bridge Commission, 4.00%, 8/15/23	$	320	$	368,563
Monmouth County Improvement Authority, 5.00%, 1/15/28		1,850		2,274,390
Monmouth County Improvement Authority, 5.00%, 1/15/30		1,795		2,190,169
Monroe Township Board of Education, Middlesex County, 4.00%, 8/1/24		2,500		2,927,250
Montgomery Township Board of Education, 3.00%, 9/1/20		1,085		1,207,714
Tenafly Board of Education, 4.00%, 7/15/27		1,235		1,415,890

			$	10,383,976


Hospital — 19.4%
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	85	$	89,114
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34		1,335		1,385,543


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27	$	2,290	$	2,535,694
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		2,090		2,234,962
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39		915		1,030,839
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21		1,000		1,233,810
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31		1,000		1,124,420
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		2,440		2,553,460
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,250,806

			$	13,438,648


Housing — 3.4%
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	680	$	705,541
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		1,555		1,631,910

			$	2,337,451


Industrial Development Revenue — 7.0%
Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32	$	500	$	501,055
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34		540		560,817
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		50		51,331
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		135		139,397
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00% to 6/1/13 (Put Date), 6/1/33		750		775,995
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		254,012
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,547,118

			$	4,829,725


Insured – Electric Utilities — 1.0%
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35	$	595	$	659,195

			$	659,195


		21		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Gas Utilities — 5.5%
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40	$	3,540	$	3,770,100

			$	3,770,100


Insured – General Obligations — 3.8%
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,015	$	1,156,592
Lakewood Township, (AGC), 5.75%, 11/1/31		1,240		1,485,173

			$	2,641,765


Insured – Hospital — 4.9%
New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾	$	750	$	824,760
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38		390		426,368
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾		500		546,625
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,380		1,571,930

			$	3,369,683


Insured – Housing — 4.9%
New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34	$	3,390	$	3,393,763

			$	3,393,763


Insured – Industrial Development Revenue — 3.1%
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$	1,940	$	2,118,596

			$	2,118,596


Insured – Lease Revenue / Certificates of Participation — 4.5%
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34	$	1,500	$	1,791,240
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28		1,000		1,356,530

			$	3,147,770


Insured – Special Tax Revenue — 12.1%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	3,701,722
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		2,632,288


Security	Principal Amount (000’s omitted)		Value


Insured – Special Tax Revenue (continued)
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27	$	2,020	$	1,184,185
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		3,195		287,071
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		3,330		569,563

			$	8,374,829


Insured – Student Loan — 3.6%
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30	$	2,215	$	2,511,433

			$	2,511,433


Insured – Transportation — 0.5%
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33	$	315	$	374,806

			$	374,806


Lease Revenue / Certificates of Participation — 5.7%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	1,500	$	1,754,895
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,700		1,893,205
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31		250		298,935

			$	3,947,035


Other Revenue — 6.3%
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	7,200	$	562,320
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		13,280		382,730
New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48		2,040		2,317,766
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32		250		298,720
Tobacco Settlement Financing Corp., 5.00%, 6/1/41		900		814,086

			$	4,375,622


Senior Living / Life Care — 3.2%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	507,389
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		835,350
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36		815		839,752

			$	2,182,491


		22		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue — 3.3%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	107,114
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		184,139
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		750		831,390
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37		500		558,030
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		500		597,940

			$	2,278,613


Student Loan — 3.6%
New Jersey Higher Education Student Assistance Authority, (AMT), 1.368%, 6/1/36^(1)(2)(3)	$	2,500	$	2,506,600

			$	2,506,600


Transportation — 19.4%
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,222,541
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,235,088
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,850		2,283,270
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		301,945
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		648,222
New Jersey Turnpike Authority, 5.25%, 1/1/40		3,600		4,128,264
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		1,995		2,381,531
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33		1,175		1,179,876

			$	13,380,737


Water and Sewer — 2.2%
North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,275	$	1,511,717

			$	1,511,717


Total Tax-Exempt Investments — 159.6% (identified cost $98,580,745)			$	110,326,022


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.4)%			$	(33,425,000	)


Other Assets, Less Liabilities — (11.2)%			$	(7,766,047	)


Net Assets Applicable to Common Shares — 100.0%			$	69,134,975

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


AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2012, 27.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 9.7% of total investments.

⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $506,600.

⁽³⁾	Variable rate security. The stated interest rate represents the rate in effect at November 30, 2012.


		23		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 159.3%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 5.8%
New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	2,039,359
New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37⁽¹⁾		2,535		2,906,529

			$	4,945,888


Cogeneration — 1.4%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,150	$	1,150,173

			$	1,150,173


Education — 28.7%
Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/32	$	775	$	932,441
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23		150		177,450
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24		80		93,446
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25		50		57,915
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,786,957
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39		325		388,479
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		596,394
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,183,040
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		873,611
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		610,536
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,372,840
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,199,280
New York Dormitory Authority, (New York University), 5.00%, 7/1/39		1,745		2,093,197
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33		2,250		2,888,640
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,901,175
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		388,398
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		481,944


Security	Principal Amount (000’s omitted)		Value


Education (continued)
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40	$	1,695	$	1,903,044
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		2,000		2,345,080
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		314,538
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		830,543

			$	24,418,948


Electric Utilities — 5.7%
Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33	$	1,420	$	1,790,322
Puerto Rico Electric Power Authority, 5.25%, 7/1/30		1,310		1,382,404
Suffolk County Industrial Development Agency, (KeySpan-Port Jefferson Energy Center, LLC), (AMT), 5.25%, 6/1/27		1,645		1,678,821

			$	4,851,547


Escrowed / Prerefunded — 0.4%
Geneva Industrial Development Agency, (Hobart and William Smith Colleges), Prerefunded to 2/1/13, 5.375%, 2/1/33	$	315	$	317,750

			$	317,750


General Obligations — 7.6%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	303,042
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35		325		162,994
New York, 5.00%, 2/15/34⁽¹⁾		4,000		4,742,680
New York City, 6.25%, 10/15/28		1,000		1,273,570

			$	6,482,286


Health Care – Miscellaneous — 1.5%
New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	1,095	$	1,095,164
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15		50		50,445
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15		100		100,890

			$	1,246,499


Hospital — 20.4%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	158,275


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40	$	960	$	1,146,893
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		975		977,155
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25		2,490		2,610,790
Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37		1,000		1,121,670
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33		2,000		2,055,500
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,153,090
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34		845		903,964
New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/36		750		806,970
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		1,250		1,389,300
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		415		469,685
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		835		936,745
Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19		1,195		1,196,804
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42		255		265,233
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32		650		698,236
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,250		1,464,287

			$	17,354,597


Housing — 14.7%
New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39	$	1,500	$	1,550,670
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40		2,620		2,772,772
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,089,010
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,802,739
New York Mortgage Agency, (AMT), 4.875%, 10/1/30		1,500		1,574,535
New York Mortgage Agency, (AMT), 4.90%, 10/1/37		1,680		1,750,963
New York Mortgage Agency, (AMT), 5.125%, 10/1/37		900		944,568

			$	12,485,257


Security	Principal Amount (000’s omitted)		Value


Industrial Development Revenue — 7.7%
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,125,430
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		1,000		1,249,080
Niagara Area Development Corp., (Covanta Energy), 5.25%, 11/1/42		1,350		1,378,836
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34		2,500		2,506,375
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		280		286,972

			$	6,546,693


Insured – Education — 6.5%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,618,413
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38⁽¹⁾		1,500		1,685,610
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33		5,365		2,207,590

			$	5,511,613


Insured – Electric Utilities — 2.0%
Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33	$	1,365	$	1,700,531

			$	1,700,531


Insured – Other Revenue — 3.6%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,325,991
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		1,730,104

			$	3,056,095


Insured – Special Tax Revenue — 3.2%
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34	$	4,440	$	1,275,923
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		8,785		789,332
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		4,080		697,843

			$	2,763,098


Insured – Transportation — 1.8%
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29	$	1,475	$	1,491,741

			$	1,491,741


		25		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Water and Sewer — 1.2%
Nassau County Industrial Development Agency, (New York Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	1,000	$	1,044,580

			$	1,044,580


Other Revenue — 8.2%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,410,053
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		380		446,686
New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31		1,415		1,689,411
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,193,530
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,223,540

			$	6,963,220


Senior Living / Life Care — 4.0%
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	1,450	$	1,451,450
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29		280		311,377
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42		120		129,878
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		1,029,573
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		232,068
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		233,666

			$	3,388,012


Special Tax Revenue — 18.6%
Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34	$	1,500	$	1,731,390
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾⁽²⁾		2,100		2,626,218
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,197,310
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		1,000		1,227,350
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		7,339,800


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue (continued)
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32	$	900	$	1,032,255
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		651,755

			$	15,806,078


Transportation — 10.5%
Metropolitan Transportation Authority, 5.00%, 11/15/37	$	790	$	892,092
New York Thruway Authority, 5.00%, 1/1/37		1,200		1,416,276
Port Authority of New York and New Jersey, 5.00%, 11/15/37⁽¹⁾		1,900		2,117,854
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,181,813
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		2,740		3,352,417

			$	8,960,452


Water and Sewer — 5.8%
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾⁽²⁾	$	3,105	$	3,846,132
Saratoga County Water Authority, 5.00%, 9/1/48		1,000		1,109,200

			$	4,955,332


Total Tax-Exempt Investments — 159.3% (identified cost $119,161,298)			$	135,440,390


Miscellaneous — 1.0%


Security	Units		Value

Real Estate — 1.0%
CMS Liquidating Trust ⁽³⁾⁽⁴⁾⁽⁵⁾		257	$	822,400


Total Miscellaneous — 1.0% (identified cost $822,400)			$	822,400


Total Investments — 160.3% (identified cost $119,983,698)			$	136,262,790


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (39.7)%			$	(33,725,252	)


Other Assets, Less Liabilities — (20.6)%			$	(17,536,636	)


Net Assets Applicable to Common Shares — 100.0%			$	85,000,902


		26		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2012

Portfolio of Investments — continued

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


AGC	–	Assured Guaranty Corp.
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.
FNMA	–	Federal National Mortgage Association
MFMR	–	Multi-Family Mortgage Revenue
NPFG	–	National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2012, 11.4% 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 2.2% to 3.5% of total investments.

⁽¹⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,827,350.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2012, the aggregate value of these securities is $822,400 or 1.0% of the Trust’s net assets applicable to common shares.

⁽⁴⁾	Non-income producing security.

⁽⁵⁾	For fair value measurement purposes, security is categorized as Level 3 (see Note 10).


		27		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2012

Portfolio of Investments


Tax-Exempt Investments — 148.7%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 9.2%
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25	$	550	$	581,207
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22		1,020		1,055,802
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 12/1/28		250		307,680
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30		250		306,935
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		1,245		1,631,610
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25		295		300,210

			$	4,183,444


Education — 19.0%
Miami University, 5.00%, 9/1/33	$	1,000	$	1,199,320
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		440		483,780
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		1,250		1,403,900
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,192,990
Ohio State University, 5.00%, 12/1/28		480		650,765
Ohio State University, 5.00%, 12/1/30		1,605		2,199,315
University of Cincinnati, 5.00%, 6/1/34		500		586,790
Wright State University, 5.00%, 5/1/31		750		867,195

			$	8,584,055


Electric Utilities — 2.5%
American Municipal Power, Inc., (AMP Fremont Energy Center), 5.00%, 2/15/32	$	470	$	546,972
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		584,120

			$	1,131,092


Escrowed / Prerefunded — 1.5%
Columbus, Prerefunded to 7/1/14, 5.00%, 7/1/23	$	500	$	537,280
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28		20		28,165
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30		70		99,716

			$	665,161


Security	Principal Amount (000’s omitted)		Value


General Obligations — 22.4%
Barberton City School District, 4.50%, 12/1/33	$	900	$	976,806
Beavercreek City School District, 5.00%, 12/1/30		1,750		2,084,512
Central Ohio Solid Waste Authority, 5.125%, 9/1/27		1,090		1,281,001
Columbus City School District, 5.00%, 12/1/29		1,000		1,209,290
Cuyahoga County, 4.00%, 12/1/37⁽¹⁾		500		541,445
Dayton, 4.00%, 12/1/30		500		546,315
Huber Heights City School District, 4.75%, 12/1/25		595		697,477
Maple Heights City School District, 5.00%, 1/15/37		1,000		1,124,230
Ohio, 4.50%, 2/1/32		400		469,312
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37		1,000		1,212,470

			$	10,142,858


Hospital — 14.9%
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31	$	500	$	566,050
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		800		899,024
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34		750		907,612
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		500		538,070
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		566,720
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		900,368
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		500		580,240
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		1,000		1,149,190
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		555		641,658

			$	6,748,932


Housing — 8.3%
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.625%, 9/1/27	$	825	$	866,077
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.75%, 3/1/37		95