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

May 31, 2012

Date of Reporting Period

Item 1. Reports to Stockholders


Eaton Vance Municipal Income Trusts Semiannual Report May 31, 2012

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.

Semiannual Report May 31, 2012

Eaton Vance

Municipal Income Trusts

Table of Contents


Performance and Fund Profile

California Municipal Income Trust			2

Massachusetts Municipal Income Trust			3

Michigan Municipal Income Trust			4

New Jersey Municipal Income Trust			5

New York Municipal Income Trust			6

Ohio Municipal Income Trust			7

Pennsylvania Municipal Income Trust			8

Endnotes and Additional Disclosures			9
Financial Statements			10
Annual Meeting of Shareholders			65
Board of Trustees’ Contract Approval			66
Officers and Trustees			69
Important Notices			70

Eaton Vance

California Municipal Income Trust

May 31, 2012

Portfolio Manager Cynthia J. Clemson

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		15.18	%		24.10	%		3.87	%		6.33	%
Fund at Market Price		—		12.56			25.37			4.46			6.19

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													0.58	%

Distributions³

Total Distributions per share for the period												$	0.431
Distribution Rate at NAV													5.90	%
Taxable-Equivalent Distribution Rate at NAV													10.12	%
Distribution Rate at Market Price													5.86	%
Taxable-Equivalent Distribution Rate at Market Price													10.05	%

% Total Leverage⁴

Auction Preferred Shares (APS)													30.29	%
Residual Interest Bond (RIB)													8.90

Fund Profile

Credit Quality (% of total investments)⁵

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.⁴ Absent such securities, credit quality (% of total investments) is as follows:⁵




AAA	7.6	%	BBB	8.8	%
AA	52.4		BB	0.8
A	26.0		Not Rated	4.4

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

Massachusetts Municipal Income Trust

May 31, 2012

Portfolio Manager Craig R. Brandon, CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		12.42	%		21.57	%		5.69	%		7.15	%
Fund at Market Price		—		4.10			20.07			6.44			6.30

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													-1.83	%

Distributions³

Total Distributions per share for the period												$	0.407
Distribution Rate at NAV													5.21	%
Taxable-Equivalent Distribution Rate at NAV													8.46	%
Distribution Rate at Market Price													5.31	%
Taxable-Equivalent Distribution Rate at Market Price													8.63	%

% Total Leverage⁴

APS													29.96	%
RIB													7.30

Fund Profile

Credit Quality (% of total investments)⁵




AAA	19.0	%	BBB	9.2	%
AA	41.0		BB	1.3
A	27.0		Not Rated	2.5

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2012

Portfolio Manager William H. Ahern, Jr., CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		11.56	%		21.04	%		5.90	%		6.58	%
Fund at Market Price		—		12.00			19.84			5.36			5.82

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													-6.58	%

Distributions³

Total Distributions per share for the period												$	0.389
Distribution Rate at NAV													5.30	%
Taxable-Equivalent Distribution Rate at NAV													8.53	%
Distribution Rate at Market Price													5.67	%
Taxable-Equivalent Distribution Rate at Market Price													9.12	%

% Total Leverage⁴

APS													36.29	%

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2012

Portfolio Manager Adam Weigold, CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		10.79	%		15.40	%		4.14	%		6.46	%
Fund at Market Price		—		10.89			17.98			5.55			6.43

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													2.78	%

Distributions³

Total Distributions per share for the period												$	0.403
Distribution Rate at NAV													5.62	%
Taxable-Equivalent Distribution Rate at NAV													9.50	%
Distribution Rate at Market Price													5.47	%
Taxable-Equivalent Distribution Rate at Market Price													9.24	%

% Total Leverage⁴

APS													30.85	%
RIB													8.73

Fund Profile

Credit Quality (% of total investments)⁵




AAA	12.6	%	BB	0.4	%
AA	29.1		B	1.8
A	42.5		Not Rated	0.8
BBB	12.8

See Endnotes and Additional Disclosures in this report.

Eaton Vance

New York Municipal Income Trust

May 31, 2012

Portfolio Manager Craig R. Brandon, CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		13.42	%		21.14	%		4.80	%		6.75	%
Fund at Market Price		—		13.71			23.07			5.33			6.69

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													1.27	%

Distributions³

Total Distributions per share for the period												$	0.455
Distribution Rate at NAV													6.22	%
Taxable-Equivalent Distribution Rate at NAV													10.49	%
Distribution Rate at Market Price													6.15	%
Taxable-Equivalent Distribution Rate at Market Price													10.38	%

% Total Leverage⁴

APS													25.36	%
RIB													14.52

Fund Profile

Credit Quality (% of total investments)⁵




AAA	12.2	%	BBB	13.7	%
AA	39.7		BB	1.2
A	25.5		Not Rated	7.7

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2012

Portfolio Manager William H. Ahern, Jr., CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		13.70	%		23.07	%		5.75	%		6.87	%
Fund at Market Price		—		15.85			24.02			6.52			6.50

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													1.01	%

Distributions³

Total Distributions per share for the period												$	0.416
Distribution Rate at NAV													5.60	%
Taxable-Equivalent Distribution Rate at NAV													9.16	%
Distribution Rate at Market Price													5.54	%
Taxable-Equivalent Distribution Rate at Market Price													9.06	%

% Total Leverage⁴

APS													34.12	%
RIB													2.18

Fund Profile

Credit Quality (% of total investments)⁵

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2012

Portfolio Manager Adam Weigold, CFA

Performance^1,2


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years

Fund at NAV		1/29/1999		9.86	%		14.45	%		4.81	%		6.39	%
Fund at Market Price		—		5.97			15.30			5.73			6.67

Barclays Capital Long (22+) Municipal Bond Index		—		9.18	%		16.60	%		5.45	%		6.09	%

% Premium/Discount to NAV

													-0.64	%

Distributions³

Total Distributions per share for the period												$	0.424
Distribution Rate at NAV													5.71	%
Taxable-Equivalent Distribution Rate at NAV													9.06	%
Distribution Rate at Market Price													5.75	%
Taxable-Equivalent Distribution Rate at Market Price													9.13	%

% Total Leverage⁴

APS													34.58	%
RIB													2.69

Fund Profile

Credit Quality (% of total investments)⁵




AAA	3.6	%	BBB	6.4	%
AA	47.6		Not Rated	4.4
A	38.0

See Endnotes and Additional Disclosures in this report.

Eaton Vance
Municipal Income Trusts
May 31, 2012

Endnotes and Additional Disclosures


¹	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.

²	Performance results reflect the effects of leverage.

³	The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

⁴	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.

⁵	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

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 162.8%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 18.4%

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	3,135	$	3,419,877
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31		195		223,993
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		371,643
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		817,958
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29		2,580		2,648,086
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		2,023,840
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		284,515
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		2,490		2,889,645
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		698,569
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		460,866
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		308,735
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		943,885
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		982,549
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		1,027,585
University of California, 5.25%, 5/15/39		1,250		1,409,887


			$	18,511,633




Electric Utilities — 12.9%

Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	315,989
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,275		2,480,842
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,545,280
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,740,030
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,335		1,547,745
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,795		2,067,014
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		754,032
Vernon, Electric System Revenue, 5.125%, 8/1/21		1,300		1,461,733


			$	12,912,665




General Obligations — 17.8%

California, 5.50%, 11/1/35	$	1,600	$	1,851,072
California, 6.00%, 4/1/38		750		875,685
California, (AMT), 5.05%, 12/1/36		1,590		1,618,970
California Department of Veterans Affairs, (AMT), 5.00%, 12/1/27		1,500		1,560,465
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/32		195		213,714
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/33		215		232,920
Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/34		235		253,215
Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/35		230		251,245
Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/36		280		304,928
Larkspur-Corte Madera School District, (Election of 2011), 4.50%, 8/1/39		1,000		1,111,350
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		4,179,420
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/33		740		857,231
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35		860		983,367
Santa Clara County, (Election of 2008), 5.00%, 8/1/39⁽¹⁾⁽²⁾		3,180		3,605,897


			$	17,899,479




Hospital — 15.5%

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,124,690
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		212,359
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32		1,000		1,092,620
California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38		1,475		1,742,226
California Health Facilities Financing Authority, (Stanford Hospital and Clinics), 5.00%, 8/15/51		1,530		1,661,764
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		600		635,724
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36		445		468,291
California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32		1,565		1,587,896
California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28		1,500		1,515,180
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31		1,900		1,902,185

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Hospital (continued)


Washington Township Health Care District, 5.00%, 7/1/32	$	2,780	$	2,860,870
Washington Township Health Care District, 5.25%, 7/1/29		700		704,592


			$	15,508,397




Housing — 1.1%

Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	$	673	$	680,086
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29		397		399,406


			$	1,079,492




Industrial Development Revenue — 3.3%

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23	$	1,235	$	1,342,099
California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46		2,000		2,004,680


			$	3,346,779




Insured – Education — 6.7%

California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35	$	2,660	$	2,941,268
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23		1,250		1,581,125
California State University, (AMBAC), 5.00%, 11/1/33		2,140		2,172,935


			$	6,695,328




Insured – Electric Utilities — 3.1%

Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$	2,790	$	3,074,859


			$	3,074,859




Insured – Escrowed / Prerefunded — 3.6%

Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	3,585,306


			$	3,585,306




Insured – General Obligations — 8.3%

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34	$	6,485	$	1,968,716
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35		4,825		1,384,534
Riverside Community College District, (Election of 2004), (AGM), (NPFG), 5.00%, 8/1/32		2,005		2,257,349
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25		4,720		2,754,687


			$	8,365,286




Insured – Hospital — 9.3%

California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37	$	2,900	$	3,131,681
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾		750		794,482
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38⁽¹⁾		5,000		5,357,950


			$	9,284,113




Insured – Lease Revenue / Certificates of Participation — 10.3%

Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17	$	4,410	$	3,791,718
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27		2,000		2,751,900
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾		3,500		3,800,685


			$	10,344,303




Insured – Special Tax Revenue — 1.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	10,480	$	906,730
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		5,825		902,525


			$	1,809,255




Insured – Transportation — 10.2%

Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	1,881,150
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		1,561,590
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽¹⁾		740		832,744
San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32		10,000		3,128,800
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		1,320		1,376,219

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Transportation (continued)


San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47	$	1,350	$	1,464,561


			$	10,245,064




Insured – Water and Sewer — 4.0%

East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32⁽¹⁾	$	2,000	$	2,265,300
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		1,830		1,798,561


			$	4,063,861




Other Revenue — 2.0%

California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	405,840
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37		315		327,969
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37		980		733,069
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47		640		513,152


			$	1,980,030




Senior Living / Life Care — 1.8%

ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	316,367
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26		175		176,393
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36		700		669,634
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41		600		675,000


			$	1,837,394




Special Tax Revenue — 14.9%

Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26	$	285	$	265,420
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		397,284
Corona Public Financing Authority, 5.80%, 9/1/20		970		973,502
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/27		200		203,428
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/36		500		497,180
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,596,217
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22		240		271,018
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		537,456
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		265,985
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		369,163
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		263,213
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24		420		421,356
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29		750		752,130
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18		1,495		1,512,820
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24		900		908,604
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,791,776
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21		250		251,375
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		490		491,926
Temecula Unified School District, 5.00%, 9/1/27		250		254,285
Temecula Unified School District, 5.00%, 9/1/37		400		397,132
Tustin Community Facilities District, 6.00%, 9/1/37		500		519,055
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		1,000		1,004,130


			$	14,944,455




Transportation — 11.6%

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31	$	2,000	$	2,222,240
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29		1,000		1,180,740
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾⁽²⁾		2,120		2,369,545
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,652,955

See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Transportation (continued)


Port of Redwood City, (AMT), 5.125%, 6/1/30	$	1,170	$	1,170,316
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		3,017,066


			$	11,612,862




Water and Sewer — 6.2%

Beverly Hills Public Financing Authority, Water Revenue, 5.00%, 6/1/30	$	1,795	$	2,183,672
California Department of Water Resources, 5.00%, 12/1/29		1,840		2,164,631
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,917,600


			$	6,265,903



Total Tax-Exempt Investments — 162.8%
(identified cost $151,031,110)			$	163,366,464



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.8)%			$	(49,977,199	)



Other Assets, Less Liabilities — (13.0)%			$	(13,058,979	)



Net Assets Applicable to Common Shares — 100.0%			$	100,330,286

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 May 31, 2012, 35.2% 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 0.5% to 13.7% of total investments.


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

⁽²⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,000,443.

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 156.9%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 6.1%

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,229,929
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,343,846


			$	2,573,775




Education — 27.8%

Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33	$	600	$	610,182
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,215,346
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38		625		652,381
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		1,500		1,614,960
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,200,732
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38⁽¹⁾		1,500		1,726,125
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38		415		474,777
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,491,615
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38		1,420		1,693,392


			$	11,679,510




Escrowed / Prerefunded — 1.0%

Massachusetts Development Finance Agency, (Western New England College), Prerefunded to 12/1/12, 6.125%, 12/1/32	$	400	$	415,692


			$	415,692




General Obligations — 17.4%

Boston, 4.00%, 4/1/24	$	300	$	341,322
Cambridge, 4.00%, 2/15/21		595		706,931
Danvers, 5.25%, 7/1/36		885		1,036,512
Lexington, 4.00%, 2/1/20		320		380,330
Lexington, 4.00%, 2/1/21		415		494,780
Lexington, 4.00%, 2/1/22		430		513,411
Lexington, 4.00%, 2/1/23		355		423,941
Newton, 5.00%, 4/1/36		750		846,225
Plymouth, 5.00%, 5/1/31		345		401,704
Plymouth, 5.00%, 5/1/32		315		365,164
Wayland, 5.00%, 2/1/33		510		600,301
Wayland, 5.00%, 2/1/36		770		892,145
Winchester, 5.00%, 4/15/36		245		284,673


			$	7,287,439




Hospital — 27.6%

Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31	$	250	$	274,095
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		600		727,578
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		1,120		1,223,219
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,333,565
Massachusetts Health and Educational Facilities Authority, (Berkshire Health Systems), 6.25%, 10/1/31		400		404,672
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		551,215
Massachusetts Health and Educational Facilities Authority, (Covenant Health Systems), 6.00%, 7/1/31		885		901,266
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,213,134
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33		755		770,991
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		987,945
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32⁽¹⁾		2,000		2,155,440
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		675		675,803
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		373,951


			$	11,592,874




Housing — 6.6%

Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$	2,100		2,114,889

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Housing (continued)


Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28	$	650	$	667,927


			$	2,782,816




Industrial Development Revenue — 1.4%

Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15	$	575	$	576,397


			$	576,397




Insured – Education — 10.2%

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,326,780
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾		1,365		1,783,223
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33		1,165		1,186,890


			$	4,296,893




Insured – Electric Utilities — 1.5%

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	570	$	636,131


			$	636,131




Insured – General Obligations — 3.2%

Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,355,740


			$	1,355,740




Insured – Hospital — 0.9%

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	335	$	368,989


			$	368,989




Insured – Other Revenue — 1.8%

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	748,179


			$	748,179




Insured – Special Tax Revenue — 11.6%

Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	1,450	$	1,495,269
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29		1,000		1,230,720
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽¹⁾		1,340		1,487,306
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		3,745		324,017
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,090		323,825


			$	4,861,137




Insured – Student Loan — 4.9%

Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	390	$	432,662
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		1,625		1,640,145


			$	2,072,807




Insured – Transportation — 0.8%

Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	324,743


			$	324,743




Other Revenue — 2.8%

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	500	$	584,885
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25		505		574,715


			$	1,159,600




Senior Living / Life Care — 5.8%

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31	$	250	$	246,405
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29		1,500		1,500,495
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30		125		135,231
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27		140		131,740
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41		475		420,508


			$	2,434,379

See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Special Tax Revenue — 7.7%

Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$	140	$	162,500
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		1,665		710,655
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		5,195		1,896,071
Virgin Islands Public Finance Authority, 5.00%, 10/1/39		75		77,292
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		335		392,285


			$	3,238,803




Transportation — 7.1%

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,639,800
Massachusetts Port Authority, 5.00%, 7/1/28		500		575,360
Massachusetts Port Authority, 5.00%, 7/1/34		670		744,444


			$	2,959,604




Water and Sewer — 10.7%

Boston Water and Sewer Commission, 5.00%, 11/1/26	$	2,005	$	2,370,211
Boston Water and Sewer Commission, 5.00%, 11/1/29		495		578,110
Boston Water and Sewer Commission, 5.00%, 11/1/31		115		133,379
Massachusetts Water Resources Authority, 5.00%, 8/1/28		1,195		1,423,783


			$	4,505,483



Total Tax-Exempt Investments — 156.9%
(identified cost $60,085,467)			$	65,870,991



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (47.8)%			$	(20,050,526	)



Other Assets, Less Liabilities — (9.1)%			$	(3,825,214	)



Net Assets Applicable to Common Shares — 100.0%			$	41,995,251

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 May 31, 2012, 22.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.2% to 13.4% of total investments.


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

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 150.4%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 4.1%

Michigan Municipal Bond Authority, 5.00%, 10/1/29	$	600	$	694,908
Michigan Municipal Bond Authority, 5.00%, 10/1/30		500		578,620


			$	1,273,528




Education — 9.7%

Grand Valley State University, 5.625%, 12/1/29	$	525	$	589,496
Grand Valley State University, 5.75%, 12/1/34		525		595,140
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35		200		202,912
Michigan State University, 5.00%, 2/15/40		1,000		1,100,850
Michigan State University, 5.00%, 2/15/44		460		502,812


			$	2,991,210




Electric Utilities — 1.9%

Lansing Board of Water and Light, 5.50%, 7/1/41	$	500	$	584,640


			$	584,640




Escrowed / Prerefunded — 3.9%

Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34	$	560	$	605,567
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31		600		608,514


			$	1,214,081




General Obligations — 28.1%

Ann Arbor School District, 4.50%, 5/1/24	$	350	$	388,108
Charter County of Wayne, 6.75%, 11/1/39		490		557,689
Comstock Park Public Schools, 5.00%, 5/1/28		230		258,377
Comstock Park Public Schools, 5.125%, 5/1/31		275		307,962
Comstock Park Public Schools, 5.25%, 5/1/33		220		246,490
Howell Public Schools, 4.50%, 5/1/29⁽¹⁾		620		675,626
Jenison Public Schools, 5.00%, 5/1/28		500		553,975
Jenison Public Schools, 5.00%, 5/1/30		500		551,165
Kent County, 5.00%, 1/1/25		1,500		1,706,295
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,130,360
Livingston County, 4.00%, 6/1/28		310		333,972
Livingston County, 4.00%, 6/1/30		335		357,043
Michigan, 5.00%, 11/1/20		1,000		1,233,930
Michigan, 5.50%, 11/1/25		270		317,828


			$	8,618,820




Hospital — 27.2%

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25	$	185	$	186,952
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37		125		125,874
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47		275		306,809
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18		360		360,576
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		542,015
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		675		694,649
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		1,000		1,041,130
Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35		1,080		1,161,227
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21		750		751,050
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), 6.125%, 6/1/39		500		573,675
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		1,000		1,125,510
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26		425		432,977
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,044,900


			$	8,347,344




Housing — 1.5%

Michigan Housing Development Authority, 4.60%, 12/1/26	$	410	$	448,573


			$	448,573




Industrial Development Revenue — 4.8%

Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	670,440
Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16		800		802,456


			$	1,472,896




Insured – Education — 5.5%

Ferris State University, (AGC), 5.125%, 10/1/33	$	570	$	623,096
Ferris State University, (AGC), 5.25%, 10/1/38		500		542,640
Wayne State University, (AGM), 5.00%, 11/15/35		500		540,740


			$	1,706,476

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Electric Utilities — 5.5%

Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32	$	400	$	402,812
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		220		244,167
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/32		250		274,785
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		250		274,025
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		435		485,469


			$	1,681,258




Insured – General Obligations — 16.3%

Battle Creek School District, (AGM), 5.00%, 5/1/37	$	1,105	$	1,170,792
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		650		671,684
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		290		303,726
Detroit School District, (AGM), 5.25%, 5/1/32		300		357,804
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,164,230
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38		1,250		1,336,637


			$	5,004,873




Insured – Hospital — 2.8%

Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35	$	860	$	860,619


			$	860,619




Insured – Lease Revenue / Certificates of Participation — 7.2%

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	1,000	$	436,440
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30		4,300		1,767,945


			$	2,204,385




Insured – Special Tax Revenue — 1.6%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	2,545	$	220,193
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,685		261,074


			$	481,267




Insured – Student Loan — 3.3%

Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31	$	1,000	$	1,022,770


			$	1,022,770




Insured – Transportation — 3.4%

Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,054,890


			$	1,054,890




Insured – Water and Sewer — 10.8%

Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$	560	$	577,158
Detroit, Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30⁽²⁾		1,650		1,650,710
Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39		1,000		1,100,420


			$	3,328,288




Special Tax Revenue — 5.0%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	115	$	123,424
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		125		134,319
Michigan Trunk Line Fund, 5.00%, 11/15/36		1,000		1,141,900
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		128,810


			$	1,528,453




Water and Sewer — 7.8%

Ann Arbor, Sewage Disposal System, 4.75%, 7/1/32	$	320	$	344,918
Detroit, Water Supply System, 5.25%, 7/1/41		750		773,190
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		790		995,092
Port Huron, Water Supply System, 5.25%, 10/1/31		250		272,400


			$	2,385,600



Total Tax-Exempt Investments — 150.4%
(identified cost $43,204,805)			$	46,209,971



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.9)%			$	(17,500,140	)



Other Assets, Less Liabilities — 6.5%			$	2,008,946



Net Assets Applicable to Common Shares — 100.0%			$	30,718,777

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

See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


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 May 31, 2012, 37.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 12.9% of total investments.


⁽¹⁾		When-issued security.

⁽²⁾		Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 162.5%

	Principal
	Amount
Security	(000’s omitted)		Value



Education — 19.7%

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27	$	250	$	264,630
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33		250		262,267
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37		220		231,238
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,730		1,937,427
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38⁽¹⁾		3,500		3,782,800
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27		1,650		1,737,186
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32		965		1,199,090
Rutgers State University, 5.00%, 5/1/39⁽¹⁾		3,150		3,481,726


			$	12,896,364




Electric Utilities — 4.8%

Puerto Rico Electric Power Authority, 5.00%, 7/1/29	$	500	$	528,165
Puerto Rico Electric Power Authority, 5.25%, 7/1/25		1,000		1,092,070
Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31		1,500		1,516,620


			$	3,136,855




General Obligations — 15.1%

Burlington County Bridge Commission, 4.00%, 8/15/23	$	320	$	359,216
Gloucester County, 4.00%, 10/1/22		295		341,516
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/28		1,850		2,201,148
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/30		1,795		2,117,436
Monroe Township Board of Education, Middlesex County, 4.00%, 8/1/24		2,500		2,828,525
Montgomery Township Board of Education, 3.00%, 9/1/20		1,085		1,181,869
West Morris Regional High School District, 4.50%, 5/1/24		705		844,139


			$	9,873,849




Hospital — 22.3%

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35	$	90	$	91,876
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34		1,335		1,357,922
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		2,290		2,449,476
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		2,090		2,179,828
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39		915		981,667
New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31		1,525		1,528,004
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21		1,000		1,184,150
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31		1,000		1,088,350
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		2,440		2,501,781
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,207,977


			$	14,571,031




Housing — 3.6%

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	680	$	693,056
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		1,635		1,687,614


			$	2,380,670




Industrial Development Revenue — 7.3%

Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32	$	500	$	502,940
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34		540		559,991
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29		215		215,869
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00% to 6/1/13 (Put Date), 6/1/33		750		800,362
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		249,297
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,475,330


			$	4,803,789




Insured – Education — 1.2%

New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28	$	825	$	800,827


			$	800,827

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Electric Utilities — 1.0%

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35	$	595	$	652,763


			$	652,763




Insured – Gas Utilities — 5.7%

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40	$	3,540	$	3,741,320


			$	3,741,320




Insured – General Obligations — 3.9%

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,015	$	1,125,208
Lakewood Township, (AGC), 5.75%, 11/1/31		1,240		1,456,467


			$	2,581,675




Insured – Hospital — 5.0%

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36⁽¹⁾	$	750	$	804,420
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38		395		418,645
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38⁽¹⁾		500		529,930
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,380		1,518,593


			$	3,271,588




Insured – Housing — 5.2%

New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34	$	3,390	$	3,392,170


			$	3,392,170




Insured – Lease Revenue / Certificates of Participation — 4.5%

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34	$	1,500	$	1,686,540
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28		1,000		1,262,630


			$	2,949,170




Insured – Special Tax Revenue — 11.9%

Garden State Preservation Trust and Open Space and Farmland, (AGM), 0.00%, 11/1/25	$	5,250	$	3,424,575
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		2,396,304
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		1,062,520
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		3,535		305,848
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		3,810		590,322


			$	7,779,569




Insured – Student Loan — 3.7%

New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30	$	2,215	$	2,417,628


			$	2,417,628




Insured – Transportation — 0.6%

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33	$	315	$	363,274


			$	363,274




Insured – Water and Sewer — 3.2%

New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$	1,940	$	2,087,847


			$	2,087,847




Lease Revenue / Certificates of Participation — 5.8%

New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	1,500	$	1,675,875
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,700		1,832,056
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31		250		290,390


			$	3,798,321




Other Revenue — 5.9%

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50	$	7,200	$	515,304
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55		13,280		376,355

See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Other Revenue (continued)


New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48	$	2,040	$	2,245,632
Tobacco Settlement Financing Corp., 5.00%, 6/1/41		900		701,640


			$	3,838,931




Senior Living / Life Care — 3.2%

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	490,454
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		801,532
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36		815		798,488


			$	2,090,474




Special Tax Revenue — 3.4%

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	104,437
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		179,800
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		750		801,398
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37		500		555,505
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		500		585,500


			$	2,226,640




Student Loan — 3.7%

New Jersey Higher Education Student Assistance Authority, (AMT), 1.438%, 6/1/36^(1)(2)(3)	$	2,500	$	2,412,250


			$	2,412,250




Transportation — 19.7%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,158,050
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,171,692
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,850		2,165,037
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		287,503
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		614,047
New Jersey Turnpike Authority, 5.25%, 1/1/40		3,600		4,008,888
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		1,995		2,338,359
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33		1,175		1,184,882


			$	12,928,458



Water and Sewer — 2.1%

North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,275	$	1,401,862


			$	1,401,862



Total Tax-Exempt Investments — 162.5%
(identified cost $98,208,771)			$	106,397,325



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (51.0)%			$	(33,426,471	)



Other Assets, Less Liabilities — (11.5)%			$	(7,514,255	)



Net Assets Applicable to Common Shares — 100.0%			$	65,456,599

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 May 31, 2012, 28.2% 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 2.2% to 9.7% of total investments.


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

⁽²⁾		Variable rate security. The stated interest rate represents the rate in effect at May 31, 2012.

⁽³⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $412,250.

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 164.5%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 6.0%

New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,947,046
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37⁽¹⁾		2,535		2,818,286


			$	4,765,332




Cogeneration — 1.4%

Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,150	$	1,149,897


			$	1,149,897




Education — 29.3%

Geneva Industrial Development Agency, (Hobart & William Smith Colleges), 5.375%, 2/1/33	$	315	$	323,959
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23⁽²⁾		150		169,659
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24⁽²⁾		80		89,358
Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25⁽²⁾		50		55,453
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,669,158
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39		325		359,775
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		582,282
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,134,390
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		835,845
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		576,902
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,231,200
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,148,150
New York Dormitory Authority, (New York University), 5.00%, 7/1/39		2,500		2,790,675
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33		2,250		2,635,695
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,792,350
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		373,136
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		461,964
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,695		1,813,413
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		2,000		2,251,700
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		301,498
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		790,779


			$	23,387,341




Electric Utilities — 6.0%

Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33	$	1,420	$	1,705,377
Puerto Rico Electric Power Authority, 5.25%, 7/1/30		1,310		1,383,635
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson Energy Center, LLC), (AMT), 5.25%, 6/1/27		1,645		1,704,582


			$	4,793,594




Escrowed / Prerefunded — 2.7%

Suffolk County Industrial Development Agency, (Huntington Hospital), Prerefunded to 11/1/12, 6.00%, 11/1/22	$	2,105	$	2,155,731


			$	2,155,731




General Obligations — 7.8%

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	262,244
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35		325		139,269
New York, 5.00%, 2/15/34⁽¹⁾		4,000		4,584,000
New York City, 6.25%, 10/15/28		1,000		1,256,810


			$	6,242,323




Health Care – Miscellaneous — 2.9%

New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29	$	1,095	$	1,042,155
New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22		1,200		1,099,992
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15		50		50,388

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Health Care – Miscellaneous (continued)


Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15	$	100	$	100,776


			$	2,293,311




Hospital — 19.6%

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	145,909
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,055,194
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		1,070		1,070,289
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25		2,490		2,587,732
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33		2,000		2,046,820
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,114,850
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34		845		887,427
New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/36		750		787,155
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37		1,250		1,352,413
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		415		451,425
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		835		898,544
Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19		1,195		1,195,896
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32		650		683,371
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,250		1,405,650


			$	15,682,675




Housing — 15.6%

New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39	$	1,500	$	1,533,180
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40		2,620		2,725,167
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,058,730
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,756,880
New York Mortgage Agency, (AMT), 4.875%, 10/1/30		1,500		1,548,090
New York Mortgage Agency, (AMT), 4.90%, 10/1/37		1,775		1,818,203
New York Mortgage Agency, (AMT), 5.125%, 10/1/37		1,000		1,035,820


			$	12,476,070




Industrial Development Revenue — 6.4%

Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,104,250
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		1,000		1,127,080
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34		2,500		2,505,175
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		360		363,791


			$	5,100,296




Insured – Education — 6.5%

New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,473,225
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38⁽¹⁾		1,500		1,639,905
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33		5,365		2,119,014


			$	5,232,144




Insured – Electric Utilities — 2.0%

Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33	$	1,365	$	1,623,149


			$	1,623,149




Insured – Escrowed / Prerefunded — 1.9%

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26⁽³⁾	$	855	$	612,282
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27		1,280		884,557


			$	1,496,839




Insured – Lease Revenue / Certificates of Participation — 0.2%

Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$	190	$	192,174


			$	192,174

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Insured – Other Revenue — 3.4%

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,174,063
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		1,517,207


			$	2,691,270




Insured – Special Tax Revenue — 3.5%

Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34	$	4,440	$	1,247,818
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54		9,725		841,407
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		4,675		724,344


			$	2,813,569




Insured – Transportation — 1.9%

Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29	$	1,475	$	1,491,225


			$	1,491,225




Insured – Water and Sewer — 1.3%

Nassau County Industrial Development Agency, (New York Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	1,000	$	1,023,660


			$	1,023,660




Other Revenue — 9.1%

Albany Industrial Development Agency, (Charitable Leadership Foundation), 5.75%, 7/1/26⁽⁴⁾	$	1,270	$	771,441
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31		3,120		1,204,445
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		380		426,915
New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31		1,415		1,578,376
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,153,030
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,119,800


			$	7,254,007




Senior Living / Life Care — 3.0%

Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	1,450	$	1,450,130
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		986,993


			$	2,437,123




Special Tax Revenue — 19.0%

Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34	$	1,500	$	1,675,170
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾⁽⁵⁾		2,100		2,490,474
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,148,880
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		1,000		1,141,510
New York State Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		7,096,440
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32		900		990,459
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		638,195


			$	15,181,128




Transportation — 9.0%

Metropolitan Transportation Authority, 5.00%, 11/15/37	$	790	$	845,742
Port Authority of New York and New Jersey, 5.00%, 11/15/37⁽¹⁾		1,900		2,071,418
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,160,389
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		2,740		3,124,340


			$	7,201,889

See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Water and Sewer — 6.0%

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾	$	3,105	$	3,752,827
Saratoga County Water Authority, 5.00%, 9/1/48		1,000		1,081,630


			$	4,834,457



Total Tax-Exempt Investments — 164.5%
(identified cost $120,601,198)			$	131,519,204



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.2)%			$	(33,727,064	)



Other Assets, Less Liabilities — (22.3)%			$	(17,842,602	)



Net Assets — 100.0%			$	79,949,538

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 May 31, 2012, 12.6% 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 2.0% to 4.6% of total investments.


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

⁽²⁾		When-issued security.

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

⁽⁴⁾		Defaulted bond.

⁽⁵⁾		Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $915,474.

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 151.6%

	Principal
	Amount
Security	(000’s omitted)		Value



Bond Bank — 9.4%

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25	$	550	$	577,274
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22		1,020		1,052,956
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28		250		291,480
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30		250		288,713
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		1,245		1,497,685
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25		295		293,944


			$	4,002,052




Education — 19.5%

Miami University, 5.00%, 9/1/33	$	1,000	$	1,149,570
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		440		470,906
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		1,250		1,368,262
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,101,030
Ohio State University, 5.00%, 12/1/28		500		638,815
Ohio State University, 5.00%, 12/1/30		1,675		2,141,069
University of Cincinnati, 5.00%, 6/1/34		500		564,730
Wright State University, 5.00%, 5/1/31		750		827,347


			$	8,261,729




Electric Utilities — 1.8%

Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$	195	$	195,306
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		558,665


			$	753,971




Escrowed / Prerefunded — 1.3%

Columbus, Prerefunded to 7/1/14, 5.00%, 7/1/23	$	500	$	548,495


			$	548,495




General Obligations — 20.4%

Barberton City School District, 4.50%, 12/1/33	$	900	$	945,099
Beavercreek City School District, 5.00%, 12/1/30		1,750		1,975,995
Central Ohio Solid Waste Authority, 5.125%, 9/1/27		1,090		1,225,683
Columbus City School District, 5.00%, 12/1/29		1,000		1,159,260
Huber Heights City School District, 4.75%, 12/1/25		595		679,788
Maple Heights City School District, 5.00%, 1/15/37		1,000		1,069,410
Ohio, 4.50%, 2/1/32		400		440,848
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37		1,000		1,167,300


			$	8,663,383




Hospital — 15.3%

Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31	$	500	$	545,515
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		800		867,704
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34		750		870,038
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		500		523,730
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		540,165
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		858,592
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		500		563,070
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		1,000		1,110,760
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		555		600,371


			$	6,479,945




Housing — 9.8%

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27	$	865	$	898,744
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37		335		341,020
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31		255		261,941
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48		2,500		2,649,600


			$	4,151,305




Industrial Development Revenue — 7.1%

Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	525,330
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38		2,250		2,256,817

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Industrial Development Revenue (continued)


Ohio Water Development Authority, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15	$	225	$	226,040


			$	3,008,187




Insured – Education — 12.4%

Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	838,725
Kent State University, (AGC), 5.00%, 5/1/26		1,000		1,126,190
Kent State University, (AGC), 5.00%, 5/1/29		465		515,792
Miami University, (AMBAC), 3.25%, 9/1/26		635		642,791
University of Akron, Series A, (AGM), 5.00%, 1/1/38		1,500		1,601,790
University of Akron, Series B, (AGM), 5.00%, 1/1/38		500		533,670


			$	5,258,958




Insured – Electric Utilities — 12.6%

American Municipal Power-Ohio, Inc. (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39	$	1,000	$	1,136,260
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		710		364,265
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38		2,000		539,440
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		815		497,737
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		1,739,820
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30		210		233,069
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34		250		274,025
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		500		564,475


			$	5,349,091




Insured – General Obligations — 17.6%

Brookfield Local School District, (AGM), 5.00%, 1/15/30	$	200	$	217,900
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36		500		556,315
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30		2,455		1,152,622
Cincinnati School District, (FGIC), (NPFG), 5.25%, 12/1/30		1,000		1,306,790
Madeira City School District, (AGM), 3.50%, 12/1/27		1,500		1,517,835
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36		1,750		1,914,430
St. Marys City School District, (AGM), 5.00%, 12/1/35		750		804,743


			$	7,470,635




Insured – Hospital — 5.8%

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32	$	280	$	281,935
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28		1,500		1,516,065
Lorain County, (Catholic Healthcare Partners), (AGM), 17.763%, 2/1/29^(1)(2)(3)		485		647,824


			$	2,445,824




Insured – Lease Revenue / Certificates of Participation — 1.2%

Summit County Port Authority, (Akron Civic Theatre), (AMBAC), 5.00%, 12/1/33	$	610	$	523,703


			$	523,703




Insured – Special Tax Revenue — 1.8%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	4,880	$	422,218
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,325		360,235


			$	782,453




Insured – Transportation — 7.6%

Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30	$	600	$	653,088
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24		1,000		1,273,940
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26		1,000		1,291,090


			$	3,218,118




Lease Revenue / Certificates of Participation — 1.4%

Franklin County Convention Facilities Authority, 5.00%, 12/1/27	$	500	$	582,005


			$	582,005




Other Revenue — 3.5%

Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27	$	1,000	$	1,011,680
Summit County Port Authority, 5.00%, 12/1/31		445		497,626


			$	1,509,306

See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value



Special Tax Revenue — 1.1%

Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	155	$	166,354
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		170		182,673
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		128,810


			$	477,837




Water and Sewer — 2.0%

Hamilton County, Sewer System, 5.00%, 12/1/32	$	750	$	834,053


			$	834,053



Total Tax-Exempt Investments — 151.6%
(identified cost $58,319,755)			$	64,321,050



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.6)%			$	(22,725,362	)



Other Assets, Less Liabilities — 2.0%			$	824,309



Net Assets Applicable to Common Shares — 100.0%			$	42,419,997

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 May 31, 2012, 38.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 17.7% of total investments.


⁽¹⁾		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 May 31, 2012, the aggregate value of these securities is $647,824 or 1.5% of the Trust’s net assets applicable to common shares.

⁽²⁾		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.

⁽³⁾		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 May 31, 2012.

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 157.1%

	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	$	63,000
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19⁽¹⁾		500		320,750
Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15		375		379,283


			$	763,033




Education — 19.5%

Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31	$	1,050	$	1,199,814
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39		500		557,215
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39		1,200		1,323,660
Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39		500		544,170
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40		440		476,234
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40		625		683,463
Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/29		560		616,610
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31		750		856,402
University of Pittsburgh, 5.25%, 9/15/29		500		586,900
Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30		575		635,456


			$	7,479,924




Electric Utilities — 4.6%

Puerto Rico Electric Power Authority, 5.00%, 7/1/29	$	1,095	$	1,156,681
York County Industrial Development Authority, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20		600		607,110


			$	1,763,791




Escrowed / Prerefunded — 1.6%

Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27	$	600	$	617,406


			$	617,406




General Obligations — 10.5%

Chester County, 5.00%, 7/15/27	$	500	$	587,490
Daniel Boone Area School District, 5.00%, 8/15/32		1,000		1,090,250
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32		1,000		1,203,510
Philadelphia School District, 6.00%, 9/1/38		1,000		1,143,110


			$	4,024,360




Hospital — 21.5%

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34	$	500	$	560,635
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40		750		811,012
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29		750		846,900
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32		1,215		1,245,739
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39		750		813,150
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43		1,500		1,545,750
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33		250		267,420
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26⁽²⁾		1,000		1,171,690
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31		675		741,083
South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29		250		267,385


			$	8,270,764




Housing — 16.1%

Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37	$	415	$	431,393
Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35		1,095		1,129,284
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37		840		852,944
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25		500		532,205
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26		885		909,444
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31		500		511,695

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Housing (continued)


Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37	$	970	$	984,676
Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37		790		809,979


			$	6,161,620




Industrial Development Revenue — 8.4%

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39	$	200	$	221,940
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42		750		802,035
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39		250		291,107
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31		1,115		1,371,863
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27		500		525,680


			$	3,212,625




Insured – Education — 8.0%

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37	$	500	$	543,935
Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37		1,110		1,184,414
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29		375		410,123
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32		875		945,350


			$	3,083,822




Insured – Escrowed / Prerefunded — 8.8%

Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27	$	1,600	$	1,614,560
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19		2,000		1,772,360


			$	3,386,920




Insured – General Obligations — 3.7%

Beaver County, (AGM), 5.55%, 11/15/31	$	500	$	557,825
Bethlehem Area School District, (AGM), 5.25%, 1/15/25		750		858,308


			$	1,416,133




Insured – Hospital — 10.7%

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$	326,875
Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26		355		355,359
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35		1,440		1,537,603
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28		1,900		1,902,603


			$	4,122,440




Insured – Lease Revenue / Certificates of Participation — 4.8%

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31	$	500	$	554,225
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27		1,195		1,303,470


			$	1,857,695




Insured – Special Tax Revenue — 2.0%

Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54	$	4,855	$	420,055
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,335		361,785


			$	781,840




Insured – Transportation — 9.3%

Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27	$	525	$	555,019
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29		1,005		1,006,347
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41⁽²⁾		1,800		2,025,594


			$	3,586,960




Insured – Water and Sewer — 3.8%

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35	$	500		553,765

See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2012

Portfolio of Investments (Unaudited) — continued


	Principal
	Amount
Security	(000’s omitted)		Value


Insured – Water and Sewer (continued)


Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36	$	525	$	544,393
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31		360		362,189


			$	1,460,347




Senior Living / Life Care — 2.5%

Cliff House Trust, (AMT), 6.625%, 6/1/27⁽¹⁾	$	1,000	$	527,390
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24		200		207,926
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30		200		204,578


			$	939,894




Special Tax Revenue — 0.3%

Virgin Islands Public Finance Authority, 6.75%, 10/1/37	$	110	$	128,810


			$	128,810




Transportation — 13.4%

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	465	$	508,013
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		285		309,197
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		455		482,482
Pennsylvania Turnpike Commission, 5.25%, 6/1/39		1,000		1,082,320
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30		1,430		1,346,831
Pennsylvania Turnpike Commission, 5.625%, 6/1/29		750		836,010
Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27		520		563,872


			$	5,128,725




Utilities — 1.7%

Philadelphia Gas Works, 5.25%, 8/1/40	$	600	$	630,642


			$	630,642




Water and Sewer — 3.9%

Harrisburg Water Authority, 5.25%, 7/15/31	$	750	$	677,775
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36		750		820,252


			$	1,498,027



Total Tax-Exempt Investments — 157.1%
(identified cost $56,227,494)			$	60,315,778



Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.1)%			$	(21,175,555	)



Other Assets, Less Liabilities — (2.0)%			$	(736,398	)



Net Assets Applicable to Common Shares — 100.0%			$	38,403,825

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 May 31, 2012, 32.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.4% to 11.1% of total investments.


⁽¹⁾		Defaulted bond.

⁽²⁾		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

May 31, 2012

Statements of Assets and Liabilities (Unaudited)


	May 31, 2012

Assets	California Trust			Massachusetts Trust			Michigan Trust			New Jersey Trust

Investments —
Identified cost	$	151,031,110		$	60,085,467		$	43,204,805		$	98,208,771
Unrealized appreciation		12,335,354			5,785,524			3,005,166			8,188,554


Investments, at value	$	163,366,464		$	65,870,991		$	46,209,971		$	106,397,325


Cash	$	—		$	124,083		$	788,424		$	219,498
Restricted cash*		250,000			115,000			50,000			460,000
Interest receivable		1,751,902			929,292			567,797			1,484,086
Receivable for investments sold		13,500			—			1,340,000			—
Deferred debt issuance costs		28,756			2,694			—			3,384


Total assets	$	165,410,622		$	67,042,060		$	48,956,192		$	108,564,293





Liabilities

Payable for floating rate notes issued	$	14,680,000		$	4,885,000		$	—		$	9,455,000
Payable for when-issued securities		—			—			668,689			—
Payable for variation margin on open financial futures contracts		45,938			21,250			3,750			90,625
Due to custodian		192,792			—			—			—
Payable to affiliates:
Investment adviser fee		88,136			35,164			26,701			57,581
Administration fee		26,912			10,737			8,153			17,582
Trustees’ fees		1,113			493			400			754
Interest expense and fees payable		17,141			11,210			—			19,236
Accrued expenses		51,105			32,429			29,582			40,445


Total liabilities	$	15,103,137		$	4,996,283		$	737,275		$	9,681,223


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	49,977,199		$	20,050,526		$	17,500,140		$	33,426,471


Net assets applicable to common shares	$	100,330,286		$	41,995,251		$	30,718,777		$	65,456,599





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	72,518		$	27,481		$	21,163		$	46,715
Additional paid-in capital		105,068,012			39,690,473			30,027,968			66,925,721
Accumulated net realized loss		(17,881,616	)		(3,695,777	)		(2,495,042	)		(9,725,717	)
Accumulated undistributed net investment income		932,293			271,550			174,345			379,560
Net unrealized appreciation		12,139,079			5,701,524			2,990,343			7,830,320


Net assets applicable to common shares	$	100,330,286		$	41,995,251		$	30,718,777		$	65,456,599





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





Common Shares Outstanding		7,251,762			2,748,104			2,116,294			4,671,488





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	13.84		$	15.28		$	14.52		$	14.01


*		Represents restricted cash on deposit at the broker for open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2012

Statements of Assets and Liabilities (Unaudited) — continued


	May 31, 2012

Assets	New York Trust			Ohio Trust			Pennsylvania Trust

Investments —
Identified cost	$	120,601,198		$	58,319,755		$	56,227,494
Unrealized appreciation		10,918,006			6,001,295			4,088,284


Investments, at value	$	131,519,204		$	64,321,050		$	60,315,778


Cash	$	116,800		$	—		$	—
Restricted cash*		150,000			90,000			175,000
Interest receivable		1,678,476			997,052			806,065
Receivable for investments sold		35,843			—			505,000


Total assets	$	133,500,323		$	65,408,102		$	61,801,843





Liabilities

Payable for floating rate notes issued	$	19,315,000		$	—		$	1,650,000
Payable for investments purchased		—			—			365,611
Payable for when-issued securities		313,407			—			—
Payable for variation margin on open financial futures contracts		26,874			10,625			31,250
Due to custodian		—			172,824			92,996
Payable to affiliates:
Investment adviser fee		68,744			36,076			33,814
Administration fee		20,990			11,016			10,325
Trustees’ fees		883			502			480
Interest expense and fees payable		31,516			—			5,206
Accrued expenses		46,307			31,700			32,781


Total liabilities	$	19,823,721		$	262,743		$	2,222,463


Auction preferred shares at liquidation value plus cumulative unpaid dividends	$	33,727,064		$	22,725,362		$	21,175,555


Net assets applicable to common shares	$	79,949,538		$	42,419,997		$	38,403,825





Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized	$	54,674		$	28,563		$	27,185
Additional paid-in capital		79,266,803			40,913,097			38,558,623
Accumulated net realized loss		(10,942,074	)		(4,741,794	)		(4,444,634	)
Accumulated undistributed net investment income		758,364			260,836			297,896
Net unrealized appreciation		10,811,771			5,959,295			3,964,755


Net assets applicable to common shares	$	79,949,538		$	42,419,997		$	38,403,825





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





Common Shares Outstanding		5,467,385			2,856,280			2,718,454





Net Asset Value Per Common Share

Net assets applicable to common shares ¸ common shares issued and outstanding	$	14.62		$	14.85		$	14.13


*		Represents restricted cash on deposit at the broker for open financial futures contracts.

See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2012

Statements of Operations (Unaudited)


	Six Months Ended May 31, 2012

Investment Income	California Trust		Massachusetts Trust		Michigan Trust		New Jersey Trust

Interest	$	3,787,111	$	1,463,916	$	1,106,566	$	2,481,549


Total investment income	$	3,787,111	$	1,463,916	$	1,106,566	$	2,481,549





Expenses

Investment adviser fee	$	519,720	$	208,336	$	158,580	$	342,450
Administration fee		155,743		62,430		47,520		102,618
Trustees’ fees and expenses		3,610		1,604		1,284		2,442
Custodian fee		40,853		22,266		19,330		30,488
Transfer and dividend disbursing agent fees		10,217		9,939		9,909		10,029
Legal and accounting services		24,673		18,635		17,727		22,196
Printing and postage		8,488		4,993		5,146		7,016
Interest expense and fees		54,496		18,958		—		34,051
Preferred shares service fee		35,017		14,631		11,809		24,551
Miscellaneous		18,249		18,119		16,331		20,394


Total expenses	$	871,066	$	379,911	$	287,636	$	596,235


Deduct —
Reduction of custodian fee	$	596	$	185	$	218	$	313


Total expense reductions	$	596	$	185	$	218	$	313



Net expenses	$	870,470	$	379,726	$	287,418	$	595,922



Net investment income	$	2,916,641	$	1,084,190	$	819,148	$	1,885,627