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, 2011

Date of Reporting Period

Item 1. Reports to Stockholders


Eaton Vance Municipal Income Trusts Annual Report November 30, 2011

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

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

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, 2011

Eaton Vance

Municipal Income Trusts

Table of Contents


Management’s Discussion of Fund Performance			2

Performance and Fund Profile

California			4

Massachusetts			5

Michigan			6

New Jersey			7

New York			8

Ohio			9

Pennsylvania			10

Endnotes and Additional Disclosures			11

Financial Statements			12

Report of Independent Registered Public Accounting Firm			61

Federal Tax Information			62

Notice to Shareholders			63

Dividend Reinvestment Plan			64

Management and Organization			66

Important Notices			69

Eaton Vance

Municipal Income Trusts

November 30, 2011

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Early in the fiscal year, in the December 2010 through March 2011 timeframe, economic indicators seemed to show that a modest recovery was under way. But in the second quarter of 2011, Europe’s sovereign debt problems began to intensify, and investors worried about the potential impact on the U.S. economy and U.S. banks.

Meanwhile, unemployment remained stubbornly high, the housing market was not recovering, and Congressional wrangling over the debt ceiling led Standard & Poor’s to downgrade U.S. Treasuries. The potential for a double-dip recession began to look real. Reacting to this turmoil, the S&P 500 Index² fell more than 15% in just over two weeks during late July and early August and spent the rest of the period trying to claw its way back.

Against this backdrop, Treasury and municipal interest rates began to rise in the first part of the fiscal year, as people believed an economic recovery was well underway. When economic indicators began to suggest that the U.S. economy was not as strong as first perceived and European sovereign debt problems intensified, we saw a flight to safety beginning in the second quarter. Treasury prices rose and yields fell significantly as equity markets declined. Municipal bonds rallied as well, but not to the same degree, because investors were still concerned about the perceived ability of state and local governments to address historically large fiscal deficits and balance their budgets.

As the period wore on, however, several factors caused performance of municipals to improve. The massive municipal defaults predicted by high-profile market analysts did not materialize, while the budget situation for many issuers began to recover. In addition, the supply-demand equation for municipal bonds improved as the number of new issues declined dramatically from that of 2010.

With extremely low Treasury yields driven by problems in Europe and the Fed’s Operation Twist (central bank’s swapping its short-term holdings for longer-term Treasury bonds), municipals during the period offered significantly higher taxable-equivalent yields than Treasuries. The ratio of AAA⁶ municipal yields to Treasury yields — which historically has averaged less than 100% because municipal yields are federally tax-exempt — rose from 103.9% at the start of the period to 125.9% at period-end. The result was a pickup in municipal sales and prices as investors moved to lock in attractive municipal yields. For the one-year period as a whole, the Barclays Capital Municipal Bond Index — a broad measure of U.S. municipal bond performance — rose 6.53%.

Fund Performance

For the fiscal year ending November 30, 2011, the Massachusetts, Michigan, New York, and Ohio Trusts’ shares at net asset value (NAV) outperformed the 8.32% return of the Barclays Capital Long (22+) Municipal Bond Index (the Index), the Funds’ benchmark, while the California, New Jersey, and Pennsylvania Trusts’ shares underperformed the Index at NAV.

The Funds were hedged during the period to help mitigate the potential interest-rate risk associated with the Funds’ overall investment strategy. Generally speaking, the Funds’ overall strategy is to invest primarily in bonds at the longer end of the maturity spectrum in order to capture their typically higher yields and greater income payments. The Funds tend to hedge to various degrees against the greater potential risk of volatility at the long end of the curve by using Treasury futures and interest-rate swaps to provide downside protection. For the 12-month period ending November 30, 2011, this hedging strategy was a drag on performance, as the ratio of municipal yields to U.S. Treasury yields of similar maturities remained relatively high and actually increased during the period. Thus, the more a Fund was hedged, the more that hedging detracted from the Fund’s performance. Hedging was a detractor from performance of all Funds except the Michigan Trust, where the negative effect of hedging was less.

In contrast, leverage⁵ aided performance. The use of leverage has the effect of providing additional exposure to the municipal market. Leverage magnifies a Fund’s exposure to its underlying investments in both up and down markets. During this period of strong performance by municipal bonds, leverage was a key positive contributor to all of the Funds’ relative performance versus the benchmark.

An overweighting in long-maturity bonds (20 years or more), which outperformed short- and medium-maturity issues during the period, also helped performance of all Funds except the Michigan Trust.

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.

Eaton Vance

Municipal Income Trusts

November 30, 2011

Management’s Discussion of Fund Performance—continued

Eaton Vance California Municipal Income Trust’s shares at NAV had a total return of 7.99%, underperforming the 8.32% return of the Index. A key detractor was security selection in hospital bonds. Performance was helped, however, by security selection in the transportation sector and an overweighting in zero-coupon bonds.

Eaton Vance Massachusetts Municipal Income Trust’s shares at NAV had a total return of 8.49%, outperforming the 8.32% return of the Index. Security selection in generally high quality general obligation bonds was positive for performance, while underweighting transportation as well as water & sewer, two sectors that did well over the period, hurt results.

Eaton Vance Michigan Municipal Income Trust’s shares at NAV had a total return of 11.66%, outpacing the 8.32% return of the Index. Key drivers of performance included overweights in generally high quality local general obligation bonds, hospital bonds, and zero-coupon bonds, all of which did well during the period. Security selection in hospitals helped as well. But overweighting bonds with 10-20 year maturities, which performed well but not as strongly as longer-maturity issues, detracted from performance.

Eaton Vance New Jersey Municipal Income Trust’s shares at NAV returned 5.64%, trailing the 8.32% return of the Index. An underweighting in general obligation bonds, which outpaced the overall market, held back results. Contributors included an overweighting in zero-coupon bonds and security selection in industrial development bonds.

Eaton Vance New York Municipal Income Trust’s shares at NAV returned 9.06%, outperforming the 8.32% return of the Index. An overweighting in zero-coupon bonds and in 5.50% and 5.75% coupon bonds, which performed well during the period, aided performance. Security selection in the industrial development and transportation sectors, however, detracted from results.

Eaton Vance Ohio Municipal Income Trust’s shares at NAV returned 9.21%, outperforming the 8.32% return of the Index. An overweighting in generally high quality local government general obligation bonds contributed to results, while exposure to lower-quality industrial development revenue bonds and an underweighting in the strong-performing transportation sector detracted.

Eaton Vance Pennsylvania Municipal Income Trust’s shares at NAV had a total return of 6.53%, underperforming the 8.32% return of the Index. Key detractors included security selection in the water & sewer and the industrial development sectors. In contrast, security selection and an overweighting in education bonds, as well as an overweighting in zero-coupon bonds, aided results.

See Endnotes and Additional Disclosures in this report.

Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio Manager Cynthia J. Clemson

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		7.99	%		0.77	%		4.93	%
Fund at Market Price		—		11.04			3.14			5.30
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										2.91	%

Distributions⁴

Total Distributions per share for the period									$	0.886
Distribution Rate at NAV										7.14	%
Taxable-Equivalent Distribution Rate at NAV										12.25	%
Distribution Rate at Market Price										6.94	%
Taxable-Equivalent Distribution Rate at Market Price										11.90	%


% Total Leverage⁵

Auction Preferred Shares (APS)										31.83	%
Residual Interest Bond (RIB)										10.94

Fund Profile

Credit Quality (% of total investments)⁶

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



AAA	4.8	%	BBB	7.2	%
AA	52.8		BB	0.8
A	27.5		Not Rated	6.9

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		8.49	%		3.05	%		6.04	%
Fund at Market Price		—		13.45			5.95			6.46
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										6.01	%

Distributions⁴

Total Distributions per share for the period									$	0.906
Distribution Rate at NAV										6.49	%
Taxable-Equivalent Distribution Rate at NAV										10.54	%
Distribution Rate at Market Price										6.12	%
Taxable-Equivalent Distribution Rate at Market Price										9.94	%


% Total Leverage⁵

Auction Preferred Shares (APS)										31.67	%
Residual Interest Bond (RIB)										7.72

Fund Profile

Credit Quality (% of total investments)⁶



AAA	16.7	%	BBB	9.6	%
AA	37.2		BB	1.4
A	31.5		Not Rated	3.6

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		11.66	%		3.49	%		5.57	%
Fund at Market Price		—		10.60			3.84			5.96
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										-6.94	%

Distributions⁴

Total Distributions per share for the period									$	0.839
Distribution Rate at NAV										6.11	%
Taxable-Equivalent Distribution Rate at NAV										9.83	%
Distribution Rate at Market Price										6.57	%
Taxable-Equivalent Distribution Rate at Market Price										10.57	%


% Total Leverage⁵

Auction Preferred Shares (APS)										38.15	%

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio Manager Adam Weigold, CFA

Performance²^,3


% Average Annual Total Returns	Inception Date	1 Year			5 Years			10 Years

Fund at NAV	1/29/1999		5.64	%		1.93	%		5.85	%
Fund at Market Price	—		6.39			3.95			6.55
Barclays Capital Long (22+) Municipal Bond Index	—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

									2.69	%

Distributions⁴

Total Distributions per share for the period								$	0.923
Distribution Rate at NAV									6.90	%
Taxable-Equivalent Distribution Rate at NAV									11.66	%
Distribution Rate at Market Price									6.72	%
Taxable-Equivalent Distribution Rate at Market Price									11.36	%


% Total Leverage⁵

Auction Preferred Shares (APS)									32.26	%
Residual Interest Bond (RIB)									9.13

Fund Profile

Credit Quality (% of total investments)⁶



AAA	14.5	%	BB	3.0	%
AA	26.2		B	1.1
A	43.4		Not Rated	0.8
BBB	11.0

See Endnotes and Additional Disclosures in this report.

Eaton Vance

New York Municipal Income Trust

November 30, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		9.06	%		2.05	%		5.84	%
Fund at Market Price		—		8.18			3.34			6.12
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										1.01	%

Distributions⁴

Total Distributions per share for the period									$	0.910
Distribution Rate at NAV										6.84	%
Taxable-Equivalent Distribution Rate at NAV										11.56	%
Distribution Rate at Market Price										6.77	%
Taxable-Equivalent Distribution Rate at Market Price										11.44	%


% Total Leverage⁵

Auction Preferred Shares (APS)										26.58	%
Residual Interest Bond (RIB)										16.12

Fund Profile

Credit Quality (% of total investments)⁶



AAA	13.6	%	BBB	11.8	%
AA	38.0		BB	1.2
A	27.3		Not Rated	8.1

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		9.21	%		2.96	%		5.79	%
Fund at Market Price		—		6.25			4.26			6.04
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										-0.86	%

Distributions⁴

Total Distributions per share for the period									$	0.861
Distribution Rate at NAV										6.18	%
Taxable-Equivalent Distribution Rate at NAV										10.11	%
Distribution Rate at Market Price										6.24	%
Taxable-Equivalent Distribution Rate at Market Price										10.20	%


% Total Leverage⁵

Auction Preferred Shares (APS)										36.33	%
Residual Interest Bond (RIB)										2.33

Fund Profile

Credit Quality (% of total investments)⁶

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio Manager Adam Weigold, CFA

Performance²^,3


% Average Annual Total Returns	Inception Date		1 Year			5 Years			10 Years

Fund at NAV		1/29/1999		6.53	%		2.99	%		5.62	%
Fund at Market Price		—		13.15			4.92			7.05
Barclays Capital Long (22+) Municipal Bond Index		—		8.32	%		3.61	%		5.34	%


% Premium/Discount to NAV

										3.02	%

Distributions⁴

Total Distributions per share for the period									$	0.867
Distribution Rate at NAV										6.54	%
Taxable-Equivalent Distribution Rate at NAV										10.38	%
Distribution Rate at Market Price										6.35	%
Taxable-Equivalent Distribution Rate at Market Price										10.08	%


% Total Leverage⁵

Auction Preferred Shares (APS)										35.99	%
Residual Interest Bond (RIB)										2.80

Fund Profile

Credit Quality (% of total investments)⁶



AAA	3.8	%	CC	0.6	%
AA	47.7		C	0.1
A	35.6		Not Rated	6.9
BBB	5.3

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Municipal Income Trusts

November 30, 2011

Endnotes and Additional Disclosures

¹		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.

²		S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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 tax-exempt income, ordinary income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The distribution declared on December 30, 2011 reflects a reduction of the monthly distribution for Massachusetts Municipal Income Trust, Michigan Municipal Income Trust and New Jersey 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.

Fund profile subject to change due to active management.

Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 164.1%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 18.6%

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	3,135	$	3,264,789
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31		195		208,867
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		344,487
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		762,157
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29		2,625		2,520,052
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		1,879,328
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		260,042
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		2,490		2,676,725
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		427,824
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		288,850
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		877,570
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		908,880
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		951,850
University of California, 5.25%, 5/15/39		1,250		1,331,213


			$	16,702,634




Electric Utilities — 13.4%

Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	297,478
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,275		2,350,576
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,341,907
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,654,095
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,335		1,445,364
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,795		1,926,933
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		710,124
Vernon, Electric System Revenue, 5.125%, 8/1/21		1,300		1,296,477


			$	12,022,954




Escrowed / Prerefunded — 0.0%⁽¹⁾

California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38	$	25	$	32,813


			$	32,813




General Obligations — 14.3%

California, 5.50%, 11/1/35	$	1,600	$	1,691,728
California, 6.00%, 4/1/38		750		830,190
California, (AMT), 5.05%, 12/1/36		1,590		1,564,481
California Department of Veterans Affairs, (AMT), 5.00%, 12/1/27		1,500		1,516,185
Palo Alto, (Election of 2008), 5.00%, 8/1/40⁽²⁾		3,655		3,891,405
Santa Clara County, (Election of 2008), 5.00%, 8/1/39⁽³⁾⁽⁴⁾		3,180		3,367,620


			$	12,861,609




Hospital — 16.8%

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,041,950
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		196,673
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		1,000		1,034,990
California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38		1,475		1,666,735
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		640		634,374
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		445		439,064
California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32		1,565		1,572,778
California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29		1,700		1,700,272
California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28		1,500		1,508,100
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31		1,900		1,903,952
Washington Township Health Care District, 5.00%, 7/1/32		2,780		2,701,549
Washington Township Health Care District, 5.25%, 7/1/29		700		699,944


			$	15,100,381

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Housing — 1.1%

Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	$	682	$	650,274
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29		402		376,678


			$	1,026,952




Industrial Development Revenue — 3.5%

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23	$	1,235	$	1,268,975
California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46		2,000		1,835,580


			$	3,104,555




Insured – Education — 7.1%

California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35	$	2,660	$	2,750,041
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		1,250		1,468,225
California State University, (AMBAC), 5.00%, 11/1/33		2,140		2,159,538


			$	6,377,804




Insured – Electric Utilities — 3.3%

Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$	2,790	$	2,932,485


			$	2,932,485




Insured – Escrowed / Prerefunded — 3.5%

Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	3,179,574


			$	3,179,574




Insured – General Obligations — 5.6%

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34	$	6,485	$	1,625,401
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35		4,825		1,135,419
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25		4,720		2,240,159


			$	5,000,979




Insured – Hospital — 13.9%

California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37	$	2,900	$	2,934,162
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽⁴⁾		750		752,648
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27⁽⁴⁾		3,735		3,738,660
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38⁽⁴⁾		5,000		5,051,000


			$	12,476,470




Insured – Lease Revenue / Certificates of Participation — 11.6%

Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17	$	5,410	$	4,287,100
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		2,000		2,550,460
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽⁴⁾		3,500		3,629,080


			$	10,466,640




Insured – Special Tax Revenue — 2.5%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	21,285	$	1,362,240
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		7,615		908,622


			$	2,270,862




Insured – Transportation — 9.2%

Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	1,607,350
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		1,273,770
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽⁴⁾		740		743,848
San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32		10,000		1,905,400
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		1,320		1,324,435
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		1,350		1,416,137


			$	8,270,940

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Water and Sewer — 4.1%

East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32⁽⁴⁾	$	2,000	$	2,135,040
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		1,830		1,566,681


			$	3,701,721




Other Revenue — 2.0%

California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	388,234
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37		315		309,821
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37		980		611,706
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		640		452,442


			$	1,762,203




Senior Living / Life Care — 1.9%

ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	289,484
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26		175		158,002
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36		700		581,049
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41		600		643,554


			$	1,672,089




Special Tax Revenue — 15.4%

Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$	1,000	$	986,340
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		285		240,477
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		352,981
Corona Public Financing Authority, 5.80%, 9/1/20		970		971,222
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27		200		188,530
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36		500		441,175
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,591,081
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24		420		420,382
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29		750		750,217
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18		1,495		1,510,832
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24		900		906,885
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,645,280
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21		250		250,838
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		490		490,652
Temecula Unified School District, 5.00%, 9/1/27		250		235,663
Temecula Unified School District, 5.00%, 9/1/37		400		351,636
Tustin Community Facilities District, 6.00%, 9/1/37		500		497,995
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		1,000		1,001,100


			$	13,833,286




Transportation — 12.1%

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31	$	2,000	$	2,103,680
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29		1,000		1,087,020
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽³⁾⁽⁴⁾		2,120		2,234,247
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,586,160
Port of Redwood City, (AMT), 5.125%, 6/1/30		1,170		1,060,160
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		2,829,469


			$	10,900,736

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Water and Sewer — 4.2%

California Department of Water Resources, 5.00%, 12/1/29	$	1,840	$	1,988,727
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,795,302


			$	3,784,029



Total Tax-Exempt Investments — 164.1%
(identified cost $146,937,929)			$	147,481,716




Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.6)%			$	(49,976,571	)



Other Assets, Less Liabilities — (8.5)%			$	(7,643,439	)



Net Assets Applicable to Common Shares — 100.0%			$	89,861,706

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, 2011, 37.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 15.3% of total investments.


⁽¹⁾		Amount is less than 0.05%

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

⁽³⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,626,867.

⁽⁴⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 153.6%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 6.1%

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,118,144
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,212,790


			$	2,330,934




Education — 29.0%

Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33	$	600	$	604,908
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,146,323
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38		895		891,142
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		1,500		1,524,555
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		1,966,163
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38⁽¹⁾		1,500		1,620,570
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38		415		442,162
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,389,258
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38		1,420		1,548,794


			$	11,133,875




Electric Utilities — 2.7%

Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30	$	1,000	$	1,016,600


			$	1,016,600




Escrowed / Prerefunded — 1.1%

Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32	$	400	$	427,028


			$	427,028




General Obligations — 13.6%

Boston, 4.00%, 4/1/24	$	300	$	325,278
Cambridge, 4.00%, 2/15/21		595		690,432
Danvers, 5.25%, 7/1/36		885		974,925
Newton, 5.00%, 4/1/36⁽²⁾		750		811,350
Plymouth, 5.00%, 5/1/31		345		375,943
Plymouth, 5.00%, 5/1/32		315		342,216
Wayland, 5.00%, 2/1/33		510		564,269
Wayland, 5.00%, 2/1/36		770		846,253
Winchester, 5.00%, 4/15/36		245		269,721


			$	5,200,387




Hospital — 25.8%

Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32	$	600	$	666,330
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		370		375,905
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,253,899
Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31		400		402,192
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		520,025
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,154,783
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31		885		894,222
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33		755		757,937
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		877,724
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32⁽¹⁾		2,000		2,046,360
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		675		675,182
Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38		290		272,794


			$	9,897,353

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Housing — 6.7%

Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$	2,100	$	1,928,115
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28		650		654,251


			$	2,582,366




Industrial Development Revenue — 1.5%

Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15	$	575	$	576,029


			$	576,029




Insured – Education — 10.3%

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,182,010
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾		1,365		1,611,437
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		1,165		1,171,536


			$	3,964,983




Insured – Electric Utilities — 1.6%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	570	$	601,948


			$	601,948




Insured – General Obligations — 3.2%

Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,231,100


			$	1,231,100




Insured – Hospital — 0.9%

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	335	$	348,685


			$	348,685




Insured – Other Revenue — 2.0%

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	705	$	773,336


			$	773,336




Insured – Special Tax Revenue — 12.5%

Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	1,450	$	1,487,932
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		1,000		1,118,930
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽¹⁾		1,340		1,394,860
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		7,595		486,080
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,735		326,340


			$	4,814,142




Insured – Student Loan — 5.7%

Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	405	$	431,507
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		1,885		1,749,337


			$	2,180,844




Insured – Transportation — 3.4%

Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	312,389
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38		1,010		981,740


			$	1,294,129




Nursing Home — 1.3%

Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29	$	535	$	514,970


			$	514,970




Other Revenue — 2.9%

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	500	$	563,195
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25		505		548,778


			$	1,111,973

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Senior Living / Life Care — 5.8%

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31	$	250	$	222,008
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29		1,500		1,429,920
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30		125		127,336
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27		140		112,616
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41		475		344,612


			$	2,236,492




Special Tax Revenue — 7.9%

Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$	140	$	150,669
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		1,665		662,570
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		5,195		1,778,404
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		75		69,331
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		335		359,244


			$	3,020,218




Transportation — 7.3%

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,552,875
Massachusetts Port Authority, 5.00%, 7/1/28		500		547,235
Massachusetts Port Authority, 5.00%, 7/1/34		670		703,594


			$	2,803,704




Water and Sewer — 2.3%

Massachusetts Water Resources Authority, 4.00%, 8/1/46	$	960	$	886,848


			$	886,848



Total Tax-Exempt Investments — 153.6%
(identified cost $57,244,089)			$	58,947,944




Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.2)%			$	(20,050,234	)



Other Assets, Less Liabilities — (1.4)%			$	(525,316	)



Net Assets Applicable to Common Shares — 100.0%			$	38,372,394

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, 2011, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 14.8% 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 to cover margin requirements on open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 151.5%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 2.3%

Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29⁽¹⁾	$	600	$	652,824


			$	652,824




Education — 10.0%

Grand Valley State University, 5.625%, 12/1/29	$	525	$	563,456
Grand Valley State University, 5.75%, 12/1/34		525		558,574
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35		200		200,470
Michigan State University, 5.00%, 2/15/40		1,000		1,048,270
Michigan State University, 5.00%, 2/15/44		460		477,687


			$	2,848,457




Electric Utilities — 1.9%

Lansing Board of Water and Light, 5.50%, 7/1/41	$	500	$	548,150


			$	548,150




Escrowed / Prerefunded — 8.9%

Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34	$	560	$	619,164
Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27		1,250		1,285,263
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31		600		623,712


			$	2,528,139




General Obligations — 26.1%

Ann Arbor School District, 4.50%, 5/1/24	$	350	$	364,133
Charter County of Wayne, 6.75%, 11/1/39		490		529,719
Comstock Park Public Schools, 5.00%, 5/1/28		230		244,460
Comstock Park Public Schools, 5.125%, 5/1/31		275		289,471
Comstock Park Public Schools, 5.25%, 5/1/33		220		231,081
East Grand Rapids Public School District, 5.00%, 5/1/25		500		507,490
Jenison Public Schools, 5.00%, 5/1/28		500		524,685
Jenison Public Schools, 5.00%, 5/1/30		500		519,590
Kent County, 5.00%, 1/1/25		1,500		1,639,590
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,059,720
Michigan, 5.00%, 11/1/20		1,000		1,186,700
Michigan, 5.50%, 11/1/25		270		306,426


			$	7,403,065




Hospital — 26.1%

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25	$	185	$	165,864
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37		125		106,969
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		275		310,046
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18		410		410,303
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		675		657,916
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		1,000		978,510
Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35		1,080		1,081,534
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21		750		750,577
Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39		500		526,685
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		1,000		1,057,540
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26		425		417,239
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		952,830


			$	7,416,013




Housing — 1.8%

Michigan Housing Development Authority, 4.60%, 12/1/26	$	500	$	516,015


			$	516,015




Industrial Development Revenue — 4.9%

Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	539,145
Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16		800		813,616
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26⁽²⁾		125		23,781


			$	1,376,542

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Education — 5.8%

Ferris State University, (AGC), 5.125%, 10/1/33	$	570	$	594,989
Ferris State University, (AGC), 5.25%, 10/1/38		500		519,590
Wayne State University, (AGM), 5.00%, 11/15/35		500		516,745


			$	1,631,324




Insured – Electric Utilities — 5.7%

Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	400	$	401,652
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		220		228,630
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		500		513,020
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		435		459,382


			$	1,602,684




Insured – General Obligations — 18.8%

Battle Creek School District, (AGM), 5.00%, 5/1/37	$	1,105	$	1,131,001
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		650		625,059
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		290		282,994
Detroit School District, (AGM), 5.25%, 5/1/32		300		303,561
Detroit School District, (FGIC), 4.75%, 5/1/28		650		643,760
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,072,510
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38		1,250		1,281,312


			$	5,340,197




Insured – Hospital — 3.4%

Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35	$	985	$	977,672


			$	977,672




Insured – Lease Revenue / Certificates of Participation — 6.7%

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	1,000	$	390,870
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30		4,300		1,509,730


			$	1,900,600




Insured – Special Tax Revenue — 2.1%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	5,160	$	330,240
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,210		263,697


			$	593,937




Insured – Student Loan — 3.4%

Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31	$	1,000	$	964,570


			$	964,570




Insured – Transportation — 3.6%

Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,006,950


			$	1,006,950




Insured – Water and Sewer — 11.5%

Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$	560	$	561,910
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30		1,650		1,650,099
Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39		1,000		1,054,940


			$	3,266,949




Other Revenue — 1.2%

Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48	$	500	$	352,765


			$	352,765




Special Tax Revenue — 1.3%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	115	$	117,149
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		125		126,960
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		117,961


			$	362,070

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Water and Sewer — 6.0%

Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28	$	790	$	898,680
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30		500		544,850
Port Huron, Water Supply System, 5.25%, 10/1/31		250		255,280


			$	1,698,810



Total Tax-Exempt Investments — 151.5%
(identified cost $42,740,065)			$	42,987,733




Auction Preferred Shares Plus Cumulative Unpaid Dividends — (61.7)%			$	(17,500,659	)



Other Assets, Less Liabilities — 10.2%			$	2,879,256



Net Assets Applicable to Common Shares — 100.0%			$	28,366,330

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, 2011, 40.2% 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 0.9% to 13.0% of total investments.


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

⁽²⁾		Defaulted bond.

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 160.1%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 1.2%

New Jersey Environmental Infrastructure Trust, 4.00%, 9/1/23	$	650	$	707,603


			$	707,603




Education — 20.1%

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27	$	250	$	253,330
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33		250		243,075
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37		220		220,886
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,650		1,770,813
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38⁽¹⁾		3,500		3,609,550
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27		1,650		1,671,978
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32		965		1,127,873
Rutgers State University, 5.00%, 5/1/39⁽¹⁾		3,150		3,324,510


			$	12,222,015




Electric Utilities — 4.2%

Puerto Rico Electric Power Authority, 5.25%, 7/1/25	$	1,000	$	1,059,830
Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31		1,500		1,516,665


			$	2,576,495




General Obligations — 9.2%

Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/28⁽²⁾	$	1,850	$	2,085,894
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/30		1,795		1,997,027
West Morris Regional High School District, 4.50%, 5/1/23		640		738,227
West Morris Regional High School District, 4.50%, 5/1/24		705		798,934


			$	5,620,082




Hospital — 21.3%

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	90	$	78,188
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34		1,415		1,365,871
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		2,305		2,354,811
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		2,095		2,106,564
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39		915		924,177
New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31		1,525		1,524,909
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31		1,000		1,027,740
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		2,440		2,398,105
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,137,490


			$	12,917,855




Housing — 3.8%

New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	680	$	667,481
New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		1,640		1,643,920


			$	2,311,401




Industrial Development Revenue — 12.1%

Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32	$	500	$	501,275
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34		540		546,966
New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47		1,070		1,043,945
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		215		203,510
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, to 6/1/13 (Put Date), 6/1/33		750		769,013
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		238,700

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Industrial Development Revenue (continued)


New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39	$	2,235	$	2,348,091
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22		2,080		1,681,202


			$	7,332,702




Insured – Education — 1.2%

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28	$	825	$	717,907


			$	717,907




Insured – Gas Utilities — 7.8%

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90%, to 10/1/25 (Put Date), 10/1/40	$	4,575	$	4,742,079


			$	4,742,079




Insured – General Obligations — 4.1%

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,015	$	1,077,463
Lakewood Township, (AGC), 5.75%, 11/1/31		1,240		1,395,335


			$	2,472,798




Insured – Hospital — 5.3%

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾	$	750	$	768,990
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38		500		505,430
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾		500		505,430
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,380		1,440,306


			$	3,220,156




Insured – Housing — 5.6%

New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34	$	3,390	$	3,390,101


			$	3,390,101




Insured – Lease Revenue / Certificates of Participation — 4.5%

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34	$	1,500	$	1,602,225
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28		1,000		1,129,980


			$	2,732,205




Insured – Special Tax Revenue — 11.5%

Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,550	$	3,010,986
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		2,035,104
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		895,890
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		7,185		459,840
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		4,965		592,424


			$	6,994,244




Insured – Student Loan — 3.8%

New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30⁽³⁾	$	2,225	$	2,322,989


			$	2,322,989




Insured – Transportation — 0.6%

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33	$	315	$	344,667


			$	344,667




Insured – Water and Sewer — 3.3%

New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$	1,940	$	2,003,147


			$	2,003,147




Lease Revenue / Certificates of Participation — 5.4%

New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	1,500	$	1,573,680
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,700		1,730,634


			$	3,304,314

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Other Revenue — 5.6%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	7,200	$	332,136
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		13,280		327,352
New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48		2,040		2,145,549
Tobacco Settlement Financing Corp., 5.00%, 6/1/41		900		624,231


			$	3,429,268




Senior Living / Life Care — 3.1%

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	467,111
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		762,385
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36		815		672,644


			$	1,902,140




Special Tax Revenue — 2.2%

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	96,620
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		161,765
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37		500		530,305
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		500		536,185


			$	1,324,875




Student Loan — 4.1%

New Jersey Higher Education Student Assistance Authority, (AMT), 1.276%, 6/1/36^(1)(4)(5)	$	2,500	$	2,463,025


			$	2,463,025




Transportation — 20.1%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,098,096
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,109,225
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31⁽⁶⁾		1,850		2,007,879
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		274,893
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		587,452
New Jersey Turnpike Authority, 5.25%, 1/1/40		3,600		3,778,812
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		1,995		2,150,450
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33		1,175		1,182,156


			$	12,188,963



Total Tax-Exempt Investments — 160.1%
(identified cost $95,027,586)			$	97,241,031




Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.0)%			$	(33,426,048	)



Other Assets, Less Liabilities — (5.1)%			$	(3,080,505	)



Net Assets Applicable to Common Shares — 100.0%			$	60,734,478

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, 2011, 29.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 10.2% 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 to cover margin requirements on open financial futures contracts.

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

⁽⁴⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $463,025.

⁽⁵⁾		Variable rate security. The stated interest rate represents the rate in effect at November 30, 2011.

⁽⁶⁾		When-issued security.

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 166.8%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 6.3%

New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,842,502
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37⁽¹⁾		2,535		2,702,893


			$	4,545,395




Cogeneration — 1.5%

Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,150	$	1,117,168


			$	1,117,168




Education — 26.1%

Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33	$	315	$	325,883
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,582,514
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39		325		342,716
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		551,417
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38⁽²⁾		1,000		1,073,220
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		799,697
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		543,242
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,124,980
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,077,530
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33		2,250		2,477,430
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,659,575
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		353,220
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		435,980
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,495		1,501,787
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		2,000		2,111,160
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		285,129
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		746,069


			$	18,991,549




Electric Utilities — 4.5%

Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33⁽³⁾	$	1,420	$	1,595,384
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27		1,645		1,672,176


			$	3,267,560




General Obligations — 18.1%

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	212,454
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35		325		111,082
New York, 5.00%, 2/15/34⁽¹⁾		4,000		4,345,480
New York City, 5.25%, 9/15/33⁽¹⁾		6,000		6,303,300
New York City, 6.25%, 10/15/28		1,000		1,175,710
Westchester County, 4.00%, 7/1/19		850		992,868


			$	13,140,894




Health Care – Miscellaneous — 2.8%

New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	1,115	$	945,788
New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22		1,200		945,756
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15		50		50,570
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15		100		101,140


			$	2,043,254




Hospital — 22.6%

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	135,948
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		985,114
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		1,070		1,037,600
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25		2,490		2,513,580

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Hospital (continued)


New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33	$	2,000	$	2,004,920
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,031,290
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34		845		847,341
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		1,250		1,272,675
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		415		416,216
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		835		835,701
Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19		1,195		1,194,928
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32		650		651,157
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/28⁽⁴⁾		1,250		1,272,337
Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22		2,105		2,215,976


			$	16,414,783




Housing — 16.7%

New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39	$	1,500	$	1,497,705
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40		2,620		2,641,406
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,017,780
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,671,016
New York Mortgage Agency, (AMT), 4.875%, 10/1/30		1,500		1,496,235
New York Mortgage Agency, (AMT), 4.90%, 10/1/37		1,850		1,821,880
New York Mortgage Agency, (AMT), 5.125%, 10/1/37		1,000		1,006,890


			$	12,152,912




Industrial Development Revenue — 6.8%

Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,063,210
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		1,000		1,011,500
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34		2,500		2,503,025
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		360		363,888


			$	4,941,623




Insured – Education — 6.5%

New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,296,237
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38⁽¹⁾		1,500		1,579,395
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33		5,365		1,880,111


			$	4,755,743




Insured – Electric Utilities — 2.1%

Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33	$	1,365	$	1,526,998


			$	1,526,998




Insured – Escrowed / Prerefunded — 1.8%

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26	$	855	$	546,277
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27		1,280		778,611


			$	1,324,888




Insured – Lease Revenue / Certificates of Participation — 2.9%

Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	2,350	$	2,122,073


			$	2,122,073




Insured – Other Revenue — 2.9%

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	917,603
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		1,185,629


			$	2,103,232

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Special Tax Revenue — 4.7%

New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45	$	525	$	498,309
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34		4,440		963,347
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		19,745		1,263,680
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		6,110		729,045


			$	3,454,381




Insured – Transportation — 2.0%

Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29	$	1,475	$	1,432,299


			$	1,432,299




Insured – Water and Sewer — 1.3%

Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	1,000	$	966,770


			$	966,770




Other Revenue — 6.6%

Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26	$	1,285	$	758,972
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31		3,120		1,014,936
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		380		395,793
New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31		1,415		1,509,734
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,093,490


			$	4,772,925




Senior Living / Life Care — 3.1%

Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	1,450	$	1,323,096
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		912,819


			$	2,235,915




Special Tax Revenue — 10.5%

Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34	$	1,500	$	1,578,885
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾⁽⁵⁾		2,100		2,348,493
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,068,500
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		1,000		1,067,560
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32		900		949,734
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		584,442


			$	7,597,614




Transportation — 10.8%

Metropolitan Transportation Authority, 5.00%, 11/15/37	$	790	$	799,512
Port Authority of New York and New Jersey, 5.00%, 11/15/37⁽¹⁾		1,900		1,989,034
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33		955		963,805
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,067,141
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34		10		10,901
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		2,740		2,987,011


			$	7,817,404




Water and Sewer — 6.2%

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾	$	3,105	$	3,488,064
Saratoga County Water Authority, 5.00%, 9/1/48		1,000		1,036,670


			$	4,524,734



Total Tax-Exempt Investments — 166.8%
(identified cost $117,989,587)			$	121,250,114



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (46.4)%			$	(33,726,273	)



Other Assets, Less Liabilities — (20.4)%			$	(14,845,636	)



Net Assets — 100.0%			$	72,678,205

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2011

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, 2011, 14.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.7% to 6.2% 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 to cover margin requirements on open financial futures contracts.

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

⁽⁴⁾		When-issued security.

⁽⁵⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $773,493.

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 151.2%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 12.4%

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25	$	550	$	565,955
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22		1,020		1,058,770
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28		250		276,438
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30		250		272,245
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32		1,245		1,332,399
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25		295		263,724
Toledo-Lucas County Port Authority, 5.40%, 5/15/19		1,100		1,008,018


			$	4,777,549




Education — 17.1%

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44	$	440	$	446,890
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		1,250		1,291,363
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,049,400
Ohio State University, 5.00%, 12/1/28		500		572,945
Ohio State University, 5.00%, 12/1/30		1,675		1,912,147
University of Cincinnati, 5.00%, 6/1/34		500		518,525
Wright State University, 5.00%, 5/1/31		750		777,630


			$	6,568,900




Electric Utilities — 1.9%

Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$	195	$	195,045
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		526,445


			$	721,490




General Obligations — 21.8%

Barberton City School District, 4.50%, 12/1/33	$	900	$	893,169
Beavercreek City School District, 5.00%, 12/1/30		1,750		1,877,120
Central Ohio Solid Waste Authority, 5.125%, 9/1/27		1,090		1,179,631
Columbus, 5.00%, 7/1/23⁽¹⁾		500		545,620
Columbus City School District, 5.00%, 12/1/29		1,000		1,100,610
Huber Heights City School District, 4.75%, 12/1/25		595		642,552
Maple Heights City School District, 5.00%, 1/15/37		1,000		1,035,800
Symmes Township, Hamilton County, (Parkland Acquisition & Improvement), 5.25%, 12/1/37		1,000		1,104,460


			$	8,378,962




Hospital — 14.0%

Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31	$	500	$	503,080
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		800		812,776
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34		750		802,942
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		500		507,220
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		500		528,155
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		1,000		1,043,110
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		595		593,733
Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46		285		258,501
Richland County, (MedCentral Health Systems), 6.375%, 11/15/22		330		332,280


			$	5,381,797




Housing — 10.8%

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27	$	950	$	926,069
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37		425		411,307
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31		295		296,227
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48		2,500		2,501,200


			$	4,134,803




Industrial Development Revenue — 7.7%

Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	480,058
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38		2,250		2,251,665

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Industrial Development Revenue (continued)


Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15	$	225	$	229,399


			$	2,961,122




Insured – Education — 13.0%

Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	794,453
Kent State University, (AGC), 5.00%, 5/1/26		1,000		1,075,250
Kent State University, (AGC), 5.00%, 5/1/29		465		489,547
Miami University, (AMBAC), 3.25%, 9/1/26		635		585,299
University of Akron, Series A, (AGM), 5.00%, 1/1/38		1,500		1,541,490
University of Akron, Series B, (AGM), 5.00%, 1/1/38		500		513,565


			$	4,999,604




Insured – Electric Utilities — 12.6%

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39	$	1,000	$	1,084,150
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		710		324,101
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38		2,000		465,780
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		830		440,348
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		1,488,270
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		210		218,238
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		250		256,510
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		500		542,285


			$	4,819,682




Insured – General Obligations — 17.8%

Brookfield Local School District, (AGM), 5.00%, 1/15/30	$	200	$	209,158
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36		500		529,180
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30		2,455		943,874
Cincinnati School District, (FGIC), (NPFG), 5.25%, 12/1/30		1,000		1,144,330
Madeira City School District, (AGM), 3.50%, 12/1/27		1,500		1,419,645
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36		1,750		1,826,492
St. Marys City School District, (AGM), 5.00%, 12/1/35		750		771,150


			$	6,843,829




Insured – Hospital — 5.9%

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32	$	280	$	262,111
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28		1,500		1,454,565
Lorain County, (Catholic Healthcare Partners), (AGM), 17.943%, 2/1/29^(2)(3)(4)		485		537,011


			$	2,253,687




Insured – Lease Revenue / Certificates of Participation — 1.1%

Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33	$	500	$	407,085


			$	407,085




Insured – Special Tax Revenue — 2.6%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	9,905	$	633,920
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		3,040		362,733


			$	996,653




Insured – Transportation — 6.2%

Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24	$	1,000	$	1,192,870
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26		1,000		1,204,240


			$	2,397,110




Lease Revenue / Certificates of Participation — 1.4%

Franklin County Convention Facilities Authority, 5.00%, 12/1/27	$	500	$	535,675


			$	535,675




Other Revenue — 3.7%

Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47	$	710	$	497,206
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27		1,000		922,330


			$	1,419,536

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Special Tax Revenue — 1.2%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	155	$	157,897
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		170		172,665
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		117,961


			$	448,523



Total Tax-Exempt Investments — 151.2%
(identified cost $56,752,375)			$	58,046,007



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.2)%			$	(22,725,125	)



Other Assets, Less Liabilities — 8.0%			$	3,057,738



Net Assets Applicable to Common Shares — 100.0%			$	38,378,620

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.

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 39.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.8% to 17.7% of total investments.


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

⁽²⁾		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, 2011, the aggregate value of these securities is $537,011 or 1.4% of the Trust’s net assets applicable to common shares.

⁽³⁾		Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the


		agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

⁽⁴⁾		Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at November 30, 2011.

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio of Investments


Tax-Exempt Investments — 159.5%

	Principal
	Amount
Security	(000’s omitted)		Value



Cogeneration — 2.0%

Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13⁽¹⁾	$	100	$	56,250
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19⁽¹⁾		500		283,520
Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15		375		368,992


			$	708,762




Education — 18.0%

Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31	$	1,050	$	1,121,705
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39		500		530,580
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39		1,200		1,251,336
Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39		500		519,370
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40		440		444,237
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40		625		647,831
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31		750		802,388
University of Pittsburgh, 5.25%, 9/15/29		500		557,930
Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30		575		607,608


			$	6,482,985




Electric Utilities — 1.7%

York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20	$	600	$	608,100


			$	608,100




Escrowed / Prerefunded — 3.2%

Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27	$	600	$	634,128
Washington County Hospital Authority, (Monongahela Hospital), Prerefunded to 6/1/12, 5.50%, 6/1/17		500		518,280


			$	1,152,408




General Obligations — 10.4%

Chester County, 5.00%, 7/15/27⁽²⁾	$	500	$	564,600
Daniel Boone Area School District, 5.00%, 8/15/32		1,000		1,041,830
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32		1,000		1,056,570
Philadelphia School District, 6.00%, 9/1/38		1,000		1,083,710


			$	3,746,710




Hospital — 21.8%

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34	$	500	$	523,765
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40		750		763,703
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29		750		781,447
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32		1,215		1,235,363
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39		750		753,383
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43		1,500		1,467,315
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33		250		251,265
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26⁽³⁾		1,000		1,128,820
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31		675		693,488
South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29		250		250,580


			$	7,849,129




Housing — 16.9%

Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37	$	435	$	433,408
Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35		1,115		1,122,638
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37		840		835,590
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25		500		503,710
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26		885		890,628
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31		500		499,970

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Housing (continued)


Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37	$	970	$	970,776
Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37		830		834,092


			$	6,090,812




Industrial Development Revenue — 8.1%

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39	$	200	$	209,958
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42		750		757,650
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39		250		278,020
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31		1,000		1,112,510
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27		500		504,105
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26⁽¹⁾		315		59,929


			$	2,922,172




Insured – Education — 12.9%

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37	$	500	$	519,860
Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32		1,675		1,673,877
Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37		1,115		1,145,105
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29		375		393,964
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32		875		905,415


			$	4,638,221




Insured – Escrowed / Prerefunded — 9.2%

Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27	$	1,600	$	1,615,936
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19		2,000		1,691,780


			$	3,307,716




Insured – General Obligations — 3.8%

Beaver County, (AGM), 5.55%, 11/15/31	$	500	$	535,490
Bethlehem Area School District, (AGM), 5.25%, 1/15/25		750		819,075


			$	1,354,565




Insured – Hospital — 11.2%

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$	304,188
Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26		355		355,096
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35		1,440		1,457,611
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28		1,900		1,898,936


			$	4,015,831




Insured – Lease Revenue / Certificates of Participation — 4.9%

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31	$	500	$	526,010
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27		1,195		1,248,118


			$	1,774,128




Insured – Special Tax Revenue — 2.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	9,870	$	631,680
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		3,050		363,926


			$	995,606




Insured – Transportation — 9.2%

Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27	$	500	$	508,820
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29		1,005		1,005,633
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽³⁾		1,800		1,809,360


			$	3,323,813

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio of Investments — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Water and Sewer — 3.9%

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35	$	500	$	522,670
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36		525		527,478
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31		360		361,962


			$	1,412,110




Senior Living / Life Care — 2.6%

Cliff House Trust, (AMT), 6.625%, 6/1/27⁽¹⁾	$	1,000	$	530,290
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24		200		201,040
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30		200		193,566


			$	924,896




Special Tax Revenue — 0.3%

Virgin Islands Public Finance Authority, 6.75%, 10/1/37	$	110	$	117,961


			$	117,961




Transportation — 11.2%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	465	$	481,712
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		285		292,712
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31		270		271,836
Pennsylvania Turnpike Commission, 5.25%, 6/1/39		1,000		1,017,040
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30		1,430		1,176,318
Pennsylvania Turnpike Commission, 5.625%, 6/1/29		750		801,690


			$	4,041,308




Utilities — 1.6%

Philadelphia Gas Works, 5.25%, 8/1/40	$	600	$	589,050


			$	589,050




Water and Sewer — 3.8%

Harrisburg Water Authority, 5.25%, 7/15/31	$	750	$	604,890
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36		750		771,765


			$	1,376,655



Total Tax-Exempt Investments — 159.5%
(identified cost $56,716,086)			$	57,432,938



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.8)%			$	(21,175,248	)



Other Assets, Less Liabilities — (0.7)%			$	(246,701	)



Net Assets Applicable to Common Shares — 100.0%			$	36,010,989

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.
CIFG		- CIFG Assurance North America, Inc.
FGIC		- Financial Guaranty Insurance Company
NPFG		- National Public Finance Guaranty Corp.
SFMR		- Single Family Mortgage Revenue

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 36.3% 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 3.2% to 12.5% of total investments.


⁽¹⁾		Defaulted bond.

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

⁽³⁾		Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2011

Statements of Assets and Liabilities


	November 30, 2011

Assets	California Trust			Massachusetts Trust			Michigan Trust			New Jersey Trust

Investments —
Identified cost	$	146,937,929		$	57,244,089		$	42,740,065		$	95,027,586
Unrealized appreciation		543,787			1,703,855			247,668			2,213,445


Investments, at value	$	147,481,716		$	58,947,944		$	42,987,733		$	97,241,031


Cash	$	3,755,623		$	3,351,271		$	2,384,172		$	6,782,903
Interest receivable		1,700,938			954,097			545,617			1,438,082
Receivable for investments sold		4,142,609			136,307			18,287			38,915
Receivable for variation margin on open financial futures contracts		110,562			23,438			15,750			253,750
Deferred debt issuance costs		29,473			3,101			—			3,582


Total assets	$	157,220,921		$	63,416,158		$	45,951,559		$	105,758,263





Liabilities

Payable for floating rate notes issued	$	17,170,000		$	4,885,000		$	—		$	9,455,000
Payable for when-issued securities		—			—			—			1,988,477
Payable to affiliates:
Investment adviser fee		82,032			33,061			25,324			54,449
Administration fee		24,487			9,869			7,559			16,253
Trustees’ fees		842			383			316			597
Interest expense and fees payable		25,118			10,510			—			17,906
Accrued expenses		80,165			54,707			51,371			65,055


Total liabilities	$	17,382,644		$	4,993,530		$	84,570		$	11,597,737


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	49,976,571		$	20,050,234		$	17,500,659		$	33,426,048


Net assets applicable to common shares	$	89,861,706		$	38,372,394		$	28,366,330		$	60,734,478





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	72,439		$	27,466		$	21,163		$	46,649
Additional paid-in capital		104,964,981			39,669,177			30,027,968			66,836,219
Accumulated net realized loss		(16,998,841	)		(3,375,066	)		(2,140,028	)		(8,954,179	)
Accumulated undistributed net investment income		1,202,450			330,666			198,605			415,866
Net unrealized appreciation		620,677			1,720,151			258,622			2,389,923


Net assets applicable to common shares	$	89,861,706		$	38,372,394		$	28,366,330		$	60,734,478





Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)		1,999			802			700			1,337





Common Shares Outstanding		7,243,893			2,746,642			2,116,294			4,664,948





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	12.41		$	13.97		$	13.40		$	13.02

See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2011

Statements of Assets and Liabilities — continued


	November 30, 2011

Assets	New York Trust			Ohio Trust			Pennsylvania Trust

Investments —
Identified cost	$	117,989,587		$	56,752,375		$	56,716,086
Unrealized appreciation		3,260,527			1,293,632			716,852


Investments, at value	$	121,250,114		$	58,046,007		$	57,432,938


Cash	$	3,969,307		$	954,912		$	10,322
Interest receivable		1,632,920			986,423			790,423
Receivable for investments sold		1,430,469			1,179,589			618,119
Receivable for variation margin on open financial futures contracts		29,298			34,422			87,500
Deferred debt issuance costs		1,850			—			—


Total assets	$	128,313,958		$	61,201,353		$	58,939,302





Liabilities

Payable for floating rate notes issued	$	20,455,000		$	—		$	1,650,000
Payable for when-issued securities		1,264,150			—			—
Payable to affiliates:
Investment adviser fee		64,921			33,668			32,360
Administration fee		19,379			10,050			9,660
Trustees’ fees		683			397			388
Interest expense and fees payable		33,091			—			5,108
Accrued expenses		72,256			53,493			55,549


Total liabilities	$	21,909,480		$	97,608		$	1,753,065


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	33,726,273		$	22,725,125		$	21,175,248


Net assets applicable to common shares	$	72,678,205		$	38,378,620		$	36,010,989





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	54,616		$	28,551		$	27,172
Additional paid-in capital		79,185,631			40,895,760			38,541,358
Accumulated net realized loss		(10,783,544	)		(4,195,583	)		(3,720,375	)
Accumulated undistributed net investment income		940,604			332,320			385,127
Net unrealized appreciation		3,280,898			1,317,572			777,707


Net assets applicable to common shares	$	72,678,205		$	38,378,620		$	36,010,989





Auction Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share)		1,349			909			847





Common Shares Outstanding		5,461,594			2,855,064			2,717,198





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	13.31		$	13.44		$	13.25

See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2011

Statements of Operations


	Year Ended November 30, 2011

Investment Income	California Trust			Massachusetts Trust			Michigan Trust			New Jersey Trust

Interest	$	8,400,649		$	3,161,765		$	2,297,121		$	5,311,215


Total investment income	$	8,400,649		$	3,161,765		$	2,297,121		$	5,311,215





Expenses

Investment adviser fee	$	978,128		$	391,800		$	300,279		$	659,732
Administration fee		289,367			115,912			88,837			195,158
Trustees’ fees and expenses		4,974			2,282			1,869			3,524
Custodian fee		78,032			39,920			36,273			57,657
Transfer and dividend disbursing agent fees		20,415			19,617			19,857			19,693
Legal and accounting services		50,127			39,268			35,721			45,016
Printing and postage		16,199			11,407			11,912			13,979
Interest expense and fees		143,080			38,489			—			87,470
Preferred shares service fee		69,843			29,182			23,553			48,968
Miscellaneous		60,481			33,531			32,112			34,761


Total expenses	$	1,710,646		$	721,408		$	550,413		$	1,165,958


Deduct —
Reduction of custodian fee	$	745		$	514		$	595		$	1,591


Total expense reductions	$	745		$	514		$	595		$	1,591



Net expenses	$	1,709,901		$	720,894		$	549,818		$	1,164,367



Net investment income	$	6,690,748		$	2,440,871		$	1,747,303		$	4,146,848





Realized and Unrealized Gain (Loss)

Net realized gain (loss) —
Investment transactions	$	(1,947,304	)	$	(587,391	)	$	(133,087	)	$	(1,096,361	)
Extinguishment of debt		(1,630	)		—			—			—
Financial futures contracts		(3,069,857	)		(832,273	)		(153,381	)		(2,559,014	)
Swap contracts		(793,598	)		(378,607	)		(93,022	)		(660,818	)


Net realized loss	$	(5,812,389	)	$	(1,798,271	)	$	(379,490	)	$	(4,316,193	)


Change in unrealized appreciation (depreciation) —
Investments	$	5,607,294		$	2,402,924		$	1,531,924		$	3,308,257
Financial futures contracts		100,502			16,296			17,892			167,150
Swap contracts		132,762			(2,110	)		15,562			(2,686	)


Net change in unrealized appreciation (depreciation)	$	5,840,558		$	2,417,110		$	1,565,378		$	3,472,721



Net realized and unrealized gain (loss)	$	28,169		$	618,839		$	1,185,888		$	(843,472	)



Distributions to preferred shareholders


From net investment income	$	(156,530	)	$	(62,477	)	$	(53,546	)	$	(104,690	)



Net increase in net assets from operations	$	6,562,387		$	2,997,233		$	2,879,645		$	3,198,686