Eaton Vance California Municipal Income Trust

N-CSRS 1 b81718a1nvcsrs.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)

Two International Place, Boston, Massachusetts 02110 (Address of Principal Executive Offices)

Maureen A. Gemma Two International Place, Boston, Massachusetts 02110 (Name and Address of Agent for Services)

(617) 482-8260

(Registrants Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2010

Date of Reporting Period

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TOC /TOC link2 "Item 1. Reports to Stockholders"

Item 1. Reports to Stockholders

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IMPORTANT NOTICES

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 Privacy 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. Our Privacy Policy applies only 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.

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.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of 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 at 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).

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.

Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.

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Eaton Vance Municipal Income Trusts as of May 31, 2010

Investment Update	2
Performance Information and Portfolio Composition
California Municipal Income Trust	4
Massachusetts Municipal Income Trust	5
Michigan Municipal Income Trust	6
New Jersey Municipal Income Trust	7
New York Municipal Income Trust	8
Ohio Municipal Income Trust	9
Pennsylvania Municipal Income Trust	10
Financial Statements	11
Annual Meeting of Shareholders	67
Board of Trustees Annual Approval of the Investment Advisory Agreements	68
Officers and Trustees	71

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Eaton Vance Municipal Income Trusts as of May 31, 2010

INVESTMENT UPDATE

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

Economic and Market Conditions

During the six months ending May 31, 2010, the U.S. economy remained relatively stable, despite continued high unemployment and concerns over the U.S. budget. U.S. equity and bond markets became more skittish during the period, partially in reaction to the Euro Zone credit problems that began in Greece. The U.S. economy grew at an annualized rate of 5.7% in the fourth quarter of 2009 and 2.7% in the first quarter of 2010, according to the U.S. Department of Commerce.

The municipal bond markets performance was relatively flat during the period, with slightly negative returns in the final month of 2009 being offset by positive performance in the first part of 2010. For the period, the Trusts primary benchmark, the Barclays Capital Municipal Bond Index (the Index)a broad-based, unmanaged index of municipal bondsgained 3.60%. 1 Economic fundamentals continued to improve and demand for municipals remained strong.

The significant performance disparities among the municipal markets segments, which became historically wide during 2008 and the first three quarters of 2009, began to dissipate during the six months ending May 31, 2010. After nearly two years of irrational market behavior, we witnessed a period in which there was more typicaland less volatileperformance across credit quality, maturities and sectors. In the face of limited tax-exempt supply due to the success of the Build America Bond program, demand from municipal investors remained positive during the period, though the gusto with which they purchased municipal funds waned from 2009 levels. We believe lighter inflows were likely driven by lower yields, a continuation of credit-related headline noise and investor preparation for tax bills in March and April 2010.

1
Past performance is no guarantee of future results.

Management Discussion

During the six months ending May 31, 2010, the Trusts outperformed the Index and their respective Lipper peer group averages at net asset value. 1 Given the combination of the Trusts objective of providing tax-exempt income and the municipal yield curves historically upward slope, the Trusts generally hold longer-maturity bonds relative to the broad market than many of our competitors. The Trusts invest across the credit spectrum; as a result, narrowing credit yield spreads during the period contributed to their outperformance of the Index. However, managements bias toward long maturities, which was the basis for much of the Trusts significant relative outperformance in the first three quarters of 2009, detracted slightly during the six-month period.

Management employed leverage in the Trusts, through which additional exposure to the municipal market was achieved. Leverage has the impact of magnifying a Trusts exposure to its underlying investments in both up and down markets. During the period, the Trusts leverage also contributed to their outperformance of the Index.

As we move ahead, we recognize that many state and local governments face significant budget deficits that are driven primarily by a steep decline in tax revenues. We will continue to closely monitor the economy and its impact on current and future budget deficits, and we will stay abreast of any new solutions provided by state and local officials to address their fiscal problems. As in all environments, we maintain our long-term perspective on the markets against the backdrop of relatively short periods of market volatility. We will continue to actively manage the Trusts with the same income-focused, relative value approach we have always employed. We believe that this approach, which is based on credit research and decades of experience in the municipal market, has served municipal investors well over the long term.

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.

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 May 31, 2010

INVESTMENT UPDATE

Effective February 19, 2010, Craig R. Brandon became the portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Adam A. Weigold became the portfolio manager of Eaton Vance New Jersey Municipal Income Trust. Mr. Brandon is a Vice President of Eaton Vance Management (EVM) and has been a portfolio manager of Eaton Vance municipal funds since 2004. Mr. Weigold is a Vice President of EVM and has been a portfolio manager of Eaton Vance municipal funds since 2007. In addition, Mr. Weigold has been a municipal credit analyst of Eaton Vance for more than five years.

A Note Regarding The Use Of Leverage

The Trusts employ leverage through the issuance of Auction Preferred Shares (APS) and, for certain Trusts, the use of residual interest bond (RIB) financing. 1 Each Trusts APS and RIB leverage percentage as of May 31, 2010, as applicable, is reflected on the Trust-specific pages following this letter. The leverage created by APS and RIB 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 market price of the common shares).

1 See Note 1H to the Financial Statements for more information on RIB investments.

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Eaton Vance California Municipal Income Trust as of May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	CEV
Average Annual Total Returns (by market price)
Six Months	9.82 %
One Year	25.50
Five Years	3.34
Ten Years	8.08
Life of Trust (1/29/99)	4.78
Average Annual Total Returns (by net asset value)
Six Months	8.88 %
One Year	18.31
Five Years	1.97
Ten Years	7.80
Life of Trust (1/29/99)	4.82
Premium/(Discount) to NAV (5/31/10)	-0.46 %

Market Yields
Market Yield 2	6.87 %
Taxable-Equivalent Market Yield 3	11.82

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper California Municipal Debt Funds Classification (by net asset value)
Six Months	7.29 %
One Year	16.18
Five Years	3.02
Ten Years	6.39

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or market 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. Trust performance during certain periods reflects the strong bond market performance and/or the strong performance of bonds held during those periods. This performance is not typical and may not be repeated. 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 as of 5/31/10 is as follows:

AAA	25.1
AA	25.9 %
A	31.3 %
BBB	11.3 %
Not Rated	6.4 %

Trust Statistics 7

Number of Issues:	105
Average Maturity:	21.3	years
Average Effective Maturity:	12.8	years
Average Call Protection:	7.1	years
Average Dollar Price:	$91.04
APS Leverage ** :	30.5	%
RIB Leverage ** :	12.5	%

** APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes.

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 41.86% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 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 25, 25, 24 and 14 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	MMV
Average Annual Total Returns (by market price)
Six Months	15.05 %
One Year	25.24
Five Years	3.88
Ten Years	8.96
Life of Trust (1/29/99)	5.80
Average Annual Total Returns (by net asset value)
Six Months	8.91 %
One Year	21.51
Five Years	3.72
Ten Years	8.99
Life of Trust (1/29/99)	5.52
Premium/(Discount) to NAV (5/31/10)	3.07 %

Market Yields
Market Yield 2	6.13 %
Taxable-Equivalent Market Yield 3	9.96

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
Six Months	5.22 %
One Year	14.35
Five Years	4.04
Ten Years	6.78

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 as of 5/31/10 is as follows:

AAA	7.4
AA	40.4 %
A	37.7 %
BBB	8.6 %
BB	1.3 %
Not Rated	4.6 %

Trust Statistics 7

Number of Issues:	66
Average Maturity:	26.2	years
Average Effective Maturity:	18.2	years
Average Call Protection:	9.7	years
Average Dollar Price:	$98.28
APS Leverage ** :	31.3	%
RIB Leverage ** :	7.6	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 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 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EMI
Average Annual Total Returns (by market price)
Six Months	13.34 %
One Year	23.62
Five Years	1.02
Ten Years	8.42
Life of Trust (1/29/99)	4.53
Average Annual Total Returns (by net asset value)
Six Months	7.70 %
One Year	17.09
Five Years	3.31
Ten Years	8.05
Life of Trust (1/29/99)	5.12
Premium/(Discount) to NAV (5/31/10)	-6.23 %

Market Yields
Market Yield 2	6.81 %
Taxable-Equivalent Market Yield 3	10.95

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper Michigan Municipal Debt Funds Classification (by net asset value)
Six Months	5.66 %
One Year	12.99
Five Years	3.65
Ten Years	7.07

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

Rating Distribution 6 By total investments

Trust Statistics 7

Number of Issues:	71
Average Maturity:	21.2	years
Average Effective Maturity:	11.4	years
Average Call Protection:	5.6	years
Average Dollar Price:	$96.89
APS Leverage * :	38.1	%

APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS.

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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, which is a form 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 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 5, 5, 5 and 3 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only.6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVJ
Average Annual Total Returns (by market price)
Six Months	6.84 %
One Year	29.73
Five Years	5.42
Ten Years	9.33
Life of Trust (1/29/99)	5.90
Average Annual Total Returns (by net asset value)
Six Months	7.12 %
One Year	20.86
Five Years	3.98
Ten Years	8.86
Life of Trust (1/29/99)	5.61
Premium/(Discount) to NAV (5/31/10)	3.20 %

Market Yields
Market Yield 2	6.54 %
Taxable-Equivalent Market Yield 3	11.05

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
Six Months	6.62 %
One Year	16.69
Five Years	4.03
Ten Years	6.84

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 as of 5/31/10 is as follows:

AAA	22.6
AA	27.6 %
A	25.2 %
BBB	22.2 %
BB	0.2 %
B	1.0 %
Not Rated	1.2 %

Trust Statistics 7

Number of Issues:	80
Average Maturity:	24.9	years
Average Effective Maturity:	12.7	years
Average Call Protection:	8.2	years
Average Dollar Price:	$94.95
APS Leverage ** :	29.5	%
RIB Leverage ** :	12.9	%

** APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS) out- standing as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes. RIB leverage represents the amount of Floating Rate Notes outstanding as of 5/31/10 as a percentage of the Trusts net assets applicable to common shares plus APS and Floating Rate Notes.

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 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 12, 12, 11 and 6 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVY
Average Annual Total Returns (by market price)
Six Months	9.69 %
One Year	19.50
Five Years	3.29
Ten Years	9.55
Life of Trust (1/29/99)	5.65
Average Annual Total Returns (by net asset value)
Six Months	9.55 %
One Year	23.03
Five Years	2.74
Ten Years	8.33
Life of Trust (1/29/99)	5.44
Premium/(Discount) to NAV (5/31/10)	2.26 %

Market Yields
Market Yield 2	6.50 %
Taxable-Equivalent Market Yield 3	10.99

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper New York Municipal Debt Funds Classification (by net asset value)
Six Months	6.69 %
One Year	16.04
Five Years	3.48
Ten Years	6.71

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 as of 5/31/10 is as follows:

AAA	18.6
AA	33.4 %
A	19.7 %
BBB	12.2 %
BB	4.7 %
B	1.9 %
CCC	0.9 %
Not Rated	8.6 %

Trust Statistics 7

Number of Issues:	94
Average Maturity:	24.0	years
Average Effective Maturity:	14.3	years
Average Call Protection:	9.2	years
Average Dollar Price:	$96.70
APS Leverage ** :	26.2	%
RIB Leverage ** :	15.9	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 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 20, 20, 19 and 8 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVO
Average Annual Total Returns (by market price)
Six Months	5.08 %
One Year	18.16
Five Years	3.58
Ten Years	8.09
Life of Trust (1/29/99)	5.15
Average Annual Total Returns (by net asset value)
Six Months	5.53 %
One Year	17.55
Five Years	3.41
Ten Years	8.38
Life of Trust (1/29/99)	5.25
Premium/(Discount) to NAV (5/31/10)	-1.09 %

Market Yields
Market Yield 2	6.52 %
Taxable-Equivalent Market Yield 3	10.70

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
Six Months	5.22 %
One Year	14.35
Five Years	4.04
Ten Years	6.78

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 as of 5/31/10 is as follows:

AAA	30.2
AA	34.2 %
A	18.4 %
BBB	9.2 %
B	1.4 %
Not Rated	6.6 %

Trust Statistics 7

Number of Issues:	80
Average Maturity:	22.5	years
Average Effective Maturity:	10.9	years
Average Call Protection:	7.6	years
Average Dollar Price:	$96.16
APS Leverage ** :	35.4	%
RIB Leverage ** :	3.6	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 3 Taxable-equivalent figure assumes a maximum 39.06% combined federal and state income tax rate. A lower tax rate would result in a lower tax-equivalent figure. 4 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 46, 46, 46 and 20 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVP
Average Annual Total Returns (by market price)
Six Months	8.78 %
One Year	22.82
Five Years	3.23
Ten Years	8.79
Life of Trust (1/29/99)	5.28
Average Annual Total Returns (by net asset value)
Six Months	7.40 %
One Year	17.74
Five Years	4.12
Ten Years	8.33
Life of Trust (1/29/99)	5.39
Premium/(Discount) to NAV (5/31/10)	-1.22 %

Market Yields
Market Yield 2	6.31 %
Taxable-Equivalent Market Yield 3	10.02

Index Performance 4 (Average Annual Total Returns)

Six Months	3.60 %	6.08 %
One Year	8.52	13.53
Five Years	4.52	3.86
Ten Years	5.90	6.51

Lipper Averages 5 (Average Annual Total Returns)

Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
Six Months	6.12 %
One Year	16.67
Five Years	3.76
Ten Years	6.68

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 as of 5/31/10 is as follows:

AAA	16.9
AA	43.7 %
A	22.7 %
BBB	5.8 %
BB	0.8 %
CCC	1.8 %
CC	0.8 %
Not Rated	7.5 %

Trust Statistics 7

Number of Issues:	84
Average Maturity:	22.1	years
Average Effective Maturity:	12.1	years
Average Call Protection:	7.8	years
Average Dollar Price:	$99.01
APS Leverage ** :	34.5	%
RIB Leverage ** :	3.9	%

1 Six-month returns are cumulative. Other returns are presented on an average annual basis. Returns are historical and are calculated by determining the percentage change in market price or net asset value (as applicable) with all distributions reinvested. The Trusts performance at market price will differ from its results at NAV. Although market price performance generally reflects investment results over time, during shorter periods, returns at market 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 RIB 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 regular dividend per common share in the period (annualized) by the market price at the end of the period. 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 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 9, 9, 8 and 5 funds for the 6-month, 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available as of month end only. 6 Ratings are based on Moodys, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agencys investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. If securities are rated differently by the rating agencies, the higher rating is applied. 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 May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 172.7% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 15.7% | | |
| $ 2,000 | California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39 | $ 2,086,460 |
| 745 | California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30 | 763,394 |
| 2,770 | California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29 | 2,692,855 |
| 1,105 | California Educational Facilities Authority, (Pomona College),
5.00%, 7/1/45 | 1,138,205 |
| 1,350 | California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23 | 1,495,868 |
| 4,000 | California Educational Facilities Authority, (Stanford
University),
5.125%, 1/1/31 (1) | 4,008,600 |
| 2,500 | San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41 | 2,502,525 |
| | | $ 14,687,907 |
| Electric
Utilities 7.1% | | |
| $ 270 | Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34 | $ 299,779 |
| 2,275 | Chula Vista, (San Diego Gas and Electric), (AMT),
5.00%, 12/1/27 | 2,248,860 |
| 1,020 | Los Angeles Department of Water and Power, 5.25%, 7/1/38 | 1,079,517 |
| 1,500 | Northern California Power Agency, 5.25%, 8/1/24 | 1,599,480 |
| 1,300 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 1,367,730 |
| | | $ 6,595,366 |
| General
Obligations 11.3% | | |
| $ 750 | California, 6.00%, 4/1/38 | $ 818,685 |
| 1,590 | California, (AMT), 5.05%, 12/1/36 | 1,451,575 |
| 4,770 | San Francisco Bay Area Rapid Transit District, (Election of
2004),
4.75%, 8/1/37 (2) | 4,884,766 |
| 3,180 | Santa Clara County, (Election of 2008), 5.00%, 8/1/39 (2)(3) | 3,368,145 |
| | | $ 10,523,171 |
| Hospital 29.1% | | |
| $ 1,000 | California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32 | $ 1,029,550 |
| 2,310 | California Health Facilities Financing Authority, (Cedars-Sinai
Medical Center), 5.00%, 8/15/39 | 2,250,956 |
| 1,500 | California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38 | 1,701,045 |
| 3,480 | California Health Facilities Financing Authority, (Sutter
Health),
5.25%, 11/15/46 (2) | 3,461,753 |
| 750 | California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31 | 755,138 |
| 2,900 | California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35 | 2,775,996 |
| 1,150 | California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34 | 1,119,985 |
| 1,650 | California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36 | 1,602,925 |
| 1,565 | California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32 | 1,587,583 |
| 1,750 | California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29 | 1,753,325 |
| 1,500 | California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28 | 1,538,190 |
| 1,200 | Duarte, (Hope National Medical Center), 5.25%, 4/1/24 | 1,202,064 |
| 1,900 | Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31 | 1,918,658 |
| 1,250 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 1,105,413 |
| 700 | Washington Health Care Facilities Authority, (Providence Health
Care), 5.25%, 7/1/29 | 700,623 |
| 2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,679,058 |
| | | $ 27,182,262 |
| Housing 2.6% | | |
| $ 1,750 | California Housing Finance Agency, (AMT), 4.75%, 8/1/42 | $ 1,363,985 |
| 707 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | 660,965 |
| 414 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 382,163 |
| | | $ 2,407,113 |
| Industrial
Development Revenue 4.1% | | |
| $ 800 | California Pollution Control Financing Authority,
(Browning-Ferris Industries, Inc.), (AMT), 6.875%, 11/1/27 | $ 801,288 |
| 1,235 | California Pollution Control Financing Authority, (Waste
Management, Inc.), (AMT), 5.125%, 11/1/23 | 1,239,940 |
| 2,000 | California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,799,600 |
| | | $ 3,840,828 |
| Insured-Education 5.3% | | |
| $ 495 | California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35 | $ 498,074 |

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Eaton Vance California Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Education (continued) | | |
| $ 1,250 | California Educational Facilities Authority, (Santa Clara
University), (NPFG), 5.00%, 9/1/23 | $ 1,385,062 |
| 3,000 | California State University, (AMBAC), 5.00%, 11/1/33 | 3,027,810 |
| | | $ 4,910,946 |
| Insured-Electric
Utilities 6.3% | | |
| $ 2,500 | California Pollution Control Financing Authority, (Pacific Gas
and Electric), (NPFG), (AMT), 5.35%, 12/1/16 | $ 2,599,000 |
| 3,250 | California Pollution Control Financing Authority, (Southern
California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | 3,253,218 |
| | | $ 5,852,218 |
| Insured-Escrowed / Prerefunded 2.9% | | |
| $ 5,130 | Foothill/Eastern Transportation Corridor Agency, Toll Road
Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,703,818 |
| | | $ 2,703,818 |
| Insured-General
Obligations 6.4% | | |
| $ 7,000 | Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/34 | $ 1,560,440 |
| 4,825 | Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35 | 1,001,766 |
| 7,995 | Sweetwater Union High School District, (Election of 2000),
(AGM), 0.00%, 8/1/25 | 3,420,421 |
| | | $ 5,982,627 |
| Insured-Hospital 14.5% | | |
| $ 2,900 | California Health Facilities Financing Authority, (Kaiser
Permanente), (BHAC), 5.00%, 4/1/37 | $ 2,940,861 |
| 990 | California Statewide Communities Development Authority,
(Childrens Hospital Los Angeles), (NPFG),
5.25%, 8/15/29 | 980,466 |
| 750 | California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41 (2) | 756,660 |
| 3,750 | California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27 (2) | 3,783,182 |
| 5,000 | California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC),
5.00%, 11/15/38 (2) | 5,064,400 |
| | | $ 13,525,569 |
| Insured-Lease
Revenue / Certificates of
Participation 10.9% | | |
| $ 5,510 | Anaheim Public Financing Authority, (Public Improvements),
(AGM), 0.00%, 9/1/17 | $ 4,120,764 |
| 2,000 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27 | 2,418,820 |
| 3,500 | San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38 (2) | 3,622,535 |
| | | $ 10,162,119 |
| Insured-Other
Revenue 1.8% | | |
| $ 1,740 | Golden State Tobacco Securitization Corp., (AGC), (FGIC),
5.00%, 6/1/38 | $ 1,701,511 |
| | | $ 1,701,511 |
| Insured-Special
Tax Revenue 4.3% | | |
| $ 21,285 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 1,343,509 |
| 4,220 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 542,059 |
| 8,355 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 998,673 |
| 5,270 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 585,761 |
| 480 | Sacramento Area Flood Control Agency, (BHAC), 5.50%, 10/1/28 | 534,936 |
| | | $ 4,004,938 |
| Insured-Transportation 9.5% | | |
| $ 5,000 | Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29 | $ 1,440,150 |
| 8,000 | Alameda Corridor Transportation Authority, (NPFG),
0.00%, 10/1/31 | 2,030,160 |
| 740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (2) | 788,503 |
| 10,000 | San Joaquin Hills Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32 | 1,817,600 |
| 1,320 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
5.00%, 3/1/37 | 1,325,914 |
| 1,350 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47 | 1,436,602 |
| | | $ 8,838,929 |
| Insured-Water
and Sewer 5.6% | | |
| $ 1,600 | East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG), 5.00%, 6/1/32 | $ 1,693,440 |
| 4,400 | Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30 | 3,490,608 |
| | | $ 5,184,048 |

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Eaton Vance California Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Other
Revenue 2.2% | | | |
| $ 385 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ 380,896 | |
| 580 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 559,016 | |
| 980 | Golden State Tobacco Securitization Corp., 0.00%, 6/1/37 | 628,611 | |
| 640 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 469,293 | |
| | | $ 2,037,816 | |
| Senior
Living / Life Care 1.5% | | | |
| $ 175 | California Statewide Communities Development Authority, (Senior
Living -Presbyterian Homes), 4.75%, 11/15/26 | $ 156,067 | |
| 700 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36 | 595,371 | |
| 600 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 7.25%, 11/15/41 | 654,900 | |
| | | $ 1,406,338 | |
| Special
Tax Revenue 19.2% | | | |
| $ 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ 935,340 | |
| 285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 234,472 | |
| 460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 353,280 | |
| 2,000 | California, Economic Recovery Bonds, 5.00%, 7/1/20 | 2,235,140 | |
| 970 | Corona Public Financing Authority, 5.80%, 9/1/20 | 950,115 | |
| 200 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 174,766 | |
| 500 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 412,590 | |
| 1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,592,099 | |
| 895 | Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25 | 899,949 | |
| 420 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24 | 401,852 | |
| 750 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29 | 706,365 | |
| 2,250 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,294,032 | |
| 930 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 946,442 | |
| 1,325 | San Pablo Redevelopment Agency, 5.65%, 12/1/23 | 1,336,051 | |
| 1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,109,848 | |
| 250 | Santaluz Community Facilities District No. 2, 6.10%, 9/1/21 | 250,240 | |
| 500 | Santaluz Community Facilities District No. 2, 6.20%, 9/1/30 | 500,115 | |
| 250 | Temecula Unified School District, 5.00%, 9/1/27 | 219,663 | |
| 400 | Temecula Unified School District, 5.00%, 9/1/37 | 331,292 | |
| 500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 502,490 | |
| 500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 491,385 | |
| 1,000 | Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23 | 990,600 | |
| | | $ 17,868,126 | |
| Transportation 7.4% | | | |
| $ 2,000 | Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.00%, 4/1/31 | $ 2,065,280 | |
| 2,120 | Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35 (2) | 2,190,554 | |
| 5 | Los Angeles Department of Airports, (Los Angeles International
Airport), 5.00%, 5/15/35 | 5,166 | |
| 1,500 | Los Angeles Department of Airports, (Los Angeles International
Airport), (AMT), 5.375%, 5/15/30 | 1,551,480 | |
| 1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 1,142,107 | |
| | | $ 6,954,587 | |
| Water
and Sewer 5.0% | | | |
| $ 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ 1,985,286 | |
| 2,500 | Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 1/1/34 | 2,660,525 | |
| | | $ 4,645,811 | |
| Total
Tax-Exempt Investments 172.7% | | | |
| (identified
cost $162,031,524) | | $ 161,016,048 | |
| Auction
Preferred Shares Plus Cumulative | | | |
| Unpaid
Dividends (53.6)% | | $ (49,979,998 | ) |
| Other
Assets, Less Liabilities (19.1)% | | $ (17,784,038 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 93,252,012 | |

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Eaton Vance California Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC - Berkshire Hathaway Assurance Corp.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

RADIAN - Radian Group, Inc.

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 39.0% 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 14.3% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security represents the underlying municipal bond of an inverse
floater (see Note 1H). |
| (3) | Security (or a portion thereof) has been pledged as collateral
for inverse floating-rate security transactions. The aggregate
value of such collateral is $983,145. |

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Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 163.4% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 34.9% | | |
| $ 2,290 | Massachusetts Development Finance Agency, (Boston University),
5.45%, 5/15/59 | $ 2,428,957 |
| 600 | Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33 | 607,866 |
| 1,240 | Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35 | 1,310,258 |
| 1,000 | Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38 | 968,560 |
| 1,500 | Massachusetts Development Finance Agency, (Wheeler School),
6.50%, 12/1/29 | 1,507,185 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32 | 1,527,570 |
| 1,840 | Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.50%, 6/1/35 | 2,176,279 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38 (1) | 1,594,050 |
| 415 | Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology), 5.00%, 7/1/38 | 440,257 |
| 1,000 | Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38 | 1,087,000 |
| | | $ 13,647,982 |
| Electric
Utilities 7.1% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30 | $ 1,025,780 |
| 1,870 | Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36 | 1,742,073 |
| | | $ 2,767,853 |
| Escrowed / Prerefunded 4.3% | | |
| $ 400 | Massachusetts Development Finance Agency, (Western New England
College), Prefunded to 12/1/12, 6.125%, 12/1/32 | $ 456,440 |
| 235 | Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), Prerefunded to 1/1/12,
6.00%, 7/1/31 | 257,299 |
| 940 | Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), Prerefunded to 7/1/10, 6.75%, 7/1/30 | 954,852 |
| | | $ 1,668,591 |
| General
Obligations 2.1% | | |
| $ 750 | Newton, 5.00%, 4/1/36 | $ 807,383 |
| | | $ 807,383 |
| Hospital 25.2% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Biomedical Research
Corp.), 6.25%, 8/1/20 | $ 1,013,180 |
| 1,000 | Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center, Inc.), 5.75%, 7/1/36 | 1,054,950 |
| 400 | Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31 | 405,600 |
| 105 | Massachusetts Health and Educational Facilities Authority,
(Central New England Health Systems), 6.30%, 8/1/18 | 105,067 |
| 500 | Massachusetts Health and Educational Facilities Authority,
(Childrens Hospital), 5.25%, 12/1/39 | 521,280 |
| 1,135 | Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,157,053 |
| 885 | Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31 | 902,567 |
| 755 | Massachusetts Health and Educational Facilities Authority,
(Jordan Hospital), 6.75%, 10/1/33 | 750,961 |
| 2,000 | Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System),
5.00%, 7/1/32 (1) | 2,021,330 |
| 675 | Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29 | 676,303 |
| 1,255 | Massachusetts Health and Educational Facilities Authority,
(Southcoast Health System), 5.00%, 7/1/39 | 1,237,894 |
| | | $ 9,846,185 |
| Housing 14.2% | | |
| $ 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ 1,937,544 |
| 1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 953,530 |
| 650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 653,139 |
| 2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,999,980 |
| | | $ 5,544,193 |
| Industrial
Development Revenue 1.8% | | |
| $ 695 | Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15 | $ 695,834 |
| | | $ 695,834 |
| Insured-Education 11.0% | | |
| $ 1,000 | Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39 | $ 1,137,870 |
| 1,365 | Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32 (1) | 1,551,632 |

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Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Education (continued) | | |
| $ 1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33 | $ 1,624,512 |
| | | $ 4,314,014 |
| Insured-Electric
Utilities 1.5% | | |
| $ 570 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ 602,541 |
| | | $ 602,541 |
| Insured-General
Obligations 8.4% | | |
| $ 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ 1,200,070 |
| 2,185 | Milford, (AGM), 4.25%, 12/15/46 | 2,105,641 |
| | | $ 3,305,711 |
| Insured-Hospital 2.1% | | |
| $ 400 | Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/25 | $ 406,324 |
| 220 | Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare, Inc.), (AGC), 5.00%, 11/15/31 | 221,314 |
| 190 | Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare, Inc.), (AGC), 5.125%, 11/15/35 | 191,341 |
| | | $ 818,979 |
| Insured-Other
Revenue 3.5% | | |
| $ 1,225 | Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42 | $ 1,370,077 |
| | | $ 1,370,077 |
| Insured-Special
Tax Revenue 13.8% | | |
| $ 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ 1,475,578 |
| 1,000 | Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29 | 1,149,710 |
| 1,340 | Massachusetts School Building Authority, (AMBAC),
5.00%, 8/15/37 (1) | 1,400,528 |
| 7,595 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 479,396 |
| 2,525 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 324,336 |
| 3,005 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 359,188 |
| 1,905 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 211,741 |
| | | $ 5,400,477 |
| Insured-Student
Loan 5.8% | | |
| $ 485 | Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30 | $ 515,836 |
| 1,985 | Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33 | 1,756,566 |
| | | $ 2,272,402 |
| Insured-Transportation 3.6% | | |
| $ 385 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/32 | $ 381,932 |
| 1,070 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/38 | 1,041,602 |
| | | $ 1,423,534 |
| Nursing
Home 1.4% | | |
| $ 550 | Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29 | $ 543,428 |
| | | $ 543,428 |
| Other
Revenue 1.4% | | |
| $ 500 | Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/22 | $ 543,070 |
| | | $ 543,070 |
| Senior
Living / Life Care 5.5% | | |
| $ 250 | Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31 | $ 210,525 |
| 1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.625%, 7/1/29 | 1,366,665 |
| 125 | Massachusetts Development Finance Agency, (Carleton-Willard
Village), 5.625%, 12/1/30 | 125,859 |
| 140 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27 | 110,471 |
| 475 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41 | 342,394 |
| | | $ 2,155,914 |
| Special
Tax Revenue 6.7% | | |
| $ 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31 | $ 600,516 |
| 5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34 | 1,572,994 |
| 75 | Virgin Islands Public Finance Authority, 5.00%, 10/1/39 | 75,050 |
| 335 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 374,587 |
| | | $ 2,623,147 |

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Eaton Vance Massachusetts Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Transportation 3.9% | | | |
| $ 1,500 | Massachusetts Department of Transportation, 5.00%, 1/1/37 | $ 1,527,405 | |
| | | $ 1,527,405 | |
| Water
and Sewer 5.2% | | | |
| $ 215 | Massachusetts Water Pollution Abatement Trust,
5.375%, 8/1/27 | $ 215,688 | |
| 2,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | 1,829,100 | |
| | | $ 2,044,788 | |
| Total
Tax-Exempt Investments 163.4% | | | |
| (identified
cost $63,061,869) | | $ 63,923,508 | |
| Auction
Preferred Shares Plus Cumulative | | | |
| Unpaid
Dividends (51.3)% | | $ (20,051,756 | ) |
| Other
Assets, Less Liabilities (12.1)% | | $ (4,746,387 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 39,125,365 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 30.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.1% to 14.4% of total investments.

(1) Security represents the underlying municipal bond of an inverse floater (see Note 1H).

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Eaton Vance Michigan Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 158.9% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 7.6% | | |
| $ 525 | Grand Valley State University, 5.625%, 12/1/29 | $ 556,484 |
| 525 | Grand Valley State University, 5.75%, 12/1/34 | 551,397 |
| 540 | Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35 | 522,823 |
| 500 | Michigan State University, 5.00%, 2/15/40 | 521,865 |
| | | $ 2,152,569 |
| Electric
Utilities 0.2% | | |
| $ 60 | Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29 | $ 60,313 |
| | | $ 60,313 |
| Escrowed / Prerefunded 17.9% | | |
| $ 500 | Kent Hospital Finance Authority, (Spectrum Health), Prerefunded
to 7/15/11, 5.50%, 1/15/31 | $ 532,930 |
| 560 | Macomb County Hospital Finance Authority, (Mount Clemens General
Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | 649,393 |
| 1,250 | Michigan Higher Education Facilities Authority, (Creative
Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27 | 1,375,225 |
| 750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36 | 811,125 |
| 15 | Michigan Hospital Finance Authority, (Trinity Health),
Prerefunded to 12/1/10, 6.00%, 12/1/27 | 15,581 |
| 600 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31 | 663,360 |
| 1,000 | White Cloud Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31 | 1,044,240 |
| | | $ 5,091,854 |
| General
Obligations 13.1% | | |
| $ 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | $ 514,625 |
| 1,500 | Kent County, 5.00%, 1/1/25 | 1,629,690 |
| 750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 771,098 |
| 270 | Michigan, 5.50%, 11/1/25 | 299,284 |
| 500 | Wayne Charter County, 6.75%, 11/1/39 | 531,335 |
| | | $ 3,746,032 |
| Hospital 27.5% | | |
| $ 500 | Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21 | $ 501,010 |
| 185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25 | 168,911 |
| 125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37 | 108,498 |
| 275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to
1/15/15 (Put Date), 1/15/47 | 306,317 |
| 455 | Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18 | 442,665 |
| 1,000 | Michigan Hospital Finance Authority, (Central Michigan Community
Hospital), 6.25%, 10/1/27 | 1,000,010 |
| 750 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38 | 679,402 |
| 1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46 | 930,620 |
| 1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35 | 1,020,838 |
| 750 | Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21 | 753,675 |
| 500 | Michigan Hospital Finance Authority, (Mid Michigan Obligation
Group), 6.125%, 6/1/39 | 534,040 |
| 985 | Michigan Hospital Finance Authority, (Trinity Health),
6.00%, 12/1/27 | 1,002,513 |
| 425 | Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26 | 384,918 |
| | | $ 7,833,417 |
| Housing 3.4% | | |
| $ 1,000 | Michigan Housing Development Authority, (Williams Pavilion),
(AMT), 4.90%, 4/20/48 | $ 977,210 |
| | | $ 977,210 |
| Industrial
Development Revenue 6.0% | | |
| $ 750 | Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21 | $ 460,755 |
| 800 | Dickinson County Economic Development Corp., (International
Paper Co.), 5.75%, 6/1/16 | 823,176 |
| 550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 435,529 |
| | | $ 1,719,460 |
| Insured-Education 5.8% | | |
| $ 570 | Ferris State University, (AGC), 5.125%, 10/1/33 | $ 598,563 |
| 500 | Ferris State University, (AGC), 5.25%, 10/1/38 | 528,660 |
| 500 | Wayne State University, (AGM), 5.00%, 11/15/35 | 520,640 |
| | | $ 1,647,863 |

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Eaton Vance Michigan Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities 9.2% | | |
| $ 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT),
5.55%, 9/1/29 | $ 1,002,190 |
| 400 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32 | 401,596 |
| 220 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30 | 231,497 |
| 500 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34 | 514,530 |
| 435 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 459,834 |
| | | $ 2,609,647 |
| Insured-Escrowed / Prerefunded 10.9% | | |
| $ 1,000 | Detroit Sewer Disposal, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31 | $ 1,051,580 |
| 2,000 | Novi Building Authority, (AGM), Prerefunded to 10/1/10,
5.50%, 10/1/25 | 2,055,640 |
| | | $ 3,107,220 |
| Insured-General
Obligations 8.5% | | |
| $ 300 | Detroit City School District, (AGM), 5.25%, 5/1/32 | $ 308,694 |
| 650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | 637,676 |
| 200 | Eaton Rapids Public Schools, (NPFG), 4.75%, 5/1/25 | 200,304 |
| 1,250 | Van Dyke Public Schools, (AGM), 5.00%, 5/1/38 | 1,283,687 |
| | | $ 2,430,361 |
| Insured-Hospital 6.9% | | |
| $ 985 | Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35 | $ 956,701 |
| 1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center),
(NPFG), 5.50%, 7/1/24 | 1,000,440 |
| | | $ 1,957,141 |
| Insured-Lease
Revenue / Certificates of
Participation 5.9% | | |
| $ 1,000 | Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29 | $ 353,380 |
| 4,300 | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | 1,323,239 |
| | | $ 1,676,619 |
| Insured-Special
Tax Revenue 3.6% | | |
| $ 5,160 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 325,699 |
| 2,030 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 260,753 |
| 2,430 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 290,458 |
| 1,470 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 163,391 |
| | | $ 1,040,301 |
| Insured-Student
Loan 6.9% | | |
| $ 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31 | $ 953,950 |
| 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.50%, 6/1/25 | 1,001,980 |
| | | $ 1,955,930 |
| Insured-Transportation 4.4% | | |
| $ 1,000 | Wayne Charter County Airport, (AGC), (AMT), 5.375%, 12/1/32 | $ 959,070 |
| 300 | Wayne Charter County Airport, (NPFG), (AMT), 5.00%, 12/1/28 | 284,718 |
| | | $ 1,243,788 |
| Insured-Water
and Sewer 9.4% | | |
| $ 1,650 | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | $ 1,633,417 |
| 1,000 | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | 1,050,320 |
| | | $ 2,683,737 |
| Lease
Revenue / Certificates of
Participation 0.9% | | |
| $ 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22 | $ 250,228 |
| | | $ 250,228 |
| Other
Revenue 1.3% | | |
| $ 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ 373,975 |
| | | $ 373,975 |
| Special
Tax Revenue 1.3% | | |
| $ 115 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | $ 118,717 |
| 125 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 129,159 |
| 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 122,998 |
| | | $ 370,874 |

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PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Water
and Sewer 8.2% | | | |
| $ 790 | Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28 | $ 871,133 | |
| 600 | Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/29 | 650,982 | |
| 500 | Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/30 | 543,530 | |
| 250 | Michigan Municipal Bond Authority, (Clean Water Revenue),
5.25%, 10/1/11 (1) | 265,910 | |
| | | $ 2,331,555 | |
| Total
Tax-Exempt Investments 158.9% | | | |
| (identified
cost $45,249,062) | | $ 45,260,094 | |
| Auction
Preferred Shares Plus Cumulative | | | |
| Unpaid
Dividends (61.4)% | | $ (17,501,026 | ) |
| Other
Assets, Less Liabilities 2.5% | | $ 730,031 | |
| Net
Assets Applicable to Common Shares 100.0% | | $ 28,489,099 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 45.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 18.4% of total investments.

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

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Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 169.9% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 25.9% | | |
| $ 250 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/27 | $ 251,175 |
| 250 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/33 | 242,330 |
| 220 | New Jersey Educational Facilities Authority, (Georgian Court
University), 5.25%, 7/1/37 | 216,861 |
| 2,780 | New Jersey Educational Facilities Authority, (Kean University),
5.50%, 9/1/36 | 2,984,052 |
| 3,500 | New Jersey Educational Facilities Authority, (Princeton
University),
4.25%, 7/1/40 (1) | 3,479,280 |
| 3,500 | New Jersey Educational Facilities Authority, (Princeton
University),
4.50%, 7/1/38 (2) | 3,579,730 |
| 1,650 | New Jersey Educational Facilities Authority, (Stevens Institute
of Technology), 5.00%, 7/1/27 | 1,679,485 |
| 965 | New Jersey Educational Facilities Authority, (University of
Medicine and Dentistry), 7.50%, 12/1/32 | 1,114,758 |
| 3,150 | Rutgers State University,
5.00%, 5/1/39 (2) | 3,345,510 |
| | | $ 16,893,181 |
| Electric
Utilities 2.3% | | |
| $ 1,500 | Salem County Pollution Control Financing Authority, (Public
Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | $ 1,509,615 |
| | | $ 1,509,615 |
| Hospital 23.6% | | |
| $ 90 | Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35 | $ 81,365 |
| 2,300 | Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34 | 2,304,876 |
| 2,515 | New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27 | 2,538,213 |
| 2,535 | New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,546,915 |
| 915 | New Jersey Health Care Facilities Financing Authority, (Chilton
Memorial Hospital), 5.75%, 7/1/39 | 913,664 |
| 1,525 | New Jersey Health Care Facilities Financing Authority, (Kennedy
Health System), 5.625%, 7/1/31 | 1,533,967 |
| 1,750 | New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.75%, 7/1/31 | 1,751,050 |
| 2,650 | New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46 | 2,567,293 |
| 1,075 | New Jersey Health Care Facilities Financing Authority, (Virtua
Health), 5.75%, 7/1/33 | 1,136,490 |
| | | $ 15,373,833 |
| Housing 4.7% | | |
| $ 715 | New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 4.70%, 10/1/37 | $ 682,353 |
| 2,340 | New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 5.00%, 10/1/37 | 2,347,909 |
| | | $ 3,030,262 |
| Industrial
Development Revenue 12.6% | | |
| $ 500 | Middlesex County Pollution Control Authority, (Amerada Hess),
5.75%, 9/15/32 | $ 503,375 |
| 540 | Middlesex County Pollution Control Authority, (Amerada Hess),
6.05%, 9/15/34 | 551,572 |
| 3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT), 4.95%, 3/1/47 | 3,009,154 |
| 215 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29 | 196,349 |
| 750 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, 6/1/33 | 789,488 |
| 1,235 | New Jersey Economic Development Authority, (New Jersey American
Water Co., Inc.), (AMT), 5.70%, 10/1/39 | 1,273,865 |
| 2,080 | Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22 | 1,915,160 |
| | | $ 8,238,963 |
| Insured-Education 6.4% | | |
| $ 3,365 | New Jersey Educational Facilities Authority, (College of New
Jersey), (AGM),
5.00%, 7/1/35 (2) | $ 3,508,066 |
| 825 | New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/28 | 673,811 |
| | | $ 4,181,877 |
| Insured-Electric
Utilities 1.9% | | |
| $ 1,250 | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | $ 1,253,113 |
| | | $ 1,253,113 |
| Insured-Gas
Utilities 7.8% | | |
| $ 4,975 | New Jersey Economic Development Authority, (New Jersey Natural
Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date),
10/1/40 | $ 5,112,957 |
| | | $ 5,112,957 |

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Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-General
Obligations 2.8% | | |
| $ 460 | Egg Harbor Township School District, (AGM), 3.50%, 4/1/28 | $ 433,095 |
| 1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31 | 1,410,971 |
| | | $ 1,844,066 |
| Insured-Hospital 6.5% | | |
| $ 750 | New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36 (2) | $ 776,535 |
| 1,460 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,485,199 |
| 500 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC), 5.00%, 7/1/38 (2) | 508,630 |
| 1,380 | New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38 | 1,474,544 |
| | | $ 4,244,908 |
| Insured-Housing 5.2% | | |
| $ 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (AGM), (AMT), 5.05%, 5/1/34 | $ 3,391,390 |
| | | $ 3,391,390 |
| Insured-Industrial
Development Revenue 0.3% | | |
| $ 165 | New Jersey Economic Development Authority, (New Jersey American
Water Co, Inc.), (FGIC), (NPFG), (AMT), 5.25%, 7/1/38 | $ 164,751 |
| | | $ 164,751 |
| Insured-Lease
Revenue / Certificates of
Participation 4.3% | | |
| $ 1,500 | New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34 | $ 1,651,695 |
| 1,000 | New Jersey Economic Development Authority, (School Facilities
Construction), (FGIC), (NPFG), 5.50%, 9/1/28 | 1,127,550 |
| | | $ 2,779,245 |
| Insured-Other
Revenue 1.7% | | |
| $ 1,015 | Hudson County Improvement Authority, (Harrison Parking), (AGC),
5.25%, 1/1/39 | $ 1,085,116 |
| | | $ 1,085,116 |
| Insured-Special
Tax Revenue 11.7% | | |
| $ 6,000 | Garden State Preservation Trust, (AGM), 0.00%, 11/1/25 | $ 3,068,940 |
| 4,315 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26 | 1,897,866 |
| 2,020 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27 | 835,149 |
| 7,185 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 453,517 |
| 2,745 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 352,595 |
| 5,445 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 650,841 |
| 3,425 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 380,689 |
| | | $ 7,639,597 |
| Insured-Student
Loan 4.3% | | |
| $ 2,580 | New Jersey Higher Education Assistance Authority, (AGC), (AMT),
6.125%, 6/1/30 | $ 2,774,893 |
| | | $ 2,774,893 |
| Insured-Transportation 5.2% | | |
| $ 1,960 | New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26 | $ 873,964 |
| 5,570 | New Jersey Transportation Trust Fund Authority,
(Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | 1,778,167 |
| 400 | Port Authority of New York and New Jersey, (FGIC), (NPFG),
(AMT), 5.00%, 8/1/36 | 400,028 |
| 315 | South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 | 345,819 |
| | | $ 3,397,978 |
| Insured-Water
and Sewer 4.5% | | |
| $ 3,000 | New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 | $ 2,956,740 |
| | | $ 2,956,740 |
| Lease
Revenue / Certificates of
Participation 6.0% | | |
| $ 1,500 | New Jersey Economic Development Authority, (School Facilities
Construction), 5.25%, 12/15/33 | $ 1,614,000 |
| 2,250 | New Jersey Health Care Facilities Financing Authority, (Contract
Hospital Asset Transportation Program), 5.25%, 10/1/38 | 2,281,703 |
| | | $ 3,895,703 |

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Eaton Vance New Jersey Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Other
Revenue 7.4% | | | |
| $ 7,200 | Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50 | $ 272,808 | |
| 13,280 | Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55 | 258,031 | |
| 600 | New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48 (2) | 632,050 | |
| 2,700 | New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48 (2) | 2,844,221 | |
| 4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 219,136 | |
| 900 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 610,092 | |
| | | $ 4,836,338 | |
| Senior
Living / Life Care 2.8% | | | |
| $ 465 | New Jersey Economic Development Authority, (Cranes Mill, Inc.),
5.875%, 7/1/28 | $ 445,261 | |
| 770 | New Jersey Economic Development Authority, (Cranes Mill, Inc.),
6.00%, 7/1/38 | 729,059 | |
| 815 | New Jersey Economic Development Authority, (Seabrook Village),
5.25%, 11/15/36 | 671,161 | |
| | | $ 1,845,481 | |
| Special
Tax Revenue 1.2% | | | |
| $ 100 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27 | $ 92,241 | |
| 175 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37 | 151,701 | |
| 500 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 559,085 | |
| | | $ 803,027 | |
| Student
Loan 4.2% | | | |
| $ 230 | New Jersey Higher Education Assistance Authority,
5.625%, 6/1/30 | $ 244,437 | |
| 2,500 | New Jersey Higher Education Assistance Authority, (AMT),
Variable Rate,
1.337%, 6/1/36 (2) | 2,496,300 | |
| | | $ 2,740,737 | |
| Transportation 15.1% | | | |
| $ 250 | New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38 | $ 276,778 | |
| 815 | New Jersey Transportation Trust Fund Authority,
(Transportation System), 6.00%, 12/15/38 | 913,207 | |
| 3,600 | New Jersey Turnpike Authority, 5.25%, 1/1/40 | 3,803,616 | |
| 480 | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | 489,893 | |
| 1,000 | Port Authority of New York and New Jersey, 5.00%, 9/1/34 | 1,034,560 | |
| 1,995 | Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (2) | 2,136,319 | |
| 1,175 | South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33 | 1,186,867 | |
| | | $ 9,841,240 | |
| Water
and Sewer 1.5% | | | |
| $ 985 | Cumberland County Improvement Authority, (Solid Waste System),
5.00%, 1/1/30 | $ 987,679 | |
| | | $ 987,679 | |
| Total
Tax-Exempt Investments 169.9% | | | |
| (identified
cost $109,197,640) | | $ 110,822,690 | |
| Auction
Preferred Shares Plus Cumulative | | | |
| Unpaid
Dividends (51.2)% | | $ (33,429,180 | ) |
| Other
Assets, Less Liabilities (18.7)% | | $ (12,175,282 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 65,218,228 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC - Berkshire Hathaway Assurance Corp.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 36.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 10.4% of total investments.

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Eaton Vance New York Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 170.3% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Cogeneration 1.4% | | |
| $ 1,150 | Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23 | $ 1,007,021 |
| | | $ 1,007,021 |
| Education 18.2% | | |
| $ 315 | Geneva Industrial Development Agency, (Hobart &
William Smith Project), 5.375%, 2/1/33 | $ 319,158 |
| 1,210 | New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/34 | 1,298,112 |
| 325 | New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/39 | 347,692 |
| 510 | New York Dormitory Authority, (Brooklyn Law School),
5.75%, 7/1/33 | 554,339 |
| 1,000 | New York Dormitory Authority, (Columbia University),
5.00%, 7/1/38 (1) | 1,065,310 |
| 510 | New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34 | 544,726 |
| 2,000 | New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39 | 2,122,140 |
| 2,000 | New York Dormitory Authority, (New York University),
5.25%, 7/1/48 | 2,126,500 |
| 2,250 | New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33 | 2,499,233 |
| 2,500 | New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40 | 2,662,400 |
| | | $ 13,539,610 |
| Electric
Utilities 5.0% | | |
| $ 1,420 | Long Island Power Authority, Electric System Revenue,
6.00%, 5/1/33 | $ 1,618,772 |
| 2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27 | 2,095,317 |
| | | $ 3,714,089 |
| General
Obligations 10.0% | | |
| $ 6,000 | New York City,
5.25%, 9/15/33 (2) | $ 6,219,240 |
| 1,000 | New York City, 6.25%, 10/15/28 | 1,179,890 |
| | | $ 7,399,130 |
| Health
Care-Miscellaneous 5.9% | | |
| $ 1,115 | New York City Industrial Development Agency, (A Very Special
Place, Inc.), 5.75%, 1/1/29 | $ 917,935 |
| 1,200 | New York City Industrial Development Agency, (Ohel
Childrens Home), 6.25%, 8/15/22 | 946,524 |
| 50 | Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class H, 7.50%, 9/1/15 | 50,696 |
| 100 | Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class I, 7.50%, 9/1/15 | 101,392 |
| 2,600 | Westchester County Industrial Development Agency,
(Childrens Village), 5.375%, 3/15/19 | 2,353,104 |
| | | $ 4,369,651 |
| Hospital 29.0% | | |
| $ 175 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.35%, 11/15/17 | $ 172,197 |
| 485 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.40%, 11/15/29 | 436,107 |
| 1,250 | Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18 | 1,179,700 |
| 2,490 | Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25 | 2,478,820 |
| 400 | Nassau County Industrial Development Agency, (North Shore Health
System), 6.25%, 11/1/21 | 409,708 |
| 1,500 | New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30 | 1,459,050 |
| 4,000 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center),
5.00%, 7/1/36 (2) | 4,142,480 |
| 2,000 | New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33 | 1,945,140 |
| 1,000 | New York Dormitory Authority, (Mount Sinai Hospital),
5.00%, 7/1/26 (3) | 1,023,790 |
| 900 | New York Dormitory Authority, (Mount Sinai Hospital),
5.50%, 7/1/26 | 900,567 |
| 845 | New York Dormitory Authority, (North Shore Hospital),
5.00%, 11/1/34 | 833,238 |
| 1,250 | New York Dormitory Authority, (NYU Hospital Center),
5.625%, 7/1/37 | 1,292,337 |
| 415 | New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29 | 416,498 |
| 835 | New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37 | 815,720 |
| 1,250 | Oneida County Industrial Development Agency, (St.
Elizabeths Medical Center), 5.75%, 12/1/19 | 1,245,475 |
| 650 | Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32 | 634,901 |
| 2,105 | Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22 | 2,158,214 |
| | | $ 21,543,942 |

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PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Housing 16.5% | | |
| $ 1,500 | New York City Housing Development Corp., MFMR, (AMT),
5.05%, 11/1/39 | $ 1,502,625 |
| 2,620 | New York City Housing Development Corp., MFMR, (AMT),
5.20%, 11/1/40 | 2,650,261 |
| 1,000 | New York Housing Finance Agency, 5.25%, 11/1/41 | 1,022,120 |
| 2,625 | New York Housing Finance Agency, (FNMA), (AMT),
5.40%, 11/15/42 | 2,697,922 |
| 1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,489,380 |
| 1,955 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,897,543 |
| 1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 1,007,100 |
| | | $ 12,266,951 |
| Industrial
Development Revenue 11.4% | | |
| $ 340 | Chautauqua County Industrial Development Agency, (NRG Dunkirk
Power), 5.875%, 4/1/42 | $ 348,745 |
| 1,000 | Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32 | 1,047,400 |
| 2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35 (2) | 2,552,512 |
| 1,500 | New York Industrial Development Agency, (American Airlines,
Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,538,025 |
| 2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,502,025 |
| 465 | Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15 | 465,744 |
| | | $ 8,454,451 |
| Insured-Education 6.0% | | |
| $ 1,250 | New York Dormitory Authority, (City University), (AMBAC),
5.50%, 7/1/35 | $ 1,258,425 |
| 1,500 | New York Dormitory Authority, (State University), (BHAC),
5.00%, 7/1/38 (2) | 1,580,499 |
| 5,365 | Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/33 | 1,653,708 |
| | | $ 4,492,632 |
| Insured-Electric
Utilities 3.4% | | |
| $ 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33 | $ 1,548,961 |
| 960 | New York Power Authority, (NPFG), 5.00%, 11/15/47 | 1,004,438 |
| | | $ 2,553,399 |
| Insured-Escrowed / Prerefunded 1.8% | | |
| $ 1,265 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26 | $ 683,758 |
| 1,280 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27 | 658,150 |
| | | $ 1,341,908 |
| Insured-General
Obligations 1.3% | | |
| $ 910 | New Rochelle City School District, (AGC), 4.00%, 11/15/21 | $ 955,436 |
| | | $ 955,436 |
| Insured-Lease
Revenue / Certificates of
Participation 4.5% | | |
| $ 3,600 | Hudson Yards Infrastructure Corp., (NPFG),
4.50%, 2/15/47 (4) | $ 3,339,432 |
| | | $ 3,339,432 |
| Insured-Other
Revenue 2.6% | | |
| $ 2,645 | New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/31 | $ 854,150 |
| 3,625 | New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/32 | 1,108,561 |
| | | $ 1,962,711 |
| Insured-Special
Tax Revenue 7.8% | | |
| $ 1,000 | New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45 | $ 973,230 |
| 1,000 | New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 5.00%, 11/15/44 | 1,004,250 |
| 4,440 | Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34 | 896,391 |
| 19,745 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 1,246,304 |
| 3,380 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 434,161 |
| 6,705 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 801,449 |
| 4,225 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 469,609 |
| | | $ 5,825,394 |

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PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Insured-Transportation 8.0% | | | |
| $ 3,025 | Metropolitan Transportation Authority, (AGC),
4.50%, 11/15/38 | $ 3,005,731 | |
| 2,920 | Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | 2,928,672 | |
| | | $ 5,934,403 | |
| Insured-Water
and Sewer 1.3% | | | |
| $ 1,000 | Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ 943,630 | |
| | | $ 943,630 | |
| Lease
Revenue / Certificates of
Participation 4.6% | | | |
| $ 2,345 | New York City Transitional Finance Authority, (Building Aid),
4.50%, 1/15/38 | $ 2,315,641 | |
| 1,000 | New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31 | 1,097,370 | |
| | | $ 3,413,011 | |
| Other
Revenue 4.1% | | | |
| $ 1,285 | Albany Industrial Development Agency, Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26 | $ 1,013,056 | |
| 3,120 | Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31 | 817,471 | |
| 380 | Brooklyn Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40 | 391,886 | |
| 790 | New York City Cultural Resource Trust, (Museum of Modern Art),
5.00%, 4/1/31 | 845,521 | |
| | | $ 3,067,934 | |
| Senior
Living / Life Care 3.0% | | | |
| $ 1,450 | Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29 | $ 1,355,010 | |
| 900 | Suffolk County Industrial Development Agency, (Jeffersons
Ferry Project), 5.00%, 11/1/28 | 838,386 | |
| | | $ 2,193,396 | |
| Special
Tax Revenue 3.6% | | | |
| $ 1,000 | New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements),
5.25%, 3/15/38 | $ 1,085,690 | |
| 900 | New York State Urban Development Corp., Personal Income Tax
Revenue, 5.00%, 3/15/32 | 949,212 | |
| 545 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 609,403 | |
| | | $ 2,644,305 | |
| Transportation 10.8% | | | |
| $ 1,000 | Metropolitan Transportation Authority, 4.50%, 11/15/37 | $ 981,420 | |
| 1,900 | Port Authority of New York and New Jersey,
5.00%, 11/15/37 (2) | 2,005,222 | |
| 1,030 | Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33 | 1,022,842 | |
| 990 | Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (2) | 1,060,128 | |
| 2,740 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 (2) | 2,963,392 | |
| 10 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | 10,815 | |
| | | $ 8,043,819 | |
| Water
and Sewer 10.1% | | | |
| $ 585 | Dutchess County Water and Wastewater Authority,
0.00%, 10/1/34 | $ 170,481 | |
| 325 | Dutchess County Water and Wastewater Authority,
0.00%, 10/1/35 | 89,368 | |
| 3,105 | New York City Municipal Water Finance Authority, (Water and
Sewer System),
5.75%, 6/15/40 (2) | 3,528,273 | |
| 2,535 | New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance Authority),
5.00%, 6/15/37 (2) | 2,697,139 | |
| 1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 1,040,610 | |
| | | $ 7,525,871 | |
| Total
Tax-Exempt Investments 170.3% | | | |
| (identified
cost $124,821,660) | | $ 126,532,126 | |
| Auction
Preferred Shares Plus Cumulative | | | |
| Unpaid
Dividends (45.4)% | | $ (33,726,581 | ) |
| Other
Assets, Less Liabilities (24.9)% | | $ (18,499,974 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 74,305,571 | |

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

AGC - Assured Guaranty Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC - Berkshire Hathaway Assurance Corp.

FNMA - Federal National Mortgage Association

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Eaton Vance New York Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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MFMR - Multi-Family Mortgage Revenue

NPFG - National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 21.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 9.5% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security represents the underlying municipal bond of an inverse
floater (see Note 1H). |
| (3) | When-issued security. |
| (4) | Security (or a portion thereof) has been segregated to cover
payable for when-issued securities. |

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Eaton Vance Ohio Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 156.3% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 3.3% | | |
| $ 1,250 | Ohio Higher Educational Facility Commission, (Kenyon College),
5.25%, 7/1/44 | $ 1,302,650 |
| | | $ 1,302,650 |
| Electric
Utilities 0.8% | | |
| $ 310 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ 310,924 |
| | | $ 310,924 |
| Escrowed / Prerefunded 13.8% | | |
| $ 1,000 | Delaware County, Prerefunded to 12/1/10, 6.00%, 12/1/25 | $ 1,038,890 |
| 1,000 | Mahoning County, (Career and Technical Center), Prerefunded to
12/1/11, 6.25%, 12/1/36 | 1,079,990 |
| 2,530 | Puerto Rico Infrastructure Financing Authority, Prerefunded to
10/1/10, 5.50%, 10/1/32 | 2,600,106 |
| 670 | Richland County Hospital Facilities, (MedCentral Health
Systems), Prerefunded to 11/15/10, 6.375%, 11/15/22 | 694,757 |
| | | $ 5,413,743 |
| General
Obligations 17.0% | | |
| $ 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ 1,004,000 |
| 1,750 | Beavercreek City School District, 5.00%, 12/1/30 | 1,863,557 |
| 1,090 | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | 1,178,639 |
| 500 | Columbus,
5.00%, 7/1/23 (1) | 533,555 |
| 1,000 | Columbus City School District, 5.00%, 12/1/29 | 1,071,900 |
| 1,000 | Maple Heights City School District, 5.00%, 1/15/37 | 1,010,700 |
| | | $ 6,662,351 |
| Hospital 12.1% | | |
| $ 800 | Franklin County, (Nationwide Childrens Hospital),
5.00%, 11/1/34 | $ 814,416 |
| 500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 503,370 |
| 500 | Montgomery County, (Catholic Health Initiatives),
5.50%, 5/1/34 | 537,540 |
| 1,000 | Ohio Higher Educational Facility Commission, (Cleveland Clinic
Health System), 5.50%, 1/1/39 | 1,049,480 |
| 600 | Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40 | 596,568 |
| 980 | Ohio Higher Educational Facility Commission, (University
Hospitals Health System, Inc.), 4.75%, 1/15/46 | 902,815 |
| 330 | Richland County Hospital Facilities, (MedCentral Health
Systems), 6.375%, 11/15/22 | 335,630 |
| | | $ 4,739,819 |
| Housing 11.9% | | |
| $ 1,000 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.625%, 9/1/27 | $ 992,300 |
| 570 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.75%, 3/1/37 | 545,011 |
| 600 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 5.00%, 9/1/31 | 601,602 |
| 2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48 | 2,516,725 |
| | | $ 4,655,638 |
| Industrial
Development Revenue 8.5% | | |
| $ 1,015 | Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27 | $ 851,747 |
| 2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38 | 2,251,238 |
| 225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 229,532 |
| | | $ 3,332,517 |
| Insured-Education 10.9% | | |
| $ 1,000 | Kent State University, (AGC), 5.00%, 5/1/26 | $ 1,067,440 |
| 465 | Kent State University, (AGC), 5.00%, 5/1/29 | 486,441 |
| 730 | Miami University, (AMBAC), 3.25%, 9/1/26 | 632,428 |
| 1,500 | University of Akron, Series A, (AGM), 5.00%, 1/1/38 | 1,554,555 |
| 500 | University of Akron, Series B, (AGM), 5.00%, 1/1/38 | 518,185 |
| | | $ 4,259,049 |
| Insured-Electric
Utilities 12.6% | | |
| $ 1,000 | American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.75%, 2/15/39 | $ 1,080,970 |
| 710 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | 286,045 |
| 2,000 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | 410,200 |
| 830 | Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25 | 395,038 |
| 3,000 | Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/26 | 1,339,020 |
| 425 | Ohio Water Development Authority, (Dayton Power &
Light), (FGIC), 4.80%, 1/1/34 | 424,269 |

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Eaton Vance Ohio Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities (continued) | | |
| $ 210 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30 | $ 220,975 |
| 250 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34 | 257,265 |
| 500 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 535,465 |
| | | $ 4,949,247 |
| Insured-Escrowed / Prerefunded 4.6% | | |
| $ 245 | Cuyahoga County Hospital, (Cleveland Clinic Health System),
(NPFG), Escrowed to Maturity, 5.125%, 1/1/29 | $ 245,740 |
| 1,000 | Ohio Higher Educational Facility Commission, (University of
Dayton), (AMBAC), Prerefunded to 12/1/10, 5.50%, 12/1/30 | 1,034,570 |
| 500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11,
5.25%, 6/1/24 | 529,260 |
| | | $ 1,809,570 |
| Insured-General
Obligations 16.4% | | |
| $ 280 | Bowling Green City School District, (AGM), 5.00%, 12/1/34 | $ 289,526 |
| 200 | Brookfield Local School District, (AGM), 5.00%, 1/15/30 | 210,878 |
| 500 | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | 516,440 |
| 2,455 | Canal Winchester Local School District, (NPFG),
0.00%, 12/1/30 | 863,914 |
| 1,500 | Madeira City School District, (AGM), 3.50%, 12/1/27 | 1,379,505 |
| 1,750 | Milford Exempt Village School District, (AGC),
5.25%, 12/1/36 | 1,858,447 |
| 750 | St. Marys School District, (AGM), 5.00%, 12/1/35 | 772,943 |
| 500 | Wadsworth City School District, (AGC), 5.00%, 12/1/37 | 517,710 |
| | | $ 6,409,363 |
| Insured-Hospital 6.6% | | |
| $ 545 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32 | $ 540,683 |
| 1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28 | 1,510,920 |
| 485 | Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
14.686%, 2/1/29 (2)(3)(4) | 529,630 |
| | | $ 2,581,233 |
| Insured-Lease
Revenue / Certificates of
Participation 1.0% | | |
| $ 500 | Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33 | $ 410,260 |
| | | $ 410,260 |
| Insured-Special
Tax Revenue 3.8% | | |
| $ 9,905 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 625,204 |
| 1,685 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 216,438 |
| 3,340 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 399,230 |
| 2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 233,415 |
| | | $ 1,474,287 |
| Insured-Transportation 6.9% | | |
| $ 385 | Cleveland Airport System, (AGM), 5.00%, 1/1/31 | $ 385,339 |
| 1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | 1,162,850 |
| 1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | 1,171,120 |
| | | $ 2,719,309 |
| Insured-Water
and Sewer 2.1% | | |
| $ 215 | Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46 | $ 212,900 |
| 625 | Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47 | 618,081 |
| | | $ 830,981 |
| Lease
Revenue / Certificates of
Participation 1.4% | | |
| $ 500 | Franklin County Convention Facilities Authority,
5.00%, 12/1/27 | $ 542,785 |
| | | $ 542,785 |
| Other
Revenue 4.3% | | |
| $ 7,345 | Buckeye Tobacco Settlement Financing Authority,
0.00%, 6/1/47 | $ 248,775 |
| 710 | Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47 | 510,952 |
| 1,000 | Riversouth Authority, (Lazarus Building Redevelopment),
5.75%, 12/1/27 | 936,130 |
| | | $ 1,695,857 |

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Eaton Vance Ohio Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Pooled
Loans 10.8% | | | |
| $ 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25 | $ 562,006 | |
| 1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22 | 1,066,543 | |
| 1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32 (5) | 1,321,505 | |
| 310 | Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25 | 269,728 | |
| 1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 997,172 | |
| | | $ 4,216,954 | |
| Special
Tax Revenue 6.1% | | | |
| $ 520 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ 526,578 | |
| 1,375 | Cuyahoga County Economic Development, (Shaker Square),
6.75%, 12/1/30 | 1,415,700 | |
| 155 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | 160,009 | |
| 170 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 175,656 | |
| 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 122,999 | |
| | | $ 2,400,942 | |
| Water
and Sewer 1.4% | | | |
| $ 250 | Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/28 | $ 274,485 | |
| 250 | Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30 | 271,570 | |
| | | $ 546,055 | |
| Total
Tax-Exempt Investments 156.3% | | | |
| (identified
cost $60,259,466) | | $ 61,263,534 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(58.0)% | | $ (22,726,652 | ) |
| Other
Assets, Less Liabilities 1.7% | | $ 652,440 | |
| Net
Assets Applicable to Common Shares 100.0% | | $ 39,189,322 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 41.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.4% to 16.0% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security exempt from registration pursuant to Rule 144A under
the Securities Act of 1933. These securities may be sold in
certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At May 31,
2010, the aggregate value of these securities is $529,630 or
1.4% of the Trusts net assets applicable to common shares. |
| (3) | Security is subject to a shortfall agreement which may require
the Trust to pay amounts to a counterparty in the event of a
significant decline in the market value of the security
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. |
| (4) | Security has been issued as a leveraged inverse floater bond.
The stated interest rate represents the rate in effect at
May 31, 2010. |
| (5) | Security represents the underlying municipal bond of an inverse
floater (see Note 1H). |

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Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

| Tax-Exempt
Investments 161.1% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Bond
Bank 3.1% | | |
| $ 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ 1,161,470 |
| | | $ 1,161,470 |
| Cogeneration 2.7% | | |
| $ 300 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13 | $ 182,922 |
| 500 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19 | 280,440 |
| 575 | Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15 | 555,605 |
| | | $ 1,018,967 |
| Education 10.4% | | |
| $ 500 | Bucks County Industrial Development Authority, (George School),
5.00%, 9/15/39 | $ 514,195 |
| 1,200 | Cumberland County Municipal Authority, (Dickinson College),
5.00%, 11/1/39 | 1,188,996 |
| 500 | Northampton County General Purpose Authority, (Lehigh
University), 5.00%, 11/15/39 | 522,395 |
| 625 | Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40 | 645,925 |
| 500 | Pennsylvania State University, 5.00%, 3/1/40 | 531,105 |
| 500 | Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30 | 525,240 |
| | | $ 3,927,856 |
| Electric
Utilities 2.8% | | |
| $ 435 | Pennsylvania Economic Development Financing Authority, (Reliant
Energy, Inc.), (AMT), 6.75%, 12/1/36 | $ 449,668 |
| 600 | York County Industrial Development Authority, Pollution Control
Revenue, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20 | 612,780 |
| | | $ 1,062,448 |
| Escrowed / Prerefunded 1.8% | | |
| $ 600 | Bucks County Industrial Development Authority, (Pennswood),
Prerefunded to 10/1/12, 6.00%, 10/1/27 | $ 675,642 |
| | | $ 675,642 |
| General
Obligations 7.1% | | |
| $ 500 | Chester County,
5.00%, 7/15/27 (1) | $ 559,615 |
| 1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | 1,047,240 |
| 1,000 | Philadelphia School District, 6.00%, 9/1/38 | 1,081,650 |
| | | $ 2,688,505 |
| Hospital 22.4% | | |
| $ 500 | Allegheny County Hospital Development Authority, (University of
Pittsburgh Medical Center), 5.50%, 8/15/34 | $ 512,670 |
| 750 | Dauphin County General Authority, (Pinnacle Health System),
6.00%, 6/1/29 | 797,152 |
| 1,215 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32 | 1,219,775 |
| 750 | Lycoming County Authority, (Susquehanna Health System),
5.75%, 7/1/39 | 764,303 |
| 1,500 | Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43 | 1,443,375 |
| 250 | Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33 | 250,170 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania Health System),
6.00%, 8/15/26 (2) | 1,124,625 |
| 675 | Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31 | 690,950 |
| 850 | Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 6.00%, 1/15/31 | 888,802 |
| 250 | South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29 | 245,068 |
| 500 | Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17 | 516,795 |
| | | $ 8,453,685 |
| Housing 15.7% | | |
| $ 495 | Allegheny County Residential Finance Authority, SFMR, (AMT),
4.95%, 11/1/37 | $ 494,980 |
| 1,160 | Allegheny County Residential Finance Authority, SFMR, (AMT),
5.00%, 5/1/35 | 1,171,205 |
| 920 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37 | 868,839 |
| 950 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 4/1/26 | 955,434 |
| 500 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 10/1/31 | 495,710 |
| 1,000 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.90%, 10/1/37 | 992,490 |
| 960 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
5.15%, 10/1/37 | 964,378 |
| | | $ 5,943,036 |

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Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Industrial
Development Revenue 11.6% | | |
| $ 200 | Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39 | $ 207,034 |
| 750 | Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | 761,820 |
| 500 | New Morgan Industrial Development Authority, (Browning-Ferris
Industries, Inc.), (AMT), 6.50%, 4/1/19 | 500,355 |
| 250 | Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39 | 272,140 |
| 1,000 | Pennsylvania Economic Development Financing Authority,
(Procter & Gamble Paper Products Co.), (AMT),
5.375%, 3/1/31 | 1,056,000 |
| 500 | Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal, (Waste Management, Inc.), (AMT),
5.10%, 10/1/27 | 497,120 |
| 1,365 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 1,080,903 |
| | | $ 4,375,372 |
| Insured-Education 16.3% | | |
| $ 500 | Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37 | $ 525,950 |
| 1,675 | Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32 | 1,626,107 |
| 1,115 | Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG), 5.00%, 5/1/37 | 1,146,276 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple
University), (NPFG), 5.00%, 4/1/33 | 1,025,890 |
| 500 | State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/27 | 534,385 |
| 375 | State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29 | 396,645 |
| 875 | State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32 | 915,355 |
| | | $ 6,170,608 |
| Insured-Escrowed / Prerefunded 8.1% | | |
| $ 1,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27 | $ 1,604,064 |
| 2,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19 | 1,463,840 |
| | | $ 3,067,904 |
| Insured-General
Obligations 4.4% | | |
| $ 500 | Beaver County, (AGM), 5.55%, 11/15/31 | $ 541,125 |
| 750 | Bethlehem Area School District, (AGM), 5.25%, 1/15/25 | 807,503 |
| 300 | West Mifflin Area School District, (AGM), 5.125%, 4/1/31 | 317,178 |
| | | $ 1,665,806 |
| Insured-Hospital 10.7% | | |
| $ 250 | Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24 | $ 290,805 |
| 355 | Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26 | 347,325 |
| 1,440 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM),
5.00%, 7/1/35 (2) | 1,453,565 |
| 35 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (NPFG), 5.25%, 7/1/29 | 34,997 |
| 1,900 | Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | 1,899,905 |
| | | $ 4,026,597 |
| Insured-Lease
Revenue / Certificates of
Participation 7.1% | | |
| $ 500 | Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 | $ 525,910 |
| 1,195 | Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27 | 1,235,463 |
| 750 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27 | 907,057 |
| | | $ 2,668,430 |
| Insured-Special
Tax Revenue 6.5% | | |
| $ 1,000 | Pittsburgh and Allegheny County Public Auditorium Authority,
(AMBAC), 5.00%, 2/1/24 | $ 982,450 |
| 9,870 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 622,994 |
| 1,690 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 217,081 |
| 3,350 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 400,425 |
| 2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 233,415 |
| | | $ 2,456,365 |
| Insured-Transportation 14.6% | | |
| $ 1,000 | Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/38 | $ 1,037,390 |
| 1,000 | Pennsylvania Turnpike Commission, (AGC), 5.00%, 6/1/39 | 1,039,700 |

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Eaton Vance Pennsylvania Municipal Income Trust as of May 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited) CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Insured-Transportation (continued) | | | |
| $ 500 | Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27 | $ 496,025 | |
| 1,005 | Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 | 1,005,382 | |
| 1,800 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (2) | 1,917,981 | |
| | | $ 5,496,478 | |
| Insured-Water
and Sewer 6.9% | | | |
| $ 275 | Allegheny County Sanitation Authority, (BHAC), (NPFG),
5.00%, 12/1/22 | $ 295,246 | |
| 550 | Chester County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 2/1/40 | 550,269 | |
| 875 | Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36 | 877,441 | |
| 500 | Delaware County Industrial Development Authority, (Water
Facilities), (FGIC), (NPFG), (AMT), 6.00%, 6/1/29 | 500,465 | |
| 360 | Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG),
5.00%, 11/1/31 | 363,996 | |
| | | $ 2,587,417 | |
| Senior
Living / Life Care 3.8% | | | |
| $ 1,000 | Cliff House Trust, (AMT), 6.625%, 6/1/27 | $ 524,180 | |
| 500 | Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31 | 505,990 | |
| 200 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24 | 198,574 | |
| 200 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30 | 191,586 | |
| | | $ 1,420,330 | |
| Special
Tax Revenue 0.3% | | | |
| $ 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | $ 122,999 | |
| | | $ 122,999 | |
| Transportation 2.8% | | | |
| $ 270 | Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31 | $ 273,834 | |
| 750 | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | 801,525 | |
| | | $ 1,075,359 | |
| Water
and Sewer 2.0% | | | |
| $ 750 | Harrisburg Water Authority, 5.25%, 7/15/31 | $ 751,425 | |
| | | $ 751,425 | |
| Total
Tax-Exempt Investments 161.1% | | | |
| (identified
cost $60,163,157) | | $ 60,816,699 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(56.1)% | | $ (21,176,854 | ) |
| Other
Assets, Less Liabilities (5.0)% | | $ (1,896,793 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 37,743,052 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

AMT - Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.

BHAC - Berkshire Hathaway Assurance Corp.

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2010, 46.3% 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 14.8% of total investments.

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited)

Statements of Assets and Liabilities

| As of
May 31, 2010 | California
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | |
| Investments | | | | | | | | |
| Identified cost | $ 162,031,524 | $ | 63,061,869 | $ | 45,249,062 | $ | 109,197,640 | |
| Unrealized appreciation (depreciation) | (1,015,476 | ) | 861,639 | | 11,032 | | 1,625,050 | |
| Investments, at value | $ 161,016,048 | $ | 63,923,508 | $ | 45,260,094 | $ | 110,822,690 | |
| Cash | $ 1,158,646 | $ | | $ | 205,258 | $ | 1,085,993 | |
| Interest receivable | 2,033,065 | | 1,073,972 | | 619,330 | | 1,635,632 | |
| Receivable for investments sold | 12,000 | | | | | | 57,082 | |
| Deferred debt issuance costs | 33,322 | | 4,321 | | | | 4,172 | |
| Total assets | $ 164,253,081 | $ | 65,001,801 | $ | 46,084,682 | $ | 113,605,569 | |
| Liabilities | | | | | | | | |
| Payable for floating rate notes issued | $ 20,535,000 | $ | 4,885,000 | $ | | $ | 14,572,000 | |
| Payable for variation margin on open financial futures contracts | 15,751 | | | | 1,563 | | 27,344 | |
| Payable for open swap contracts | 259,861 | | 96,120 | | 4,956 | | 166,611 | |
| Due to custodian | | | 734,848 | | | | | |
| Payable to affiliates: | | | | | | | | |
| Investment adviser fee | 88,343 | | 35,922 | | 27,254 | | 61,221 | |
| Administration fee | 25,793 | | 10,264 | | 7,787 | | 17,489 | |
| Trustees fees | 913 | | 411 | | 333 | | 646 | |
| Interest expense and fees payable | 28,193 | | 8,946 | | | | 34,672 | |
| Accrued expenses | 67,217 | | 53,169 | | 52,664 | | 78,178 | |
| Total liabilities | $ 21,021,071 | $ | 5,824,680 | $ | 94,557 | $ | 14,958,161 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 49,979,998 | $ | 20,051,756 | $ | 17,501,026 | $ | 33,429,180 | |
| Net assets applicable to common shares | $ 93,252,012 | $ | 39,125,365 | $ | 28,489,099 | $ | 65,218,228 | |
| Sources
of Net Assets | | | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 71,958 | $ | 27,306 | $ | 21,163 | $ | 46,416 | |
| Additional paid-in capital | 104,374,378 | | 39,772,187 | | 30,947,836 | | 66,703,405 | |
| Accumulated net realized loss | (11,363,052 | ) | (1,940,772 | ) | (2,806,325 | ) | (4,024,726 | ) |
| Accumulated undistributed net investment income | 1,273,058 | | 501,125 | | 316,104 | | 862,491 | |
| Net unrealized appreciation (depreciation) | (1,104,330 | ) | 765,519 | | 10,321 | | 1,630,642 | |
| Net assets applicable to common shares | $ 93,252,012 | $ | 39,125,365 | $ | 28,489,099 | $ | 65,218,228 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | | | |
| | 1,999 | | 802 | | 700 | | 1,337 | |
| Common
Shares Outstanding | | | | | | | | |
| | 7,195,830 | | 2,730,559 | | 2,116,294 | | 4,641,565 | |
| Net
Asset Value Per Common Share | | | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 12.96 | $ | 14.33 | $ | 13.46 | $ | 14.05 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited) CONTD

Statements of Assets and Liabilities

| As of
May 31, 2010 | New York
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | |
| Investments | | | | | | |
| Identified cost | $ 124,821,660 | $ | 60,259,466 | $ | 60,163,157 | |
| Unrealized appreciation | 1,710,466 | | 1,004,068 | | 653,542 | |
| Investments, at value | $ 126,532,126 | $ | 61,263,534 | $ | 60,816,699 | |
| Cash | $ 2,197,605 | $ | 670,638 | $ | | |
| Interest receivable | 1,709,380 | | 1,011,484 | | 917,807 | |
| Receivable for investments sold | | | 5,000 | | | |
| Deferred debt issuance costs | 23,525 | | | | | |
| Total assets | $ 130,462,636 | $ | 62,950,656 | $ | 61,734,506 | |
| Liabilities | | | | | | |
| Payable for floating rate notes issued | $ 20,475,000 | $ | 830,000 | $ | 2,370,000 | |
| Payable for investments purchased | 482,858 | | | | | |
| Payable for when-issued securities | 1,023,790 | | | | | |
| Payable for variation margin on open financial futures contracts | 13,125 | | 4,219 | | 10,938 | |
| Payable for open swap contracts | 228,254 | | 92,485 | | 93,431 | |
| Due to custodian | | | | | 226,139 | |
| Payable to affiliates: | | | | | | |
| Investment adviser fee | 70,490 | | 37,236 | | 35,686 | |
| Administration fee | 20,138 | | 10,638 | | 10,196 | |
| Trustees fees | 728 | | 428 | | 413 | |
| Interest expense and fees payable | 39,261 | | 2,890 | | 8,645 | |
| Accrued expenses | 76,840 | | 56,786 | | 59,152 | |
| Total liabilities | $ 22,430,484 | $ | 1,034,682 | $ | 2,814,600 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 33,726,581 | $ | 22,726,652 | $ | 21,176,854 | |
| Net assets applicable to common shares | $ 74,305,571 | $ | 39,189,322 | $ | 37,743,052 | |
| Sources
of Net Assets | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 54,265 | $ | 28,377 | $ | 27,118 | |
| Additional paid-in capital | 78,723,838 | | 40,670,202 | | 38,508,701 | |
| Accumulated net realized loss | (6,901,456 | ) | (2,916,702 | ) | (1,834,994 | ) |
| Accumulated undistributed net investment income | 804,206 | | 480,484 | | 413,235 | |
| Net unrealized appreciation | 1,624,718 | | 926,961 | | 628,992 | |
| Net assets applicable to common shares | $ 74,305,571 | $ | 39,189,322 | $ | 37,743,052 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | |
| | 1,349 | | 909 | | 847 | |
| Common
Shares Outstanding | | | | | | |
| | 5,426,491 | | 2,837,697 | | 2,711,788 | |
| Net
Asset Value Per Common Share | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 13.69 | $ | 13.81 | $ | 13.92 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited) CONTD

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Statements of Operations

| For the Six
Months Ended May 31, 2010 | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | New Jersey
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | | | |
| Interest | $ 4,326,554 | | $ 1,643,095 | | $ 1,205,098 | | $ 2,872,013 | |
| Total investment income | $ 4,326,554 | | $ 1,643,095 | | $ 1,205,098 | | $ 2,872,013 | |
| Expenses | | | | | | | | |
| Investment adviser fee | $ 523,152 | | $ 207,417 | | $ 157,784 | | $ 355,965 | |
| Administration fee | 150,025 | | 59,481 | | 45,248 | | 102,079 | |
| Trustees fees and expenses | 2,627 | | 1,195 | | 962 | | 1,872 | |
| Custodian fee | 36,618 | | 20,014 | | 14,257 | | 27,806 | |
| Transfer and dividend disbursing agent fees | 6,068 | | 5,510 | | 7,739 | | 8,350 | |
| Legal and accounting services | 23,309 | | 19,923 | | 18,912 | | 24,829 | |
| Printing and postage | 9,450 | | 5,645 | | 5,309 | | 7,337 | |
| Interest expense and fees | 74,285 | | 15,285 | | | | 50,666 | |
| Preferred shares service fee | 34,826 | | 14,551 | | 11,744 | | 24,417 | |
| Miscellaneous | 18,597 | | 18,607 | | 21,107 | | 21,632 | |
| Total expenses | $ 878,957 | | $ 367,628 | | $ 283,062 | | $ 624,953 | |
| Deduct | | | | | | | | |
| Reduction of custodian fee | $ 155 | | $ 9 | | $ 151 | | $ 206 | |
| Total expense reductions | $ 155 | | $ 9 | | $ 151 | | $ 206 | |
| Net expenses | $ 878,802 | | $ 367,619 | | $ 282,911 | | $ 624,747 | |
| Net investment income | $ 3,447,752 | | $ 1,275,476 | | $ 922,187 | | $ 2,247,266 | |
| Realized
and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) | | | | | | | | |
| Investment transactions | $ (34,117 | ) | $ (53,047 | ) | $ (121,058 | ) | $ 157,810 | |
| Financial futures contracts | (493,758 | ) | | | (20,286 | ) | (793,844 | ) |
| Swap contracts | (6,422 | ) | (1,683 | ) | (19,059 | ) | (4,093 | ) |
| Net realized loss | $ (534,297 | ) | $ (54,730 | ) | $ (160,403 | ) | $ (640,127 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | | | |
| Investments | $ 4,649,170 | | $ 2,132,812 | | $ 1,245,504 | | $ 2,800,350 | |
| Financial futures contracts | 367,008 | | | | 24,359 | | 172,203 | |
| Swap contracts | (136,251 | ) | (50,812 | ) | 8,719 | | (87,373 | ) |
| Net change in unrealized appreciation (depreciation) | $ 4,879,927 | | $ 2,082,000 | | $ 1,278,582 | | $ 2,885,180 | |
| Net realized and unrealized gain | $ 4,345,630 | | $ 2,027,270 | | $ 1,118,179 | | $ 2,245,053 | |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | $ (97,733 | ) | $ (39,466 | ) | $ (33,978 | ) | $ (66,205 | ) |
| Net increase in net assets from operations | $ 7,695,649 | | $ 3,263,280 | | $ 2,006,388 | | $ 4,426,114 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited) CONTD

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Statements of Operations

| For the Six
Months Ended May 31, 2010 | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | |
| Interest | $ 3,277,482 | | $ 1,649,800 | | $ 1,578,799 | |
| Total investment income | $ 3,277,482 | | $ 1,649,800 | | $ 1,578,799 | |
| Expenses | | | | | | |
| Investment adviser fee | $ 408,096 | | $ 217,079 | | $ 207,561 | |
| Administration fee | 117,031 | | 62,251 | | 59,522 | |
| Trustees fees and expenses | 2,103 | | 1,243 | | 1,193 | |
| Custodian fee | 31,582 | | 19,259 | | 17,946 | |
| Transfer and dividend disbursing agent fees | 6,786 | | 6,521 | | 9,356 | |
| Legal and accounting services | 18,855 | | 17,906 | | 20,683 | |
| Printing and postage | 8,677 | | 6,037 | | 6,164 | |
| Interest expense and fees | 69,680 | | 3,271 | | 11,238 | |
| Preferred shares service fee | 24,392 | | 16,267 | | 15,057 | |
| Miscellaneous | 22,698 | | 18,747 | | 20,462 | |
| Total expenses | $ 709,900 | | $ 368,581 | | $ 369,182 | |
| Deduct | | | | | | |
| Reduction of custodian fee | $ 289 | | $ 176 | | $ 115 | |
| Total expense reductions | $ 289 | | $ 176 | | $ 115 | |
| Net expenses | $ 709,611 | | $ 368,405 | | $ 369,067 | |
| Net investment income | $ 2,567,871 | | $ 1,281,395 | | $ 1,209,732 | |
| Realized
and Unrealized Gain (Loss) | | | | | | |
| Net realized gain (loss) | | | | | | |
| Investment transactions | $ (25,672 | ) | $ 90,250 | | $ (26,985 | ) |
| Financial futures contracts | (411,465 | ) | (73,872 | ) | (279,997 | ) |
| Swap contracts | (130,174 | ) | 23,978 | | 67,062 | |
| Net realized gain (loss) | $ (567,311 | ) | $ 40,356 | | $ (239,920 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | |
| Investments | $ 4,445,044 | | $ 820,369 | | $ 1,603,538 | |
| Financial futures contracts | 305,841 | | 59,175 | | 192,493 | |
| Swap contracts | (45,252 | ) | (64,188 | ) | (90,447 | ) |
| Net change in unrealized appreciation (depreciation) | $ 4,705,633 | | $ 815,356 | | $ 1,705,584 | |
| Net realized and unrealized gain | $ 4,138,322 | | $ 855,712 | | $ 1,465,664 | |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | $ (65,171 | ) | $ (44,596 | ) | $ (41,680 | ) |
| Net increase in net assets from operations | $ 6,641,022 | | $ 2,092,511 | | $ 2,633,716 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited) CONTD

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Statements of Changes in Net Assets

For the Six Months Ended May 31, 2010

| Increase (Decrease)
in Net Assets | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | New Jersey
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 3,447,752 | | $ 1,275,476 | | $ 922,187 | | $ 2,247,266 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (534,297 | ) | (54,730 | ) | (160,403 | ) | (640,127 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 4,879,927 | | 2,082,000 | | 1,278,582 | | 2,885,180 | |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | (97,733 | ) | (39,466 | ) | (33,978 | ) | (66,205 | ) |
| Net increase in net assets from operations | $ 7,695,649 | | $ 3,263,280 | | $ 2,006,388 | | $ 4,426,114 | |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (3,163,920 | ) | $ (1,235,377 | ) | $ (908,956 | ) | $ (2,196,240 | ) |
| Total distributions to common shareholders | $ (3,163,920 | ) | $ (1,235,377 | ) | $ (908,956 | ) | $ (2,196,240 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ | | $ 86,755 | | $ | | $ 195,862 | |
| Net increase in net assets from capital share transactions | $ | | $ 86,755 | | $ | | $ 195,862 | |
| Net increase in net assets | $ 4,531,729 | | $ 2,114,658 | | $ 1,097,432 | | $ 2,425,736 | |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of period | $ 88,720,283 | | $ 37,010,707 | | $ 27,391,667 | | $ 62,792,492 | |
| At end of period | $ 93,252,012 | | $ 39,125,365 | | $ 28,489,099 | | $ 65,218,228 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of period | $ 1,273,058 | | $ 501,125 | | $ 316,104 | | $ 862,491 | |

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FINANCIAL STATEMENTS (Unaudited) CONTD

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Statements of Changes in Net Assets

For the Six Months Ended May 31, 2010

| Increase (Decrease)
in Net Assets | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | |
| Net investment income | $ 2,567,871 | | $ 1,281,395 | | $ 1,209,732 | |
| Net realized gain (loss) from investment transactions, financial
futures contracts and swap contracts | (567,311 | ) | 40,356 | | (239,920 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 4,705,633 | | 815,356 | | 1,705,584 | |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | (65,171 | ) | (44,596 | ) | (41,680 | ) |
| Net increase in net assets from operations | $ 6,641,022 | | $ 2,092,511 | | $ 2,633,716 | |
| Distributions to common shareholders | | | | | | |
| From net investment income | $ (2,437,031 | ) | $ (1,262,842 | ) | $ (1,175,000 | ) |
| Total distributions to common shareholders | $ (2,437,031 | ) | $ (1,262,842 | ) | $ (1,175,000 | ) |
| Capital share transactions | | | | | | |
| Reinvestment of distributions to common shareholders | $ 244,881 | | $ 64,196 | | $ 29,136 | |
| Net increase in net assets from capital share transactions | $ 244,881 | | $ 64,196 | | $ 29,136 | |
| Net increase in net assets | $ 4,448,872 | | $ 893,865 | | $ 1,487,852 | |
| Net
Assets Applicable to Common Shares | | | | | | |
| At beginning of period | $ 69,856,699 | | $ 38,295,457 | | $ 36,255,200 | |
| At end of period | $ 74,305,571 | | $ 39,189,322 | | $ 37,743,052 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | |
| At end of period | $ 804,206 | | $ 480,484 | | $ 413,235 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS CONTD

Statements of Changes in Net Assets

For the Year Ended November 30, 2009

| Increase (Decrease)
in Net Assets | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | New Jersey
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 6,809,366 | | $ 2,579,336 | | $ 1,943,559 | | $ 4,492,418 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (4,256,586 | ) | (996,068 | ) | (360,637 | ) | (3,311,658 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 20,927,304 | | 10,118,722 | | 4,583,016 | | 22,233,230 | |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | (335,254 | ) | (133,574 | ) | (117,661 | ) | (221,791 | ) |
| Net increase in net assets from operations | $ 23,144,830 | | $ 11,568,416 | | $ 6,048,277 | | $ 23,192,199 | |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (5,613,275 | ) | $ (2,243,084 | ) | $ (1,633,791 | ) | $ (3,904,585 | ) |
| Total distributions to common shareholders | $ (5,613,275 | ) | $ (2,243,084 | ) | $ (1,633,791 | ) | $ (3,904,585 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ 123,925 | | $ 109,415 | | $ | | $ 45,520 | |
| Net increase in net assets from capital share transactions | $ 123,925 | | $ 109,415 | | $ | | $ 45,520 | |
| Net increase in net assets | $ 17,655,480 | | $ 9,434,747 | | $ 4,414,486 | | $ 19,333,134 | |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 71,064,803 | | $ 27,575,960 | | $ 22,977,181 | | $ 43,459,358 | |
| At end of year | $ 88,720,283 | | $ 37,010,707 | | $ 27,391,667 | | $ 62,792,492 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 1,086,959 | | $ 500,492 | | $ 336,851 | | $ 877,670 | |

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FINANCIAL STATEMENTS CONTD

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Statements of Changes in Net Assets

For the Year Ended November 30, 2009

| Increase (Decrease)
in Net Assets | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | |
| Net investment income | $ 5,174,285 | | $ 2,673,784 | | $ 2,513,425 | |
| Net realized gain (loss) from investment transactions, financial
futures contracts and swap contracts | (3,485,812 | ) | (868,027 | ) | 155,287 | |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 22,262,042 | | 9,281,116 | | 7,906,232 | |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | (225,861 | ) | (154,413 | ) | (143,754 | ) |
| Net increase in net assets from operations | $ 23,724,654 | | $ 10,932,460 | | $ 10,431,190 | |
| Distributions to common shareholders | | | | | | |
| From net investment income | $ (4,532,706 | ) | $ (2,247,968 | ) | $ (2,134,974 | ) |
| Total distributions to common shareholders | $ (4,532,706 | ) | $ (2,247,968 | ) | $ (2,134,974 | ) |
| Capital share transactions | | | | | | |
| Reinvestment of distributions to common shareholders | $ 339,723 | | $ 48,010 | | $ 15,281 | |
| Net increase in net assets from capital share transactions | $ 339,723 | | $ 48,010 | | $ 15,281 | |
| Net increase in net assets | $ 19,531,671 | | $ 8,732,502 | | $ 8,311,497 | |
| Net
Assets Applicable to Common Shares | | | | | | |
| At beginning of year | $ 50,325,028 | | $ 29,562,955 | | $ 27,943,703 | |
| At end of year | $ 69,856,699 | | $ 38,295,457 | | $ 36,255,200 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | |
| At end of year | $ 738,537 | | $ 506,527 | | $ 420,183 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS (Unaudited) CONTD

Statements of Cash Flows

For the Six Months Ended May 31, 2010

| Cash Flows From
Operating Activities — Net increase in net assets from operations | California
Trust — $ 7,695,649 | | New Jersey
Trust — $ 4,426,114 | | New York
Trust — $ 6,641,022 | |
| --- | --- | --- | --- | --- | --- | --- |
| Distributions to preferred shareholders | 97,733 | | 66,205 | | 65,171 | |
| Net increase in net assets from operations excluding
distributions to preferred shareholders | $ 7,793,382 | | $ 4,492,319 | | $ 6,706,193 | |
| Adjustments to reconcile net increase in net assets from
operations to net cash provided by (used in) operating
activities: | | | | | | |
| Investments purchased | (10,776,707 | ) | (6,904,449 | ) | (14,248,917 | ) |
| Investments sold | 11,142,439 | | 5,225,252 | | 7,433,907 | |
| Net accretion/amortization of premium (discount) | (729,407 | ) | (348,041 | ) | (272,583 | ) |
| Amortization of deferred debt issuance costs | 752 | | 196 | | 4,041 | |
| Decrease (increase) in interest receivable | (10,623 | ) | 68,727 | | (43,196 | ) |
| Decrease (increase) in receivable for investments sold | (2,500 | ) | 974,596 | | 34,945 | |
| Increase in payable for investments purchased | | | | | 482,858 | |
| Increase in payable for when-issued securities | | | | | 1,023,790 | |
| Increase in payable for variation margin on open financial
futures contracts | 9,001 | | 27,344 | | 7,500 | |
| Increase in payable for open swap contracts | 136,251 | | 87,373 | | 45,252 | |
| Increase in payable to affiliate for investment adviser fee | 2,848 | | 3,271 | | 4,586 | |
| Increase in payable to affiliate for administration fee | 2,834 | | 3,840 | | 1,308 | |
| Decrease in payable to affiliate for Trustees fees | (110 | ) | (67 | ) | (80 | ) |
| Increase (decrease) in interest expense and fees payable | (5,470 | ) | (4,172 | ) | 4,564 | |
| Decrease in accrued expenses | (25,061 | ) | (3,482 | ) | (13,488 | ) |
| Net change in unrealized (appreciation) depreciation from
investments | (4,649,170 | ) | (2,800,350 | ) | (4,445,044 | ) |
| Net realized (gain) loss from investments | 34,117 | | (157,810 | ) | 25,672 | |
| Net cash provided by (used in) operating activities | $ 2,922,576 | | $ 664,547 | | $ (3,248,692 | ) |
| Cash
Flows From Financing Activities | | | | | | |
| Distributions paid to common shareholders, net of reinvestments | $ (3,163,920 | ) | $ (2,000,378 | ) | $ (2,192,150 | ) |
| Cash distributions paid to preferred shareholders | (94,552 | ) | (63,240 | ) | (65,225 | ) |
| Proceeds from secured borrowings | 1,590,000 | | 2,000,000 | | 3,255,000 | |
| Decrease in due to custodian | (95,458 | ) | | | | |
| Net cash provided by (used in) financing activities | $ (1,763,930 | ) | $ (63,618 | ) | $ 997,625 | |
| Net increase (decrease) in cash | $ 1,158,646 | | $ 600,929 | | $ (2,251,067 | ) |
| Cash at beginning of period | $ | | $ 485,064 | | $ 4,448,672 | |
| Cash at end of period | $ 1,158,646 | | $ 1,085,993 | | $ 2,197,605 | |
| Supplemental
disclosure of cash flow information: | | | | | | |
| Noncash financing activities not included herein consist of: | | | | | | |
| Reinvestment of dividends and distributions | $ | | $ 195,862 | | $ 244,881 | |
| Cash paid for interest and fees | 79,003 | | 54,642 | | 61,075 | |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS CONTD

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Financial Highlights

Selected data for a common share outstanding during the periods stated

| | California
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 12.330 | | $ 9.890 | | $ 15.120 | | $ 16.430 | | $ 15.420 | | $ 15.070 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.479 | | $ 0.947 | | $ 0.943 | | $ 0.936 | | $ 0.962 | | $ 1.013 | |
| Net realized and unrealized gain (loss) | 0.605 | | 2.321 | | (5.223 | ) | (1.294 | ) | 1.028 | | 0.383 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.014 | ) | (0.047 | ) | (0.277 | ) | (0.280 | ) | (0.239 | ) | (0.154 | ) |
| Total income (loss) from operations | $ 1.070 | | $ 3.221 | | $ (4.557 | ) | $ (0.638 | ) | $ 1.751 | | $ 1.242 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.440 | ) | $ (0.781 | ) | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) | $ (0.892 | ) |
| Total distributions to common shareholders | $ (0.440 | ) | $ (0.781 | ) | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) | $ (0.892 | ) |
| Net asset value End of period (Common shares) | $ 12.960 | | $ 12.330 | | $ 9.890 | | $ 15.120 | | $ 16.430 | | $ 15.420 | |
| Market value End of period (Common shares) | $ 12.900 | | $ 12.170 | | $ 9.150 | | $ 13.160 | | $ 15.050 | | $ 13.650 | |
| Total Investment Return on Net Asset
Value (2) | 8.88 | % (3) | 34.24 | % | (30.70 | )% | (3.65 | )% | 12.10 | % | 8.72 | % |
| Total Investment Return on Market
Value (2) | 9.82 | % (3) | 43.19 | % | (26.34 | )% | (8.44 | )% | 15.99 | % | (4.34 | )% |

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FINANCIAL STATEMENTS CONTD

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Selected data for a common share outstanding during the periods stated

| | California
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 93,252 | $ | 88,720 | $ 71,065 | $ 108,567 | $ | 117,966 | $ 110,760 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.77 | % (5) | 1.93 % | 1.87 % | 1.78 | % (6) | 1.79 % | 1.78 % |
| Interest and fee
expense (7) | 0.16 | % (5) | 0.23 % | 0.37 % | 0.34 | % | 0.49 % | 0.33 % |
| Total expenses before custodian fee reduction | 1.93 | % (5) | 2.16 % | 2.24 % | 2.12 | % (6) | 2.28 % | 2.11 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.77 | % (5) | 1.93 % | 1.85 % | 1.76 | % (6) | 1.77 % | 1.76 % |
| Net investment income | 7.56 | % (5) | 8.35 % | 6.91 % | 5.94 | % | 6.12 % | 6.52 % |
| Portfolio Turnover | 7 | % (3) | 18 % | 31 % | 40 | % | 26 % | 31 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.14 | % (5) | 1.19 % | 1.18 % | 1.17 | % (6) | 1.18 % | 1.16 % |
| Interest and fee
expense (7) | 0.11 | % (5) | 0.15 % | 0.24 % | 0.22 | % | 0.32 % | 0.22 % |
| Total expenses before custodian fee reduction | 1.25 | % (5) | 1.34 % | 1.42 % | 1.39 | % (6) | 1.50 % | 1.38 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.14 | % (5) | 1.19 % | 1.17 % | 1.16 | % (6) | 1.16 % | 1.15 % |
| Net investment income | 4.89 | % (5) | 5.18 % | 4.39 % | 3.90 | % | 4.03 % | 4.26 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 1,999 | | 1,999 | 1,999 | 2,360 | | 2,360 | 2,360 |
| Asset coverage per preferred
share (8) | $ 71,652 | $ | 69,383 | $ 60,552 | $ 71,003 | $ | 74,997 | $ 71,942 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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FINANCIAL STATEMENTS CONTD

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Selected data for a common share outstanding during the periods stated

| | Massachusetts
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 13.590 | | $ 10.160 | | $ 14.860 | | $ 16.170 | | $ 15.270 | | $ 15.090 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.468 | | $ 0.948 | | $ 0.947 | | $ 0.914 | | $ 0.931 | | $ 0.973 | |
| Net realized and unrealized gain (loss) | 0.739 | | 3.356 | | (4.720 | ) | (1.314 | ) | 0.926 | | 0.234 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.014 | ) | (0.049 | ) | (0.278 | ) | (0.271 | ) | (0.243 | ) | (0.145 | ) |
| Total income (loss) from operations | $ 1.193 | | $ 4.255 | | $ (4.051 | ) | $ (0.671 | ) | $ 1.614 | | $ 1.062 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.453 | ) | $ (0.825 | ) | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) | $ (0.882 | ) |
| Total distributions to common shareholders | $ (0.453 | ) | $ (0.825 | ) | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) | $ (0.882 | ) |
| Net asset value End of period (Common shares) | $ 14.330 | | $ 13.590 | | $ 10.160 | | $ 14.860 | | $ 16.170 | | $ 15.270 | |
| Market value End of period (Common shares) | $ 14.770 | | $ 13.260 | | $ 8.930 | | $ 13.050 | | $ 14.920 | | $ 14.800 | |
| Total Investment Return on Net Asset
Value (2) | 8.91 | % (3) | 43.29 | % | (28.02 | )% | (3.94 | )% | 11.05 | % | 7.02 | % |
| Total Investment Return on Market
Value (2) | 15.05 | % (3) | 58.91 | % | (27.89 | )% | (8.57 | )% | 5.72 | % | (6.89 | )% |

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FINANCIAL STATEMENTS CONTD

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Selected data for a common share outstanding during the periods stated

| | Massachusetts
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 39,125 | $ | 37,011 | $ 27,576 | $ 40,341 | $ | 43,875 | $ 41,395 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.85 | % (5) | 2.02 % | 2.06 % | 1.91 | % (6) | 1.88 % | 1.88 % |
| Interest and fee
expense (7) | 0.08 | % (5) | 0.14 % | 0.26 % | 0.61 | % | 0.77 % | 0.52 % |
| Total expenses before custodian fee reduction | 1.93 | % (5) | 2.16 % | 2.32 % | 2.52 | % (6) | 2.65 % | 2.40 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.85 | % (5) | 2.02 % | 2.04 % | 1.89 | % (6) | 1.87 % | 1.87 % |
| Net investment income | 6.70 | % (5) | 7.77 % | 7.03 % | 5.90 | % | 6.01 % | 6.29 % |
| Portfolio Turnover | 6 | % (3) | 24 % | 40 % | 42 | % | 22 % | 13 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.22 | % (5) | 1.26 % | 1.31 % | 1.26 | % (6) | 1.24 % | 1.24 % |
| Interest and fee
expense (7) | 0.05 | % (5) | 0.09 % | 0.16 % | 0.40 | % | 0.51 % | 0.34 % |
| Total expenses before custodian fee reduction | 1.27 | % (5) | 1.35 % | 1.47 % | 1.66 | % (6) | 1.75 % | 1.58 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.22 | % (5) | 1.26 % | 1.30 % | 1.25 | % (6) | 1.24 % | 1.24 % |
| Net investment income | 4.39 | % (5) | 4.85 % | 4.47 % | 3.91 | % | 3.98 % | 4.15 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 802 | | 802 | 802 | 860 | | 860 | 860 |
| Asset coverage per preferred
share (8) | $ 73,787 | $ | 71,150 | $ 59,391 | $ 71,920 | $ | 76,024 | $ 73,138 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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FINANCIAL STATEMENTS CONTD

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Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Michigan
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 12.940 | | $ 10.860 | | $ 14.510 | | $ 15.420 | | $ 14.820 | | $ 14.860 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.436 | | $ 0.918 | | $ 0.931 | | $ 0.913 | | $ 0.950 | | $ 0.995 | |
| Net realized and unrealized gain (loss) | 0.530 | | 1.990 | | (3.669 | ) | (0.881 | ) | 0.608 | | 0.010 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.016 | ) | (0.056 | ) | (0.301 | ) | (0.296 | ) | (0.256 | ) | (0.172 | ) |
| Total income (loss) from operations | $ 0.950 | | $ 2.852 | | $ (3.039 | ) | $ (0.264 | ) | $ 1.302 | | $ 0.833 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.430 | ) | $ (0.772 | ) | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) | $ (0.873 | ) |
| Total distributions to common shareholders | $ (0.430 | ) | $ (0.772 | ) | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) | $ (0.873 | ) |
| Net asset value End of period (Common shares) | $ 13.460 | | $ 12.940 | | $ 10.860 | | $ 14.510 | | $ 15.420 | | $ 14.820 | |
| Market value End of period (Common shares) | $ 12.620 | | $ 11.530 | | $ 7.920 | | $ 12.430 | | $ 14.110 | | $ 13.500 | |
| Total Investment Return on Net Asset
Value (2) | 7.70 | % (3) | 28.08 | % | (21.02 | )% | (1.37 | )% | 9.38 | % | 5.62 | % |
| Total Investment Return on Market
Value (2) | 13.34 | % (3) | 56.49 | % | (32.76 | )% | (7.66 | )% | 9.88 | % | (13.87 | )% |

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FINANCIAL STATEMENTS CONTD

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Selected data for a common share outstanding during the periods stated

| | Michigan
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 28,489 | $ | 27,392 | $ 22,977 | $ 30,710 | $ | 32,643 | $ 31,357 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 2.04 | % (5) | 2.18 % | 2.15 % | 2.03 | % (6) | 1.97 % | 2.00 % |
| Interest and fee
expense (7) | | | 0.06 % | 0.16 % | 0.32 | % | 0.46 % | 0.40 % |
| Total expenses before custodian fee reduction | 2.04 | % (5) | 2.24 % | 2.31 % | 2.35 | % (6) | 2.43 % | 2.40 % |
| Expenses after custodian fee reduction excluding interest and
fees | 2.04 | % (5) | 2.18 % | 2.13 % | 2.01 | % (6) | 1.96 % | 1.99 % |
| Net investment income | 6.63 | % (5) | 7.61 % | 6.96 % | 6.12 | % | 6.35 % | 6.60 % |
| Portfolio Turnover | 2 | % (3) | 23 % | 24 % | 22 | % | 22 % | 14 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.25 | % (5) | 1.29 % | 1.33 % | 1.31 | % (6) | 1.27 % | 1.29 % |
| Interest and fee
expense (7) | | | 0.04 % | 0.10 % | 0.21 | % | 0.29 % | 0.26 % |
| Total expenses before custodian fee reduction | 1.25 | % (5) | 1.33 % | 1.43 % | 1.52 | % (6) | 1.56 % | 1.55 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.25 | % (5) | 1.29 % | 1.31 % | 1.29 | % (6) | 1.26 % | 1.28 % |
| Net investment income | 4.07 | % (5) | 4.52 % | 4.30 % | 3.94 | % | 4.09 % | 4.26 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 700 | | 700 | 700 | 700 | | 700 | 700 |
| Asset coverage per preferred
share (8) | $ 65,700 | $ | 64,132 | $ 57,828 | $ 68,878 | $ | 71,635 | $ 69,796 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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FINANCIAL STATEMENTS CONTD

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| | New Jersey
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 13.570 | | $ 9.400 | | $ 14.930 | | $ 16.200 | | $ 15.020 | | $ 14.810 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.485 | | $ 0.971 | | $ 0.968 | | $ 0.926 | | $ 0.953 | | $ 1.014 | |
| Net realized and unrealized gain (loss) | 0.483 | | 4.091 | | (5.579 | ) | (1.275 | ) | 1.205 | | 0.238 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.014 | ) | (0.048 | ) | (0.289 | ) | (0.273 | ) | (0.253 | ) | (0.169 | ) |
| Total income (loss) from operations | $ 0.954 | | $ 5.014 | | $ (4.900 | ) | $ (0.622 | ) | $ 1.905 | | $ 1.083 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.474 | ) | $ (0.844 | ) | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) | $ (0.873 | ) |
| Total distributions to common shareholders | $ (0.474 | ) | $ (0.844 | ) | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) | $ (0.873 | ) |
| Net asset value End of period (Common shares) | $ 14.050 | | $ 13.570 | | $ 9.400 | | $ 14.930 | | $ 16.200 | | $ 15.020 | |
| Market value End of period (Common shares) | $ 14.500 | | $ 14.040 | | $ 8.500 | | $ 12.790 | | $ 15.080 | | $ 14.030 | |
| Total Investment Return on Net Asset
Value (2) | 7.12 | % (3) | 55.43 | % | (33.57 | )% | (3.59 | )% | 13.28 | % | 7.59 | % |
| Total Investment Return on Market
Value (2) | 6.84 | % (3) | 77.84 | % | (29.88 | )% | (11.28 | )% | 12.89 | % | (4.22 | )% |

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FINANCIAL STATEMENTS CONTD

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Selected data for a common share outstanding during the periods stated

| | New Jersey
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 65,218 | $ | 62,792 | $ 43,459 | $ 69,001 | $ | 74,846 | $ 69,375 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.79 | % (5) | 1.99 % | 1.96 % | 1.84 | % (6) | 1.85 % | 1.86 % |
| Interest and fee
expense (7) | 0.16 | % (5) | 0.24 % | 0.45 % | 0.89 | % | 0.93 % | 0.58 % |
| Total expenses before custodian fee reduction | 1.95 | % (5) | 2.23 % | 2.41 % | 2.73 | % (6) | 2.78 % | 2.44 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.79 | % (5) | 1.99 % | 1.94 % | 1.81 | % (6) | 1.83 % | 1.84 % |
| Net investment income | 7.00 | % (5) | 8.16 % | 7.22 % | 5.94 | % | 6.20 % | 6.66 % |
| Portfolio Turnover | 5 | % (3) | 48 % | 54 % | 42 | % | 23 % | 46 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.18 | % (5) | 1.24 % | 1.23 % | 1.21 | % (6) | 1.20 % | 1.21 % |
| Interest and fee
expense (7) | 0.10 | % (5) | 0.15 % | 0.28 % | 0.58 | % | 0.61 % | 0.38 % |
| Total expenses before custodian fee reduction | 1.28 | % (5) | 1.39 % | 1.51 % | 1.79 | % (6) | 1.81 % | 1.59 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.18 | % (5) | 1.24 % | 1.21 % | 1.19 | % (6) | 1.19 % | 1.19 % |
| Net investment income | 4.61 | % (5) | 5.08 % | 4.51 % | 3.89 | % | 4.04 % | 4.33 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 1,337 | | 1,337 | 1,366 | 1,520 | | 1,520 | 1,520 |
| Asset coverage per preferred
share (8) | $ 73,783 | $ | 71,966 | $ 56,817 | $ 70,395 | $ | 74,250 | $ 70,651 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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| | New York
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 12.920 | | $ 9.350 | | $ 15.240 | | $ 16.550 | | $ 15.660 | | $ 15.490 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.474 | | $ 0.960 | | $ 0.987 | | $ 0.991 | | $ 0.987 | | $ 1.070 | |
| Net realized and unrealized gain (loss) | 0.758 | | 3.493 | | (5.887 | ) | (1.293 | ) | 0.932 | | 0.243 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.012 | ) | (0.042 | ) | (0.269 | ) | (0.287 | ) | (0.247 | ) | (0.163 | ) |
| Total income (loss) from operations | $ 1.220 | | $ 4.411 | | $ (5.169 | ) | $ (0.589 | ) | $ 1.672 | | $ 1.150 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.450 | ) | $ (0.841 | ) | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) | $ (0.980 | ) |
| Total distributions to common shareholders | $ (0.450 | ) | $ (0.841 | ) | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) | $ (0.980 | ) |
| Net asset value End of period (Common shares) | $ 13.690 | | $ 12.920 | | $ 9.350 | | $ 15.240 | | $ 16.550 | | $ 15.660 | |
| Market value End of period (Common shares) | $ 14.000 | | $ 13.200 | | $ 7.900 | | $ 14.100 | | $ 15.700 | | $ 14.990 | |
| Total Investment Return on Net Asset
Value (2) | 9.55 | % (3) | 49.00 | % | (35.07 | )% | (3.42 | )% | 11.28 | % | 7.61 | % |
| Total Investment Return on Market
Value (2) | 9.69 | % (3) | 80.12 | % | (40.71 | )% | (5.81 | )% | 10.28 | % | 3.81 | % |

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Selected data for a common share outstanding during the periods stated

| | New York
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 74,306 | $ | 69,857 | $ 50,325 | $ 81,931 | $ | 88,970 | $ 84,194 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.76 | % (5) | 1.98 % | 1.92 % | 1.80 | % (6) | 1.82 % | 1.81 % |
| Interest and fee
expense (7) | 0.19 | % (5) | 0.24 % | 0.55 % | 0.98 | % | 1.03 % | 0.57 % |
| Total expenses before custodian fee reduction | 1.95 | % (5) | 2.22 % | 2.47 % | 2.78 | % (6) | 2.85 % | 2.38 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.76 | % (5) | 1.98 % | 1.89 % | 1.78 | % (6) | 1.80 % | 1.80 % |
| Net investment income | 7.06 | % (5) | 8.40 % | 7.21 % | 6.23 | % | 6.22 % | 6.72 % |
| Portfolio Turnover | 6 | % (3) | 20 % | 48 % | 29 | % | 27 % | 40 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.20 | % (5) | 1.28 % | 1.23 % | 1.18 | % (6) | 1.19 % | 1.19 % |
| Interest and fee
expense (7) | 0.13 | % (5) | 0.15 % | 0.35 % | 0.65 | % | 0.68 % | 0.37 % |
| Total expenses before custodian fee reduction | 1.33 | % (5) | 1.43 % | 1.58 % | 1.83 | % (6) | 1.87 % | 1.56 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.20 | % (5) | 1.28 % | 1.21 % | 1.17 | % (6) | 1.19 % | 1.19 % |
| Net investment income | 4.83 | % (5) | 5.43 % | 4.63 % | 4.10 | % | 4.09 % | 4.42 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 1,349 | | 1,349 | 1,349 | 1,780 | | 1,780 | 1,780 |
| Asset coverage per preferred
share (8) | $ 80,083 | $ | 76,785 | $ 62,309 | $ 71,032 | $ | 74,983 | $ 72,311 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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| | Ohio
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 13.520 | | $ 10.450 | | $ 14.830 | | $ 15.690 | | $ 14.910 | | $ 15.040 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.452 | | $ 0.945 | | $ 0.961 | | $ 0.938 | | $ 0.958 | | $ 1.003 | |
| Net realized and unrealized gain (loss) | 0.300 | | 2.974 | | (4.410 | ) | (0.845 | ) | 0.800 | | (0.055 | ) |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.016 | ) | (0.055 | ) | (0.303 | ) | (0.297 | ) | (0.264 | ) | (0.175 | ) |
| Total income (loss) from operations | $ 0.736 | | $ 3.864 | | $ (3.752 | ) | $ (0.204 | ) | $ 1.494 | | $ 0.773 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.446 | ) | $ (0.794 | ) | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) | $ (0.903 | ) |
| Total distributions to common shareholders | $ (0.446 | ) | $ (0.794 | ) | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) | $ (0.903 | ) |
| Net asset value End of period (Common shares) | $ 13.810 | | $ 13.520 | | $ 10.450 | | $ 14.830 | | $ 15.690 | | $ 14.910 | |
| Market value End of period (Common shares) | $ 13.660 | | $ 13.430 | | $ 8.550 | | $ 12.850 | | $ 14.610 | | $ 14.170 | |
| Total Investment Return on Net Asset
Value (2) | 5.53 | % (3) | 38.58 | % | (25.69 | )% | (1.06 | )% | 10.50 | % | 5.10 | % |
| Total Investment Return on Market
Value (2) | 5.08 | % (3) | 68.25 | % | (29.83 | )% | (7.93 | )% | 8.27 | % | (10.31 | )% |

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| | Ohio
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 39,189 | $ | 38,295 | $ 29,563 | $ 41,953 | $ | 44,385 | $ 42,193 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.88 | % (5) | 2.08 % | 2.08 % | 1.93 | % (6) | 1.92 % | 1.91 % |
| Interest and fee
expense (7) | 0.02 | % (5) | 0.02 % | 0.26 % | 0.72 | % | 0.74 % | 0.54 % |
| Total expenses before custodian fee reduction | 1.90 | % (5) | 2.10 % | 2.34 % | 2.65 | % (6) | 2.66 % | 2.45 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.88 | % (5) | 2.08 % | 2.06 % | 1.91 | % (6) | 1.92 % | 1.90 % |
| Net investment income | 6.60 | % (5) | 7.77 % | 7.12 % | 6.17 | % | 6.31 % | 6.57 % |
| Portfolio Turnover | 7 | % (3) | 20 % | 27 % | 24 | % | 16 % | 13 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.19 | % (5) | 1.26 % | 1.29 % | 1.25 | % (6) | 1.25 % | 1.24 % |
| Interest and fee
expense (7) | 0.01 | % (5) | 0.01 % | 0.16 % | 0.46 | % | 0.48 % | 0.35 % |
| Total expenses before custodian fee reduction | 1.20 | % (5) | 1.27 % | 1.45 % | 1.71 | % (6) | 1.73 % | 1.59 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.19 | % (5) | 1.26 % | 1.28 % | 1.23 | % (6) | 1.24 % | 1.23 % |
| Net investment income | 4.17 | % (5) | 4.68 % | 4.41 % | 3.99 | % | 4.08 % | 4.25 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 909 | | 909 | 918 | 940 | | 940 | 940 |
| Asset coverage per preferred
share (8) | $ 68,114 | $ | 67,131 | $ 57,209 | $ 69,640 | $ | 72,223 | $ 69,888 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS CONTD

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Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Pennsylvania
Trust | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | | Year Ended
November 30, | | | | | | | | | |
| | May 31,
2010 | | | | | | | | | | | |
| | (Unaudited) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | |
| Net asset value Beginning of period (Common shares) | $ 13.380 | | $ 10.320 | | $ 14.840 | | $ 15.510 | | $ 14.870 | | $ 14.890 | |
| Income
(Loss) From Operations | | | | | | | | | | | | |
| Net investment
income (1) | $ 0.446 | | $ 0.928 | | $ 0.986 | | $ 0.953 | | $ 0.983 | | $ 1.008 | |
| Net realized and unrealized gain (loss) | 0.543 | | 2.973 | | (4.555 | ) | (0.661 | ) | 0.664 | | 0.103 | |
| Distributions to preferred shareholders | | | | | | | | | | | | |
| From net investment
income (1) | (0.015 | ) | (0.053 | ) | (0.299 | ) | (0.300 | ) | (0.274 | ) | (0.181 | ) |
| Total income (loss) from operations | $ 0.974 | | $ 3.848 | | $ (3.868 | ) | $ (0.008 | ) | $ 1.373 | | $ 0.930 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | | | |
| From net investment income | $ (0.434 | ) | $ (0.788 | ) | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) | $ (0.950 | ) |
| Total distributions to common shareholders | $ (0.434 | ) | $ (0.788 | ) | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) | $ (0.950 | ) |
| Net asset value End of period (Common shares) | $ 13.920 | | $ 13.380 | | $ 10.320 | | $ 14.840 | | $ 15.510 | | $ 14.870 | |
| Market value End of period (Common shares) | $ 13.750 | | $ 13.050 | | $ 9.600 | | $ 12.790 | | $ 14.560 | | $ 14.660 | |
| Total Investment Return on Net Asset
Value (2) | 7.40 | % (3) | 39.16 | % | (26.57 | )% | 0.27 | % | 9.68 | % | 6.27 | % |
| Total Investment Return on Market
Value (2) | 8.78 | % (3) | 45.88 | % | (20.75 | )% | (7.95 | )% | 4.44 | % | 0.39 | % |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

FINANCIAL STATEMENTS CONTD

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Financial Highlights

Selected data for a common share outstanding during the periods stated

| | Pennsylvania
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Six Months
Ended | Year Ended
November 30, | | | | | | |
| | May 31,
2010 | | | | | | | |
| | (Unaudited) | 2009 | | 2008 | 2007 | 2006 | | 2005 |
| Ratios/Supplemental
Data | | | | | | | | |
| Net assets applicable to common shares, end of period
(000s omitted) | $ 37,743 | $ | 36,255 | $ 27,944 | $ 40,182 | $ | 41,998 | $ 40,233 |
| Ratios (as a percentage of average daily net assets applicable
to
common shares): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.93 | % (5) | 2.11 % | 2.06 % | 1.95 | % (6) | 1.94 % | 1.97 % |
| Interest and fee
expense (7) | 0.06 | % (5) | 0.21 % | 0.37 % | 0.70 | % | 0.93 % | 0.44 % |
| Total expenses before custodian fee reduction | 1.99 | % (5) | 2.32 % | 2.43 % | 2.65 | % (6) | 2.87 % | 2.41 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.93 | % (5) | 2.11 % | 2.04 % | 1.94 | % (6) | 1.93 % | 1.95 % |
| Net investment income | 6.52 | % (5) | 7.61 % | 7.23 % | 6.28 | % | 6.53 % | 6.69 % |
| Portfolio Turnover | 5 | % (3) | 23 % | 25 % | 23 | % | 18 % | 28 % |
| The ratios reported above are based on net assets applicable 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): (4) | | | | | | | | |
| Expenses excluding interest and fees | 1.23 | % (5) | 1.28 % | 1.28 % | 1.27 | % (6) | 1.25 % | 1.27 % |
| Interest and fee
expense (7) | 0.04 | % (5) | 0.13 % | 0.23 % | 0.45 | % | 0.60 % | 0.28 % |
| Total expenses before custodian fee reduction | 1.27 | % (5) | 1.41 % | 1.51 % | 1.72 | % (6) | 1.85 % | 1.55 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.23 | % (5) | 1.28 % | 1.27 % | 1.26 | % (6) | 1.24 % | 1.26 % |
| Net investment income | 4.15 | % (5) | 4.63 % | 4.50 % | 4.06 | % | 4.21 % | 4.30 % |
| Senior Securities: | | | | | | | | |
| Total preferred shares outstanding | 847 | | 847 | 889 | 900 | | 900 | 900 |
| Asset coverage per preferred
share (8) | $ 69,563 | $ | 67,806 | $ 56,439 | $ 69,658 | $ | 71,672 | $ 69,708 |
| Involuntary liquidation preference per preferred
share (9) | $ 25,000 | $ | 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 | $ 25,000 |
| Approximate market value per preferred
share (9) | $ 25,000 | $ | 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)	Not annualized.
(4)	Ratios do not reflect the effect of dividend payments to
preferred shareholders.
(5)	Annualized.
(6)	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.
(7)	Interest and fee expense relates to the liability for floating
rate notes issued in conjunction with inverse floater securities
transactions (see Note 1H).
(8)	Calculated by subtracting the Trusts total liabilities
(not including the preferred shares) from the Trusts total
assets, and dividing the result by the number of preferred
shares outstanding.
(9)	Plus accumulated and unpaid dividends.

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Eaton Vance Municipal Income Trusts as of May 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1 Significant Accounting Policies

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 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 taxes in its specified state.

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 Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations furnished by third party pricing services, as derived from such services pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service 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 quotations provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that most fairly reflects the securitys value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the securitys disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entitys financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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, 2009, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce the respective 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
California	$ 995,999	November 30, 2012
	6,689,345	November 30, 2016
	4,084,290	November 30, 2017
Massachusetts	$ 343,176	November 30, 2010
	692,532	November 30, 2016
	991,790	November 30, 2017

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Trust	Amount
Michigan	$ 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
	337,540	November 30, 2017
New Jersey	$ 177,350	November 30, 2011
	3,185,143	November 30, 2017
New York	$ 2,354,581	November 30, 2016
	3,171,310	November 30, 2017
Ohio	$ 764,355	November 30, 2012
	588,403	November 30, 2013
	736,482	November 30, 2016
	842,953	November 30, 2017
Pennsylvania	$ 41,331	November 30, 2010
	502,868	November 30, 2012
	389,289	November 30, 2013
	800,874	November 30, 2016

As of May 31, 2010, 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, 2009 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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trusts Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. 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 residual interest bonds, 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 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 terminating the SPV. Should the Trust exercise such right, it would pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying Fixed Rate Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, 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

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to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying bond, bankruptcy of or payment failure by the issuer of the underlying bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. 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 of the related trust. At May 31, 2010, the amounts of the Trusts Floating Rate Notes and related interest rates and collateral were as follows:

	Floating	Interest Rate	Collateral — for Floating
	Rate	or Range of	Rate
	Notes	Interest	Notes
Trust	Outstanding	Rates
(%)	Outstanding
California	$ 20,535,000	0.29 0.39	$ 27,920,498
Massachusetts	4,885,000	0.29 0.32	6,567,540
New Jersey	14,572,000	0.29 0.38	19,827,361
New York	20,475,000	0.29 0.38	26,748,885
Ohio	830,000	0.44	1,321,505
Pennsylvania	2,370,000	0.30 0.49	4,496,171

For the six months ended May 31, 2010, the Trusts average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

	Average
	Floating Rate
	Notes	Average
Trust	Outstanding	Interest
Rate
California	$ 19,172,143	0.78 %
Massachusetts	4,023,571	0.76
New Jersey	12,780,791	0.80
New York	17,935,385	0.78
Ohio	830,000	0.79
Pennsylvania	2,370,000	0.95

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 Trusts had no shortfalls as of May 31, 2010.

The Trusts may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying fixed rate bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to Inverse Floaters purchased in a secondary market transaction are disclosed in the Portfolio of Investments. 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 except as permitted by the 1940 Act. 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 in the Trusts Statement 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. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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

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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 the Trusts Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.

M Interim Financial Statements The interim financial statements relating to May 31, 2010 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Auction Preferred Shares

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

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 up to 0.15% of the liquidation value of the APS to broker-dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3 Distributions to Shareholders

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, (reduced by available capital loss carryforwards from prior years, 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 the APS at May 31, 2010, and the amount of dividends paid (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the six months then ended were as follows:

	APS	Dividends	Average APS	Dividend
	Dividend Rates
at	Paid to APS	Dividend	Rate
Trust	May 31,
2010	Shareholders	Rates	Ranges
(%)
California	0.46 %	$ 97,733	0.39 %	0.240.56
Massachusetts	0.46	39,466	0.39	0.260.62
Michigan	0.43	33,978	0.39	0.240.56
New Jersey	0.46	66,205	0.40	0.240.56
New York	0.43	65,171	0.39	0.240.56
Ohio	0.44	44,596	0.39	0.260.58
Pennsylvania	0.46	41,680	0.39	0.260.62

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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 May 31, 2010.

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. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

4 Investment Adviser Fee and Other Transactions with Affiliates

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. Pursuant to a fee reduction agreement between each Trust and EVM, commencing May 1, 2010, the annual adviser fee rate will be reduced by 0.015% and an additional 0.015% every May 1 thereafter for the next nineteen years. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. 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 six months ended May 31, 2010, the investment adviser fee and administration fee were as follows:

| Trust | Investment — Adviser
Fee | Administration
Fee |
| --- | --- | --- |
| California | $ 523,152 | $ 150,025 |
| Massachusetts | 207,417 | 59,481 |
| Michigan | 157,784 | 45,248 |
| New Jersey | 355,965 | 102,079 |
| New York | 408,096 | 117,031 |
| Ohio | 217,079 | 62,251 |
| Pennsylvania | 207,561 | 59,522 |

During the six months ended May 31, 2010, EVM reimbursed the Massachusetts Trust $989 for a trading error. The effect of the loss incurred and the reimbursement by EVM of such amount had no impact on total return.

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 six months ended May 31, 2010, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2010 were as follows:

Trust	Purchases	Sales
California	$ 10,776,707	$ 11,142,439
Massachusetts	4,900,603	3,635,253
Michigan	1,917,988	782,989
New Jersey	6,904,449	5,225,252
New York	14,248,917	7,433,907
Ohio	5,518,600	4,353,372
Pennsylvania	3,619,739	2,755,766

6 Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts dividend reinvestment plan for the six months ended May 31, 2010 and the year ended November 30, 2009 were as follows:

| | Six Months
Ended | Year End |
| --- | --- | --- |
| | May 31, 2010 | November 30, |
| Trust | (Unaudited) | 2009 |
| California | | 10,321 |
| Massachusetts | 6,198 | 8,904 |
| Michigan | | |
| New Jersey | 14,079 | 3,303 |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

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| | Six Months
Ended | Year End |
| --- | --- | --- |
| | May 31, 2010 | November 30, |
| Trust | (Unaudited) | 2009 |
| New York | 18,168 | 27,904 |
| Ohio | 4,671 | 3,722 |
| Pennsylvania | 2,118 | 1,208 |

7 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2010, as determined on a federal income tax basis, were as follows:

California Trust — Aggregate cost	$ 140,785,790
Gross unrealized appreciation	$ 6,573,739
Gross unrealized depreciation	(6,878,481	)
Net unrealized depreciation	$ (304,742	)
Massachusetts Trust
Aggregate cost	$ 58,127,040
Gross unrealized appreciation	$ 2,337,829
Gross unrealized depreciation	(1,426,361	)
Net unrealized appreciation	$ 911,468
Michigan Trust
Aggregate cost	$ 45,216,483
Gross unrealized appreciation	$ 1,711,680
Gross unrealized depreciation	(1,668,069	)
Net unrealized appreciation	$ 43,611
New Jersey Trust
Aggregate cost	$ 94,622,652
Gross unrealized appreciation	$ 4,342,605
Gross unrealized depreciation	(2,714,567	)
Net unrealized appreciation	$ 1,628,038
New York Trust
Aggregate cost	$ 105,560,847
Gross unrealized appreciation	$ 4,222,568
Gross unrealized depreciation	(3,726,289	)
Net unrealized appreciation	$ 496,279
Ohio Trust
Aggregate cost	$ 59,499,340
Gross unrealized appreciation	$ 2,710,992
Gross unrealized depreciation	(1,776,798	)
Net unrealized appreciation	$ 934,194
Pennsylvania Trust
Aggregate cost	$ 57,770,188
Gross unrealized appreciation	$ 2,179,192
Gross unrealized depreciation	(1,502,681	)
Net unrealized appreciation	$ 676,511

8 Overdraft Advances

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 obligated 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 May 31, 2010, the Massachusetts Trust and Pennsylvania Trust had payments due to SSBT pursuant to the foregoing arrangement of $734,848 and $226,139, respectively.

9 Financial Instruments

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 do 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 May 31, 2010 is as follows:

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Eaton Vance Municipal Income Trusts as of May 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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| Futures
Contracts | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | | | Net |
| | Expiration | | | Aggregate | | | | Unrealized |
| Trust | Date | Contracts | Position | Cost | | Value | | Appreciation |
| California | 9/10 | 72 U.S. 30-Year Treasury Bond | Short | $ (9,002,257 | ) | $ (8,831,250 | ) | $ 171,007 |
| Michigan | 9/10 | 3 U.S. 10-Year Treasury Note | Short | $ (361,115 | ) | $ (359,625 | ) | $ 1,490 |
| | 9/10 | 2 U.S. 30-Year Treasury Bond | Short | $ (248,068 | ) | $ (245,313 | ) | $ 2,755 |
| New Jersey | 9/10 | 125 U.S. 30-Year Treasury Bond | Short | $ (15,504,234 | ) | $ (15,332,031 | ) | $ 172,203 |
| New York | 9/10 | 60 U.S. 30-Year Treasury Bond | Short | $ (7,501,881 | ) | $ (7,359,375 | ) | $ 142,506 |
| Ohio | 9/10 | 6 U.S. 10-Year Treasury Note | Short | $ (722,229 | ) | $ (719,250 | ) | $ 2,979 |
| | 9/10 | 9 U.S. 30-Year Treasury Bond | Short | $ (1,116,305 | ) | $ (1,103,906 | ) | $ 12,399 |
| Pennsylvania | 9/10 | 50 U.S. 30-Year Treasury Bond | Short | $ (6,201,694 | ) | $ (6,132,813 | ) | $ 68,881 |

| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (217,580 | ) |
| Merrill Lynch Capital Services, Inc. | 3,412,500 | 4.140 | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | (42,281 | ) |
| | | | | | $ (259,861 | ) |
| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (80,632 | ) |
| Merrill Lynch Capital Services, Inc. | 1,250,000 | 4.140 | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | (15,488 | ) |
| | | | | | $ (96,120 | ) |
| 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 | 4.140% | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | $ (4,956 | ) |
| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (139,507 | ) |
| Merrill Lynch Capital Services, Inc. | 2,187,500 | 4.140 | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | (27,104 | ) |
| | | | | | $ (166,611 | ) |
| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (163,825 | ) |
| Merrill Lynch Capital Services, Inc. | 5,200,000 | 4.140 | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | (64,429 | ) |
| | | | | | $ (228,254 | ) |
| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (83,192 | ) |
| Merrill Lynch Capital Services, Inc. | 750,000 | 4.140 | 3-month USD-LIBOR-BBA | August 24, 2010/ August 24, 2040 | (9,293 | ) |
| | | | | | $ (92,485 | ) |
| 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 | 4.609% | 3-month USD-LIBOR-BBA | June 15, 2010/ June 15, 2040 | $ (93,431 | ) |

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

At May 31, 2010, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

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Eaton Vance Municipal Income Trusts as of May 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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Each Trust is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Trusts hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, each Trust may enter into interest rate swap contracts. The Trusts may also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The Trusts enter into interest rate swap contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Trusts net assets below a certain level over a certain period of time, which would trigger a payment by the Trust for those swaps in a liability position. At May 31, 2010, the fair value of interest rate swaps with credit-related contingent features in a net liability position was equal to the fair value of the liability derivative related to interest rate swaps included in the table below for each respective Trust. The value of securities pledged as collateral, if any, for open interest rate swap contracts at May 31, 2010 is disclosed in a note to each Trusts Portfolio of Investments.

The non-exchange traded derivatives in which a Trust invests, including swap contracts, are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. At May 31, 2010, the maximum amount of loss the Trusts would incur due to counterparty risk was equal to the fair value of the asset derivative related to interest rate swaps included in the table below for each respective Trust. Counterparties may be required to pledge collateral in the form of cash, U.S. Government securities or highly-rated bonds for the benefit of a Trust if the net amount due from the counterparty with respect to a derivative contract exceeds a certain threshold. The amount of collateral posted by the counterparties with respect to such contracts would also reduce the amount of any loss incurred.

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at May 31, 2010 was as follows:

| Derivative | Fair
Value — Asset
Derivatives | | Liability
Derivatives | |
| --- | --- | --- | --- | --- |
| California Trust | | | | |
| Futures Contracts | $ 171,007 | (1) | $ | |
| Interest Rate Swaps | | | (259,861 | ) (2) |
| Total | $ 171,007 | | $ (259,861 | ) |
| Massachusetts Trust | | | | |
| Futures Contracts | $ | | $ | |
| Interest Rate Swaps | | | (96,120 | ) (2) |
| Total | $ | | $ (96,120 | ) |
| Michigan Trust | | | | |
| Futures Contracts | $ 4,245 | (1) | $ | |
| Interest Rate Swaps | | | (4,956 | ) (2) |
| Total | $ 4,245 | | $ (4,956 | ) |
| New Jersey Trust | | | | |
| Futures Contracts | $ 172,203 | (1) | $ | |
| Interest Rate Swaps | | | (166,611 | ) (2) |
| Total | $ 172,203 | | $ (166,611 | ) |
| New York Trust | | | | |
| Futures Contracts | $ 142,506 | (1) | $ | |
| Interest Rate Swaps | | | (228,254 | ) (2) |
| Total | $ 142,506 | | $ (228,254 | ) |
| Ohio Trust | | | | |
| Futures Contracts | $ 15,378 | (1) | $ | |
| Interest Rate Swaps | | | (92,485 | ) (2) |
| Total | $ 15,378 | | $ (92,485 | ) |
| Pennsylvania Trust | | | | |
| Futures Contracts | $ 68,881 | (1) | $ | |
| Interest Rate Swaps | | | (93,431 | ) (2) |
| Total | $ 68,881 | | $ (93,431 | ) |

| (1) | Amount represents cumulative unrealized appreciation on futures
contracts in the Futures Contracts table above. Only the current
days variation margin on open futures contracts is
reported within the Statement of Assets and Liabilities as
Receivable or Payable for variation margin, as applicable. |
| --- | --- |
| (2) | Statement of Assets and Liabilities location: Payable for open
swap contracts; Net unrealized appreciation (depreciation). |

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2010 was as follows:

			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation)
	Derivatives		on Derivatives
	Recognized in		Recognized in
Trust	Income (1)		Income (2)
California	$ (500,180	)	$ 230,757
Massachusetts	(1,683	)	(50,812	)
Michigan	(39,345	)	33,078
New Jersey	(797,937	)	84,830

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Eaton Vance Municipal Income Trusts as of May 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation)
	Derivatives		on Derivatives
	Recognized in		Recognized in
Trust	Income (1)		Income (2)
New York	$ (541,639	)	$ 260,589
Ohio	(49,894	)	(5,013	)
Pennsylvania	(212,935	)	102,046

| (1) | Statement of Operations location: Net realized gain
(loss) Financial futures contracts and swap
contracts. |
| --- | --- |
| (2) | Statement of Operations location: Change in unrealized
appreciation (depreciation) Financial futures
contracts and swap contracts. |

The average notional amounts of futures contracts and interest rate swaps outstanding during the six months ended May 31, 2010, which are indicative of the volume of these derivative types, were approximately as follows:

| | Average Notional
Amount — Futures | Interest |
| --- | --- | --- |
| Trust | Contacts | Rate
Swaps |
| California | $ 7,200,000 | $ 5,538,000 |
| Massachusetts | | 2,038,000 |
| Michigan | 543,000 | 400,000 |
| New Jersey | 5,357,000 | 3,550,000 |
| New York | 6,000,000 | 6,800,000 |
| Ohio | 1,543,000 | 1,563,000 |
| Pennsylvania | 5,000,000 | 913,000 |

10 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is 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.

| California
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 161,016,048 | | $ | $ 161,016,048 | |
| Total Investments | $ | $ 161,016,048 | | $ | $ 161,016,048 | |
| Futures Contracts | $ 171,007 | $ | | $ | $ 171,007 | |
| Total | $ 171,007 | $ 161,016,048 | | $ | $ 161,187,055 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (259,861 | ) | $ | $ (259,861 | ) |
| Total | $ | $ (259,861 | ) | $ | $ (259,861 | ) |

| Massachusetts
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 63,923,508 | | $ | $ 63,923,508 | |
| Total Investments | $ | $ 63,923,508 | | $ | $ 63,923,508 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (96,120 | ) | $ | $ (96,120 | ) |
| Total | $ | $ (96,120 | ) | $ | $ (96,120 | ) |

| Michigan
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 45,260,094 | | $ | $ 45,260,094 | |
| Total Investments | $ | $ 45,260,094 | | $ | $ 45,260,094 | |
| Futures Contracts | $ 4,245 | $ | | $ | $ 4,245 | |
| Total | $ 4,245 | $ 45,260,094 | | $ | $ 45,264,339 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (4,956 | ) | $ | $ (4,956 | ) |
| Total | $ | $ (4,956 | ) | $ | $ (4,956 | ) |

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Eaton Vance Municipal Income Trusts as of May 31, 2010

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONTD

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| New Jersey
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 110,822,690 | | $ | $ 110,822,690 | |
| Total Investments | $ | $ 110,822,690 | | $ | $ 110,822,690 | |
| Futures Contracts | $ 172,203 | $ | | $ | $ 172,203 | |
| Total | $ 172,203 | $ 110,822,690 | | $ | $ 110,994,893 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (166,611 | ) | $ | $ (166,611 | ) |
| Total | $ | $ (166,611 | ) | $ | $ (166,611 | ) |

| New York
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 126,532,126 | | $ | $ 126,532,126 | |
| Total Investments | $ | $ 126,532,126 | | $ | $ 126,532,126 | |
| Futures Contracts | $ 142,506 | $ | | $ | $ 142,506 | |
| Total | $ 142,506 | $ 126,532,126 | | $ | $ 126,674,632 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (228,254 | ) | $ | $ (228,254 | ) |
| Total | $ | $ (228,254 | ) | $ | $ (228,254 | ) |

| Ohio
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 61,263,534 | | $ | $ 61,263,534 | |
| Total Investments | $ | $ 61,263,534 | | $ | $ 61,263,534 | |
| Futures Contracts | $ 15,378 | $ | | $ | $ 15,378 | |
| Total | $ 15,378 | $ 61,263,534 | | $ | $ 61,278,912 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (92,485 | ) | $ | $ (92,485 | ) |
| Total | $ | $ (92,485 | ) | $ | $ (92,485 | ) |

| Pennsylvania
Trust | | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Quoted | | | | | |
| | Prices in | | | | | |
| | Active | Significant | | | | |
| | Markets for | Other | | Significant | | |
| | Identical | Observable | | Unobservable | | |
| | Assets | Inputs | | Inputs | | |
| Asset
Description | (Level
1) | (Level
2) | | (Level
3) | Total | |
| Tax-Exempt Investments | $ | $ 60,816,699 | | $ | $ 60,816,699 | |
| Total Investments | $ | $ 60,816,699 | | $ | $ 60,816,699 | |
| Futures Contracts | $ 68,881 | $ | | $ | $ 68,881 | |
| Total | $ 68,881 | $ 60,816,699 | | $ | $ 60,885,580 | |
| Liability Description | | | | | | |
| Interest Rate Swaps | $ | $ (93,431 | ) | $ | $ (93,431 | ) |
| Total | $ | $ (93,431 | ) | $ | $ (93,431 | ) |

The Trusts held no investments or other financial instruments as of November 30, 2009 whose fair value was determined using Level 3 inputs.

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Eaton Vance Municipal Income Trusts

ANNUAL MEETING OF SHAREHOLDERS (Unaudited)

Each Trust held its Annual Meeting of Shareholders on March 26, 2010. The following action was taken by the shareholders of each Trust:

Item 1: The election of Thomas E. Faust Jr., Allen R. Freedman and Ralph F. Verni as Class II Trustees of each Trust for a term expiring in 2013. Mr. Verni was elected solely by APS shareholders.

| | Nominee for Class
II | Nominee for — Class II
Trustee | Nominee for — Class II
Trustee |
| --- | --- | --- | --- |
| | Trustee Elected
by | Elected by All | Elected by All |
| | APS
Shareholders: | Shareholders: | Shareholders: |
| Trust | Ralph F.
Verni | Thomas E. Faust
Jr. | Allen R.
Freedman |
| California Trust | | | |
| For | 1,128 | 6,733,854 | 6,728,260 |
| Withheld | 46 | 92,571 | 98,165 |
| Massachusetts Trust | | | |
| For | 489 | 2,558,689 | 2,552,833 |
| Withheld | 0 | 36,239 | 42,095 |
| Michigan Trust | | | |
| For | 472 | 1,955,222 | 1,961,465 |
| Withheld | 0 | 86,825 | 80,582 |
| New Jersey Trust | | | |
| For | 810 | 4,263,043 | 4,261,995 |
| Withheld | 6 | 101,802 | 102,850 |
| Broker Non-Vote | 21 | n/a | n/a |
| New York Trust | | | |
| For | 822 | 4,804,350 | 4,799,492 |
| Withheld | 5 | 258,731 | 263,589 |
| Ohio Trust | | | |
| For | 658 | 2,581,251 | 2,581,526 |
| Withheld | 1 | 121,962 | 121,687 |
| Pennsylvania Trust | | | |
| For | 483 | 2,527,388 | 2,524,527 |
| Withheld | 4 | 51,812 | 54,673 |
| Broker Non-Vote | 20 | n/a | n/a |

Broker non-votes (i.e., proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial owner or other person entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) are treated as shares that are present at the meeting, but which have not been voted.

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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 26, 2010, 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, 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 between February and April 2010. 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 (including yield where relevant) to the investment
performance of comparable funds over various time periods; |
| | Data regarding investment performance in comparison to relevant
peer groups of similarly managed funds and appropriate indices; |
| | For each fund, comparative information concerning the fees
charged and the services provided by each adviser in managing
other mutual funds and institutional accounts using investment
strategies and techniques similar to those used in managing such
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 policies and
procedures relating to proxy voting, the handling of corporate
actions and class actions; |
| | 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; |
| | A description of Eaton Vance Managements procedures for
overseeing third party advisers and sub-advisers; |

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. |

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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONTD

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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 April 30, 2010, with respect to one or more Funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met nine, thirteen, three, eight and fifteen 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 including, where relevant, the use of derivative instruments, as well as trading policies and procedures and risk management techniques.

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 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, including recent changes to such personnel. 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 methods of the Adviser 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

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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENTS CONTD

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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 in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board 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.

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 and, where relevant, a peer group of similarly managed funds. The Board reviewed comparative performance data for the one-, three-, and five-, and for certain Funds, ten-year periods ended September 30, 2009 for each Fund in operation over such periods. The Board considered the impact of extraordinary market conditions during 2008 and 2009 on each Funds performance relative to its peer universe in light of, among other things, the Advisers long-standing strategy of generating current income through investments in higher quality (including insured) municipal bonds with longer maturities. The Board noted that the Adviser had restructured management of the municipal bond team and had implemented additional processes and tools designed to manage credit and interest rate risk. The Board concluded that appropriate actions are being taken by the Adviser to improve Fund performance and that additional time is required to evaluate the effectiveness of such actions.

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, 2009, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered that, in response to inquiries by the Contract Review Committee, the Adviser had agreed to implement a series of permanent reductions in management fees and that the first such reduction would be effective as of May 1, 2010. The Board also considered factors that had an impact on the Funds expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions being taken to reduce expenses at the Eaton Vance fund complex level.

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 are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof 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, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for a Fund and other investment advisory clients.

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

OFFICERS AND TRUSTEES

Officers Cynthia J. Clemson President of CEV, EMI, EVY, EVO and EVP; Vice President of MMV and EVJ Thomas M. Metzold President of MMV and EVJ; Vice President of CEV and EVP William H. Ahern, Jr. Vice President of EMI and EVO Craig R. Brandon Vice President of CEV and EVY Adam A. Weigold Vice President of EVP Barbara E. Campbell Treasurer Maureen A. Gemma Secretary and Chief Legal Officer Paul M. ONeil Chief Compliance Officer Trustees Ralph F. Verni Chairman Benjamin C. Esty Thomas E. Faust Jr. Allen R. Freedman William H. Park Ronald A. Pearlman Helen Frame Peters Heidi L. Steiger Lynn A. Stout

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, non-diversified, management investment company and has no employees.

Number of Shareholders

As of May 31, 2010, our records indicate that there are 99, 84, 56, 112, 98, 83 and 103 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan 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 2,643, 1,196, 1,121, 1,981, 2,326, 1,443 and 1,463 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, 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.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE Amex symbols

California Municipal Income Trust	CEV
Massachusetts Municipal Income Trust	MMV
Michigan Municipal Income Trust	EMI
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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Investment Adviser and Administrator of

Eaton Vance Municipal Income Trusts

Eaton Vance Management

Two International Place

Boston, MA 02110

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

Eaton Vance Municipal Income Trusts

Two International Place

Boston, MA 02110

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147-7/10 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), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

link2 "Item 4. Principal Accountant Fees and Services"

Item 4. Principal Accountant Fees and Services

Not required in this filing.

link2 "Item 5. Audit Committee of Listed Registrants"

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

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 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

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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

Not required in this filing.

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 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:
President
Date: July 08, 2010

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:	/s/ Barbara E. Campbell Barbara E. Campbell
	Treasurer
Date: July 08, 2010
By:	/s/ Cynthia J. Clemson
	Cynthia J. Clemson
	President
Date: July 08, 2010

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