Eaton Vance California Municipal Income Trust

N-CSR 1 b73416a2nvcsr.htm EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST PAGEBREAK

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: 811-09153

Eaton Vance California Municipal Income Trust

(Exact Name of registrant as Specified in Charter)

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 (Address of Principal Executive Offices)

Maureen A. Gemma The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109 (Name and Address of Agent for Services)

(617) 482-8260

(registrants Telephone Number)

November 30

Date of Fiscal Year End

November 30, 2008

Date of Reporting Period

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TOC /TOC link1 "Item 1. Reports to Stockholders"

Item 1. Reports to Stockholders

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Annual Report November 30 , 2008 EATON VANCE CLOSED-END FUNDS: MUNICIPAL California INCOME Massachusetts TRUSTS Michigan National New Jersey New York Ohio Pennsylvania

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

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

| | Only such information received from you, through application
forms or otherwise, and information about your Eaton Vance fund
transactions will be collected. This may include information
such as name, address, social security number, tax status,
account balances and transactions. |
| --- | --- |
| | None of such information about you (or former customers) will be
disclosed to anyone, except as permitted by law (which includes
disclosure to employees necessary to service your account). In
the normal course of servicing a customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers. |
| | Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information. |
| | We reserve the right to change our Privacy Policy at any time
upon proper notification to you. Customers may want to review
our Policy periodically for changes by accessing the link on our
homepage: www.eatonvance.com. |

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

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

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

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

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

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

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

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

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

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Eaton Vance Municipal Income Trusts as of November 30, 2008

TABLE OF CONTENTS

Managements Discussion of Fund Performance	2
Performance Information and Portfolio Composition
California Municipal Income Trust	4
Massachusetts Municipal Income Trust	5
Michigan Municipal Income Trust	6
National Municipal Income Trust	7
New Jersey Municipal Income Trust	8
New York Municipal Income Trust	9
Ohio Municipal Income Trust	10
Pennsylvania Municipal Income Trust	11
Financial Statements	12
Federal Tax Information	74
Notice to Shareholders	75
Dividend Reinvestment Plan	76
Board of Trustees Annual Approval of the
Investment Advisory Agreements	78
Management and Organization	81

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Eaton Vance Municipal Income Trusts as of November 30, 2008

MANAGEMENTS DISCUSSION OF FUND PERFORMANCE

Eaton Vance Municipal Income Trusts (the Trusts) are closed-end Trusts, traded on the NYSE Alternext U.S., which are designed to provide current income exempt from regular federal income tax and state personal income taxes, as applicable. This income is earned by investing primarily in investment-grade municipal securities.

Economic and Market Conditions

Economic growth in the third quarter of 2008 retracted 0.3%, down from a positive second quarter growth rate of 2.8%, according to data released by the U.S. Department of Commerce. Most of the major Gross Domestic Product (GDP) components led to the decline; however, most influential was a sharp downturn in personal consumption expenditures by consumers, a factor which has continued to weigh on the economy during the first two months of the fourth quarter of 2008. While high commodity prices have mitigated since their summertime peaks, management believes consumers continued to pare costs as they remained cautious of what increasingly has become a weaker economic environment. Rising unemployment levels, now at a five-year high, have led to constrained personal consumption and overall economic contraction. The housing market continues to weigh on the economy, with new home sales continuing to fall and existing home sales beginning to stabilize only as cautious buyers begin to see value in distressed pricing. Low home prices continue to pressure consumers and banks, causing increased bank foreclosures and more mark-to-market write downs of mortgage-backed securities at commercial banks and financial institutions.

During the year ended November 30, 2008, the capital markets have experienced historic events resulting in unprecedented volatility. During September 2008, for example, the federal government took control of federally-chartered mortgage giants Fannie Mae and Freddie Mac. During the same month, Lehman Brothers filed for bankruptcy protection and Merrill Lynch was acquired by Bank of America. Also in September 2008, Goldman Sachs and Morgan Stanley petitioned the Federal Reserve (the Fed) to become bank holding companies, a step which brings greater regulation but also easier access to credit. These actions, in conjunction with Bear Stearns acquisition by JP Morgan in March 2008, drastically redefined the Wall Street landscape. In addition to the independent Wall Street brokerages, the banking sector was shaken by the failure of Washington Mutual and the sale of Wachovia. In the insurance sector, the federal government provided more than $85 billion in loans to help stabilize American International Group, Inc. (AIG). Finally, the U.S. Congress approved a $700 billion program authorizing the federal government to purchase troubled assets from financial institutions, a program which has continued to evolve since its passing.

During the year ended November 30, 2008, the Fed lowered the Federal Funds rate to 1.00% from as high as 5.25% in the summer of 2007. In addition to its interest rate policy, the Fed has also taken extraordinary action through a variety of innovative lending techniques in an attempt to facilitate an easing of the credit crisis.

Management Discussion

The Trusts invest primarily in bonds with stated maturities of 10 years or longer, as longer-maturity bonds historically have provided greater tax-exempt income for investors than shorter-maturity bonds.

Relative to their primary benchmark, the Barclays Capital Municipal Bond Index 1 (the Index) a broad-based, unmanaged index of municipal bonds the Trusts underperformed for the year ended November 30, 2008. As a result of an active management style that focuses on income and longer call protection, each Trust generally holds longer-maturity bonds. Management believes that much of the Trusts underperformance can be attributed to the shift of investors capital into shorter-maturity bonds, a result of the broader-based credit crisis that has rattled the fixed-income markets since the summer of 2007. This underperformance was magnified by the Trusts

Trust 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.

1
Past performance is no guarantee of future results.

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund. Portfolio information provided in the report may not be representative of the Trusts current or future investments and may change due to active management.

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Eaton Vance Municipal Income Trusts as of November 30, 2008

MANAGEMENTS DISCUSSION OF FUND PERFORMANCE

use of leverage and leveraged investments. The move to shorter-term investments was originally driven by uncertainty surrounding financial companies exposure to subprime mortgage-backed debt but later spread to the municipal market when major municipal bond insurers suffered rating downgrades due to their exposure to mortgage-related structured products.

The ratio of yields on current coupon AAA-rated insured municipal bonds to the yield on 30-year Treasury bonds was 157% as of November 30, 2008, with many individual municipal bonds trading at higher ratios. 1 Management believes that this was the result of continued dislocation in the fixed-income marketplace caused by a flight to Treasury securities, municipal bond insurance companies mark-to-market risks and the decentralized nature of the municipal marketplace. Historically, this is a rare occurrence in the municipal bond market and is generally considered a signal that municipal bonds are significantly under-valued relative to taxable Treasury bonds.

Against this backdrop, management continues to manage all of its municipal funds with the same relative value approach that it has traditionally employed maintaining a long-term perspective when markets exhibit extreme short-term volatility. We believe this approach has provided excellent long-term benefits to our investors over time.

A Note Regarding Auction Preferred Shares (APS)

As has been widely reported since mid-February 2008, the normal functioning of the auction market in the United States for certain types of auction rate securities has been disrupted by an imbalance between buy and sell orders. Consistent with patterns in the broader market for auction rate securities, the Trusts have, since mid-February, experienced unsuccessful APS auctions. In the event of an unsuccessful auction, the affected APS remain outstanding, and the dividend rate reverts to the specified maximum payable rate.

During the year ended November 30, 2008, certain Trusts redeemed a portion of their outstanding APS. Information relating to these redemptions is contained in Note 2 to the Financial Statements. Replacement financing for the redeemed APS may have been provided through the creation of tender option bonds (TOBs). 2 The cost to the Trusts of the new TOB financing is expected, over time, to be lower than the total cost of APS based on the maximum applicable dividend rates. Each Trusts APS percentage (i.e., APS at liquidation value as a percentage of the Trusts net assets applicable to common shares plus APS) as of November 30, 2008 is reflected on the Trust-specific pages following this letter. The leverage created by APS and TOB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and share price of the common shares).

From December 22, 2008 through December 24, 2008, after the end of the reporting period, certain Trusts voluntarily redeemed a portion of their outstanding APS to reduce the amount of the Trusts financial leverage. Information relating to these redemptions is contained in Note 14 to the Financial Statements.

| 1 | Source: Bloomberg L.P. Yields are a compilation of a representative variety of general
obligations and are not necessarily representative of a Trusts yield. |
| --- | --- |
| 2 | Source: See Note 1H to Financial Statements for more information on TOB investments. |

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Eaton Vance California Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	CEV
Average Annual Total Returns (by share price)
One Year	-26.34 %
Five Years	-4.06
Life of Trust (1/29/99)	0.82
Average Annual Total Returns (by net asset value)
One Year	-30.70 %
Five Years	-3.03
Life of Trust (1/29/99)	1.62
Premium/(Discount) to NAV	-7.48 %
Market Yields
Market Yield 2	7.50 %
Taxable-Equivalent Market Yield 3	12.72

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper California Municipal Debt Funds Classification (by net asset value)
One Year	-19.29 %
Five Years	-0.03
Life of Trust (1/31/99)	2.69

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Trusts current 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.

Portfolio Manager: Cynthia J. Clemson

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-:

AAA	27.5	BBB	8.3
AA	32.0 %	BB	0.5 %
A	24.1 %	Not Rated	7.6 %

Trust Statistics 7

Number of Issues: — Average Maturity:	21.6	years
Average Effective Maturity:	20.3	years
Average Call Protection:	7.6	years
Average Dollar Price:	$ 80.66
APS Leverage:**	34.7	%
TOB Leverage:**	16.1	%

** APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and TOB Floating Rate Notes. TOB leverage represents the amount of Floating Rate Notes outstanding at 11/30/08 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. Floating Rate Notes in both calculations reflect the effect of TOBs purchased in secondary market transactions.

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 41.05% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper California Municipal Debt Funds Classification (closed-end) contained 24, 24 and 13 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	MMV
Average Annual Total Returns (by share price)
One Year	-27.89 %
Five Years	-5.40
Life of Trust (1/29/99)	0.37
Average Annual Total Returns (by net asset value)
One Year	-28.02 %
Five Years	-2.92
Life of Trust (1/29/99)	1.68
Premium/(Discount) to NAV	-12.20 %
Market Yields
Market Yield 2	7.49 %
Taxable-Equivalent Market Yield 3	12.17

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper Other States Municipal Debt Funds Classification (by net asset value)
One Year	-14.38 %
Five Years	0.64
Life of Trust (1/31/99)	2.99

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+:

AAA	12.2	BBB	11.9
AA	30.5 %	BB	1.1 %
A	38.0 %	Not Rated	6.3 %

Trust Statistics 7

Number of Issues: — Average Maturity:	26.4	years
Average Effective Maturity:	23.9	years
Average Call Protection:	8.2	years
Average Dollar Price:	$ 81.88
APS Leverage:**	39.1	%
TOB Leverage:**	11.1	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 38.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance Michigan Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	EMI
Average Annual Total Returns (by share price)
One Year	-32.76 %
Five Years	-7.75
Life of Trust (1/29/99)	-0.72
Average Annual Total Returns (by net asset value)
One Year	-21.02 %
Five Years	-1.24
Life of Trust (1/29/99)	2.52
Premium/(Discount) to NAV	-27.07 %
Market Yields
Market Yield 2	7.84 %
Taxable-Equivalent Market Yield 3	12.61

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper Michigan Municipal Debt Funds Classification (by net asset value)
One Year	-13.98 %
Five Years	0.62
Life of Trust (1/31/99)	3.31

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

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-:

AAA	21.4	BB	1.4
AA	44.3 %	CCC	0.6 %
A	16.5 %	Not Rated	3.0 %
BBB	12.8 %

Trust Statistics 7

Number of Issues: — Average Maturity:	21.8	years
Average Effective Maturity:	16.4	years
Average Call Protection:	4.9	years
Average Dollar Price:	$ 87.93
APS Leverage:**	40.7	%
TOB Leverage:**	5.9	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Michigan Municipal Debt Funds Classification (closed-end) contained 4, 4 and 3 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance National Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Effective June 19, 2008, the Funds name was changed from Eaton Vance Florida Plus Municipal Income Trust.

Trust Performance 1
NYSE Alternext U.S. Symbol	FEV
Average Annual Total Returns (by share price)
One Year	-36.32 %
Five Years	-8.02
Life of Trust (1/29/99)	-0.95
Average Annual Total Returns (by net asset value)
One Year	-36.71 %
Five Years	-5.47
Life of Trust (1/29/99)	0.48
Premium/(Discount) to NAV	-13.18 %
Market Yields
Market Yield 2	9.11 %
Taxable-Equivalent Market Yield 3	14.02

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper General Municipal Debt Funds (Leveraged) Classification (by net asset value)
One Year	-20.85 %
Five Years	-0.68
Life of Trust (1/31/99)	2.46

Portfolio Manager: Thomas M. Metzold, CFA

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A:

AAA	24.6	BB	3.5
AA	21.9 %	B	4.5 %
A	18.4 %	CCC	0.7 %
BBB	14.2 %	Not Rated	12.2 %

Trust Statistics 7

Number of Issues: — Average Maturity:	25.7	years
Average Effective Maturity:	24.4	years
Average Call Protection:	8.1	years
Average Dollar Price:	$ 84.80
APS Leverage:**	24.6	%
TOB Leverage:**	29.7	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 35.00% federal income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper General Municipal Debt Funds (Leveraged) Classification (closed-end) contained 60, 59 and 42 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	EVJ
Average Annual Total Returns (by share price)
One Year	-29.88 %
Five Years	-6.13
Life of Trust (1/29/99)	0.08
Average Annual Total Returns (by net asset value)
One Year	-33.57 %
Five Years	-3.94
Life of Trust (1/29/99)	1.11
Premium/(Discount) to NAV	-9.57 %
Market Yields
Market Yield 2	7.88 %
Taxable-Equivalent Market Yield 3	13.32

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
One Year	-18.56 %
Five Years	-0.08
Life of Trust (1/31/99)	2.61

Portfolio Manager: Robert B. MacIntosh, CFA

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-:

AAA	30.8	BBB	24.0
AA	21.5 %	B	1.2 %
A	21.4 %	Not Rated	1.1 %

Trust Statistics 7

Number of Issues: — Average Maturity:	24.4	years
Average Effective Maturity:	23.1	years
Average Call Protection:	9.4	years
Average Dollar Price:	$ 73.51
APS Leverage:**	39.9	%
TOB Leverage:**	9.4	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 40.83% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New Jersey Municipal Debt Funds Classification (closed-end) contained 10, 10 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance New York Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	EVY
Average Annual Total Returns (by share price)
One Year	-40.71 %
Five Years	-7.40
Life of Trust (1/29/99)	-0.59
Average Annual Total Returns (by net asset value)
One Year	-35.07 %
Five Years	-4.65
Life of Trust (1/29/99)	1.12
Premium/(Discount) to NAV	-15.51 %
Market Yields
Market Yield 2	9.42 %
Taxable-Equivalent Market Yield 3	15.56

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper New York Municipal Debt Funds Classification (by net asset value)
One Year	-19.18 %
Five Years	-0.29
Life of Trust (1/31/99)	2.78

Portfolio Manager: Craig R. Brandon, CFA

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+:

AAA	21.8	BB	3.5
AA	36.1 %	B	2.2 %
A	12.6 %	Not Rated	6.4 %
BBB	17.4 %

Trust Statistics 7

Number of Issues: — Average Maturity:	24.5	years
Average Effective Maturity:	22.7	years
Average Call Protection:	9.3	years
Average Dollar Price:	$ 85.23
APS Leverage:**	32.8	%
TOB Leverage:**	18.2	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.45% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper New York Municipal Debt Funds Classification (closed-end) contained 16, 16 and 6 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	EVO
Average Annual Total Returns (by share price)
One Year	-29.83 %
Five Years	-6.48
Life of Trust (1/29/99)	-0.01
Average Annual Total Returns (by net asset value)
One Year	-25.69 %
Five Years	-1.84
Life of Trust (1/29/99)	2.05
Premium/(Discount) to NAV	-18.18 %
Market Yields
Market Yield 2	7.73 %
Taxable-Equivalent Market Yield 3	12.73

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper Other States Municipal Debt Funds Classification (by net asset value)
One Year	-14.38 %
Five Years	0.64
Life of Trust (1/31/99)	2.99

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

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is AA-:

AAA	32.3	BBB	7.5
AA	36.7 %	B	1.7 %
A	14.4 %	Not Rated	7.4 %

Trust Statistics 7

Number of Issues: — Average Maturity:	22.2	years
Average Effective Maturity:	19.6	years
Average Call Protection:	7.1	years
Average Dollar Price:	$ 84.60
APS Leverage:**	40.4	%
TOB Leverage:**	7.5	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 39.26% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Other States Municipal Debt Funds Classification (closed-end) contained 43, 43 and 20 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Trust Performance 1
NYSE Alternext U.S. Symbol	EVP
Average Annual Total Returns (by share price)
One Year	-20.75 %
Five Years	-4.45
Life of Trust (1/29/99)	1.24
Average Annual Total Returns (by net asset value)
One Year	-26.57 %
Five Years	-2.10
Life of Trust (1/29/99)	1.99
Premium/(Discount) to NAV	-6.98 %
Market Yields
Market Yield 2	7.14 %
Taxable-Equivalent Market Yield 3	11.33

Index Performance 4 Average Annual Total Returns

Barclays Capital Municipal Bond Index — One Year	-3.61 %	-15.21 %
Five Years	2.58	0.94
Life of Trust (1/31/99)	4.05	3.26

Lipper Averages 5 Average Annual Total Returns

Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
One Year	-18.22 %
Five Years	-0.73
Life of Trust (1/31/99)	2.39

Portfolio Manager: Adam A. Weigold, CFA

Rating Distribution* 6

By total investments

The rating distribution presented above includes the ratings of securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements. Absent such securities, the Trusts rating distribution at November 30, 2008, is as follows, and the average rating is A+:

AAA	25.9	BB	2.3
AA	30.3 %	CCC	1.3 %
A	24.8 %	Not Rated	8.0 %
BBB	7.4 %

Trust Statistics 7

Number of Issues: — Average Maturity:	21.5	years
Average Effective Maturity:	18.9	years
Average Call Protection:	6.4	years
Average Dollar Price:	$ 86.16
APS Leverage:**	39.2	%
TOB Leverage:**	11.4	%

1 Returns are historical and are calculated by determining the percentage change in share price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market share price will differ from its results at NAV. Although share price performance generally reflects investment results over time, during shorter periods, returns at share price can also be affected by factors such as changing perceptions about the Trust, market conditions, fluctuations in supply and demand for the Trusts shares, or changes in Trust distributions. Performance results reflect the effects of APS outstanding and TOB investments, which are forms of investment leverage. Use of leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of net asset value and market price of common shares). 2 The Trusts market yield is calculated by dividing the last dividend paid per common share of the fiscal year by the share price at the end of the fiscal year and annualizing the result. 3 Taxable-equivalent figure assumes a maximum 37.00% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 Formerly called Lehman Brothers Municipal Bond Index and Lehman Brothers Municipal Bond Long 22+ Index, respectively. It is not possible to invest directly in an Index. The Indices total returns do not reflect the expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices. Index performance is available as of month end only. 5 The Lipper Averages are the average annual total returns, at net asset value, of the funds that are in the same Lipper Classification as the Trust. It is not possible to invest in a Lipper Classification. Lipper Classifications may include insured and uninsured funds, as well as leveraged and unleveraged funds. The Lipper Pennsylvania Municipal Debt Funds Classification (closed-end) contained 7, 7 and 4 funds for the 1-year, 5-year and Life-of-Trust time periods, respectively. Lipper Averages are available as of month end only. 6 Rating Distribution is determined by dividing the total market value of the issues by the total investments of the Trust. Although the investment adviser considers ratings when making investment decisions, it performs its own credit and investment analysis and does not rely primarily on the ratings assigned by the rating services. Credit quality can change from time to time, and recently issued credit ratings may not fully reflect the actual risks posed by a particular security or the issuers current financial condition. 7 Trust holdings information excludes securities held by special purpose vehicles in which the Trust holds a residual interest. See Note 1H to the Trusts financial statements.

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Eaton Vance California Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 186.0% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 13.7% | | |
| $ 2,770 | California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29 | $ 1,980,495 |
| 500 | California Educational Facilities Authority, (Pepperdine
University), 5.00%, 11/1/29 | 470,310 |
| 1,350 | California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23 | 1,273,009 |
| 4,000 | California Educational Facilities Authority, (Stanford
University), 5.125%,
1/1/31 (1) | 3,873,920 |
| 2,500 | San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41 | 2,151,475 |
| | | $ 9,749,209 |
| Electric
Utilities 2.4% | | |
| $ 2,275 | Chula Vista, (San Diego Gas), (AMT), 5.00%, 12/1/27 | $ 1,719,695 |
| | | $ 1,719,695 |
| General
Obligations 7.6% | | |
| $ 1,610 | California, (AMT), 5.05%, 12/1/36 | $ 1,246,478 |
| 4,770 | San Francisco Bay Area Rapid Transit District, (Election of
2004), 4.75%,
8/1/37 (2) | 4,157,604 |
| | | $ 5,404,082 |
| Health
Care-Miscellaneous 0.3% | | |
| $ 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | $ 221,175 |
| | | $ 221,175 |
| Hospital 30.6% | | |
| $ 1,000 | California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32 | $ 832,740 |
| 2,435 | California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 11/15/34 | 1,895,380 |
| 1,500 | California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38 | 1,500,915 |
| 870 | California Health Facilities Financing Authority, (Sutter
Health), Variable Rate, 1.49%,
11/15/46 (3)(4)(5) | 205,111 |
| 750 | California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31 | 641,858 |
| 3,900 | California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35 | 2,958,579 |
| 1,750 | California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36 | 1,349,390 |
| 1,650 | California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32 | 1,437,529 |
| 1,750 | California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29 | 1,492,015 |
| 1,500 | California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28 | 1,375,725 |
| 1,500 | Duarte, (Hope National Medical Center), 5.25%, 4/1/24 | 1,308,315 |
| 410 | Tahoe Forest Hospital District, 5.85%, 7/1/22 | 357,823 |
| 2,000 | Torrance Hospital, (Torrance Memorial Medical Center), 5.50%,
6/1/31 | 1,695,400 |
| 1,250 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 919,813 |
| 2,000 | Washington Health Care Facilities Authority, (Providence Health
Care), 5.25%, 7/1/29 | 1,644,660 |
| 2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,127,812 |
| | | $ 21,743,065 |
| Housing 3.0% | | |
| $ 1,750 | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | $ 1,188,408 |
| 729 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 597,201 |
| 423 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 341,949 |
| | | $ 2,127,558 |
| Industrial
Development Revenue 2.6% | | |
| $ 800 | California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | $ 630,968 |
| 2,000 | California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,237,540 |
| | | $ 1,868,508 |
| Insured-Education 8.8% | | |
| $ 400 | California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35 | $ 354,616 |
| 3,270 | California Educational Facilities Authority, (Pooled College and
University), (MBIA), 5.10%, 4/1/23 | 3,195,019 |
| 3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 2,692,860 |
| | | $ 6,242,495 |

See notes to financial statements

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Eaton Vance California Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities 11.0% | | |
| $ 2,500 | California Pollution Control Financing Authority, (Pacific Gas
and Electric), (MBIA), (AMT), 5.35%, 12/1/16 | $ 2,373,025 |
| 3,250 | California Pollution Control Financing Authority, (Southern
California Edison Co.), (MBIA), (AMT), 5.55%, 9/1/31 | 2,600,097 |
| 3,510 | Los Angeles Department of Water and Power, (FSA), 4.625%, 7/1/37 | 2,849,734 |
| | | $ 7,822,856 |
| Insured-Escrowed/Prerefunded 5.9% | | |
| $ 5,130 | Foothill/Eastern Transportation Corridor Agency, (FSA),
(RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,060,054 |
| 1,995 | Puerto Rico Electric Power Authority, (FSA), Prerefunded to
7/1/10, 5.25%,
7/1/29 (2) | 2,125,307 |
| | | $ 4,185,361 |
| Insured-General
Obligations 11.0% | | |
| $ 7,000 | Coast Community College District, (Election of 2002), (FSA),
0.00%, 8/1/34 | $ 1,339,660 |
| 4,825 | Coast Community College District, (Election of 2002), (FSA),
0.00%,
8/1/35 (6) | 861,986 |
| 2,500 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (3)(4) | 2,681,125 |
| 7,995 | Sweetwater Union High School District, (Election 2000), (FSA),
0.00%, 8/1/25 | 2,925,930 |
| | | $ 7,808,701 |
| Insured-Hospital 20.2% | | |
| $ 3,100 | California Health Facilities Financing Authority, (Kaiser
Permanente), (BHAC), 5.00%, 4/1/37 | $ 2,772,547 |
| 3,200 | California Statewide Communities Development Authority,
(Childrens Hospital Los Angeles), (MBIA), 5.25%, 8/15/29 | 2,738,144 |
| 750 | California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC), 5.00%,
3/1/41 (2) | 653,085 |
| 5,000 | California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC), 5.00%,
11/15/38 (2) | 4,473,750 |
| 3,735 | California Statewide Communities Development Authority, (Sutter
Health), (FSA), 5.75%,
8/15/27 (2) | 3,743,092 |
| | | $ 14,380,618 |
| Insured-Lease
Revenue/Certificates of Participation 10.1% | | |
| $ 6,500 | Anaheim Public Financing Authority, Lease Revenue, (Public
Improvements), (FSA), 0.00%, 9/1/17 | $ 4,117,945 |
| 3,500 | San Diego County Water Authority, (FSA), 5.00%,
5/1/38 (2) | 3,044,983 |
| | | $ 7,162,928 |
| Insured-Other
Revenue 2.2% | | |
| $ 1,855 | Golden State Tobacco Securitization Corp., (AGC), (FGIC), 5.00%,
6/1/38 | $ 1,566,177 |
| | | $ 1,566,177 |
| Insured-Special
Tax Revenue 4.7% | | |
| $ 24,800 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | $ 860,312 |
| 4,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 335,296 |
| 8,380 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 617,438 |
| 5,270 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 359,572 |
| 480 | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | 486,149 |
| 690 | Sacramento Area Flood Control Agency, (BHAC), 5.625%, 10/1/37 | 691,235 |
| | | $ 3,350,002 |
| Insured-Transportation 8.2% | | |
| $ 5,000 | Alameda Corridor Transportation Authority, (AMBAC), 0.00%,
10/1/29 | $ 1,315,550 |
| 8,000 | Alameda Corridor Transportation Authority, (MBIA), 0.00%, 10/1/31 | 1,827,360 |
| 740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%,
7/1/41 (2) | 646,719 |
| 10,000 | San Joaquin Hills Transportation Corridor Agency, (MBIA), 0.00%,
1/15/32 | 2,014,100 |
| | | $ 5,803,729 |
| Insured-Water
and Sewer 6.9% | | |
| $ 4,400 | Los Angeles Department of Water and Power, (MBIA), 3.00%, 7/1/30 | $ 2,813,712 |
| 2,710 | San Francisco City and County Public Utilities Commission,
(FSA), 4.25%,
11/1/33 (6) | 2,054,261 |
| | | $ 4,867,973 |

See notes to financial statements

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Eaton Vance California Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Lease
Revenue/Certificates of Participation 5.9% | | | |
| $ 4,000 | Sacramento City Financing Authority, 5.40%, 11/1/20 | $ 4,168,920 | |
| | | $ 4,168,920 | |
| Other
Revenue 2.4% | | | |
| $ 385 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ 340,359 | |
| 580 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 501,439 | |
| 1,420 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 895,282 | |
| | | $ 1,737,080 | |
| Senior
Living/Life Care 0.8% | | | |
| $ 175 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.75%, 11/15/26 | $ 126,487 | |
| 700 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36 | 462,931 | |
| | | $ 589,418 | |
| Special
Tax Revenue 19.7% | | | |
| $ 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ 713,970 | |
| 285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 195,655 | |
| 460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 291,543 | |
| 1,000 | Corona Public Financing Authority, 5.80%, 9/1/20 | 844,660 | |
| 200 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 139,874 | |
| 500 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 313,195 | |
| 1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,487,191 | |
| 900 | Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25 | 747,765 | |
| 420 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24 | 333,430 | |
| 750 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29 | 569,805 | |
| 2,430 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,482,342 | |
| 995 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 985,607 | |
| 1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,304,992 | |
| 1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 964,410 | |
| 250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 214,648 | |
| 500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 399,405 | |
| 250 | Temecula Unified School District, 5.00%, 9/1/27 | 174,843 | |
| 400 | Temecula Unified School District, 5.00%, 9/1/37 | 248,960 | |
| 500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 413,960 | |
| 500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 365,250 | |
| 1,000 | Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23 | 818,630 | |
| | | $ 14,010,135 | |
| Transportation 5.5% | | | |
| $ 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.00%, 4/1/31 | $ 1,852,760 | |
| 1,500 | Los Angeles Department of Airports, (Los Angeles International
Airport), 5.375%, 5/15/30 | 1,205,130 | |
| 1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 854,311 | |
| | | $ 3,912,201 | |
| Water
and Sewer 2.5% | | | |
| $ 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ 1,748,184 | |
| | | $ 1,748,184 | |
| Total
Tax-Exempt Investments 186.0% | | | |
| (identified
cost $155,084,405) | | $ 132,190,070 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (70.3)% | | $ (49,978,954 | ) |
| Other
Assets, Less Liabilities (15.7)% | | $ (11,146,313 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 71,064,803 | |

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

See notes to financial statements

END PAGE WIDTH PAGEBREAK

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Eaton Vance California Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

RADIAN - Radian Group, Inc.

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 47.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 21.0% of total investments.

| (1) | Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H). |
| (3) | Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $2,886,236 or 4.1% of the
Trusts net assets applicable to common shares. |
| (4) | Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008. |
| (5) | 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
underlying the inverse floater. In case of a shortfall, the
maximum potential amount of payments the Trust could ultimately
be required to make under the agreement is $2,610,000. However,
such shortfall payment would be reduced by the proceeds from the
sale of the security underlying the inverse floater. |
| (6) | Security (or a portion thereof) has been pledged as collateral
for open swap contracts. |

See notes to financial statements

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 179.6% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 33.4% | | |
| $ 2,440 | Massachusetts Development Finance Agency, (Boston University),
5.45%, 5/15/59 | $ 2,149,591 |
| 600 | Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33 | 528,696 |
| 1,000 | Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38 | 732,040 |
| 1,500 | Massachusetts Development Finance Agency, (Wheeler School),
6.50%, 12/1/29 | 1,330,320 |
| 1,000 | Massachusetts Development Finance Agency, (Xaverian Brothers
High School), 5.65%, 7/1/29 | 799,890 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32 | 1,275,615 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%,
10/1/38 (1) | 1,435,013 |
| 1,000 | Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%,
8/15/38 (5) | 976,000 |
| | | $ 9,227,165 |
| Electric
Utilities 9.8% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30 | $ 959,370 |
| 1,870 | Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36 | 1,273,881 |
| 570 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 463,450 |
| | | $ 2,696,701 |
| Escrowed/Prerefunded 8.2% | | |
| $ 400 | Massachusetts Development Finance Agency, (Western New England
College), Prerefunded to 12/1/12, 6.125%, 12/1/32 | $ 457,460 |
| 235 | Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to 1/1/12,
6.00%, 7/1/31 | 262,652 |
| 960 | Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | 1,033,325 |
| 1,000 | Rail Connections, Inc., (Route 128 Parking), (ACA), Prerefunded
to 7/1/09, 0.00%, 7/1/20 | 498,820 |
| | | $ 2,252,257 |
| General
Obligations 4.8% | | |
| $ 1,250 | City of Boston, 5.00%,
1/1/11 (5) | $ 1,320,613 |
| | | $ 1,320,613 |
| Health
Care-Miscellaneous 3.5% | | |
| $ 510 | Massachusetts Development Finance Agency, (MCHSP Human
Services), 6.60%, 8/15/29 | $ 373,198 |
| 700 | Massachusetts Health and Educational Facilities Authority,
(Learning Center for Deaf Children), 6.125%, 7/1/29 | 524,069 |
| 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | 73,725 |
| | | $ 970,992 |
| Hospital 27.4% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Biomedical Research
Corp.), 6.25%, 8/1/20 | $ 1,009,510 |
| 1,000 | Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center), 5.75%, 7/1/33 | 868,390 |
| 400 | Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31 | 348,228 |
| 1,370 | Massachusetts Health and Educational Facilities Authority, (Beth
Israel Deaconess Medical Center, Inc.), 5.125%, 7/1/38 | 927,572 |
| 105 | Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18 | 104,741 |
| 1,575 | Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,259,748 |
| 865 | Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31 | 790,740 |
| 2,000 | Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System), 5.00%,
7/1/32 (1) | 1,696,920 |
| 675 | Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29 | 540,371 |
| | | $ 7,546,220 |
| Housing 15.0% | | |
| $ 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ 1,394,694 |
| 1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 698,880 |
| 650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 523,685 |
| 2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,526,900 |
| | | $ 4,144,159 |

See notes to financial statements

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Industrial
Development Revenue 2.5% | | |
| $ 695 | Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15 | $ 695,619 |
| | | $ 695,619 |
| Insured-Education 13.5% | | |
| $ 1,000 | Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39 | $ 954,570 |
| 1,365 | Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC), 5.25%,
9/1/32 (1) | 1,330,556 |
| 1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33 | 1,440,960 |
| | | $ 3,726,086 |
| Insured-General
Obligations 13.5% | | |
| $ 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ 1,025,510 |
| 2,255 | Milford, (FSA), 4.25%, 12/15/46 | 1,729,111 |
| 900 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (2)(3) | 965,205 |
| | | $ 3,719,826 |
| Insured-Other
Revenue 4.2% | | |
| $ 1,225 | Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42 | $ 1,157,625 |
| | | $ 1,157,625 |
| Insured-Special
Tax Revenue 7.9% | | |
| $ 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ 1,399,511 |
| 8,945 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 310,302 |
| 1,520 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 120,627 |
| 3,015 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 222,146 |
| 1,905 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 129,978 |
| | | $ 2,182,564 |
| Insured-Student
Loan 7.1% | | |
| $ 600 | Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%,
1/1/30 (5) | $ 573,486 |
| 1,985 | Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33 | 1,385,887 |
| | | $ 1,959,373 |
| Insured-Transportation 6.6% | | |
| $ 800 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA),
(AMT), 5.00%, 7/1/32 | $ 575,744 |
| 1,820 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (MBIA),
(AMT), 5.00%, 7/1/38 | 1,246,008 |
| | | $ 1,821,752 |
| Nursing
Home 3.4% | | |
| $ 500 | Boston Industrial Development Authority, (Alzheimers
Center), (FHA), 6.00%, 2/1/37 | $ 462,325 |
| 580 | Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29 | 475,780 |
| | | $ 938,105 |
| Senior
Living/Life Care 8.0% | | |
| $ 250 | Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.15%, 7/1/31 | $ 168,198 |
| 1,500 | Massachusetts Development Finance Agency, (Berkshire
Retirement), 5.625%, 7/1/29 | 1,120,650 |
| 140 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27 | 93,990 |
| 425 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41 | 255,327 |
| 910 | Massachusetts Development Finance Agency, (Linden Ponds, Inc.),
5.75%, 11/15/42 | 561,006 |
| | | $ 2,199,171 |
| Special
Tax Revenue 5.0% | | |
| $ 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31 | $ 389,227 |
| 5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34 | 986,998 |
| | | $ 1,376,225 |
| Water
and Sewer 5.8% | | |
| $ 215 | Massachusetts Water Pollution Abatement Trust, 5.375%, 8/1/27 | $ 215,888 |
| 2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,384,000 |
| | | $ 1,599,888 |
| Total
Tax-Exempt Investments 179.6% | | |
| (identified
cost $59,628,794) | | $ 49,534,341 |

See notes to financial statements

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Short-Term
Investments 6.4% | | | |
| --- | --- | --- | --- |
| Principal
Amount | | | |
| (000s
omitted) | Description | Value | |
| $ 1,750 | Massachusetts Health and Educational Facilities Authority,
(Capital Assets Program), (MBIA), (SPA: State Street Bank and
Trust Co.), Variable Rate, 12.00%,
1/1/35 (4) | $ 1,750,000 | |
| Total Short-Term Investments 6.4% | | | |
| (identified
cost $1,750,000) | | $ 1,750,000 | |
| Total
Investments 186.0% | | | |
| (identified
cost $61,378,794) | | $ 51,284,341 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (72.7)% | | $ (20,055,300 | ) |
| Other
Assets, Less Liabilities (13.3)% | | $ (3,653,081 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 27,575,960 | |

ACA - ACA Financial Guaranty Corporation

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

FHA - Federal Housing Administration

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

SPA - Standby Bond Purchase Agreement

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 31.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 12.9% of total investments.

| (1) | Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H). |
| --- | --- |
| (2) | Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $965,205 or 3.5% of the
Trusts net assets applicable to common shares. |
| (3) | Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008. |
| (4) | Variable rate demand obligation. The stated interest rate
represents the rate in effect at November 30, 2008. |
| (5) | Security (or a portion thereof) has been pledged as collateral
for open swap contracts. |

See notes to financial statements

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Eaton Vance Michigan Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 180.5% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 7.9% | | |
| $ 1,250 | Michigan Higher Education Facilities Authority, (Creative
Studies), 5.90%, 12/1/27 | $ 1,383,525 |
| 540 | Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35 | 437,697 |
| | | $ 1,821,222 |
| Electric
Utilities 3.9% | | |
| $ 580 | Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29 | $ 533,333 |
| 435 | Puerto Rico Electric Power Authority, 5.00%, 7/1/25 | 353,686 |
| | | $ 887,019 |
| Escrowed/Prerefunded 21.1% | | |
| $ 500 | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded
to 7/15/11, 5.50%, 1/15/31 | $ 545,040 |
| 560 | Macomb County Hospital Finance Authority, (Mount Clemens General
Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | 637,056 |
| 750 | Michigan Hospital Finance Authority, (Ascension Health Care),
Prerefunded to 11/15/09, 6.125%, 11/15/26 | 792,892 |
| 750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36 | 830,220 |
| 875 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31 | 973,945 |
| 1,000 | White Cloud Public Schools, Prerefunded to 5/1/11, 5.125%, 5/1/31 | 1,071,020 |
| | | $ 4,850,173 |
| General
Obligations 8.6% | | |
| $ 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | $ 496,660 |
| 750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 739,665 |
| 345 | Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29 | 276,135 |
| 500 | Wayne Charter County, 5.70%, 8/1/38 | 455,540 |
| | | $ 1,968,000 |
| Health
Care-Miscellaneous 0.3% | | |
| $ 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | $ 73,725 |
| | | $ 73,725 |
| Hospital 30.6% | | |
| $ 500 | Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21 | $ 468,290 |
| 185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25 | 140,961 |
| 125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37 | 92,845 |
| 275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50%,
1/15/47 | 278,129 |
| 500 | Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 | 420,815 |
| 1,000 | Michigan Hospital Finance Authority, (Central Michigan Community
Hospital), 6.25%, 10/1/27 | 859,130 |
| 750 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38 | 506,355 |
| 1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46 | 689,540 |
| 1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35 | 832,270 |
| 750 | Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21 | 686,302 |
| 1,000 | Michigan Hospital Finance Authority, (Trinity Health), 6.00%,
12/1/27 | 978,390 |
| 425 | Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26 | 284,746 |
| 800 | Saginaw Hospital Finance Authority, (Covenant Medical Center),
6.50%, 7/1/30 | 798,560 |
| | | $ 7,036,333 |
| Housing 6.6% | | |
| $ 1,065 | Michigan Housing Development Authority, (AMT), 5.20%, 6/1/39 | $ 821,445 |
| 1,000 | Michigan Housing Development Authority, (Williams Pavilion),
(AMT), 4.90%, 4/20/48 | 687,110 |
| | | $ 1,508,555 |
| Industrial
Development Revenue 6.6% | | |
| $ 1,000 | Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21 | $ 572,660 |
| 800 | Dickinson County Electronic Development Corp., (International
Paper Co.), 5.75%, 6/1/16 | 689,480 |
| 625 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 251,562 |
| | | $ 1,513,702 |
| Insured-Electric
Utilities 8.7% | | |
| $ 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (MBIA), (AMT),
5.55%, 9/1/29 | $ 824,890 |
| 500 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%,
12/15/32 | 404,060 |

See notes to financial statements

END PAGE WIDTH PAGEBREAK

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Eaton Vance Michigan Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities (continued) | | |
| 220 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/30 | 179,113 |
| 750 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/34 | 590,235 |
| | | $ 1,998,298 |
| Insured-Escrowed/Prerefunded 18.5% | | |
| $ 1,000 | Central Montcalm Public Schools, (MBIA), Prerefunded to 5/1/09,
6.00%, 5/1/29 | $ 1,021,050 |
| 1,000 | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11, 5.125%,
7/1/31 | 1,075,240 |
| 2,000 | Novi Building Authority, (FSA), Prerefunded to 10/1/10, 5.50%,
10/1/25 | 2,153,320 |
| | | $ 4,249,610 |
| Insured-General
Obligations 15.1% | | |
| $ 650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | $ 567,626 |
| 750 | Detroit City School District, (FSA), 5.25%, 5/1/32 | 735,112 |
| 200 | Eaton Rapids Public Schools, (MBIA), 4.75%, 5/1/25 | 188,236 |
| 100 | Lincoln Consolidated School District, (FSA), 5.00%, 5/1/10 | 104,093 |
| 700 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (1)(2) | 750,715 |
| 1,250 | Van Dyke Public Schools, (FSA), 5.00%, 5/1/38 | 1,132,387 |
| | | $ 3,478,169 |
| Insured-Hospital 7.2% | | |
| $ 1,000 | Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (MBIA), 5.25%, 11/15/35 | $ 766,940 |
| 1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center),
(MBIA), 5.50%, 7/1/24 | 885,370 |
| | | $ 1,652,310 |
| Insured-Lease
Revenue/Certificates of Participation 5.1% | | |
| $ 4,300 | Michigan Building Authority, (FGIC), 0.00%, 10/15/30 | $ 920,587 |
| 1,000 | Michigan Building Authority, (FGIC), (FSA), 0.00%, 10/15/29 | 248,020 |
| | | $ 1,168,607 |
| Insured-Special
Tax Revenue 11.4% | | |
| $ 5,160 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | $ 179,000 |
| 1,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 97,216 |
| 2,430 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 179,043 |
| 1,470 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 100,298 |
| 2,250 | Wayne Charter County, (Airport Hotel-Detroit Metropolitan
Airport), (MBIA), 5.00%, 12/1/30 | 2,056,500 |
| | | $ 2,612,057 |
| Insured-Student
Loan 6.0% | | |
| $ 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31 | $ 639,520 |
| 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.50%, 6/1/25 | 735,290 |
| | | $ 1,374,810 |
| Insured-Transportation 6.7% | | |
| $ 1,000 | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | $ 797,220 |
| 1,000 | Wayne Charter County Airport, (MBIA), (AMT), 5.00%, 12/1/28 | 749,340 |
| | | $ 1,546,560 |
| Insured-Water
and Sewer 6.2% | | |
| $ 1,650 | Detroit Water Supply System, (FGIC), 5.00%, 7/1/30 | $ 1,437,233 |
| | | $ 1,437,233 |
| Lease
Revenue/Certificates of Participation 1.0% | | |
| $ 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22 | $ 239,565 |
| | | $ 239,565 |
| Other
Revenue 1.4% | | |
| $ 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ 317,110 |
| | | $ 317,110 |
| Transportation 6.4% | | |
| $ 1,500 | Kent County Airport Facility, 5.00%,
1/1/25 (3) | $ 1,464,315 |
| | | $ 1,464,315 |

See notes to financial statements

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Eaton Vance Michigan Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Water
and Sewer 1.2% | | | |
| $ 250 | Michigan Municipal Bond Authority, (Clean Water Revenue), 5.25%,
10/1/11 (4) | $ 268,665 | |
| | | $ 268,665 | |
| Total
Tax-Exempt Investments 180.5% | | | |
| (identified
cost $47,060,298) | | $ 41,466,038 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (76.2)% | | $ (17,502,294 | ) |
| Other
Assets, Less Liabilities (4.3)% | | $ (986,563 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 22,977,181 | |

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

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. In addition, 10.2% of the Trusts total investments at November 30, 2008 were invested in municipal obligations issued by Puerto Rico. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 47.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 18.4% of total investments.

| (1) | Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008. |
| --- | --- |
| (2) | Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $750,715 or 3.3% of the
Trusts net assets applicable to common shares. |
| (3) | Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H). |
| (4) | Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts. |

See notes to financial statements

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Eaton Vance National Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 215.3% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 12.3% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Boston University),
6.00%, 5/15/59 | $ 960,290 |
| 500 | Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38 | 366,020 |
| 10 | Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%, 10/1/38 | 9,567 |
| 2,490 | Massachusetts Health and Educational Facilities Authority,
(Harvard University), 5.00%,
10/1/38 (1) | 2,382,117 |
| 740 | New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33 | 727,812 |
| 190 | Rhode Island Health and Educational Building Corp., (University
of Rhode Island), 6.25%, 9/15/34 | 182,468 |
| | | $ 4,628,274 |
| Electric
Utilities 3.0% | | |
| $ 1,565 | Brazos River Authority, TX, (Texas Energy Co.), (AMT), 8.25%,
5/1/33 | $ 1,124,906 |
| | | $ 1,124,906 |
| Escrowed/Prerefunded 1.4% | | |
| $ 500 | Stoneybrook West, FL, Community Development District,
Prerefunded to 5/1/10, 7.00%, 5/1/32 | $ 536,505 |
| | | $ 536,505 |
| Health
Care-Miscellaneous 0.7% | | |
| $ 140 | Osceola County, FL, Industrial Development Authority, Community
Provider Pooled Loan, 7.75%, 7/1/17 | $ 131,625 |
| 200 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | 147,450 |
| | | $ 279,075 |
| Hospital 21.0% | | |
| $ 350 | Camden County, NJ, Improvement Authority, (Cooper Health
System), 5.00%, 2/15/35 | $ 232,855 |
| 695 | Idaho Health Facilities Authority, (Trinity Health Credit
Group), 6.25%, 12/1/33 | 679,960 |
| 375 | Massachusetts Health and Educational Facilities Authority,
(Caregroup, Inc.), 5.00%, 7/1/28 | 269,389 |
| 560 | Massachusetts Health and Educational Facilities Authority,
(Caregroup, Inc.), 5.125%, 7/1/33 | 389,989 |
| 2,000 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/32 | 1,468,520 |
| 2,500 | New York Dormitory Authority, (Memorial Sloan Kettering Cancer
Center), 5.00%,
7/1/36 (1) | 2,261,225 |
| 315 | New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29 | 243,177 |
| 635 | New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37 | 472,599 |
| 1,000 | Virginia Small Business Financing Authority, (Wellmort Health),
5.25%, 9/1/37 | 703,550 |
| 1,400 | West Orange, FL, Health Care District, 5.80%, 2/1/31 | 1,134,602 |
| | | $ 7,855,866 |
| Housing 14.4% | | |
| $ 330 | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | $ 224,100 |
| 2,000 | Delaware Housing Authority, (Senior Single Family Mortgage
Revenue), (AMT), 5.30%, 1/1/49 | 1,525,840 |
| 505 | Escambia County, FL, Housing Finance Authority, Single Family
Mortgage Revenue, (Multi-County Program), (AMT), 5.50%, 10/1/31 | 425,260 |
| 1,000 | Georgia Housing and Finance Authority, (AMT), 5.25%, 12/1/37 | 781,930 |
| 710 | Massachusetts Housing Finance Agency, (AMT), 5.30%, 12/1/37 | 559,544 |
| 1,030 | New Mexico Mortgage Finance Authority, (Santa Fe Senior Housing
LLC), (FNMA), (AMT), 4.70%, 8/1/45 | 713,759 |
| 1,500 | Virginia Housing Development Authority, (AMT), 5.10%, 10/1/35 | 1,161,405 |
| | | $ 5,391,838 |
| Industrial
Development Revenue 25.9% | | |
| $ 1,000 | Brazos River, TX, Harbor Navigation District, (Dow Chemical
Co.), (AMT), 5.95%, 5/15/33 | $ 735,480 |
| 702 | Broward County, FL, (Lynxs Cargoport), (AMT), 6.75%, 6/1/19 | 588,787 |
| 1,000 | Butler County, AL, Industrial Development Authority,
(International Paper Co.), (AMT), 7.00%, 9/1/32 | 760,010 |
| 750 | California Pollution Control Financing Authority, (Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | 591,532 |
| 1,060 | Capital Trust Agency, FL, (Fort Lauderdale Project), (AMT),
5.75%, 1/1/32 | 764,228 |
| 1,055 | Denver, CO, City and County Special Facilities, (United
Airlines), (AMT), 5.25%, 10/1/32 | 549,159 |
| 875 | Denver, CO, City and County Special Facilities, (United
Airlines), (AMT), 5.75%, 10/1/32 | 453,688 |
| 1,000 | Gulf Coast Waste Disposal Authority, TX, (Valero Energy Corp.),
5.60%, 4/1/32 | 626,040 |
| 1,000 | Houston, TX, Airport System, (Continental Airlines), (AMT),
6.75%, 7/1/29 | 623,030 |
| 705 | Liberty Development Corp., NY, (Goldman Sachs Group, Inc.),
5.25%, 10/1/35 | 512,239 |

See notes to financial statements

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Eaton Vance National Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Industrial
Development Revenue (continued) | | |
| 1,350 | Liberty Development Corp., NY, (Goldman Sachs Group, Inc.),
5.25%,
10/1/35 (1) | 980,948 |
| 1,000 | New Morgan, PA, Industrial Development Authority,
(Browning-Ferris Industries, Inc.), (AMT), 6.50%, 4/1/19 | 812,070 |
| 280 | Phoenix, AZ, Industrial Development Authority, (America West
Airlines, Inc.), (AMT), 6.25%, 6/1/19 | 191,190 |
| 650 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.30%, 6/1/23 | 258,648 |
| 1,970 | St. John Baptist Parish, LA, (Marathon Oil Corp.), 5.125%, 6/1/37 | 1,259,795 |
| | | $ 9,706,844 |
| Insured-Education 1.2% | | |
| $ 530 | University of Vermont and State Agricultural College, (MBIA),
5.00%, 10/1/40 | $ 460,851 |
| | | $ 460,851 |
| Insured-Electric
Utilities 3.5% | | |
| $ 1,600 | Burke County, GA, Development Authority, (Georgia Power Co.),
(MBIA), (AMT), 5.45%, 5/1/34 | $ 1,316,192 |
| | | $ 1,316,192 |
| Insured-General
Obligations 4.3% | | |
| $ 1,500 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (2)(3) | $ 1,608,675 |
| | | $ 1,608,675 |
| Insured-Hospital 25.4% | | |
| $ 2,500 | Illinois Finance Authority, (Rush University Medical Center),
(MBIA), 5.25%, 11/1/35 | $ 1,917,550 |
| 3,250 | Indiana Health and Educational Facility Finance Authority,
(Sisters of St. Francis Health Services), (FSA), 5.25%,
5/15/41 (1) | 2,874,008 |
| 2,000 | Maricopa County, AZ, Industrial Development Authority, (Catholic
Healthcare West), (BHAC), 5.25%, 7/1/32 | 1,861,880 |
| 1,000 | Maricopa County, AZ, Industrial Development Authority, (Mayo
Clinic Hospital), (AMBAC), 5.25%, 11/15/37 | 839,520 |
| 2,500 | Maryland Health and Higher Educational Facilities Authority,
(Lifebridge Health), (AGC), 4.75%,
7/1/47 (1) | 2,025,675 |
| | | $ 9,518,633 |
| Insured-Housing 2.5% | | |
| $ 1,100 | Broward County, FL, Housing Finance Authority, Multi-Family
Housing, (Venice Homes Apartments), (FSA), (AMT), 5.70%,
1/1/32 (6) | $ 923,054 |
| | | $ 923,054 |
| Insured-Lease
Revenue/Certificates of Participation 9.7% | | |
| $ 1,155 | Newberry, SC, (Newberry County School District), (AGC), 5.00%,
12/1/30 | $ 1,013,616 |
| 3,000 | San Diego County, CA, Water Authority, (FSA), 5.00%,
5/1/38 (1) | 2,609,985 |
| | | $ 3,623,601 |
| Insured-Other
Revenue 1.1% | | |
| $ 425 | Kentucky Economic Development Finance Authority, (Louisville
Arena Project), (AGC), 6.00%, 12/1/33 | $ 410,083 |
| | | $ 410,083 |
| Insured-Special
Tax Revenue 8.4% | | |
| $ 170 | Baton Rouge, LA, Public Improvement, (FSA), 4.25%, 8/1/32 | $ 133,338 |
| 3,040 | Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/35 | 473,358 |
| 5,000 | Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/38 | 628,800 |
| 5,610 | Miami-Dade County, FL, Special Obligation, (MBIA), 0.00%, 10/1/40 | 614,575 |
| 14,850 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 515,147 |
| 2,535 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 201,178 |
| 5,030 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 370,610 |
| 3,165 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 215,948 |
| | | $ 3,152,954 |
| Insured-Student
Loan 2.5% | | |
| $ 1,000 | Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30 | $ 955,810 |
| | | $ 955,810 |
| Insured-Transportation 16.2% | | |
| $ 670 | Chicago, IL, (OHare International Airport), (FSA), 4.50%,
1/1/38 (6) | $ 527,940 |
| 240 | Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.10%, 11/1/24 | 218,863 |

See notes to financial statements

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Eaton Vance National Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Transportation (continued) | | |
| 95 | Dallas-Fort Worth, TX, International Airport, (MBIA), (AMT),
6.25%, 11/1/28 | 85,800 |
| 2,100 | Maryland Transportation Authority, (FSA), 5.00%,
7/1/41 (1) | 1,950,585 |
| 3,770 | Miami-Dade County, FL, Aviation Revenue, (Miami International
Airport), (AGC), (CIFG), (AMT), 5.00%,
10/1/38 (4) | 2,762,656 |
| 560 | New Jersey Transportation Trust Fund Authority, (AGC), 5.50%,
12/15/38 | 533,159 |
| | | $ 6,079,003 |
| Insured-Water
and Sewer 24.2% | | |
| $ 3,750 | Austin, TX, Water and Wastewater System, (FSA), 5.00%,
11/15/33 (1) | $ 3,511,557 |
| 1,000 | Emerald Coast, FL, Utility Authority Revenue, (FGIC), 4.75%,
1/1/31 | 802,620 |
| 3,250 | Fernley, NV, Water and Sewer, (AGC), 5.00%,
2/1/38 (1) | 2,928,136 |
| 640 | Miami Beach, FL, Storm Water, (FGIC), 5.375%, 9/1/30 | 570,336 |
| 280 | Pearland, TX, Waterworks and Sewer Systems, (FSA), 4.50%, 9/1/34 | 226,937 |
| 1,150 | Tampa Bay, FL, Water Utility System, (FGIC), 4.75%, 10/1/27 | 1,032,079 |
| | | $ 9,071,665 |
| Lease
Revenue/Certificates of Participation 1.7% | | |
| $ 650 | Mohave County, AZ, Industrial Development Authority, (Mohave
Prison LLC), 8.00%, 5/1/25 | $ 627,101 |
| | | $ 627,101 |
| Nursing
Home 2.2% | | |
| $ 265 | Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.60%, 4/1/24 | $ 221,233 |
| 735 | Orange County, FL, Health Facilities Authority, (Westminster
Community Care), 6.75%, 4/1/34 | 588,867 |
| | | $ 810,100 |
| Other
Revenue 10.5% | | |
| $ 16,500 | Buckeye Tobacco Settlement Financing Authority, OH, 0.00%, 6/1/47 | $ 364,485 |
| 1,000 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | 634,220 |
| 1,000 | Salt Verde, AZ, Financial Corporation, Senior Gas Revenue,
5.00%, 12/1/37 | 637,700 |
| 1,230 | Tobacco Settlement Financing Corp., VA, 5.00%, 6/1/47 | 660,104 |
| 1,500 | Tobacco Settlement Management Authority, SC, Escrowed to
Maturity, 6.375%, 5/15/30 | 1,623,060 |
| | | $ 3,919,569 |
| Special
Tax Revenue 17.7% | | |
| $ 85 | Covington Park, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/21 | $ 78,290 |
| 500 | Covington Park, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/31 | 416,450 |
| 230 | Dupree Lakes, FL, Community Development District, 5.00%, 11/1/10 | 214,907 |
| 205 | Dupree Lakes, FL, Community Development District, 5.00%, 5/1/12 | 181,132 |
| 355 | Dupree Lakes, FL, Community Development District, 5.375%, 5/1/37 | 217,043 |
| 310 | Heritage Harbor South, FL, Community Development District,
(Capital Improvements), 6.20%, 5/1/35 | 240,014 |
| 230 | Heritage Springs, FL, Community Development District, 5.25%,
5/1/26 | 171,513 |
| 340 | New River, FL, Community Development District, (Capital
Improvements), 5.00%, 5/1/13 | 212,568 |
| 140 | New River, FL, Community Development District, (Capital
Improvements), 5.35%, 5/1/38 | 75,261 |
| 340 | North Springs, FL, Improvement District, (Heron Bay), 5.20%,
5/1/27 | 213,387 |
| 595 | North Springs, FL, Improvement District, (Heron Bay), 7.00%,
5/1/19 | 572,658 |
| 985 | River Hall, FL, Community Development District, (Capital
Improvements), 5.45%, 5/1/36 | 587,011 |
| 475 | Southern Hills Plantation, FL, Community Development District,
5.80%, 5/1/35 | 321,699 |
| 600 | Sterling Hill, FL, Community Development District, 6.20%, 5/1/35 | 446,916 |
| 840 | Tisons Landing, FL, Community Development District, 5.625%,
5/1/37 | 401,100 |
| 740 | University Square, FL, Community Development District, 6.75%,
5/1/20 | 691,138 |
| 685 | Waterlefe, FL, Community Development District, 6.95%, 5/1/31 | 596,176 |
| 175 | West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community), 5.00%, 3/1/29 | 124,590 |
| 1,270 | West Palm Beach, FL, Community Redevelopment Agency, (Northwood
Pleasant Community), 5.00%, 3/1/35 | 856,869 |
| | | $ 6,618,722 |

See notes to financial statements

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Eaton Vance National Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Transportation 5.5% | | | |
| $ 1,000 | Los Angeles Department of Airports, CA, (Los Angeles
International Airport), (AMT), 5.375%, 5/15/33 | $ 788,070 | |
| 1,515 | North Texas Tollway Authority Revenue, 5.75%, 1/1/38 | 1,264,661 | |
| | | $ 2,052,731 | |
| Total
Tax-Exempt Investments 215.3% | | | |
| (identified
cost $100,159,732) | | $ 80,672,052 | |
| Short-Term Investments 3.2% | | | |
| Principal
Amount | | | |
| (000s
omitted) | Description | Value | |
| $ 1,200 | Massachusetts Health and Educational Facilities Authority,
(Capital Assets Program), (MBIA), (SPA: State Street Bank and
Trust Co.), Variable Rate, 12.00%,
1/1/35 (5) | $ 1,200,000 | |
| Total Short-Term Investments 3.2% | | | |
| (identified
cost $1,200,000) | | $ 1,200,000 | |
| Total
Investments 218.5% | | | |
| (identified
cost $101,359,732) | | $ 81,872,052 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (53.8)% | | $ (20,152,642 | ) |
| Other
Assets, Less Liabilities (64.7)% | | $ (24,247,254 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 37,472,156 | |

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association

FSA - Financial Security Assurance, Inc.

SPA - Standby Bond Purchase Agreement

MBIA - Municipal Bond Insurance Association

At November 30, 2008, the concentration of the Trusts investments in the various states, determined as a percentage of total investments, is as follows:

Florida	23.0
Texas	10.3 %
Others, representing less than 10% individually	66.7 %

The Trust invests primarily in debt securities issued by municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 46.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.7% to 17.5% of total investments.

| (1) | Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H). |
| --- | --- |
| (2) | Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008. |
| (3) | Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $1,608,675 or 4.3% of the
Trusts net assets applicable to common shares. |
| (4) | Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts. |
| (5) | Variable rate demand obligation. The stated interest rate
represents the rate in effect at November 30, 2008. |
| (6) | Security (or a portion thereof) has been pledged as collateral
for open swap contracts. |

See notes to financial statements

END PAGE WIDTH PAGEBREAK

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Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 200.0% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 8.3% | | |
| $ 250 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/27 | $ 210,930 |
| 250 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/33 | 198,970 |
| 220 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.25%, 7/1/37 | 176,900 |
| 3,500 | New Jersey Educational Facilities Authority, (Princeton
University), 4.50%,
7/1/38 (1) | 3,014,116 |
| | | $ 3,600,916 |
| Electric
Utilities 5.1% | | |
| $ 1,500 | Puerto Rico Electric Power Authority, 5.00%, 7/1/37 | $ 1,099,380 |
| 1,500 | Salem County Pollution Control Financing, (Public Service
Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | 1,110,855 |
| | | $ 2,210,235 |
| General
Obligations 5.5% | | |
| $ 1,295 | Gloucester County Improvement Authority, (Landfill Project),
4.50%, 3/1/30 | $ 1,119,152 |
| 1,595 | Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29 | 1,276,622 |
| | | $ 2,395,774 |
| Health
Care-Miscellaneous 0.5% | | |
| $ 300 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | $ 221,175 |
| | | $ 221,175 |
| Hospital 37.1% | | |
| $ 100 | Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/25 | $ 74,659 |
| 90 | Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35 | 59,877 |
| 100 | Camden County Improvement Authority, (Cooper Health System),
5.25%, 2/15/27 | 75,527 |
| 2,750 | Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34 | 2,196,507 |
| 2,060 | New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27 | 1,700,221 |
| 235 | New Jersey Health Care Facilities Financing Authority, (Atlantic
City Medical Center), 5.75%, 7/1/25 | 218,714 |
| 3,515 | New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,631,926 |
| 2,140 | New Jersey Health Care Facilities Financing Authority, (Capital
Health System), 5.25%, 7/1/27 | 1,667,424 |
| 1,765 | New Jersey Health Care Facilities Financing Authority, (Capital
Health System), 5.375%, 7/1/33 | 1,322,056 |
| 2,000 | New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), 6.00%, 1/1/34 | 1,844,520 |
| 1,750 | New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.75%, 7/1/31 | 1,587,880 |
| 710 | New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/26 | 582,186 |
| 2,930 | New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46 | 2,153,902 |
| | | $ 16,115,399 |
| Housing 9.0% | | |
| $ 715 | New Jersey Housing and Mortgage Finance Agency, (Single Family
Housing), (AMT), 4.70%, 10/1/37 | $ 494,408 |
| 4,490 | New Jersey Housing and Mortgage Finance Agency, (Single Family
Housing), (AMT), 5.00%, 10/1/37 | 3,396,461 |
| | | $ 3,890,869 |
| Industrial
Development Revenue 14.9% | | |
| $ 1,000 | Gloucester County Improvements Authority, (Waste Management,
Inc.), (AMT), 7.00%, 12/1/29 | $ 1,003,010 |
| 1,500 | Middlesex County Pollution Control Authority, (Amerada Hess),
6.05%, 9/15/34 | 1,178,445 |
| 3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT), 4.95%, 3/1/47 | 2,060,832 |
| 750 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29 | 384,803 |
| 750 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, 6/1/33 | 552,217 |
| 2,080 | Virgin Islands Public Financing Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22 | 1,313,957 |
| | | $ 6,493,264 |
| Insured-Education 7.1% | | |
| $ 3,365 | New Jersey Educational Facilities Authority, (College of New
Jersey), (FSA), 5.00%,
7/1/35 (1) | $ 3,100,444 |
| | | $ 3,100,444 |
| Insured-Electric
Utilities 4.8% | | |
| $ 1,250 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/35 | $ 977,612 |

See notes to financial statements

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Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities (continued) | | |
| 1,250 | Vineland, (Electric Utility), (MBIA), (AMT), 5.25%, 5/15/26 | $ 1,102,500 |
| | | $ 2,080,112 |
| Insured-Gas
Utilities 9.7% | | |
| $ 5,000 | New Jersey Economic Development Authority, (New Jersey Natural
Gas Co.), (FGIC), (MBIA), (AMT), 4.90%, 10/1/40 | $ 4,227,850 |
| | | $ 4,227,850 |
| Insured-General
Obligations 7.0% | | |
| $ 1,500 | Egg Harbor Township School District, (FSA), 3.50%, 4/1/28 | $ 1,076,865 |
| 1,240 | Lakewood Township, (AGC), 5.75%,
11/1/31 (2) | 1,280,647 |
| 325 | Nutley School District, (MBIA), 4.75%, 7/15/30 | 298,603 |
| 410 | Nutley School District, (MBIA), 4.75%, 7/15/32 | 371,739 |
| | | $ 3,027,854 |
| Insured-Hospital 5.3% | | |
| $ 750 | New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC), 5.25%,
1/1/36 (1) | $ 695,899 |
| 1,305 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,175,048 |
| 500 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC), 5.00%,
7/1/38 (1) | 450,220 |
| | | $ 2,321,167 |
| Insured-Housing 6.5% | | |
| $ 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (FSA), (AMT), 5.05%, 5/1/34 | $ 2,626,199 |
| 205 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (FSA), 5.75%,
5/1/25 (2) | 204,990 |
| | | $ 2,831,189 |
| Insured-Lease
Revenue/Certificates of Participation 2.0% | | |
| $ 945 | Newark Housing Authority, (Newark Marine Terminal), (MBIA),
5.00%, 1/1/32 | $ 848,308 |
| | | $ 848,308 |
| Insured-Special
Tax Revenue 24.3% | | |
| $ 12,030 | Garden Preservation Trust and Open Space and Farmland, (FSA),
0.00%, 11/1/24 | $ 4,892,601 |
| 6,000 | Garden Preservation Trust and Open Space and Farmland, (FSA),
0.00%, 11/1/25 | 2,279,760 |
| 4,315 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26 | 1,377,305 |
| 2,020 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27 | 593,254 |
| 16,115 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 559,029 |
| 2,745 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 217,843 |
| 5,445 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 401,187 |
| 3,425 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 233,688 |
| | | $ 10,554,667 |
| Insured-Student
Loan 4.3% | | |
| $ 2,000 | New Jersey Higher Education Assistance Authority, (AGC), 6.125%,
6/1/30 | $ 1,851,760 |
| | | $ 1,851,760 |
| Insured-Transportation 6.7% | | |
| $ 5,570 | New Jersey Transportation Trust Fund Authority, (Transportation
System), (BHAC), (FGIC), 0.00%, 12/15/31 | $ 1,419,682 |
| 1,500 | New Jersey Turnpike Authority, (BHAC), (FSA), 5.25%, 1/1/29 | 1,483,410 |
| | | $ 2,903,092 |
| Insured-Water
and Sewer 5.6% | | |
| $ 3,195 | New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 | $ 2,427,146 |
| | | $ 2,427,146 |
| Lease
Revenue/Certificates of Participation 7.8% | | |
| $ 895 | New Jersey Economic Development Authority, (School Facilities
Construction), 5.00%, 9/1/33 | $ 829,101 |
| 3,000 | New Jersey Health Care Facilities Financing Authority, (Contract
Hospital Asset Transportation Program), 5.25%, 10/1/38 | 2,544,690 |
| | | $ 3,373,791 |

See notes to financial statements

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Eaton Vance New Jersey Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Nursing
Home 2.0% | | | |
| $ 1,000 | New Jersey Economic Development Authority, (Masonic Charity
Foundation), 5.50%, 6/1/31 | $ 890,700 | |
| | | $ 890,700 | |
| Other
Revenue 4.7% | | | |
| $ 7,200 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%,
5/15/50 | $ 139,032 | |
| 13,280 | Childrens Trust Fund, PR, Tobacco Settlement, 0.00%,
5/15/55 | 137,581 | |
| 4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 170,842 | |
| 2,925 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 1,598,542 | |
| | | $ 2,045,997 | |
| Senior
Living/Life Care 6.8% | | | |
| $ 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.),
5.875%, 7/1/28 | $ 372,870 | |
| 770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.),
6.00%, 7/1/38 | 591,075 | |
| 1,700 | New Jersey Economic Development Authority, (Fellowship Village),
5.50%, 1/1/25 | 1,278,247 | |
| 1,175 | New Jersey Economic Development Authority, (Seabrook Village),
5.25%, 11/15/36 | 730,368 | |
| | | $ 2,972,560 | |
| Special
Tax Revenue 1.6% | | | |
| $ 750 | New Jersey Economic Development Authority, (Cigarette Tax),
5.50%, 6/15/31 | $ 517,313 | |
| 100 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27 | 75,798 | |
| 175 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37 | 121,210 | |
| | | $ 714,321 | |
| Transportation 10.9% | | | |
| $ 2,000 | New Jersey Transportation Trust Fund Authority, (Transportation
System), 6.00%, 12/15/38 | $ 1,967,120 | |
| 1,995 | Port Authority of New York and New Jersey, (AMT), 5.75%,
3/15/35 (1) | 1,696,887 | |
| 5 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35 | 4,253 | |
| 1,175 | South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33 | 1,052,095 | |
| | | $ 4,720,355 | |
| Water
and Sewer 2.5% | | | |
| $ 1,000 | New Jersey Environmental Infrastructure Trust, 5.00%, 9/1/16 | $ 1,093,270 | |
| | | $ 1,093,270 | |
| Total
Tax-Exempt Investments 200.0% | | | |
| (identified
cost $108,048,815) | | $ 86,912,215 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (78.6)% | | $ (34,152,936 | ) |
| Other
Assets, Less Liabilities (21.4)% | | $ (9,299,921 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 43,459,358 | |

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.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 42.9% 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 2.3% to 18.0% of total investments.

| (1) | Security represents the underlying municipal bond of a
tender option bond trust (see Note 1H). |
| --- | --- |
| (2) | Security (or a portion thereof) has been pledged as
collateral for open swap contracts. |

See notes to financial statements

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Eaton Vance New York Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 198.5% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Cogeneration 1.7% | | |
| $ 1,150 | Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ 840,616 |
| | | $ 840,616 |
| Education 6.3% | | |
| $ 1,000 | New York Dormitory Authority, (Columbia University), 5.00%,
7/1/38 (1) | $ 953,950 |
| 2,250 | New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33 | 2,212,942 |
| | | $ 3,166,892 |
| Electric
Utilities 6.1% | | |
| $ 1,420 | Long Island Power Authority, Electric System Revenue, 6.00%,
5/1/33 | $ 1,423,195 |
| 2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27 | 1,632,120 |
| | | $ 3,055,315 |
| Escrowed/Prerefunded 0.4% | | |
| $ 200 | New York City Industrial Development Agency, (Ohel
Childrens Home), Escrowed to Maturity, 6.25%, 8/15/22 | $ 209,400 |
| | | $ 209,400 |
| General
Obligations 14.1% | | |
| $ 6,000 | New York City, 5.25%,
9/15/33 (2) | $ 5,521,200 |
| 1,000 | New York City, 6.25%, 10/15/28 | 1,045,650 |
| 680 | Puerto Rico Public Buildings Authority, (Commonwealth
Guaranteed), 5.25%, 7/1/29 | 544,265 |
| | | $ 7,111,115 |
| Health
Care-Miscellaneous 8.0% | | |
| $ 1,115 | New York City Industrial Development Agency, (A Very Special
Place, Inc.), 5.75%, 1/1/29 | $ 776,609 |
| 1,200 | New York City Industrial Development Agency, (Ohel
Childrens Home), 6.25%, 8/15/22 | 852,336 |
| 200 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | 147,450 |
| 50 | Suffolk County Industrial Development Agency, (Alliance of LI),
Series A, Class H, 7.50%, 9/1/15 | 47,375 |
| 100 | Suffolk County Industrial Development Agency, (Alliance of LI),
Series A, Class I, 7.50%, 9/1/15 | 94,750 |
| 2,600 | Westchester County Industrial Development Agency,
(Childrens Village), 5.375%, 3/15/19 | 2,113,644 |
| | | $ 4,032,164 |
| Hospital 31.3% | | |
| $ 190 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.35%, 11/15/17 | $ 164,411 |
| 485 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.40%, 11/15/29 | 365,496 |
| 1,250 | Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18 | 1,020,287 |
| 2,500 | Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25 | 1,863,225 |
| 400 | Nassau County Industrial Development Agency, (North Shore Health
System), 6.25%, 11/1/21 | 400,132 |
| 1,500 | New York Dormitory Authority, (Lenox Hill Hospital), 5.50%,
7/1/30 | 1,061,040 |
| 4,000 | New York Dormitory Authority, (Memorial Sloan Kettering Cancer
Center), 5.00%,
7/1/36 (2) | 3,617,960 |
| 2,000 | New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33 | 1,401,640 |
| 845 | New York Dormitory Authority, (North Shore Hospital), 5.00%,
11/1/34 | 608,408 |
| 1,250 | New York Dormitory Authority, (NYU Hospital Center), 5.625%,
7/1/37 | 896,912 |
| 415 | New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29 | 320,376 |
| 835 | New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37 | 621,449 |
| 1,250 | Oneida County Industrial Development Agency,
(St. Elizabeths Medical Center), 5.75%, 12/1/19 | 987,612 |
| 650 | Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32 | 481,683 |
| 2,105 | Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22 | 1,950,346 |
| | | $ 15,760,977 |
| Housing 23.2% | | |
| $ 1,500 | New York City Housing Development Corp., (Multi-Family Housing),
(AMT), 5.05%, 11/1/39 | $ 1,127,310 |
| 2,620 | New York City Housing Development Corp., (Multi-Family Housing),
(AMT), 5.20%, 11/1/40 | 2,010,274 |
| 3,555 | New York City Housing Development Corp., (Multi-Family Housing),
(FNMA), (AMT), 4.60%, 1/15/26 | 2,734,506 |
| 3,125 | New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42 | 2,463,031 |
| 1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,140,345 |

See notes to financial statements

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Eaton Vance New York Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Housing (continued) | | |
| 2,000 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,441,560 |
| 1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 766,860 |
| | | $ 11,683,886 |
| Industrial
Development Revenue 16.7% | | |
| $ 1,000 | Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32 | $ 724,530 |
| 625 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%,
10/1/35 | 454,112 |
| 2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%,
10/1/35 (2) | 1,834,736 |
| 1,500 | New York Industrial Development Agency, (American Airlines,
Inc. JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,364,655 |
| 1,000 | Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), 4.875%, 7/1/41 | 813,080 |
| 2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,123,425 |
| 775 | Onondaga County Industrial Development Agency, (Senior Air
Cargo), (AMT), 6.125%, 1/1/32 | 598,354 |
| 495 | Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15 | 495,703 |
| | | $ 8,408,595 |
| Insured-Education 7.3% | | |
| $ 1,500 | New York Dormitory Authority, (State University), (BHAC), 5.00%,
7/1/38 | $ 1,386,825 |
| 1,250 | New York Dormitory Authority, (Yeshiva University), (AMBAC),
5.50%, 7/1/35 | 1,054,675 |
| 5,460 | Oneida County Industrial Development Agency, (Hamilton College),
(MBIA), 0.00%, 7/1/33 | 1,239,584 |
| | | $ 3,681,084 |
| Insured-Electric
Utilities 7.5% | | |
| $ 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33 | $ 1,396,941 |
| 3,000 | Puerto Rico Electric Power Authority, (FGIC), (MBIA), 5.25%,
7/1/34 | 2,360,940 |
| | | $ 3,757,881 |
| Insured-General
Obligations 3.7% | | |
| $ 1,750 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (3)(4) | $ 1,876,788 |
| | | $ 1,876,788 |
| Insured-Lease
Revenue/Certificates of Participation 4.7% | | |
| $ 3,300 | Hudson Yards Infrastructure Corp., (MBIA), 4.50%, 2/15/47 | $ 2,348,247 |
| | | $ 2,348,247 |
| Insured-Special
Tax Revenue 8.0% | | |
| $ 1,000 | New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45 | $ 779,250 |
| 1,000 | New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44 | 818,450 |
| 4,500 | Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%,
7/1/34 | 677,340 |
| 19,745 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 684,954 |
| 3,380 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 268,237 |
| 6,705 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 494,024 |
| 4,225 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 288,272 |
| | | $ 4,010,527 |
| Insured-Transportation 13.8% | | |
| $ 6,235 | Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (MBIA), (AMT), 5.625%, 4/1/29 | $ 5,127,914 |
| 2,030 | Puerto Rico Highway and Transportation Authority, (AGC), 5.25%,
7/1/34 | 1,812,607 |
| | | $ 6,940,521 |
| Insured-Water
and Sewer 1.4% | | |
| $ 1,000 | Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ 701,350 |
| | | $ 701,350 |
| Lease
Revenue/Certificates of Participation 5.7% | | |
| $ 2,500 | New York City Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38 | $ 1,928,725 |
| 1,000 | New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31 | 956,320 |
| | | $ 2,885,045 |
| Other
Revenue 1.9% | | |
| $ 1,285 | Albany Industrial Development Agency Civic Facility, (Charitable
Leadership), 5.75%, 7/1/26 | $ 960,075 |
| | | $ 960,075 |

See notes to financial statements

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Eaton Vance New York Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Senior
Living/Life Care 2.5% | | | |
| $ 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29 | $ 1,094,170 | |
| 250 | Suffolk County Industrial Development Agency, (Jeffersons
Ferry Project), 5.00%, 11/1/28 | 178,105 | |
| | | $ 1,272,275 | |
| Special
Tax Revenue 1.9% | | | |
| $ 1,000 | New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements), 5.25%, 3/15/38 | $ 949,800 | |
| | | $ 949,800 | |
| Transportation 19.7% | | | |
| $ 1,700 | Metropolitan Transportation Authority, 4.50%, 11/15/37 | $ 1,291,694 | |
| 3,200 | Metropolitan Transportation Authority, 4.50%, 11/15/38 | 2,417,088 | |
| 1,900 | Port Authority of New York and New Jersey, 5.00%,
11/15/37 (2) | 1,752,845 | |
| 1,190 | Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33 | 892,928 | |
| 990 | Port Authority of New York and New Jersey, (AMT), 5.75%,
3/15/35 (2) | 842,064 | |
| 10 | Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35 | 8,506 | |
| 2,000 | Triborough Bridge and Tunnel Authority, 5.00%, 11/15/37 | 1,802,560 | |
| 1,000 | Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38 | 899,960 | |
| | | $ 9,907,645 | |
| Water
and Sewer 12.6% | | | |
| $ 3,105 | New York City Municipal Water Finance Authority, 5.75%, 6/15/40 | $ 3,123,692 | |
| 2,535 | New York Environmental Facilities Corp., Clean Water, (Municipal
Water Finance), 5.00%,
6/15/37 (2) | 2,356,941 | |
| 5 | New York Environmental Facilities Corp., Clean Water, (Municipal
Water Finance), 5.00%, 6/15/37 | 4,649 | |
| 1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 862,480 | |
| | | $ 6,347,762 | |
| Total
Tax-Exempt Investments 198.5% | | | |
| (identified
cost $122,107,447) | | $ 99,907,960 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (67.0)% | | $ (33,729,429 | ) |
| Other
Assets, Less Liabilities (31.5)% | | $ (15,853,503 | ) |
| Net
Assets 100.0% | | $ 50,325,028 | |

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.

FGIC - Financial Guaranty Insurance Company

FNMA - Federal National Mortgage Association

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 23.3% 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 1.8% to 12.1% of total investments.

END PAGE WIDTH

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See notes to financial statements

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 182.1% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Cogeneration 1.6% | | |
| $ 385 | Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT), 5.875%, 9/1/20 | $ 304,054 |
| 200 | Ohio Water Development Authority, Solid Waste Disposal, (Bay
Shore Power), (AMT), 6.625%, 9/1/20 | 168,994 |
| | | $ 473,048 |
| Electric
Utilities 1.2% | | |
| $ 360 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ 349,049 |
| | | $ 349,049 |
| Escrowed/Prerefunded 13.7% | | |
| $ 1,000 | Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 | $ 1,091,040 |
| 1,530 | Hamilton City School District, Prerefunded to 12/1/09, 5.625%,
12/1/24 | 1,614,165 |
| 565 | Highland County, (Joint Township Hospital District), Prerefunded
to 12/1/09, 6.75%, 12/1/29 | 600,471 |
| 670 | Richland County Hospital Facilities, (Medcentral Health
Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | 732,283 |
| | | $ 4,037,959 |
| General
Obligations 8.0% | | |
| $ 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ 818,590 |
| 1,090 | Central Ohio Solid Waste Authority, 5.125%,
9/1/27 (1) | 1,053,583 |
| 500 | Columbus, 5.00%,
7/1/23 (2) | 504,955 |
| | | $ 2,377,128 |
| Health
Care-Miscellaneous 0.2% | | |
| $ 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | $ 73,725 |
| | | $ 73,725 |
| Hospital 13.4% | | |
| $ 550 | Cuyahoga County, (Cleveland Clinic Health System), 5.50%, 1/1/29 | $ 502,254 |
| 600 | Erie County Hospital Facilities, (Firelands Regional Medical
Center), 5.25%, 8/15/46 | 427,032 |
| 1,500 | Erie County Hospital Facilities, (Firelands Regional Medical
Center), 5.625%, 8/15/32 | 1,213,470 |
| 500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 377,345 |
| 750 | Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/36 | 497,430 |
| 1,000 | Ohio Higher Educational Facilities Authority, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46 | 632,030 |
| 330 | Richland County Hospital Facilities, (Medcentral Health
Systems), 6.375%, 11/15/22 | 324,608 |
| | | $ 3,974,169 |
| Housing 12.9% | | |
| $ 1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 4.625%, 9/1/27 | $ 758,240 |
| 1,000 | Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 4.75%, 3/1/37 | 696,640 |
| 600 | Ohio Housing Finance Agency, (Residential Mortgage Backed
Securities), (AMT), 5.00%, 9/1/31 | 468,288 |
| 2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48 | 1,893,225 |
| | | $ 3,816,393 |
| Industrial
Development Revenue 13.5% | | |
| $ 1,385 | Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27 | $ 731,072 |
| 1,300 | Dayton Special Facilities Revenue, (Emery Air Freight), 5.625%,
2/1/18 (3) | 1,287,962 |
| 2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38 | 1,793,768 |
| 225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 175,986 |
| | | $ 3,988,788 |
| Insured-Education 7.7% | | |
| $ 730 | Miami University, (AMBAC), 3.25%, 9/1/26 | $ 509,087 |
| 1,500 | University of Akron, Series A, (FSA), 5.00%, 1/1/38 | 1,326,495 |
| 500 | University of Akron, Series B, (FSA), 5.00%, 1/1/38 | 442,165 |
| | | $ 2,277,747 |
| Insured-Electric
Utilities 13.4% | | |
| $ 2,000 | Cleveland Public Power System, (MBIA), 0.00%, 11/15/38 | $ 286,280 |
| 830 | Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/25 | 299,339 |

See notes to financial statements

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities (continued) | | |
| 3,000 | Ohio Municipal Electric Generation Agency, (MBIA), 0.00%, 2/15/26 | 1,005,870 |
| 2,225 | Ohio Water Development Authority, (Dayton Power & Light),
(FGIC), 4.80%, 1/1/34 | 1,797,288 |
| 330 | Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/30 | 268,670 |
| 375 | Puerto Rico Electric Power Authority, (FGIC), 5.25%, 7/1/34 | 295,118 |
| | | $ 3,952,565 |
| Insured-Escrowed/Prerefunded 6.3% | | |
| $ 245 | Cuyahoga County Hospital, (Cleveland Clinic), (MBIA), Escrowed
to Maturity, 5.125%, 1/1/29 | $ 240,916 |
| 1,000 | Ohio Higher Educational Facilities, (University of Dayton),
(AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | 1,077,300 |
| 500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11, 5.25%,
6/1/24 | 542,840 |
| | | $ 1,861,056 |
| Insured-General
Obligations 24.0% | | |
| $ 350 | Bowling Green City School District, (FSA), 5.00%, 12/1/34 | $ 319,186 |
| 200 | Brookfield Local School District, (FSA), 5.00%, 1/15/30 | 186,872 |
| 2,455 | Canal Winchester Local School District, (MBIA), 0.00%, 12/1/30 | 584,290 |
| 1,500 | Madeira City School District, (FSA), 3.50%,
12/1/27 (8) | 1,065,480 |
| 1,750 | Milford Exempt Village School District, (AGC), 5.25%, 12/1/36 | 1,645,105 |
| 500 | Olmsted Falls City School District, (XLCA), 5.00%, 12/1/35 | 434,745 |
| 1,000 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (4)(5) | 1,072,450 |
| 1,200 | Puerto Rico, (MBIA), 5.50%, 7/1/20 | 1,104,180 |
| 750 | St. Marys School District, (FSA), 5.00%, 12/1/35 | 675,225 |
| | | $ 7,087,533 |
| Insured-Hospital 8.9% | | |
| $ 255 | Cuyahoga County, (Cleveland Clinic), (MBIA), 5.125%, 1/1/29 | $ 223,339 |
| 980 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(MBIA), 5.00%, 5/15/32 | 802,718 |
| 1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(MBIA), 5.125%, 5/15/28 | 1,298,565 |
| 485 | Lorain County, (Catholic Healthcare Partners), (FSA), Variable
Rate, 16.545%,
2/1/29 (4)(5)(6) | $ 321,128 |
| | | $ 2,645,750 |
| Insured-Lease
Revenue/Certificates of Participation 1.4% | | |
| $ 500 | Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33 | $ 416,505 |
| | | $ 416,505 |
| Insured-Special
Tax Revenue 4.2% | | |
| $ 405 | Hamilton County, Sales Tax Revenue, (AMBAC), 5.25%, 12/1/32 | $ 369,976 |
| 9,905 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 343,604 |
| 1,690 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 134,118 |
| 3,350 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 246,828 |
| 2,100 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 143,283 |
| | | $ 1,237,809 |
| Insured-Transportation 8.2% | | |
| $ 385 | Cleveland Airport System, (FSA), 5.00%, 1/1/31 | $ 348,671 |
| 1,000 | Ohio Turnpike Commission, (FGIC), (MBIA), 5.50%, 2/15/24 | 1,046,220 |
| 1,000 | Ohio Turnpike Commission, (FGIC), (MBIA), 5.50%, 2/15/26 | 1,036,070 |
| | | $ 2,430,961 |
| Insured-Water
and Sewer 2.6% | | |
| $ 270 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%,
12/1/46 | $ 202,770 |
| 750 | Marysville Wastewater Treatment System, (AGC), (XLCA), 4.75%,
12/1/47 | 561,398 |
| | | $ 764,168 |
| Lease
Revenue/Certificates of Participation 6.8% | | |
| $ 1,000 | Mahoning County, (Career and Technical Center), 6.25%, 12/1/36 | $ 961,720 |
| 1,155 | Union County, (Pleasant Valley Joint Fire District), 6.125%,
12/1/19 | 1,038,588 |
| | | $ 2,000,308 |

See notes to financial statements

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Other
Revenue 13.2% | | | |
| $ 7,345 | Buckeye Tobacco Settlement Financing Authority, 0.00%, 6/1/47 | $ 162,251 | |
| 710 | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47 | 439,618 | |
| 2,530 | Puerto Rico Infrastructure Financing Authority, 5.50%, 10/1/32 | 2,529,797 | |
| 1,000 | Riversouth Authority, (Lazarus Building Redevelopment), 5.75%,
12/1/27 | 773,600 | |
| | | $ 3,905,266 | |
| Pooled
Loans 14.3% | | | |
| $ 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25 | $ 517,798 | |
| 1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22 | 965,899 | |
| 1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%,
1/1/32 (7) | 1,141,125 | |
| 310 | Summit County Port Authority, (Twinsburg Township), 5.125%,
5/15/25 | 223,371 | |
| 750 | Toledo-Lucas County Port Authority, 4.80%, 11/15/35 | 478,320 | |
| 1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 886,688 | |
| | | $ 4,213,201 | |
| Special
Tax Revenue 6.6% | | | |
| $ 560 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ 539,577 | |
| 1,390 | Cuyahoga County Economic Development, (Shaker Square), 6.75%,
12/1/30 | 1,406,221 | |
| | | $ 1,945,798 | |
| Total
Tax-Exempt Investments 182.1% | | | |
| (identified
cost $61,949,288) | | $ 53,828,926 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (77.6)% | | (22,954,918 | ) |
| Other
Assets, Less Liabilities (4.5)% | | $ (1,311,053 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 29,562,955 | |

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

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Ohio municipalities. In addition, 11.5% of the Trusts total investments at November 30, 2008 were invested in municipal obligations issued by Puerto Rico. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 42.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 15.7% of total investments.

(1)	When-issued security.
(2)	Security (or a portion thereof) has been segregated to cover
margin requirements on open financial futures contracts.
(3)	Security (or a portion thereof) has been segregated to cover
payable for when-issued securities.
(4)	Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $1,393,578 or 4.7% of the
Trusts net assets applicable to common shares.
(5)	Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
November 30, 2008.
(6)	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
underlying the inverse floater. 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 underlying the inverse floater.
(7)	Security represents the underlying municipal bond of a tender
option bond trust (see Note 1H).
(8)	Security (or a portion thereof) has been pledged as collateral
for open swap contracts.

See notes to financial statements

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Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 195.4% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Bond
Bank 3.5% | | |
| $ 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ 969,830 |
| | | $ 969,830 |
| Cogeneration 5.9% | | |
| $ 315 | Carbon County Industrial Development Authority, (Panther Creek
Partners), (AMT), 6.65%, 5/1/10 | $ 319,590 |
| 500 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13 | 446,620 |
| 500 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19 | 407,275 |
| 625 | Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15 | 471,675 |
| | | $ 1,645,160 |
| Electric
Utilities 3.1% | | |
| $ 600 | Pennsylvania Economic Development Financing Authority, (Reliant
Energy, Inc.), (AMT), 6.75%, 12/1/36 | $ 374,526 |
| 600 | York County Industrial Development Authority, (Public Service
Enterprise Group, Inc.), 5.50%, 9/1/20 | 480,852 |
| | | $ 855,378 |
| Escrowed/Prerefunded 14.2% | | |
| $ 600 | Allegheny County Industrial Development Authority, (Residential
Resources, Inc.), Prerefunded to 9/1/11, 6.50%, 9/1/21 | $ 667,716 |
| 600 | Bucks County Industrial Development Authority, (Pennswood),
Prerefunded to 10/1/12, 6.00%, 10/1/27 | 677,766 |
| 925 | Montgomery County Higher Education and Health Authority,
(Foulkeways at Gwynedd), Prerefunded to 11/15/09, 6.75%, 11/15/30 | 975,116 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority, (Drexel
University), Prerefunded to 5/1/09, 6.00%, 5/1/29 | 1,020,750 |
| 600 | Philadelphia Higher Education Facilities Authority, (Chestnut
Hill College), Prerefunded to 10/1/09, 6.00%, 10/1/29 | 635,256 |
| | | $ 3,976,604 |
| General
Obligations 6.7% | | |
| $ 1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | $ 896,350 |
| 1,000 | Philadelphia School District, 6.00%, 9/1/38 | 975,520 |
| | | $ 1,871,870 |
| Health
Care-Miscellaneous 0.3% | | |
| $ 100 | Puerto Rico Infrastructure Financing Authority, (Mepsi Campus
Project), 6.50%, 10/1/37 | $ 73,725 |
| | | $ 73,725 |
| Hospital 12.0% | | |
| $ 1,250 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32 | $ 1,002,112 |
| 1,500 | Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43 | 1,050,645 |
| 850 | Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 6.00%, 1/15/31 | 824,135 |
| 500 | Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17 | 486,280 |
| | | $ 3,363,172 |
| Housing 15.8% | | |
| $ 515 | Allegheny County Residential Finance Authority, (Single Family
Mortgages), (AMT), 4.95%, 11/1/37 | $ 374,837 |
| 1,170 | Allegheny County Residential Finance Authority, (Single Family
Mortgages), (AMT), 5.00%, 5/1/35 | 889,914 |
| 990 | Pennsylvania Housing Finance Agency, (AMT), 4.70%, 10/1/37 | 681,892 |
| 1,200 | Pennsylvania Housing Finance Agency, (AMT), 4.875%, 4/1/26 | 966,720 |
| 1,000 | Pennsylvania Housing Finance Agency, (AMT), 4.90%, 10/1/37 | 730,230 |
| 1,000 | Pennsylvania Housing Finance Agency, (AMT), 5.15%, 10/1/37 | 769,940 |
| | | $ 4,413,533 |
| Industrial
Development Revenue 8.1% | | |
| $ 500 | New Morgan Industrial Development Authority, (Browning-Ferris
Industries, Inc.), (AMT), 6.50%, 4/1/19 | $ 406,035 |
| 1,000 | Pennsylvania Economic Development Financing Authority, (Procter
& Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 891,630 |

See notes to financial statements

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Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Industrial
Development Revenue (continued) | | |
| 500 | Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27 | 333,425 |
| 1,550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 623,875 |
| | | $ 2,254,965 |
| Insured-Education 28.9% | | |
| $ 500 | Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37 | $ 455,070 |
| 1,900 | Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32 | 1,737,455 |
| 1,155 | Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (MBIA), 5.00%, 5/1/37 | 1,012,496 |
| 2,000 | Pennsylvania Higher Educational Facilities Authority, (State
System Higher Education), (FSA), 5.00%,
6/15/24 (1) | 1,928,720 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple
University), (MBIA), 5.00%, 4/1/33 | 882,080 |
| 500 | Pennsylvania Higher Educational Facilities Authority,
(University of the Sciences in Philadelphia), (AGC), 5.00%,
11/1/37 | 446,770 |
| 500 | State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/27 | 471,420 |
| 375 | State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/29 | 346,200 |
| 875 | State Public School Building Authority, (Delaware County
Community College), (FSA), 5.00%, 10/1/32 | 790,344 |
| | | $ 8,070,555 |
| Insured-Electric
Utilities 1.9% | | |
| $ 630 | Lehigh County Industrial Development Authority, (PPL Electric
Utilities Corp.), (FGIC), (MBIA), 4.75%, 2/15/27 | $ 535,954 |
| | | $ 535,954 |
| Insured-Escrowed/Prerefunded 28.6% | | |
| $ 650 | Berks County Municipal Authority, (Reading Hospital and Medical
Center), (FSA), Prerefunded to 11/1/09, 6.00%, 11/1/29 | $ 688,552 |
| 1,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27 | 1,510,032 |
| 1,801 | Puerto Rico Electric Power Authority, (FSA) Prerefunded to 7/1/10, 5.25%,
7/1/29 (2) | 1,918,350 |
| 2,500 | Puerto Rico Electric Power Authority, (FSA) Prerefunded to 7/1/10, 5.25%,
7/1/29 (2) | 2,663,618 |
| 2,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19 | 1,205,300 |
| | | $ 7,985,852 |
| Insured-General
Obligations 3.8% | | |
| $ 1,000 | Puerto Rico, (FSA), Variable Rate, 12.711%,
7/1/27 (3)(4) | $ 1,072,450 |
| | | $ 1,072,450 |
| Insured-Hospital 15.7% | | |
| $ 500 | Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26 | $ 395,975 |
| 1,440 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (FSA), 5.00%,
7/1/35 (2) | 1,196,690 |
| 1,500 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (MBIA), 5.25%, 7/1/29 | 1,219,335 |
| 2,000 | Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | 1,580,540 |
| | | $ 4,392,540 |
| Insured-Lease
Revenue/Certificates of Participation 3.8% | | |
| $ 1,195 | Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (FSA), 4.75%, 2/15/27 | $ 1,054,803 |
| | | $ 1,054,803 |
| Insured-Special
Tax Revenue 6.5% | | |
| $ 1,000 | Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24 | $ 944,980 |
| 9,870 | Puerto Rico Sales Tax Financing, (AMBAC), 0.00%, 8/1/54 | 342,390 |
| 1,690 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/44 | 134,119 |
| 3,350 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/45 | 246,828 |
| 2,100 | Puerto Rico Sales Tax Financing, (MBIA), 0.00%, 8/1/46 | 143,283 |
| | | $ 1,811,600 |

See notes to financial statements

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Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008

PORTFOLIO OF INVESTMENTS CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Insured-Transportation 13.5% | | | |
| $ 1,000 | Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/38 | $ 892,750 | |
| 500 | Philadelphia Airport Commission, (FSA), (AMT), 5.00%, 6/15/27 | 386,860 | |
| 1,005 | Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 | 933,967 | |
| 1,800 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%,
7/1/41 (2) | 1,573,101 | |
| | | $ 3,786,678 | |
| Insured-Water
and Sewer 7.2% | | | |
| $ 275 | Allegheny County Sanitation Authority, (BHAC), (MBIA), 5.00%,
12/1/22 | $ 274,780 | |
| 585 | Chester County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 2/1/40 | 394,512 | |
| 875 | Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (MBIA), (AMT), 5.00%, 11/1/36 | 604,958 | |
| 500 | Delaware County Industrial Development Authority, (Water
Facilities), (FGIC), (AMT), 6.00%, 6/1/29 | 427,885 | |
| 360 | Philadelphia Water and Wastewater Revenue, (FGIC), 5.00%, 11/1/31 | 311,436 | |
| | | $ 2,013,571 | |
| Senior
Living/Life Care 6.5% | | | |
| $ 1,000 | Cliff House Trust, (AMT), 6.625%,
6/1/27 (5) | $ 639,420 | |
| 500 | Crawford County Hospital Authority, (Wesbury United Methodist
Community), 6.25%, 8/15/29 | 382,655 | |
| 500 | Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31 | 430,420 | |
| 200 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24 | 153,768 | |
| 300 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30 | 212,904 | |
| | | $ 1,819,167 | |
| Transportation 5.0% | | | |
| $ 40 | Erie Municipal Airport Authority, (AMT), 5.50%, 7/1/09 | $ 39,774 | |
| 485 | Erie Municipal Airport Authority, (AMT), 5.875%, 7/1/16 | 427,780 | |
| 270 | Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31 | 211,461 | |
| 750 | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | 729,990 | |
| | | $ 1,409,005 | |
| Water
and Sewer 4.4% | | | |
| $ 750 | Harrisburg Water Authority, 5.25%, 7/15/31 | $ 706,425 | |
| 750 | Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | 528,487 | |
| | | $ 1,234,912 | |
| Total
Tax-Exempt Investments 195.4% | | | |
| (identified
cost $62,735,794) | | $ 54,611,324 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (79.6)% | | $ (22,230,422 | ) |
| Other
Assets, Less Liabilities (15.8)% | | $ (4,437,199 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 27,943,703 | |

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.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

FSA - Financial Security Assurance, Inc.

MBIA - Municipal Bond Insurance Association

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. In addition, 16.1% of the Trusts total investments at November 30, 2008 were invested in municipal obligations issued by Puerto Rico. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2008, 56.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 22.9% of total investments.

| (1) | Security (or a portion thereof) has been segregated to
cover margin requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security represents the underlying municipal obligation
of an inverse floating rate obligation held by the Trust. |
| (3) | Security has been issued as a leveraged inverse floater
bond. The stated interest rate represents the rate in effect at
November 30, 2008. |
| (4) | Security exempt from registration under Rule 144A
of the Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At November 30, 2008, the aggregate
value of these securities is $1,072,450 or 3.8% of the
Trusts net assets applicable to common shares. |
| (5) | Security is in default with respect to scheduled
principal payments. |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

| As
of November 30, 2008 | California
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | |
| Investments | | | | | | | | |
| Identified cost | $ 155,084,405 | $ | 61,378,794 | $ | 47,060,298 | $ | 101,359,732 | |
| Unrealized depreciation | (22,894,335 | ) | (10,094,453 | ) | (5,594,260 | ) | (19,487,680 | ) |
| Investments, at value | $ 132,190,070 | $ | 51,284,341 | $ | 41,466,038 | $ | 81,872,052 | |
| Cash | $ 6,465,485 | $ | 616,787 | $ | | $ | | |
| Interest receivable | 1,926,428 | | 1,082,917 | | 698,528 | | 1,311,984 | |
| Receivable for investments sold | 8,500 | | | | | | 28,832 | |
| Deferred debt issuance costs | 41,077 | | 7,071 | | | | 70,610 | |
| Total assets | $ 140,631,560 | $ | 52,991,116 | $ | 42,164,566 | $ | 83,283,478 | |
| Liabilities | | | | | | | | |
| Payable for floating rate notes issued | $ 15,570,000 | $ | 3,880,000 | $ | 1,125,000 | $ | 21,295,000 | |
| Payable for variation margin on open financial futures contracts | 51,047 | | | | 3,797 | | 25,313 | |
| Payable for open swap contracts | 3,667,977 | | 1,340,750 | | 214,235 | | 2,136,337 | |
| Due to custodian | | | | | 228,922 | | 1,894,094 | |
| Payable to affiliates: | | | | | | | | |
| Investment adviser fee | 78,507 | | 27,320 | | 23,860 | | 44,143 | |
| Administration fee | 21,564 | | 8,331 | | 6,817 | | 12,612 | |
| Trustees fees | 836 | | 360 | | 300 | | 4,864 | |
| Interest expense and fees payable | 94,898 | | 33,221 | | 18,908 | | 148,917 | |
| Accrued expenses | 102,974 | | 69,874 | | 63,252 | | 97,400 | |
| Total liabilities | $ 19,587,803 | $ | 5,359,856 | $ | 1,685,091 | $ | 25,658,680 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 49,978,954 | $ | 20,055,300 | $ | 17,502,294 | $ | 20,152,642 | |
| Net assets applicable to common shares | $ 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 37,472,156 | |
| Sources
of Net Assets | | | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 71,855 | $ | 27,155 | $ | 21,163 | $ | 42,574 | |
| Additional paid-in capital | 104,250,556 | | 39,615,795 | | 31,113,305 | | 62,317,743 | |
| Accumulated net realized loss | (6,695,337 | ) | (938,397 | ) | (2,458,199 | ) | (3,321,916 | ) |
| Accumulated undistributed net investment income | 349,290 | | 306,610 | | 152,189 | | 230,953 | |
| Net unrealized depreciation | (26,911,561 | ) | (11,435,203 | ) | (5,851,277 | ) | (21,797,198 | ) |
| Net assets applicable to common shares | $ 71,064,803 | $ | 27,575,960 | $ | 22,977,181 | $ | 37,472,156 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | | | |
| | 1,999 | | 802 | | 700 | | 806 | |
| Common
Shares Outstanding | | | | | | | | |
| | 7,185,509 | | 2,715,457 | | 2,116,294 | | 4,257,408 | |
| Net
Asset Value Per Common Share | | | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 9.89 | $ | 10.16 | $ | 10.86 | $ | 8.80 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Assets and Liabilities

| As
of November 30, 2008 | New
Jersey Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | |
| Investments | | | | | | | | |
| Identified cost | $ 108,048,815 | $ | 122,107,447 | $ | 61,949,288 | $ | 62,735,794 | |
| Unrealized depreciation | (21,136,600 | ) | (22,199,487 | ) | (8,120,362 | ) | (8,124,470 | ) |
| Investments, at value | $ 86,912,215 | $ | 99,907,960 | $ | 53,828,926 | $ | 54,611,324 | |
| Cash | $ | $ | 678,025 | $ | 529,885 | $ | | |
| Interest receivable | 1,489,894 | | 1,662,620 | | 1,038,581 | | 1,031,406 | |
| Receivable for investments sold | | | 30,000 | | 130,000 | | 90,166 | |
| Deferred debt issuance costs | 5,731 | | 44,920 | | | | | |
| Total assets | $ 88,407,840 | $ | 102,323,525 | $ | 55,527,392 | $ | 55,732,896 | |
| Liabilities | | | | | | | | |
| Payable for floating rate notes issued | $ 8,047,000 | $ | 15,150,000 | $ | 830,000 | $ | 4,485,780 | |
| Payable for when-issued securities | | | | | 1,068,680 | | | |
| Payable for variation margin on open financial futures contracts | | | 53,578 | | 10,969 | | 40,078 | |
| Payable for open swap contracts | 2,351,168 | | 2,776,903 | | 974,104 | | 584,150 | |
| Due to custodian | 180,478 | | | | | | 295,927 | |
| Payable to affiliates: | | | | | | | | |
| Investment adviser fee | 49,003 | | 57,640 | | 31,520 | | 31,017 | |
| Administration fee | 14,001 | | 16,469 | | 9,006 | | 8,638 | |
| Trustees fees | 566 | | 646 | | 373 | | 367 | |
| Interest expense and fees payable | 77,922 | | 117,278 | | 10,987 | | 44,159 | |
| Accrued expenses | 75,408 | | 96,554 | | 73,880 | | 68,655 | |
| Total liabilities | $ 10,795,546 | $ | 18,269,068 | $ | 3,009,519 | $ | 5,558,771 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 34,152,936 | $ | 33,729,429 | $ | 22,954,918 | $ | 22,230,422 | |
| Net assets applicable to common shares | $ 43,459,358 | $ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | |
| Sources
of Net Assets | | | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 46,242 | $ | 53,804 | $ | 28,293 | $ | 27,085 | |
| Additional paid-in capital | 66,724,505 | | 78,209,754 | | 41,408,825 | | 38,995,386 | |
| Accumulated net realized loss | (388,092 | ) | (2,960,757 | ) | (2,967,063 | ) | (2,324,799 | ) |
| Accumulated undistributed net investment income | 564,471 | | 365,184 | | 262,411 | | 228,855 | |
| Net unrealized depreciation | (23,487,768 | ) | (25,342,957 | ) | (9,169,511 | ) | (8,982,824 | ) |
| Net assets applicable to common shares | $ 43,459,358 | $ | 50,325,028 | $ | 29,562,955 | $ | 27,943,703 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | | | |
| | 1,366 | | 1,349 | | 918 | | 889 | |
| Common
Shares Outstanding | | | | | | | | |
| | 4,624,183 | | 5,380,419 | | 2,829,304 | | 2,708,462 | |
| Net
Asset Value Per Common Share | | | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 9.40 | $ | 9.35 | $ | 10.45 | $ | 10.32 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Operations

| For the Year
Ended November 30, 2008 | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | National
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | | | |
| Interest | $ 8,939,731 | | $ 3,409,332 | | $ 2,616,827 | | $ 5,625,615 | |
| Total investment income | $ 8,939,731 | | $ 3,409,332 | | $ 2,616,827 | | $ 5,625,615 | |
| Expenses | | | | | | | | |
| Investment adviser fee | $ 1,101,164 | | $ 405,164 | | $ 321,079 | | $ 640,801 | |
| Administration fee | 314,617 | | 116,289 | | 91,736 | | 183,086 | |
| Trustees fees and expenses | 6,151 | | 1,991 | | 1,749 | | 4,234 | |
| Custodian fee | 92,278 | | 48,321 | | 35,629 | | 70,909 | |
| Transfer and dividend disbursing agent fees | 31,125 | | 31,296 | | 31,929 | | 31,860 | |
| Legal and accounting services | 60,925 | | 46,621 | | 36,682 | | 232,548 | |
| Printing and postage | 19,909 | | 8,514 | | 4,614 | | 18,686 | |
| Interest expense and fees | 363,174 | | 93,543 | | 45,934 | | 465,586 | |
| Preferred shares service fee | 141,993 | | 52,799 | | 44,219 | | 75,744 | |
| Miscellaneous | 61,258 | | 41,976 | | 39,982 | | 47,317 | |
| Total expenses | $ 2,192,594 | | $ 846,514 | | $ 653,553 | | $ 1,770,771 | |
| Deduct | | | | | | | | |
| Reduction of custodian fee | $ 21,747 | | $ 6,222 | | $ 6,321 | | $ 22,106 | |
| Total expense reductions | $ 21,747 | | $ 6,222 | | $ 6,321 | | $ 22,106 | |
| Net expenses | $ 2,170,847 | | $ 840,292 | | $ 647,232 | | $ 1,748,665 | |
| Net investment income | $ 6,768,884 | | $ 2,569,040 | | $ 1,969,595 | | $ 3,876,950 | |
| Realized
and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) | | | | | | | | |
| Investment transactions | $ (3,385,434 | ) | $ (13,072 | ) | $ (389,430 | ) | $ (110,188 | ) |
| Financial futures contracts | (1,276,291 | ) | | | (15,970 | ) | (602,012 | ) |
| Swap contracts | (1,462,697 | ) | (599,528 | ) | (90,540 | ) | (851,924 | ) |
| Net realized loss | $ (6,124,422 | ) | $ (612,600 | ) | $ (495,940 | ) | $ (1,564,124 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | | | |
| Investments | $ (28,100,413 | ) | $ (11,209,792 | ) | $ (7,070,614 | ) | $ (21,866,933 | ) |
| Financial futures contracts | (334,024 | ) | | | (42,782 | ) | (167,820 | ) |
| Swap contracts | (2,932,153 | ) | (1,009,361 | ) | (163,444 | ) | (1,707,761 | ) |
| Net change in unrealized appreciation (depreciation) | $ (31,366,590 | ) | $ (12,219,153 | ) | $ (7,276,840 | ) | $ (23,742,514 | ) |
| Net realized and unrealized loss | $ (37,491,012 | ) | $ (12,831,753 | ) | $ (7,772,780 | ) | $ (25,306,638 | ) |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | $ (1,988,268 | ) | $ (754,703 | ) | $ (636,924 | ) | $ (1,062,311 | ) |
| Net decrease in net assets from operations | $ (32,710,396 | ) | $ (11,017,416 | ) | $ (6,440,109 | ) | $ (22,491,999 | ) |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Operations

| For the Year
Ended November 30, 2008 | New Jersey
Trust | | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | | | |
| Interest | $ 5,953,734 | | $ 7,097,853 | | $ 3,605,528 | | $ 3,561,317 | |
| Total investment income | $ 5,953,734 | | $ 7,097,853 | | $ 3,605,528 | | $ 3,561,317 | |
| Expenses | | | | | | | | |
| Investment adviser fee | $ 701,238 | | $ 828,520 | | $ 432,784 | | $ 416,805 | |
| Administration fee | 200,354 | | 236,721 | | 123,652 | | 119,087 | |
| Trustees fees and expenses | 4,406 | | 4,751 | | 2,049 | | 2,012 | |
| Custodian fee | 72,473 | | 94,000 | | 50,574 | | 44,336 | |
| Transfer and dividend disbursing agent fees | 32,647 | | 30,850 | | 29,095 | | 33,550 | |
| Legal and accounting services | 49,128 | | 58,737 | | 45,453 | | 42,528 | |
| Printing and postage | 13,850 | | 13,246 | | 10,779 | | 5,024 | |
| Interest expense and fees | 279,195 | | 403,051 | | 98,659 | | 136,093 | |
| Preferred shares service fee | 94,350 | | 104,525 | | 60,915 | | 56,641 | |
| Miscellaneous | 46,222 | | 39,827 | | 40,423 | | 42,035 | |
| Total expenses | $ 1,493,863 | | $ 1,814,228 | | $ 894,383 | | $ 898,111 | |
| Deduct | | | | | | | | |
| Reduction of custodian fee | $ 15,184 | | $ 21,625 | | $ 8,255 | | $ 8,034 | |
| Total expense reductions | $ 15,184 | | $ 21,625 | | $ 8,255 | | $ 8,034 | |
| Net expenses | $ 1,478,679 | | $ 1,792,603 | | $ 886,128 | | $ 890,077 | |
| Net investment income | $ 4,475,055 | | $ 5,305,250 | | $ 2,719,400 | | $ 2,671,240 | |
| Realized
and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) | | | | | | | | |
| Investment transactions | $ 998,610 | | $ 206,106 | | $ (120,145 | ) | $ 618,570 | |
| Financial futures contracts | | | (1,296,932 | ) | (205,412 | ) | (973,505 | ) |
| Swap contracts | (1,053,553 | ) | (1,107,603 | ) | (380,218 | ) | (213,148 | ) |
| Net realized loss | $ (54,943 | ) | $ (2,198,429 | ) | $ (705,775 | ) | $ (568,083 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | | | |
| Investments | $ (23,970,130 | ) | $ (26,823,804 | ) | $ (10,895,731 | ) | $ (10,970,697 | ) |
| Financial futures contracts | | | (400,627 | ) | (78,830 | ) | (291,483 | ) |
| Swap contracts | (1,767,360 | ) | (2,219,248 | ) | (794,902 | ) | (504,240 | ) |
| Net change in unrealized appreciation (depreciation) | $ (25,737,490 | ) | $ (29,443,679 | ) | $ (11,769,463 | ) | $ (11,766,420 | ) |
| Net realized and unrealized loss | $ (25,792,433 | ) | $ (31,642,108 | ) | $ (12,475,238 | ) | $ (12,334,503 | ) |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | $ (1,337,294 | ) | $ (1,443,622 | ) | $ (858,575 | ) | $ (809,974 | ) |
| Net decrease in net assets from operations | $ (22,654,672 | ) | $ (27,780,480 | ) | $ (10,614,413 | ) | $ (10,473,237 | ) |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

| For the Year
Ended November 30, 2008 — Increase (Decrease)
in Net Assets | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | National
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 6,768,884 | | $ 2,569,040 | | $ 1,969,595 | | $ 3,876,950 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (6,124,422 | ) | (612,600 | ) | (495,940 | ) | (1,564,124 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | (31,366,590 | ) | (12,219,153 | ) | (7,276,840 | ) | (23,742,514 | ) |
| Distributions to preferred shareholders From net investment income | (1,988,268 | ) | (754,703 | ) | (636,924 | ) | (1,062,311 | ) |
| Net decrease in net assets from operations | $ (32,710,396 | ) | $ (11,017,416 | ) | $ (6,440,109 | ) | $ (22,491,999 | ) |
| Distributions to common shareholders From net investment income | $ (4,831,246 | ) | $ (1,761,505 | ) | $ (1,293,055 | ) | $ (2,792,860 | ) |
| Total distributions to common shareholders | $ (4,831,246 | ) | $ (1,761,505 | ) | $ (1,293,055 | ) | $ (2,792,860 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ 39,205 | | $ 13,438 | | $ | | $ | |
| Net increase in net assets from capital share transactions | $ 39,205 | | $ 13,438 | | $ | | $ | |
| Net decrease in net assets | $ (37,502,437 | ) | $ (12,765,483 | ) | $ (7,733,164 | ) | $ (25,284,859 | ) |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 108,567,240 | | $ 40,341,443 | | $ 30,710,345 | | $ 62,757,015 | |
| At end of year | $ 71,064,803 | | $ 27,575,960 | | $ 22,977,181 | | $ 37,472,156 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 349,290 | | $ 306,610 | | $ 152,189 | | $ 230,953 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

| For the Year
Ended November 30, 2008 — Increase (Decrease)
in Net Assets | New Jersey
Trust | | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 4,475,055 | | $ 5,305,250 | | $ 2,719,400 | | $ 2,671,240 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (54,943 | ) | (2,198,429 | ) | (705,775 | ) | (568,083 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | (25,737,490 | ) | (29,443,679 | ) | (11,769,463 | ) | (11,766,420 | ) |
| Distributions to preferred shareholders From net investment income | (1,337,294 | ) | (1,443,622 | ) | (858,575 | ) | (809,974 | ) |
| Net decrease in net assets from operations | $ (22,654,672 | ) | $ (27,780,480 | ) | $ (10,614,413 | ) | $ (10,473,237 | ) |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (2,911,723 | ) | $ (3,874,132 | ) | $ (1,775,906 | ) | $ (1,764,997 | ) |
| Total distributions to common shareholders | $ (2,911,723 | ) | $ (3,874,132 | ) | $ (1,775,906 | ) | $ (1,764,997 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ 24,930 | | $ 48,143 | | $ | | $ | |
| Net increase in net assets from capital share transactions | $ 24,930 | | $ 48,143 | | $ | | $ | |
| Net decrease in net assets | $ (25,541,465 | ) | $ (31,606,469 | ) | $ (12,390,319 | ) | $ (12,238,234 | ) |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 69,000,823 | | $ 81,931,497 | | $ 41,953,274 | | $ 40,181,937 | |
| At end of year | $ 43,459,358 | | $ 50,325,028 | | $ 29,562,955 | | $ 27,943,703 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 564,471 | | $ 365,184 | | $ 262,411 | | $ 228,855 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

| For the Year
Ended November 30, 2007 — Increase (Decrease)
in Net Assets | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | National
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 6,721,579 | | $ 2,481,917 | | $ 1,932,321 | | $ 4,018,334 | |
| Net realized gain from investment transactions, financial
futures contracts and swap contracts | 1,212,305 | | 1,482,005 | | 612,556 | | 806,170 | |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | (10,493,249 | ) | (5,028,194 | ) | (2,484,463 | ) | (5,256,087 | ) |
| Distributions to preferred shareholders From net investment income | (2,014,092 | ) | (734,875 | ) | (625,544 | ) | (1,305,923 | ) |
| Net decrease in net assets from operations | $ (4,573,457 | ) | $ (1,799,147 | ) | $ (565,130 | ) | $ (1,737,506 | ) |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (4,825,005 | ) | $ (1,734,298 | ) | $ (1,367,125 | ) | $ (2,757,391 | ) |
| Total distributions to common shareholders | $ (4,825,005 | ) | $ (1,734,298 | ) | $ (1,367,125 | ) | $ (2,757,391 | ) |
| Net decrease in net assets | $ (9,398,462 | ) | $ (3,533,445 | ) | $ (1,932,255 | ) | $ (4,494,897 | ) |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 117,965,702 | | $ 43,874,888 | | $ 32,642,600 | | $ 67,251,912 | |
| At end of year | $ 108,567,240 | | $ 40,341,443 | | $ 30,710,345 | | $ 62,757,015 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 470,128 | | $ 258,921 | | $ 119,435 | | $ 221,395 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

| For the Year
Ended November 30, 2007 — Increase (Decrease)
in Net Assets | New Jersey
Trust | | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 4,281,160 | | $ 5,325,083 | | $ 2,652,615 | | $ 2,581,747 | |
| Net realized gain (loss) from investment transactions, financial
futures contracts and swap contracts | 2,245,358 | | 985,195 | | 1,008,079 | | (79,473 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | (8,114,677 | ) | (7,930,136 | ) | (3,397,293 | ) | (1,711,887 | ) |
| Distributions to preferred shareholders From net investment income | (1,262,219 | ) | (1,544,549 | ) | (839,516 | ) | (813,684 | ) |
| Net decrease in net assets from operations | $ (2,850,378 | ) | $ (3,164,407 | ) | $ (576,115 | ) | $ (23,297 | ) |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (2,994,385 | ) | $ (3,873,823 | ) | $ (1,856,075 | ) | $ (1,793,216 | ) |
| Total distributions to common shareholders | $ (2,994,385 | ) | $ (3,873,823 | ) | $ (1,856,075 | ) | $ (1,793,216 | ) |
| Net decrease in net assets | $ (5,844,763 | ) | $ (7,038,230 | ) | $ (2,432,190 | ) | $ (1,816,513 | ) |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 74,845,586 | | $ 88,969,727 | | $ 44,385,464 | | $ 41,998,450 | |
| At end of year | $ 69,000,823 | | $ 81,931,497 | | $ 41,953,274 | | $ 40,181,937 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 369,307 | | $ 391,474 | | $ 191,149 | | $ 154,809 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Statements of Cash Flows

| For the Year
Ended November 30, 2008 — Cash Flows From
Operating Activities | National
Trust | | New York
Trust | |
| --- | --- | --- | --- | --- |
| Net decrease in net assets from operations | $ (22,491,999 | ) | $ (27,780,480 | ) |
| Distributions to preferred shareholders | 1,062,311 | | 1,443,622 | |
| Net decrease in net assets from operations excluding
distributions to preferred shareholders | $ (21,429,688 | ) | $ (26,336,858 | ) |
| Adjustments to reconcile net decrease in net assets from
operations to net cash provided by (used in) operating
activities: | | | | |
| Investments purchased | (104,784,642 | ) | (61,321,560 | ) |
| Investments sold | 111,337,868 | | 80,577,139 | |
| Net accretion/amortization of premium (discount) | (559,251 | ) | (433,237 | ) |
| Amortization of deferred debt issuance costs | 3,584 | | 4,212 | |
| Decrease (increase) in interest receivable | (291,191 | ) | 219,921 | |
| Increase in receivable for investments sold | (28,832 | ) | (5,000 | ) |
| Decrease in receivable for variation margin on open financial
futures contracts | 15,625 | | 45,000 | |
| Decrease in prepaid expenses | 3,471 | | 3,811 | |
| Decrease in payable to affiliate for inverse floaters | (506,570 | ) | | |
| Decrease in payable for when-issued securities | | | (1,214,013 | ) |
| Increase in payable for variation margin on open financial
futures contracts | 25,313 | | 53,578 | |
| Increase in payable for open swap contracts | 1,707,761 | | 2,219,248 | |
| Decrease in payable to affiliate for investment adviser fee | (12,506 | ) | (15,087 | ) |
| Decrease in payable to affiliate for administration fee | (3,573 | ) | (4,310 | ) |
| Increase (decrease) in payable to affiliate for Trustees
fees | 3,594 | | (625 | ) |
| Increase (decrease) in interest expense and fees payable | 65,557 | | (105,360 | ) |
| Increase in accrued expenses | 11,894 | | 1,869 | |
| Net change in unrealized (appreciation) depreciation from
investments | 21,866,933 | | 26,823,804 | |
| Net realized (gain) loss from investments | 110,188 | | (206,106 | ) |
| Net cash provided by operating activities | $ 7,535,535 | | $ 20,306,426 | |
| Cash
Flows From Financing Activities | | | | |
| Deferred debt issuance costs | $ (74,194 | ) | $ (49,132 | ) |
| Cash distributions paid to common shareholders, net of
reinvestments | (2,792,860 | ) | (3,825,989 | ) |
| Distributions to preferred shareholders | (1,067,941 | ) | (1,444,380 | ) |
| Liquidation of auction preferred shares | (15,350,000 | ) | (10,775,000 | ) |
| Proceeds from secured borrowings | 32,265,000 | | 20,210,000 | |
| Repayment of secured borrowings | (23,060,000 | ) | (24,210,000 | ) |
| Increase in due to custodian | 1,894,094 | | | |
| Net cash used in financing activities | $ (8,185,901 | ) | $ (20,094,501 | ) |
| Net increase (decrease) in cash | $ (650,366 | ) | $ 211,925 | |
| Cash at beginning of year | $ 650,366 | | $ 466,100 | |
| Cash at end of year | $ | | $ 678,025 | |
| Supplemental
disclosure of cash flow information: | | | | |
| Noncash financing activities not included herein consist of
reinvestment of dividends and distributions of: | $ | | $ 48,143 | |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | California
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 15.120 | | $ 16.430 | | $ 15.420 | | $ 15.070 | | $ 15.320 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.943 | | $ 0.936 | | $ 0.962 | | $ 1.013 | | $ 1.079 | |
| Net realized and unrealized gain (loss) | (5.223 | ) | (1.294 | ) | 1.028 | | 0.383 | | (0.227 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.277 | ) | (0.280 | ) | (0.239 | ) | (0.154 | ) | (0.079 | ) |
| Total income (loss) from operations | $ (4.557 | ) | $ (0.638 | ) | $ 1.751 | | $ 1.242 | | $ 0.773 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) | $ (0.892 | ) | $ (1.023 | ) |
| Total distributions to common shareholders | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) | $ (0.892 | ) | $ (1.023 | ) |
| Net asset value End of year (Common shares) | $ 9.890 | | $ 15.120 | | $ 16.430 | | $ 15.420 | | $ 15.070 | |
| Market value End of year (Common shares) | $ 9.150 | | $ 13.160 | | $ 15.050 | | $ 13.650 | | $ 15.160 | |
| Total Investment Return on Net Asset
Value (2) | (30.70 | )% | (3.65 | )% | 12.10 | % | 8.72 | % | 5.35 | % |
| Total Investment Return on Market
Value (2) | (26.34 | )% | (8.44 | )% | 15.99 | % | (4.34 | )% | 8.60 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | California
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 71,065 | $ 108,567 | $ | 117,966 | $ 110,760 | $ 108,193 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.87 % | 1.78 | % (4) | 1.79 % | 1.78 % | 1.78 % |
| Interest and fee
expense (5) | 0.37 % | 0.34 | % | 0.49 % | 0.33 % | 0.20 % |
| Total expenses before custodian fee reduction | 2.24 % | 2.12 | % (4) | 2.28 % | 2.11 % | 1.98 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.85 % | 1.76 | % (4) | 1.77 % | 1.76 % | 1.77 % |
| Net investment income | 6.91 % | 5.94 | % | 6.12 % | 6.52 % | 7.10 % |
| Portfolio Turnover | 31 % | 40 | % | 26 % | 31 % | 17 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.18 % | 1.17 | % (4) | 1.18 % | 1.16 % | 1.15 % |
| Interest and fee
expense (5) | 0.24 % | 0.22 | % | 0.32 % | 0.22 % | 0.13 % |
| Total expenses before custodian fee reduction | 1.42 % | 1.39 | % (4) | 1.50 % | 1.38 % | 1.28 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.17 % | 1.16 | % (4) | 1.16 % | 1.15 % | 1.15 % |
| Net investment income | 4.39 % | 3.90 | % | 4.03 % | 4.26 % | 4.61 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,999 | 2,360 | | 2,360 | 2,360 | 2,360 |
| Asset coverage per preferred
share (6) | $ 60,552 | $ 71,003 | $ | 74,997 | $ 71,942 | $ 70,849 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Massachusetts
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.860 | | $ 16.170 | | $ 15.270 | | $ 15.090 | | $ 15.380 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.947 | | $ 0.914 | | $ 0.931 | | $ 0.973 | | $ 1.054 | |
| Net realized and unrealized gain (loss) | (4.720 | ) | (1.314 | ) | 0.926 | | 0.234 | | (0.251 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.278 | ) | (0.271 | ) | (0.243 | ) | (0.145 | ) | (0.070 | ) |
| Total income (loss) from operations | $ (4.051 | ) | $ (0.671 | ) | $ 1.614 | | $ 1.062 | | $ 0.733 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) | $ (0.882 | ) | $ (1.023 | ) |
| Total distributions to common shareholders | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) | $ (0.882 | ) | $ (1.023 | ) |
| Net asset value End of year (Common shares) | $ 10.160 | | $ 14.860 | | $ 16.170 | | $ 15.270 | | $ 15.090 | |
| Market value End of year (Common shares) | $ 8.930 | | $ 13.050 | | $ 14.920 | | $ 14.800 | | $ 16.810 | |
| Total Investment Return on Net Asset
Value (2) | (28.02 | )% | (3.94 | )% | 11.05 | % | 7.02 | % | 4.90 | % |
| Total Investment Return on Market
Value (2) | (27.89 | )% | (8.57 | )% | 5.72 | % | (6.89 | )% | 16.71 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | Massachusetts
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 27,576 | $ 40,341 | $ | 43,875 | $ 41,395 | $ 40,662 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 2.06 % | 1.91 | % (4) | 1.88 % | 1.88 % | 1.87 % |
| Interest and fee
expense (5) | 0.26 % | 0.61 | % | 0.77 % | 0.52 % | 0.30 % |
| Total expenses before custodian fee reduction | 2.32 % | 2.52 | % (4) | 2.65 % | 2.40 % | 2.17 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.04 % | 1.89 | % (4) | 1.87 % | 1.87 % | 1.86 % |
| Net investment income | 7.03 % | 5.90 | % | 6.01 % | 6.29 % | 6.97 % |
| Portfolio Turnover | 40 % | 42 | % | 22 % | 13 % | 39 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.31 % | 1.26 | % (4) | 1.24 % | 1.24 % | 1.22 % |
| Interest and fee
expense (5) | 0.16 % | 0.40 | % | 0.51 % | 0.34 % | 0.19 % |
| Total expenses before custodian fee reduction | 1.47 % | 1.66 | % (4) | 1.75 % | 1.58 % | 1.41 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.30 % | 1.25 | % (4) | 1.24 % | 1.24 % | 1.22 % |
| Net investment income | 4.47 % | 3.91 | % | 3.98 % | 4.15 % | 4.55 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 802 | 860 | | 860 | 860 | 860 |
| Asset coverage per preferred
share (6) | $ 59,391 | $ 71,920 | $ | 76,024 | $ 73,138 | $ 72,281 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Michigan
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.510 | | $ 15.420 | | $ 14.820 | | $ 14.860 | | $ 15.240 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.931 | | $ 0.913 | | $ 0.950 | | $ 0.995 | | $ 1.072 | |
| Net realized and unrealized gain (loss) | (3.669 | ) | (0.881 | ) | 0.608 | | 0.010 | | (0.334 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.301 | ) | (0.296 | ) | (0.256 | ) | (0.172 | ) | (0.086 | ) |
| Total income (loss) from operations | $ (3.039 | ) | $ (0.264 | ) | $ 1.302 | | $ 0.833 | | $ 0.652 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) | $ (0.873 | ) | $ (1.032 | ) |
| Total distributions to common shareholders | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) | $ (0.873 | ) | $ (1.032 | ) |
| Net asset value End of year (Common shares) | $ 10.860 | | $ 14.510 | | $ 15.420 | | $ 14.820 | | $ 14.860 | |
| Market value End of year (Common shares) | $ 7.920 | | $ 12.430 | | $ 14.110 | | $ 13.500 | | $ 16.600 | |
| Total Investment Return on Net Asset
Value (2) | (21.02 | )% | (1.37 | )% | 9.38 | % | 5.62 | % | 4.36 | % |
| Total Investment Return on Market
Value (2) | (32.76 | )% | (7.66 | )% | 9.88 | % | (13.87 | )% | 13.63 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | Michigan
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 22,977 | $ 30,710 | $ | 32,643 | $ 31,357 | $ 31,363 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 2.15 % | 2.03 | % (4) | 1.97 % | 2.00 % | 1.96 % |
| Interest and fee
expense (5) | 0.16 % | 0.32 | % | 0.46 % | 0.40 % | 0.42 % |
| Total expenses before custodian fee reduction | 2.31 % | 2.35 | % (4) | 2.43 % | 2.40 % | 2.38 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.13 % | 2.01 | % (4) | 1.96 % | 1.99 % | 1.96 % |
| Net investment income | 6.96 % | 6.12 | % | 6.35 % | 6.60 % | 7.16 % |
| Portfolio Turnover | 24 % | 22 | % | 22 % | 14 % | 5 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.33 % | 1.31 | % (4) | 1.27 % | 1.29 % | 1.26 % |
| Interest and fee
expense (5) | 0.10 % | 0.21 | % | 0.29 % | 0.26 % | 0.27 % |
| Total expenses before custodian fee reduction | 1.43 % | 1.52 | % (4) | 1.56 % | 1.55 % | 1.53 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.31 % | 1.29 | % (4) | 1.26 % | 1.28 % | 1.26 % |
| Net investment income | 4.30 % | 3.94 | % | 4.09 % | 4.26 % | 4.60 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 700 | 700 | | 700 | 700 | 700 |
| Asset coverage per preferred
share (6) | $ 57,828 | $ 68,878 | $ | 71,635 | $ 69,796 | $ 69,810 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | National
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.740 | | $ 15.800 | | $ 15.150 | | $ 15.040 | | $ 15.530 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.911 | | $ 0.944 | | $ 0.970 | | $ 1.013 | | $ 1.082 | |
| Net realized and unrealized gain (loss) | (5.945 | ) | (1.049 | ) | 0.678 | | 0.179 | | (0.450 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.250 | ) | (0.307 | ) | (0.270 | ) | (0.177 | ) | (0.087 | ) |
| Total income (loss) from operations | $ (5.284 | ) | $ (0.412 | ) | $ 1.378 | | $ 1.015 | | $ 0.545 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.656 | ) | $ (0.648 | ) | $ (0.728 | ) | $ (0.905 | ) | $ (1.035 | ) |
| Total distributions to common shareholders | $ (0.656 | ) | $ (0.648 | ) | $ (0.728 | ) | $ (0.905 | ) | $ (1.035 | ) |
| Net asset value End of year (Common shares) | $ 8.800 | | $ 14.740 | | $ 15.800 | | $ 15.150 | | $ 15.040 | |
| Market value End of year (Common shares) | $ 7.640 | | $ 12.720 | | $ 14.180 | | $ 14.180 | | $ 15.250 | |
| Total Investment Return on Net Asset
Value (2) | (36.71 | )% | (2.26 | )% | 9.84 | % | 6.98 | % | 3.80 | % |
| Total Investment Return on Market
Value (2) | (36.32 | )% | (6.02 | )% | 5.32 | % | (1.25 | )% | 5.76 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | National
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 37,472 | $ 62,757 | $ | 67,252 | $ 64,501 | $ 63,911 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 2.34 % | 1.87 | % (4) | 1.87 % | 1.86 % | 1.84 % |
| Interest and fee
expense (5) | 0.83 % | 0.75 | % | 0.54 % | 0.42 % | 0.50 % |
| Total expenses before custodian fee reduction | 3.17 % | 2.62 | % (4) | 2.41 % | 2.28 % | 2.34 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.30 % | 1.86 | % (4) | 1.86 % | 1.85 % | 1.83 % |
| Net investment income | 6.95 % | 6.16 | % | 6.33 % | 6.65 % | 7.09 % |
| Portfolio Turnover | 108 % | 26 | % | 33 % | 15 % | 4 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.53 % | 1.21 | % (4) | 1.21 % | 1.20 % | 1.18 % |
| Interest and fee
expense (5) | 0.54 % | 0.48 | % | 0.35 % | 0.27 % | 0.32 % |
| Total expenses before custodian fee reduction | 2.07 % | 1.69 | % (4) | 1.56 % | 1.47 % | 1.50 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.50 % | 1.20 | % (4) | 1.20 % | 1.19 % | 1.18 % |
| Net investment income | 4.52 % | 3.99 | % | 4.10 % | 4.30 % | 4.58 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 806 | 1,420 | | 1,420 | 1,420 | 1,420 |
| Asset coverage per preferred
share (6) | $ 71,495 | $ 69,201 | $ | 72,363 | $ 70,423 | $ 70,011 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | New Jersey
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.930 | | $ 16.200 | | $ 15.020 | | $ 14.810 | | $ 15.190 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.968 | | $ 0.926 | | $ 0.953 | | $ 1.014 | | $ 1.082 | |
| Net realized and unrealized gain (loss) | (5.579 | ) | (1.275 | ) | 1.205 | | 0.238 | | (0.313 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.289 | ) | (0.273 | ) | (0.253 | ) | (0.169 | ) | (0.081 | ) |
| Total income (loss) from operations | $ (4.900 | ) | $ (0.622 | ) | $ 1.905 | | $ 1.083 | | $ 0.688 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) | $ (0.873 | ) | $ (1.068 | ) |
| Total distributions to common shareholders | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) | $ (0.873 | ) | $ (1.068 | ) |
| Net asset value End of year (Common shares) | $ 9.400 | | $ 14.930 | | $ 16.200 | | $ 15.020 | | $ 14.810 | |
| Market value End of year (Common shares) | $ 8.500 | | $ 12.790 | | $ 15.080 | | $ 14.030 | | $ 15.540 | |
| Total Investment Return on Net Asset
Value (2) | (33.57 | )% | (3.59 | )% | 13.28 | % | 7.59 | % | 4.76 | % |
| Total Investment Return on Market
Value (2) | (29.88 | )% | (11.28 | )% | 12.89 | % | (4.22 | )% | 8.31 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | New
Jersey Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 43,459 | $ 69,001 | $ | 74,846 | $ 69,375 | $ 68,298 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.96 % | 1.84 | % (4) | 1.85 % | 1.86 % | 1.85 % |
| Interest and fee
expense (5) | 0.45 % | 0.89 | % | 0.93 % | 0.58 % | 0.50 % |
| Total expenses before custodian fee reduction | 2.41 % | 2.73 | % (4) | 2.78 % | 2.44 % | 2.35 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.94 % | 1.81 | % (4) | 1.83 % | 1.84 % | 1.84 % |
| Net investment income | 7.22 % | 5.94 | % | 6.20 % | 6.66 % | 7.28 % |
| Portfolio Turnover | 54 % | 42 | % | 23 % | 46 % | 52 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.23 % | 1.21 | % (4) | 1.20 % | 1.21 % | 1.19 % |
| Interest and fee
expense (5) | 0.28 % | 0.58 | % | 0.61 % | 0.38 % | 0.32 % |
| Total expenses before custodian fee reduction | 1.51 % | 1.79 | % (4) | 1.81 % | 1.59 % | 1.51 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.21 % | 1.19 | % (4) | 1.19 % | 1.19 % | 1.18 % |
| Net investment income | 4.51 % | 3.89 | % | 4.04 % | 4.33 % | 4.68 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,366 | 1,520 | | 1,520 | 1,520 | 1,520 |
| Asset coverage per preferred
share (6) | $ 56,817 | $ 70,395 | $ | 74,250 | $ 70,651 | $ 69,935 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | New York
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 15.240 | | $ 16.550 | | $ 15.660 | | $ 15.490 | | $ 15.810 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.987 | | $ 0.991 | | $ 0.987 | | $ 1.070 | | $ 1.126 | |
| Net realized and unrealized gain (loss) | (5.887 | ) | (1.293 | ) | 0.932 | | 0.243 | | (0.332 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.269 | ) | (0.287 | ) | (0.247 | ) | (0.163 | ) | (0.074 | ) |
| Total income (loss) from operations | $ (5.169 | ) | $ (0.589 | ) | $ 1.672 | | $ 1.150 | | $ 0.720 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) | $ (0.980 | ) | $ (1.040 | ) |
| Total distributions to common shareholders | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) | $ (0.980 | ) | $ (1.040 | ) |
| Net asset value End of year (Common shares) | $ 9.350 | | $ 15.240 | | $ 16.550 | | $ 15.660 | | $ 15.490 | |
| Market value End of year (Common shares) | $ 7.900 | | $ 14.100 | | $ 15.700 | | $ 14.990 | | $ 15.370 | |
| Total Investment Return on Net Asset
Value (2) | (35.07 | )% | (3.42 | )% | 11.28 | % | 7.61 | % | 4.91 | % |
| Total Investment Return on Market
Value (2) | (40.71 | )% | (5.81 | )% | 10.28 | % | 3.81 | % | 6.46 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | New
York Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 50,325 | $ 81,931 | $ | 88,970 | $ 84,194 | $ 83,044 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.92 % | 1.80 | % (4) | 1.82 % | 1.81 % | 1.78 % |
| Interest and fee
expense (5) | 0.55 % | 0.98 | % | 1.03 % | 0.57 % | 0.32 % |
| Total expenses before custodian fee reduction | 2.47 % | 2.78 | % (4) | 2.85 % | 2.38 % | 2.10 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.89 % | 1.78 | % (4) | 1.80 % | 1.80 % | 1.78 % |
| Net investment income | 7.21 % | 6.23 | % | 6.22 % | 6.72 % | 7.23 % |
| Portfolio Turnover | 48 % | 29 | % | 27 % | 40 % | 31 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.23 % | 1.18 | % (4) | 1.19 % | 1.19 % | 1.16 % |
| Interest and fee
expense (5) | 0.35 % | 0.65 | % | 0.68 % | 0.37 % | 0.21 % |
| Total expenses before custodian fee reduction | 1.58 % | 1.83 | % (4) | 1.87 % | 1.56 % | 1.37 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.21 % | 1.17 | % (4) | 1.19 % | 1.19 % | 1.16 % |
| Net investment income | 4.63 % | 4.10 | % | 4.09 % | 4.42 % | 4.71 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,349 | 1,780 | | 1,780 | 1,780 | 1,780 |
| Asset coverage per preferred
share (6) | $ 62,309 | $ 71,032 | $ | 74,983 | $ 72,311 | $ 71,659 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Ohio
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.830 | | $ 15.690 | | $ 14.910 | | $ 15.040 | | $ 15.070 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.961 | | $ 0.938 | | $ 0.958 | | $ 1.003 | | $ 1.081 | |
| Net realized and unrealized gain (loss) | (4.410 | ) | (0.845 | ) | 0.800 | | (0.055 | ) | (0.011 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.303 | ) | (0.297 | ) | (0.264 | ) | (0.175 | ) | (0.091 | ) |
| Total income (loss) from operations | $ (3.752 | ) | $ (0.204 | ) | $ 1.494 | | $ 0.773 | | $ 0.979 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) | $ (0.903 | ) | $ (1.009 | ) |
| Total distributions to common shareholders | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) | $ (0.903 | ) | $ (1.009 | ) |
| Net asset value End of year (Common shares) | $ 10.450 | | $ 14.830 | | $ 15.690 | | $ 14.910 | | $ 15.040 | |
| Market value End of year (Common shares) | $ 8.550 | | $ 12.850 | | $ 14.610 | | $ 14.170 | | $ 16.750 | |
| Total Investment Return on Net Asset
Value (2) | (25.69 | )% | (1.06 | )% | 10.50 | % | 5.10 | % | 6.71 | % |
| Total Investment Return on Market
Value (2) | (29.83 | )% | (7.93 | )% | 8.27 | % | (10.31 | )% | 13.96 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | Ohio
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 29,563 | $ 41,953 | $ | 44,385 | $ 42,193 | $ 42,444 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 2.08 % | 1.93 | % (4) | 1.92 % | 1.91 % | 1.91 % |
| Interest and fee
expense (5) | 0.26 % | 0.72 | % | 0.74 % | 0.54 % | 0.29 % |
| Total expenses before custodian fee reduction | 2.34 % | 2.65 | % (4) | 2.66 % | 2.45 % | 2.20 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.06 % | 1.91 | % (4) | 1.92 % | 1.90 % | 1.90 % |
| Net investment income | 7.12 % | 6.17 | % | 6.31 % | 6.57 % | 7.23 % |
| Portfolio Turnover | 27 % | 24 | % | 16 % | 13 % | 12 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.29 % | 1.25 | % (4) | 1.25 % | 1.24 % | 1.23 % |
| Interest and fee
expense (5) | 0.16 % | 0.46 | % | 0.48 % | 0.35 % | 0.19 % |
| Total expenses before custodian fee reduction | 1.45 % | 1.71 | % (4) | 1.73 % | 1.59 % | 1.42 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.28 % | 1.23 | % (4) | 1.24 % | 1.23 % | 1.22 % |
| Net investment income | 4.41 % | 3.99 | % | 4.08 % | 4.25 % | 4.64 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 918 | 940 | | 940 | 940 | 940 |
| Asset coverage per preferred
share (6) | $ 57,209 | $ 69,640 | $ | 72,223 | $ 69,888 | $ 70,153 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Pennsylvania
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
| Net asset value Beginning of year (Common shares) | $ 14.840 | | $ 15.510 | | $ 14.870 | | $ 14.890 | | $ 15.210 | |
| Income
(loss) from operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.986 | | $ 0.953 | | $ 0.983 | | $ 1.008 | | $ 1.076 | |
| Net realized and unrealized gain (loss) | (4.555 | ) | (0.661 | ) | 0.664 | | 0.103 | | (0.301 | ) |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment income | (0.299 | ) | (0.300 | ) | (0.274 | ) | (0.181 | ) | (0.092 | ) |
| Total income (loss) from operations | $ (3.868 | ) | $ (0.008 | ) | $ 1.373 | | $ 0.930 | | $ 0.683 | |
| Less
distributions to common shareholders | | | | | | | | | | |
| From net investment income | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) | $ (0.950 | ) | $ (1.003 | ) |
| Total distributions to common shareholders | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) | $ (0.950 | ) | $ (1.003 | ) |
| Net asset value End of year (Common shares) | $ 10.320 | | $ 14.840 | | $ 15.510 | | $ 14.870 | | $ 14.890 | |
| Market value End of year (Common shares) | $ 9.600 | | $ 12.790 | | $ 14.560 | | $ 14.660 | | $ 15.540 | |
| Total Investment Return on Net Asset
Value (2) | (26.57 | )% | 0.27 | % | 9.68 | % | 6.27 | % | 4.77 | % |
| Total Investment Return on Market
Value (2) | (20.75 | )% | (7.95 | )% | 4.44 | % | 0.39 | % | 4.07 | % |

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FINANCIAL STATEMENTS CONTD

| | Pennsylvania
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year
Ended November 30, | | | | | |
| | 2008 | 2007 | 2006 | | 2005 | 2004 |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 27,944 | $ 40,182 | $ | 41,998 | $ 40,233 | $ 40,023 |
| Ratios (as a percentage of average daily net assets
applicable to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 2.06 % | 1.95 | % (4) | 1.94 % | 1.97 % | 1.91 % |
| Interest and fee
expense (5) | 0.37 % | 0.70 | % | 0.93 % | 0.44 % | 0.24 % |
| Total expenses before custodian fee reduction | 2.43 % | 2.65 | % (4) | 2.87 % | 2.41 % | 2.15 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.04 % | 1.94 | % (4) | 1.93 % | 1.95 % | 1.91 % |
| Net investment income | 7.23 % | 6.28 | % | 6.53 % | 6.69 % | 7.18 % |
| Portfolio Turnover | 25 % | 23 | % | 18 % | 28 % | 8 % |
| The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares, are as follows: | | | | | | |
| Ratios (as a percentage of average daily net assets
applicable to common shares and preferred
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.28 % | 1.27 | % (4) | 1.25 % | 1.27 % | 1.23 % |
| Interest and fee
expense (5) | 0.23 % | 0.45 | % | 0.60 % | 0.28 % | 0.15 % |
| Total expenses before custodian fee reduction | 1.51 % | 1.72 | % (4) | 1.85 % | 1.55 % | 1.38 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.27 % | 1.26 | % (4) | 1.24 % | 1.26 % | 1.22 % |
| Net investment income | 4.50 % | 4.06 | % | 4.21 % | 4.30 % | 4.61 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 889 | 900 | | 900 | 900 | 900 |
| Asset coverage per preferred
share (6) | $ 56,439 | $ 69,658 | $ | 71,672 | $ 69,708 | $ 69,471 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 |

(1)	Computed using average common shares outstanding.
(2)	Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested.
(3)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(4)	The investment adviser was allocated a portion of the
Trusts operating expenses (equal to less than 0.01% of
average daily net assets for the year ended November 30,
2007). Absent this allocation, total return would be lower.
(5)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(6)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing this by the number of preferred shares
outstanding.
(7)	Plus accumulated and unpaid dividends.

See notes to financial statements

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS

1 Significant Accounting Policies

callerid=999 iwidth=485 length=0

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance National Municipal Income Trust (National Trust) (formerly, Eaton Vance Florida Plus Municipal Income Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. Each Trust seeks to provide current income exempt from regular federal income tax and in state specific funds, taxes in its specified state, as applicable.

The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America.

A Investment Valuation Municipal bonds and taxable obligations, if any, are generally valued on the basis of valuations furnished by a pricing vendor, as derived from such vendors pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, benchmark curves or information pertaining to the issuer. The pricing vendor may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Financial futures contracts and options on financial futures contracts listed on commodity exchanges are valued based on the closing price on the primary exchange on which such contracts trade. Interest rate swaps are normally valued using valuations provided by a pricing vendor. Such vendor valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap curves provided by electronic data services or by broker/dealers. Short-term obligations, maturing in sixty days or less, are valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available, and investments for which the price of a security is not believed to represent its fair market value, are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

B Investment Transactions and Related Income Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C Federal Taxes Each Trusts policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

At November 30, 2008, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce each Trusts taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:

| Trust | Amount | Expiration
Date |
| --- | --- | --- |
| California | $ 995,999 | November 30, 2012 |
| | 6,689,345 | November 30, 2016 |
| Massachusetts | 39,627 | November 30, 2009 |
| | 343,176 | November 30, 2010 |
| | 692,532 | November 30, 2016 |
| Michigan | 165,469 | November 30, 2009 |
| | 475,985 | November 30, 2010 |
| | 443,883 | November 30, 2011 |
| | 697,198 | November 30, 2012 |
| | 224,050 | November 30, 2013 |
| | 517,712 | November 30, 2016 |
| National | 160,909 | November 30, 2009 |
| | 1,495,013 | November 30, 2012 |
| | 114,338 | November 30, 2013 |
| | 1,728,781 | November 30, 2016 |
| New Jersey | 262,308 | November 30, 2009 |
| | 177,350 | November 30, 2011 |
| New York | 70,059 | November 30, 2009 |
| | 2,354,581 | November 30, 2016 |

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

Trust	Amount	Expiration Date
Ohio	$ 850,745	November 30, 2009
	764,355	November 30, 2012
	588,403	November 30, 2013
	736,482	November 30, 2016
Pennsylvania	844,973	November 30, 2009
	41,331	November 30, 2010
	502,868	November 30, 2012
	389,289	November 30, 2013
	800,874	November 30, 2016

During the year ended November 30, 2008, a capital loss carryforward of $92,095 was utilized to offset net realized gains by the New Jersey Trust.

As of November 30, 2008, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trusts federal tax returns filed in the 3-year period ended November 30, 2008 remains subject to examination by the Internal Revenue Service.

D Expense Reduction State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trusts custodian fees are reported as a reduction of expenses in the Statements of Operations.

E Legal Fees Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications

Under each Trusts organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust, and shareholders are indemnified against personal liability for the obligations of each Trust. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H Floating Rate Notes Issued in Conjunction with Securities Held The Trusts may invest in inverse floating rate securities, also referred to as tender option bonds (TOBs), whereby a Trust may sell a fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker, often referred to as an inverse floating rate obligation (Inverse Floater). The broker deposits a fixed rate bond into the SPV with the same CUSIP number as the fixed rate bond sold to the broker by the Trust, and which may have been, but is not required to be, the fixed rate bond purchased from the Trust (the Fixed Rate Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Fixed Rate Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Inverse Floater held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the broker transfer the Fixed Rate Bond held by the SPV to the Trust, thereby collapsing the SPV. Pursuant to Financial Accounting Standards Board (FASB) Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities (FAS 140), the Trusts account for the transaction described above as a secured borrowing by including the Fixed Rate Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption Payable for floating rate notes issued in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Trusts liability with respect to Floating Rate Notes is recorded as incurred. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity date of the related trust. At November 30, 2008, the amounts of the Trusts Floating Rate Notes and related interest rates and collateral were as follows:

| | Floating Rate | Interest Rate
or — Range of | Collateral for — Floating Rate |
| --- | --- | --- | --- |
| Trust | Notes
Outstanding | Interest
Rates (%) | Notes
Outstanding |
| California | $ 15,570,000 | 0.98 6.19 | $ 18,844,540 |
| Massachusetts | 3,880,000 | 0.88 2.15 | 4,462,489 |
| Michigan | 1,125,000 | 1.07 6.00 | 1,464,315 |
| National | 21,295,000 | 1.00 1.90 | 21,524,236 |

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

| | Floating Rate | Interest Rate
or — Range of | Collateral for — Floating Rate |
| --- | --- | --- | --- |
| Trust | Notes
Outstanding | Interest
Rates (%) | Notes Outstanding |
| New Jersey | $ 8,047,000 | 1.04 1.90 | $ 8,957,566 |
| New York | 15,150,000 | 0.88 1.90 | 15,925,746 |
| Ohio | 830,000 | 0.93 1.07 | 1,141,125 |
| Pennsylvania | 4,485,780 | 1.00 4.00 | 7,351,759 |

The Trusts exposure under shortfall and forbearance agreements that were entered into as of November 30, 2008 was approximately $823,000, $35,000, $1,190,000, $79,000 and $721,000 for California Trust, Massachusetts Trust, National Trust, New Jersey Trust and New York Trust, respectively, and none for Michigan Trust, Ohio Trust and Pennsylvania Trust.

The Trusts investment policies and restrictions expressly permit investments in Inverse Floaters. Inverse floating rate securities typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of inverse floating rate securities are generally more volatile than that of a fixed rate bond. The Trusts investment policies do not allow the Trusts to borrow money for purposes of making investments. Management believes that the Trusts restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability on the Trusts Statements of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts restrictions apply. Inverse Floaters held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I Financial Futures Contracts The Trusts may enter into financial futures contracts. The Trusts investment in financial futures contracts is designed for hedging against changes in interest rates or as a substitute for the purchase of securities. Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. In entering such contracts, the Trust bears the risk if the counterparties do not perform under the contracts terms.

J Interest Rate Swaps

The Trusts may enter into interest rate swap agreements to enhance return, to hedge against fluctuations in securities prices or interest rates, or as substitution for the purchase or sale of securities. Pursuant to these agreements, a Trust makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Trust is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.

K When-Issued Securities and Delayed Delivery Transactions The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

L Statement of Cash Flows

The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in a Trusts Statement of Assets and Liabilities and represents cash on hand at its custodian and does not include any short-term investments.

2 Auction Preferred Shares

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Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) AA Financial Composite

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction.

During the year ended November 30, 2008, certain Trusts made a partial redemption of their APS at a liquidation price of $25,000 per share. Replacement financing may have been provided through the creation of TOB trusts, whereby a Trust transferred highly rated bonds held in its portfolio to an SPV (see Note 1H) and used the proceeds from the sale of the Floating Rate Notes to replace the APS. Such Floating Rate Notes have a liquidity backstop financing facility provided by a major financial institution. The number of APS redeemed and redemption amount (excluding the final dividend payment) during the year ended November 30, 2008 and the number of APS issued and outstanding as of November 30, 2008 were as follows:

	APS Redeemed — During the	Redemption	APS Issued and
Trust	Period	Amount	Outstanding
California	361	$ 9,025,000	1,999
Massachusetts	58	1,450,000	802
Michigan			700
National	614	15,350,000	806
New Jersey	154	3,850,000	1,366
New York	431	10,775,000	1,349
Ohio	22	550,000	918
Pennsylvania	11	275,000	889

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts By-Laws and the 1940 Act. Each Trust pays an annual fee equivalent to 0.25% of the liquidation value of the APS to broker-dealers as a service fee.

3 Distributions to Shareholders

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Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at November 30, 2008, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

	APS Dividend — Rates at	Dividends — Paid to APS	Average APS	Dividend Rate
Trust	November 30,
2008	Shareholders	Dividend
Rates	Ranges
(%)
California	1.57 %	$ 1,988,268	3.98 %	1.57 10.21
Massachusetts	1.61	754,703	3.76	1.61 11.35
Michigan	1.60	636,924	3.64	1.58 12.26
National	1.60	1,062,311	3.56	1.58 12.26
New Jersey	1.57	1,337,294	3.59	1.57 10.21
New York	1.60	1,443,622	4.28	1.57 11.73
Ohio	1.56	858,575	3.66	1.56 12.57
Pennsylvania	1.61	809,974	3.60	1.61 11.35

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each Trust as of November 30, 2008.

The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.

The tax character of distributions declared for the years ended November 30, 2008 and November 30, 2007 was as follows:

| Year Ended
November 30, 2008 | California | Massachusetts | Michigan | National |
| --- | --- | --- | --- | --- |
| | Trust | Trust | Trust | Trust |
| Distributions declared from: | | | | |
| Tax-exempt income | $ 6,819,447 | $ 2,516,208 | $ 1,929,979 | $ 3,855,168 |
| Ordinary income | $ 67 | $ | $ | $ 3 |

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

| Year Ended
November 30, 2008 | New Jersey | New York | Ohio | Pennsylvania |
| --- | --- | --- | --- | --- |
| | Trust | Trust | Trust | Trust |
| Distributions declared from: | | | | |
| Tax-exempt income | $ 4,248,329 | $ 5,317,570 | $ 2,634,481 | $ 2,574,969 |
| Ordinary income | $ 688 | $ 184 | $ | $ 2 |

| Year Ended
November 30, 2007 | California | Massachusetts | Michigan | National |
| --- | --- | --- | --- | --- |
| | Trust | Trust | Trust | Trust |
| Distributions declared from: | | | | |
| Tax-exempt income | $ 6,839,097 | $ 2,460,878 | $ 1,979,161 | $ 4,063,314 |
| Ordinary income | $ | $ 8,295 | $ 13,508 | $ |

| Year Ended
November 30, 2007 | New Jersey | New York | Ohio | Pennsylvania |
| --- | --- | --- | --- | --- |
| | Trust | Trust | Trust | Trust |
| Distributions declared from: | | | | |
| Tax-exempt income | $ 4,256,604 | $ 5,417,963 | $ 2,683,661 | $ 2,606,900 |
| Ordinary income | $ | $ 409 | $ 11,930 | $ |

During the year ended November 30, 2008, the following amounts were reclassified due to differences between book and tax accounting, primarily for accretion of market discount and expired capital loss carryforwards.

	California — Trust		Massachusetts — Trust		Michigan — Trust		National — Trust
Increase (decrease):
Paid-in capital	$ (2,239,451	)	$ (594,169	)	$ (337,655	)	$ (936,796	)
Accumulated net realized loss	$ 2,309,659		$ 599,312		$ 344,517		$ 949,017
Accumulated undistributed net investment income	$ (70,208	)	$ (5,143	)	$ (6,862	)	$ (12,221	)

	New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Increase (decrease):
Paid-in capital	$ (1,898,620	)	$ (1,621,946	)	$ (625,516	)	$ (807,118	)
Accumulated net realized loss	$ 1,929,494		$ 1,635,732		$ 639,173		$ 829,341
Accumulated undistributed net investment income	$ (30,874	)	$ (13,786	)	$ (13,657	)	$ (22,223	)

These reclassifications had no effect on the net assets or net value per share of the Trusts.

As of November 30, 2008, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

	California — Trust		Massachusetts — Trust		Michigan — Trust		National — Trust
Undistributed income	$ 353,244		$ 311,910		$ 154,483		$ 233,595
Capital loss carryforward	$ (7,685,344	)	$ (1,075,335	)	$ (2,524,297	)	$ (3,499,041	)
Net unrealized depreciation	$ (25,921,554	)	$ (11,298,265	)	$ (5,785,179	)	$ (21,620,073	)
Other temporary differences	$ (3,954	)	$ (5,300	)	$ (2,294	)	$ (2,642	)

	New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Undistributed income	$ 567,407		$ 369,613		$ 267,329		$ 234,277
Capital loss carryforward	$ (439,658	)	$ (2,424,640	)	$ (2,939,985	)	$ (2,579,335	)
Net unrealized depreciation	$ (23,436,202	)	$ (25,879,074	)	$ (9,196,589	)	$ (8,728,288	)
Other temporary differences	$ (2,936	)	$ (4,429	)	$ (4,918	)	$ (5,422	)

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, futures contracts, the timing of recognizing distributions to shareholders, accretion of market discount and inverse floaters.

4 Investment Adviser Fee and Other Transactions with Affiliates

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The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.70% of each Trusts average weekly gross assets and is payable monthly. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trusts APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trusts average weekly gross assets. For the year ended November 30, 2008, the

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

investment adviser fee and administration fee were as follows:

	Investment	Administration
Trust	Adviser Fee	Fee
California	$ 1,101,164	$ 314,617
Massachusetts	405,164	116,289
Michigan	321,079	91,736
National	640,801	183,086
New Jersey	701,238	200,354
New York	828,520	236,721
Ohio	432,784	123,652
Pennsylvania	416,805	119,087

Except for Trustees of the Trusts who are not members of EVMs organization, officers and Trustees receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2008, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

Pursuant to FAS 140, certain Inverse Floaters sold by the National Trust to an affiliated fund were deemed to be held by the National Trust. Interest income of $28,056 paid by the SPVs to the affiliated fund for the year ended November 30, 2008 was deemed paid by the National Trust and is included in interest expense. The fixed rate bond was withdrawn from each respective SPV and subsequently sold during the year ended November 30, 2008.

5 Purchases and Sales of Investments

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Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2008 were as follows:

Trust	Purchases	Sales
California	$ 49,883,117	$ 62,205,873
Massachusetts	23,373,987	24,740,083
Michigan	10,887,500	11,408,314
National	104,784,642	111,337,868
New Jersey	57,660,002	67,425,135
New York	61,321,560	80,577,139
Ohio	16,990,152	23,384,997
Pennsylvania	15,559,230	19,497,225

6 Common Shares of Beneficial Interest

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Common shares issued pursuant to the Trusts dividend reinvestment plan for the years ended November 30, 2008 and November 30, 2007 were as follows:

| Trust | Year Ended
November 30, — 2008 | 2007 |
| --- | --- | --- |
| California | 4,021 | |
| Massachusetts | 1,394 | |
| Michigan | | |
| National | | |
| New Jersey | 2,698 | |
| New York | 5,073 | |
| Ohio | | |
| Pennsylvania | | |

7 Federal Income Tax Basis of Investments

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The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2008, as determined on a federal income tax basis, were as follows:

California Trust — Aggregate cost	$ 138,873,647
Gross unrealized appreciation	$ 1,648,954
Gross unrealized depreciation	(23,902,531	)
Net unrealized depreciation	$ (22,253,577	)
Massachusetts Trust
Aggregate cost	$ 57,361,856
Gross unrealized appreciation	$ 468,276
Gross unrealized depreciation	(10,425,791	)
Net unrealized depreciation	$ (9,957,515	)
Michigan Trust
Aggregate cost	$ 45,911,982
Gross unrealized appreciation	$ 1,160,057
Gross unrealized depreciation	(6,731,001	)
Net unrealized depreciation	$ (5,570,944	)
National Trust
Aggregate cost	$ 80,060,788
Gross unrealized appreciation	$ 2,275,429
Gross unrealized depreciation	(21,759,165	)
Net unrealized depreciation	$ (19,483,736	)

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

New Jersey Trust — Aggregate cost	$ 99,950,249
Gross unrealized appreciation	$ 129,185
Gross unrealized depreciation	(21,214,219	)
Net unrealized depreciation	$ (21,085,034	)
New York Trust
Aggregate cost	$ 107,860,131
Gross unrealized appreciation	$ 608,073
Gross unrealized depreciation	(23,710,244	)
Net unrealized depreciation	$ (23,102,171	)
Ohio Trust
Aggregate cost	$ 61,221,411
Gross unrealized appreciation	$ 482,329
Gross unrealized depreciation	(8,704,814	)
Net unrealized depreciation	$ (8,222,485	)
Pennsylvania Trust
Aggregate cost	$ 58,269,682
Gross unrealized appreciation	$ 784,049
Gross unrealized depreciation	(8,928,187	)
Net unrealized depreciation	$ (8,144,138	)

8 Overdraft Advances

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Pursuant to the respective custodian agreements, SSBT may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obliged to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, a rate above the Federal Funds rate). This obligation is payable on demand to SSBT. SSBT has a lien on a Trusts assets to the extent of any overdraft. At November 30, 2008, the Michigan Trust, National Trust, New Jersey Trust and Pennsylvania Trust had payments due to SSBT pursuant to the foregoing arrangement of $228,922, $1,894,094, $180,478 and $295,927, respectively.

9 Financial Instruments

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The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at November 30, 2008 is as follows:

| Futures
Contracts | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Expiration | | | Aggregate | | | | Net Unrealized | |
| Trust | Date | Contracts | Position | Cost | | Value | | Depreciation | |
| California | 3/09 | 121 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (15,076,360 | ) | $ (15,425,609 | ) | $ (349,249 | ) |
| Michigan | 3/09 | 9 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (1,104,577 | ) | $ (1,147,359 | ) | $ (42,782 | ) |
| National | 3/09 | 60 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (7,475,881 | ) | $ (7,649,062 | ) | $ (173,181 | ) |
| New York | 3/09 | 127 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (15,823,949 | ) | $ (16,190,516 | ) | $ (366,567 | ) |
| Ohio | 3/09 | 26 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (3,239,549 | ) | $ (3,314,594 | ) | $ (75,045 | ) |
| Pennsylvania | 3/09 | 95 | | | | | | | |
| | | U.S. Treasury Bond | Short | $ (11,836,812 | ) | $ (12,111,016 | ) | $ (274,204 | ) |

| Interest Rate
Swaps | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| California
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | | |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $2,125,000 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (680,646 | ) |
| Merrill Lynch Capital Services, Inc. | 6,825,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (2,174,821 | ) |
| Morgan Stanley Capital Services, Inc. | 2,575,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (812,510 | ) |
| | | | | | $ (3,667,977 | ) |

| Massachusetts
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $787,500 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (252,239 | ) |
| Merrill Lynch Capital Services, Inc. | 2,500,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (796,638 | ) |
| Morgan Stanley Capital Services, Inc. | 925,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (291,873 | ) |
| | | | | | $ (1,340,750 | ) |

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

| Michigan
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| Merrill Lynch Capital Services, Inc. | $400,000 | 4.682% | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | $ (127,462 | ) |
| Morgan Stanley Capital Services, Inc. | 275,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (86,773 | ) |
| | | | | | $ (214,235 | ) |

| National
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $1,237,500 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (396,376 | ) |
| Merrill Lynch Capital Services, Inc. | 3,975,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (1,266,654 | ) |
| Morgan Stanley Capital Services, Inc. | 1,500,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (473,307 | ) |
| | | | | | $ (2,136,337 | ) |

| New
Jersey Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $1,362,500 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (436,414 | ) |
| Merrill Lynch Capital Services, Inc. | 4,375,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (1,394,116 | ) |
| Morgan Stanley Capital Services, Inc. | 1,650,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (520,638 | ) |
| | | | | | $ (2,351,168 | ) |

| New
York Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $1,600,000 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (512,487 | ) |
| Merrill Lynch Capital Services, Inc. | 5,200,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (1,657,006 | ) |
| Morgan Stanley Capital Services, Inc. | 1,925,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (607,410 | ) |
| | | | | | $ (2,776,903 | ) |

| Ohio
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $812,500 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (260,247 | ) |
| Merrill Lynch Capital Services, Inc. | 1,250,000 | 4.682 | 3-month USD-LIBOR-BBA | April 1, 2009/ April 1, 2039 | (398,319 | ) |
| Morgan Stanley Capital Services, Inc. | 1,000,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (315,538 | ) |
| | | | | | $ (974,104 | ) |

| Pennsylvania
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| JPMorgan Chase Co. | $912,500 | 4.743% | 3-month USD-LIBOR-BBA | September 14, 2009/ September 14, 2039 | $ (292,277 | ) |
| Morgan Stanley Capital Services, Inc. | 925,000 | 4.691 | 3-month USD-LIBOR-BBA | June 11, 2009/ June 11, 2039 | (291,873 | ) |
| | | | | | $ (584,150 | ) |

The effective date represents the date on which a Trust and the counterparty to the interest rate swap contract begin interest payment accruals.

At November 30, 2008, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

10 Fair Value Measurements

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The Trusts adopted FASB Statement of Financial Accounting Standards No. 157 (FAS 157), Fair Value Measurements, effective December 1, 2007. FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

| | Level 1 quoted prices in active markets for
identical investments |
| --- | --- |
| | Level 2 other significant observable inputs
(including quoted prices for similar investments, interest
rates, prepayment speeds, credit risk, etc.) |
| | Level 3 significant unobservable inputs
(including a funds own assumptions in determining the fair
value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

At November 30, 2008, the inputs used in valuing the Trusts investments, which are carried at value, were as follows:

| California
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (349,249 | ) |
| Level 2 | Other Significant Observable Inputs | 132,190,070 | (3,667,977 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 132,190,070 | $ (4,017,226 | ) |

| Massachusetts
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ | |
| Level 2 | Other Significant Observable Inputs | 51,284,341 | (1,340,750 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 51,284,341 | $ (1,340,750 | ) |

| Michigan
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (42,782 | ) |
| Level 2 | Other Significant Observable Inputs | 41,466,038 | (214,235 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 41,466,038 | $ (257,017 | ) |

| National
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (173,181 | ) |
| Level 2 | Other Significant Observable Inputs | 81,872,052 | (2,136,337 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 81,872,052 | $ (2,309,518 | ) |

| New Jersey
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ | |
| Level 2 | Other Significant Observable Inputs | 86,912,215 | (2,351,168 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 86,912,215 | $ (2,351,168 | ) |

| New York
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (366,567 | ) |
| Level 2 | Other Significant Observable Inputs | 99,907,960 | (2,776,903 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 99,907,960 | $ (3,143,470 | ) |

| Ohio
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (75,045 | ) |
| Level 2 | Other Significant Observable Inputs | 53,828,926 | (974,104 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 53,828,926 | $ (1,049,149 | ) |

| Pennsylvania
Trust | | Investments in | Other
Financial | |
| --- | --- | --- | --- | --- |
| | Valuation
Inputs | Securities | Instruments* | |
| Level 1 | Quoted Prices | $ | $ (274,204 | ) |
| Level 2 | Other Significant Observable Inputs | 54,611,324 | (584,150 | ) |
| Level 3 | Significant Unobservable Inputs | | | |
| Total | | $ 54,611,324 | $ (858,354 | ) |

Other financial instruments include futures and interest rate swap contracts not reflected in the Portfolio of Investments, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust held no investments or other financial instruments as of November 30, 2007 whose fair value was determined using Level 3 inputs.

11 Recently Issued Accounting Pronouncement

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In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161 (FAS 161), Disclosures about Derivative Instruments and Hedging Activities. FAS 161 requires enhanced disclosures about an entitys derivative and hedging activities, including qualitative disclosures about the objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative instruments. FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of FAS 161 will have on the Trusts financial statement disclosures.

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTES TO FINANCIAL STATEMENTS CONTD

12 Name Change

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Effective June 19, 2008, the name of the Eaton Vance National Municipal Income Trust was changed from Eaton Vance Florida Plus Municipal Income Trust.

13 Proposed Plan of Reorganization

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In November 2008, the Trustees of National Trust approved an Agreement and Plan of Reorganization (the Agreement) whereby Eaton Vance Municipal Income Trust (Municipal Income Trust) would acquire substantially all the assets and assume substantially all the liabilities of National Trust in exchange for an equal aggregate value of common shares and APS of Municipal Income Trust. The proposed reorganization is subject to approval by the shareholders of National Trust and Municipal Income Trust.

14 Subsequent Event

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The New Jersey Trust, Ohio Trust and Pennsylvania Trust redeemed 29, 9 and 42 outstanding APS, respectively, at various dividend payment dates from December 22, 2008 through December 24, 2008 at a liquidation price of $25,000 per share plus accumulated but unpaid dividends.

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Eaton Vance Municipal Income Trusts as of November 30, 2008

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance National Municipal Income Trust (formerly known as Eaton Vance Florida Municipal Income Trust), Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance National Municipal Income Trust (formerly known as Eaton Vance Florida Municipal Income Trust), Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (individually, the Trust, collectively, the Trusts), as of November 30, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statements of cash flows of Eaton Vance National Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended. These financial statements and financial highlights are the responsibility of each Trusts management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance National Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2008, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the cash flows of Eaton Vance National Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

January 20, 2009

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Eaton Vance Municipal Income Trusts as of November 30, 2008

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2009 will show the tax status of all distributions paid to your account in calendar 2008. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in a Trust. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of a Trusts fiscal year-end regarding exempt-interest dividends.

Exempt-Interest Dividends The Trusts designate the following percentages of dividends from net investment income as an exempt-interest dividend.

Eaton Vance California Municipal Income Trust	100.00
Eaton Vance Massachusetts Municipal Income Trust	100.00 %
Eaton Vance Michigan Municipal Income Trust	100.00 %
Eaton Vance National Municipal Income Trust	100.00 %
Eaton Vance New Jersey Municipal Income Trust	99.98 %
Eaton Vance New York Municipal Income Trust	100.00 %
Eaton Vance Ohio Municipal Income Trust	100.00 %
Eaton Vance Pennsylvania Municipal Income Trust	100.00 %

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Eaton Vance Municipal Income Trusts as of November 30, 2008

NOTICE TO SHAREHOLDERS

Effective November 17, 2008, Thomas M. Metzold, CFA, assumed portfolio management responsibilities for Eaton Vance National Municipal Income Trust. Mr. Metzold, a Vice President of Eaton Vance Management, joined Eaton Vance in 1987 and has been a portfolio manager of various Eaton Vance municipal bond funds since 1991.

On February 11, 2008, the Trusts revised their minimum ratings policies to clarify that when an obligation is rated in different rating categories by Moodys, S&P or Fitch the highest rating applies.

Effective January 1, 2008, Eaton Vance Florida Plus Municipal Income Trust changed its name from Eaton Vance Florida Municipal Income Trust and announced a policy to increase its exposure to municipal obligations of issuers outside the State of Florida, transforming the Trust in an orderly manner over time into a diversified, national municipal bond fund. In connection with the foregoing change, its investment policy that at least 65% of its total assets normally will be invested in municipal obligations issued by the State of Florida or its political subdivisions, agencies, authorities and instrumentalities was eliminated. Effective June 19, 2008, Eaton Vance National Municipal Income Trust changed its name from Eaton Vance Florida Plus Municipal Income Trust. The Trusts investment objective and policies remain unchanged.

Effective January 1, 2008, Eaton Vance Michigan Municipal Income Trusts investment objective was revised to reflect the repeal of the Michigan single business tax and the effectiveness of the new Michigan business tax. The new objective is to provide current income exempt from regular federal income tax and Michigan state and city income taxes and the net income tax portion of the Michigan business tax.

Effective October 1, 2007, Adam A. Weigold, CFA, assumed portfolio management responsibilities for Eaton Vance Pennsylvania Municipal Income Trust. Mr. Weigold also serves as portfolio manager for other Eaton Vance funds. He was appointed a portfolio manager in 2007 and has been a Vice President of Eaton Vance Management since 2003 and a municipal credit analyst at Eaton Vance for more than five years.

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Eaton Vance Municipal Income Trusts

DIVIDEND REINVESTMENT PLAN

Each Trust offers a dividend reinvestment plan (the Plan) pursuant to which shareholders automatically have dividends and capital gains distributions reinvested in common shares (the Shares) of the same Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with each Trusts transfer agent, American Stock Transfer & Trust Company, or you will not be able to participate.

The Plan Agents service fee for handling distributions will be paid by each Trust. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquiries regarding the Plan can be directed to the Plan Agent, American Stock Transfer & Trust Company, at 1-866-439-6787.

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Eaton Vance Municipal Income Trusts

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

Begin box 1

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

End box 1

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

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Please print exact name on account:

callerid=999 iwidth=480 length=0

Shareholder signature Date

callerid=999 iwidth=480 length=0

Shareholder signature Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Municipal Income Trusts

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

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Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end, nondiversified, management investment company and has no employees.

Number of Shareholders

As of November 30, 2008, our records indicate that there are 72, 83, 47, 56, 93, 70, 65 and 101 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, National Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 3,121, 1,315, 1,308, 2,268, 2,325, 2,581, 1,643 and 1,554 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, National Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.

The Eaton Vance Building

255 State Street

Boston, MA 02109

1-800-225-6265

NYSE Alternext US symbols

California Municipal Income Trust	CEV
Massachusetts Municipal Income Trust	MMV
Michigan Municipal Income Trust	EMI
National Municipal Income Trust	FEV
New Jersey Municipal Income Trust	EVJ
New York Municipal Income Trust	EVY
Ohio Municipal Income Trust	EVO
Pennsylvania Municipal Income Trust	EVP

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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the 1940 Act), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the funds board of trustees, including by a vote of a majority of the trustees who are not interested persons of the fund (Independent Trustees), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a Board) of the Eaton Vance group of mutual funds (the Eaton Vance Funds) held on April 21, 2008, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board (formerly the Special Committee), which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished for a series of meetings of the Contract Review Committee held in February, March and April 2008. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

| | An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds; |
| --- | --- |
| | An independent report comparing each funds total expense
ratio and its components to comparable funds; |
| | An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods; |
| | Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices; |
| | Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund; |
| | Profitability analyses for each adviser with respect to each
fund; |

Information about Portfolio Management

| | Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel; |
| --- | --- |
| | Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds; |
| | Data relating to portfolio turnover rates of each fund; |
| | The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes; |

Information about each Adviser

| | Reports detailing the financial results and condition of each
adviser; |
| --- | --- |
| | Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts; |
| | Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes; |
| | Copies of or descriptions of each advisers proxy voting
policies and procedures; |
| | Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions; |
| | Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates; |

Other Relevant Information

| | Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates; |
| --- | --- |
| | Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and |
| | The terms of each advisory agreement. |

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended

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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONTD

April 30, 2008, the Board met eleven times and the Contract Review Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, seven and five times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the funds investment objective. The Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee are newly established and did not meet during the twelve-month period ended April 30, 2008.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the funds investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuance of the investment advisory agreements of the following funds:

	Eaton Vance California Municipal Income Trust
	Eaton Vance Massachusetts Municipal Income Trust
	Eaton Vance Michigan Municipal Income Trust
	Eaton Vance National Municipal Income Trust (formerly, Eaton
Vance Florida Plus Municipal Income Trust)
	Eaton Vance New Jersey Municipal Income Trust
	Eaton Vance New York Municipal Income Trust
	Eaton Vance Ohio Municipal Income Trust
	Eaton Vance Pennsylvania Municipal Income Trust

(the Funds), each with Eaton Vance Management (the Adviser), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements of the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.

The Board considered the Advisers management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, and recent changes in the identity of such personnel with respect to certain Funds. In particular, the Board evaluated, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Advisers large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board also reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission.

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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONTD

The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the respective investment advisory agreements.

Fund Performance

The Board compared each Funds investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-, three-, and five-year periods ended September 30, 2007 for each Fund in operation over such periods. The Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by each Fund (referred to collectively as management fees). The Board considered the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering. As part of its review, the Board considered each Funds management fees and total expense ratio for the year ended September 30, 2007, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the fact that the Adviser had waived fees and/or paid expenses for each Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to each Fund that the management fees charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized with and without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser in connection with its relationship with the Funds.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Funds are not continuously offered and concluded that, in light of the level of the Advisers profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate at this time. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and its affiliates and each Fund.

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Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees and officers of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance National Municipal Income Trust (FEV), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP), (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The noninterested Trustees consist of those Trustees who are not interested persons of the Trust, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below, EVC refers to Eaton Vance Corp., EV refers to Eaton Vance, Inc., EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research and EVD refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trusts principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

| | Position(s) | Term of — Office and | | Number of
Portfolios — in Fund
Complex | |
| --- | --- | --- | --- | --- | --- |
| Name and | with the | Length of | Principal
Occupation(s) | Overseen By | |
| Date of
Birth | Trusts | Service | During Past Five
Years | Trustee (1) | Other
Directorships Held |
| Interested
Trustee | | | | | |
| Thomas E. Faust Jr. 5/31/58 | Class II Trustee | Until 2010. 3 years. Trustee since 2007. | Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee and/or Officer of 173 registered investment companies and 4 private
companies managed by EVM or BMR. Mr. Faust is an interested
person because of his positions with EVM, BMR, EVD, EVC and EV,
which are affiliates of the Trusts. | 173 | Director of EVC |
| Noninterested
Trustees | | | | | |
| Benjamin C. Esty (A) 1/2/63 | Class I Trustee | Until 2009. 3 years. Trustee since 2006. | Roy and Elizabeth Simmons Professor of Business Administration,
Harvard University Graduate School of Business Administration. | 173 | None |
| Allen R. Freedman 4/3/40 | Class II Trustee | Until 2010. 3 years. Trustee since 2007. | Former Chairman (2002-2004) and a Director (1983-2004) of
Systems & Computer Technology Corp. (provider of software
to higher education). Formerly, a Director of Loring Ward
International (fund distributor) (2005-2007). Formerly, Chairman
and a Director of Indus International, Inc. (provider of
enterprise management software to the power generating industry)
(2005-2007). | 173 | Director of Assurant, Inc. (insurance provider) and Stonemor
Partners L.P. (owner and operator of cemeteries) |
| William H. Park 9/19/47 | Class III Trustee | Until 2011. 3 years. Trustee since 2003. | Vice Chairman, Commercial Industrial Finance Corp. (specialty
finance company) (since 2006). Formerly, President and Chief
Executive Officer, Prizm Capital Management, LLC (investment
management firm) (2002-2005). | 173 | None |
| Ronald A. Pearlman 7/10/40 | Class I Trustee | Until 2009. 3 years. Trustee since 2003. | Professor of Law, Georgetown University Law Center. | 173 | None |
| Helen Frame Peters 3/22/48 | Class III Trustee | Until 2011. 3 years. Trustee since 2008. | Professor of Finance, Carroll School of Management, Boston
College (since 2003). Adjunct Professor of Finance, Peking
University, Beijing, China (since 2005). Formerly, Dean, Carroll
School of Management, Boston College (2000-2003). | 173 | Director of Federal Home Loan Bank of Boston (a bank for banks)
and BJs Wholesale Clubs (wholesale club retailer); Trustee
of SPDR Index Shares Funds and SPDR Series Trust (exchange
traded funds) |
| Heidi L. Steiger 7/8/53 | Class III Trustee | Until 2011. 3 years. Trustee since 2007. | Managing Partner, Topridge Associates LLC (global wealth
management firm) (since 2008); Senior Advisor (since 2008),
President (2005-2008), Lowenhaupt Global Advisors, LLC (global
wealth management firm). Formerly, President and Contributing
Editor, Worth Magazine (2004-2005). Formerly, Executive Vice
President and Global Head of Private Asset Management (and
various other positions), Neuberger Berman (investment firm)
(1986-2004). | 173 | Director of Nuclear Electric Insurance Ltd. (nuclear insurance
provider) and Aviva USA (insurance provider) |

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Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION CONTD

Principal Officers who are not Trustees

	Position(s)	Term of — Office and
Name and	with the	Length of	Principal
Occupation(s)
Date of
Birth	Trusts	Service	During Past Five
Years
Cynthia J. Clemson 3/2/63	President of CEV, EMI, FEV, EVY, EVO and EVP; Vice President of
MMV and EVJ	President since 2005 and Vice President since 2004	Vice President of EVM and BMR. Officer of 90 registered
investment companies managed by EVM or BMR.
Robert B. MacIntosh 1/22/57	President of MMV and EVJ; Vice President of CEV, EMI, FEV, EVY,
EVO and EVP	President since 2005 and Vice President since 1998	Vice President of EVM and BMR. Officer of 90 registered
investment companies managed by EVM or BMR.
William H. Ahern, Jr. 7/28/59	Vice President of EMI and EVO	Vice President of EMI since 2000 and of EVO since 2005	Vice President of EVM and BMR. Officer of 75 registered
investment companies managed by EVM or BMR.
Craig R. Brandon 12/21/66	Vice President of EVY	Since 2005	Vice President of EVM and BMR. Officer of 44 registered
investment companies managed by EVM or BMR.
Thomas M. Metzold 8/3/58	Vice President of FEV	Vice President of FEV since 2008 and of EVP since 2005	Vice President of EVM and BMR. Officer of 44 registered
investment companies managed by EVM or BMR.
Adam A. Weigold 3/22/75	Vice President of EVP	Since 2007	Vice President of EVM and BMR. Officer of 71 registered
investment companies managed by EVM or BMR.
Barbara E. Campbell 6/19/57	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.
Maureen A. Gemma 5/24/60	Secretary and Chief legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.
Paul M. ONeil 7/11/53	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 173 registered
investment companies managed by EVM or BMR.

| (1) | Includes both master and feeder funds in a master-feeder
structure. |
| --- | --- |
| (A) | APS Trustee. |

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Investment Adviser and Administrator of Eaton Vance Municipal Income Trusts

Eaton Vance Management

The Eaton Vance Building

255 State Street

Boston, MA 02109

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance Municipal Income Trusts

The Eaton Vance Building

255 State Street

Boston, MA 02109

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147-1/09 CE-MUNISRC

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link2 "Item 2. Code of Ethics"

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

link2 "Item 3. Audit Committee Financial Expert"

Item 3. Audit Committee Financial Expert

The registrants Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a holding company owning institutional investment management firms).

link2 "Item 4. Principal Accountant Fees and Services"

Item 4. Principal Accountant Fees and Services

The following table presents the aggregate fees billed to the registrant for the fiscal years ended November 30, 2007 and November 30, 2008 by the registrants principal accountant for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by the principal accountant during those periods.

Fiscal Years Ended	11/30/2007	11/30/2008
Audit Fees	$ 31,820	$ 31,695
Audit-Related Fees (1)	$ 3,785	$ 3,915
Tax Fees (2)	$ 6,883	$ 7,130
All Other Fees (3)	$ 0	$ 97
Total	$ 42,488	$ 42,837

| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related
services that are reasonably related to the performance of the audit of financial statements
and are not reported under the category of audit fees and specifically include fees for the
performance of certain agreed-upon procedures relating to the registrants auction preferred
shares. |
| --- | --- |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by
the principal accountant relating to tax compliance, tax advice, and tax planning and
specifically include fees for tax return preparation and other related tax compliance/planning
matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services
provided by the principal accountant other than audit, audit-related, and tax services. |

| (e)(1) | The registrants audit committee has adopted policies and procedures relating to the
pre-approval of services provided by the registrants principal accountant (the Pre-Approval
Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee
in the proper discharge of its pre-approval responsibilities. As a general matter, the
Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate specific procedures
governing the mechanics of the pre-approval process, including the approval and monitoring of audit
and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval
Policies, it must be separately pre-approved by the audit committee. |
| --- | --- |
| | The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must
be reviewed and ratified by the registrants audit committee at least annually. The registrants
audit committee maintains full responsibility for the appointment, compensation, and oversight of
the work of the registrants principal accountant. |
| (e)(2) | No services described in paragraphs (b)-(d) above were approved by the registrants audit
committee pursuant to the de minimis exception set forth in Rule 2-01(c)(7)(i)(C) of Regulation
S-X. |

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(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrants principal accountant for the registrants fiscal years ended November 30, 2006 and November 30, 2007; and (ii) the aggregate non-audit fees (i.e., fees for audit related, tax, and other services) billed to the Eaton Vance organization by the registrants principal accountant for the same time periods, respectively.

Fiscal Years Ended	11/30/2007	11/30/2008
Registrant	$ 10,668	$ 11,045
Eaton Vance (1)	$ 286,446	$ 345,473

(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrants investment adviser and administrator.

(h) The registrants audit committee has considered whether the provision by the registrants principal accountant of non-audit services to the registrants investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountants independence.

link2 "Item 5. Audit Committee of Listed registrants"

Item 5. Audit Committee of Listed registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Lynn A. Stout, Heidi L. Steiger and Ralph E. Verni are the members of the registrants audit committee.

link2 "Item 6. Schedule of Investments"

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

link2 "Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies"

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy voting policies and procedures (the Policies) which are described below. The Trustees will review the Funds proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a

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conflict of interest arises between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Boards Special Committee except as contemplated under the Fund Policy. The Boards Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a companys management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.

link2 "Item 8. Portfolio Managers of Closed-End Management Investment Companies"

Item 8. Portfolio Managers of Closed-End Management Investment Companies

California, Florida Plus, Massachusetts, Michigan, New York, New Jersey, Ohio and Pennsylvania Municipal Income Trusts

Portfolio Management

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Cynthia J. Clemson, portfolio manager of Eaton Vance California Municipal Income Trust, Robert B. MacIntosh, portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New Jersey Municipal Income Trust, William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Insured Ohio Municipal Income Trust, Craig R. Brandon, portfolio manager of Eaton Vance New York Municipal Income Trust, Thomas M. Metzold, portfolio manager of Eaton Vance Florida Plus Municipal Income Trust and Adam A. Weigold, portfolio manager of Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Funds investments.

Ms. Clemson and Mr. MacIntosh have been Eaton Vance portfolio managers since 1991 and are each co-Directors of Municipal Investments and Vice Presidents of EVM and Boston Management and Research, an Eaton Vance subsidiary (BMR). Mr. Ahern has been an Eaton Vance portfolio manager since 1993 and is a Vice President of EVM and BMR. Mr. Brandon has been an Eaton Vance analyst since 1998 and a portfolio manager since 2004, and is a Vice President of EVM and BMR. Mr. Metzold has been an Eaton Vance portfolio manager since 1991 and is a Vice President of EVM and BMR. Mr. Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007. He is a Vice President of EVM and BMR. This information is provided as of the date of filing of this report.

The following tables show, as of each Funds most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

Number			Number of — Accounts	Total Assets of
of All		Total Assets of	Paying a	Accounts Paying a
Accounts		All Accounts*	Performance Fee	Performance Fee*
California Municipal Income Trust
Cynthia J. Clemson
Registered Investment Companies	8	$ 2,262.6	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
Massachusetts Municipal Income Trust
New Jersey Municipal Income Trust
Robert B. MacIntosh
Registered Investment Companies	10	$ 1,953.0	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	328	$ 277.5	0	$ 0

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Number			Number of — Accounts	Total Assets of
of All		Total Assets of	Paying a	Accounts Paying a
Accounts		All Accounts*	Performance Fee	Performance Fee*
Michigan Municipal Income Trust
Ohio Municipal Income Trust
William H. Ahern
Registered Investment Companies	14	$ 1,619.8	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
New York Municipal Income Trust
Craig R. Brandon
Registered Investment Companies	12	$ 1178.4	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
Florida Plus Municipal Income Trust
Thomas M. Metzold
Registered Investment Companies	7	$ 5,911.4	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
Pennsylvania Municipal Income Trust
Adam A. Weigold
Registered Investment Companies	12	$ 856.2	0	$ 0
Other Pooled Investment Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0

In millions of dollars.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of each Funds most recent fiscal year end.

	Dollar Range of
	Equity Securities
	Owned in the
	Fund
California Municipal Income Trust	None
Cynthia J. Clemson
Massachusetts Municipal Income Trust	$ 10,001 - $50,000
New Jersey Municipal Income Trust	None
Robert B. MacIntosh

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	Dollar Range of
	Equity Securities
	Owned in the
	Fund
Michigan Municipal Income Trust	None
Ohio Municipal Income Trust	None
William H. Ahern, Jr.
New York Municipal Income Trust	None
Craig R. Brandon
Florida Plus Municipal Income Trust	None
Thomas M. Metzold
Pennsylvania Municipal Income Trust	None
Adam A. Weigold

Potential for Conflicts of Interest . It is possible that conflicts of interest may arise in connection with a portfolio managers management of the Funds investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including: a code of ethics; and policies which govern the investment advisers trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVMs portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVCs nonvoting common stock and/or restricted shares of EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation . EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer

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group. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

link2 "Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers"

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

No such purchases this period.

link2 "Item 10. Submission of Matters to a Vote of Security Holders"

Item 10. Submission of Matters to a Vote of Security Holders.

No Material Changes.

link2 "Item 11. Controls and Procedures"

Item 11. Controls and Procedures

(a) It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to

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the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrants internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting.

link2 "Item 12. Exhibits"

Item 12. Exhibits

(a)(1) Registrants Code of Ethics Not applicable (please see Item 2).

(a)(2)(i) Treasurers Section 302 certification.

(a)(2)(ii) Presidents Section 302 certification.

(b) Combined Section 906 certification.

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link1 "Signatures"

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance California Municipal Income Trust

By:
Cynthia J. Clemson
President

Date: January 20, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
Barbara E. Campbell
Treasurer

Date: January 20, 2009

By:
Cynthia J. Clemson
President

Date: January 20, 2009

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