Eaton Vance California Municipal Income Trust

N-CSR 1 b84260a1nvcsr.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

November 30, 2010 Date of Reporting Period

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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 a 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 November 30, 2010

TABLE OF CONTENTS

Managements Discussion of Fund Performance	2
Performance Information and Portfolio Composition
California Municipal Income Trust	4
Massachusetts Municipal Income Trust	5
Michigan Municipal Income Trust	6
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
Federal Tax Information	69
Dividend Reinvestment Plan	70
Board of Trustees Contract Approval	72
Management and Organization	75

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Eaton Vance Municipal Income Trusts as of November 30, 2010

MANAGEMENTS DISCUSSION OF FUND PERFORMANCE

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

The U.S. economy continued its slow recovery during the fiscal year ending November 30, 2010, even as concerns about high unemployment and budget deficits provoked ongoing skittishness in the capital markets. The U.S. economy grew at an annualized rate of 3.7% in the first quarter of 2010, but slowed to 1.7% in the second quarter, according to the U.S. Department of Commerce. Third quarter GDP improved slightly to an annualized rate of 2.5%, although it was still too low to generate meaningful job growth.

Municipal bond performance was positive for the fiscal year, in spite of ongoing negative media attention on the tax-exempt sector. Solid performance resulted in part from continued investor concern about the strength of the economic recovery, benefiting investments such as higher-quality municipals and Treasuries. During July and August 2010, the market was bolstered by very light issuance and sustained demand, as well as a flight to quality, while in September 2010, investors took on more risk, helping the higher-yielding, lower-rated sectors of the market. As the period drew to a close, however, a significant technical dislocation occurred, in which strong supply met with weak demand, driving prices down (and yields up). Municipalities ramped up new issuance on concerns over the potential for higher yields in 2011 and uncertainty over the extension of the Build America Bond program.

Against this backdrop the Barclays Capital Municipal Bond Index (the Index) 1 an unmanaged index of municipal bonds traded in the U.S.gained 4.76% for the fiscal year ending November 30, 2010. Long-term bonds, represented by the Barclays Capital Long (22+) Municipal Bond Indexan unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or morehad the strongest performance, gaining 6.14% during the period. Intermediate-maturity bonds, represented by the 7-year segment of the Index, gained 5.51%, while shorter-maturity bonds in the 5-year segment of the Index returned 4.41%.

1 It is not possible to invest directly in an Index. The Indices total returns do not reflect expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Indices.

Past performance is no guarantee of future results.

Management Discussion

During the year ending November 30, 2010, the Trusts outperformed the Index at net asset value (NAV), with the exception of Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust) and Eaton Vance Ohio Municipal Income Trust (Ohio Trust), which under-performed the Index at NAV. Overall, several factors contributed positively to the relative performance of the Trusts. The longer end of the yield curve outperformed during the period as investors sought higher yields. As a result, the Trusts longer duration positioning generally benefited their performance. This duration positioning was the biggest overall positive factor during the period. By and large, overweighted positions in revenue bonds were also helpful, as were overweight positions in BBB-rated issues. Holdings of zero-coupon and high-coupon bonds generally bolstered the Trusts performance relative to the Index as well.

The Trusts were hedged using a combination of Treasury futures and/or interest-rate swapsan ongoing strategy that management has employed for many years that is designed to help mitigate volatility and interest-rate risk over time. During the second half of the fiscal year, the developing economic situation in Europe bolstered fixed-income markets, including the U.S. Treasury market. As a result, the Trusts hedges moderated their upside returns during the fiscal year. Looking specifically at the New Jersey and Ohio Trusts, security selection limited returns.

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 year, the Trusts leverage generally helped their relative performance.

As we move ahead, we continue to focus on state and local government budget deficits, which likely peaked in 2010 or are expected to peak in early 2011. The decline in tax revenues appears to be reaching a bottom, with some municipalities realizing growth in tax receipts due to a combination of slim economic growth and an increase in actual tax rates. However, spending continues to grow faster than tax receipts despite deep spending cuts enacted by some government officials.

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 November 30, 2010

MANAGEMENTS DISCUSSION OF FUND PERFORMANCE

We will continue to analyze any new developments and solutions that government leaders formulate to address their fiscal problems.

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 the New Jersey 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 EVM 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 November 30, 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 November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	CEV
Average Annual Total Returns (by market price)
One Year	9.25 %
Five Years	4.04
10 Years	6.94
Life of Trust (1/29/99)	4.52
Average Annual Total Returns (by net asset value)
One Year	7.73 %
Five Years	1.52
10 Years	5.64
Life of Trust (1/29/99)	4.52
Premium/(Discount) to NAV	0.08 %
Market Yields
Market Yield 2	7.15 %
Taxable-Equivalent Market Yield 3	12.30

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper California Municipal Debt Funds Classification (by net asset value)
One Year	7.47 %
Five Years	2.84
10 Years	5.42

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. 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 11/30/10 is as follows:

AAA	16.7
AA	36.6 %
A	29.5 %
BBB	9.7 %
Not Rated	7.5 %

Trust Statistics 7

Number of Issues: — Average Maturity:	21.5	years
Average Effective Maturity:	14.5	years
Average Call Protection:	7.2	years
Average Dollar Price:	$ 89.73
APS Leverage ** :	31.3	%
RIB Leverage ** :	12.8	%

| ** | APS leverage represents the liquidation value of the Trusts Auction Preferred Shares (APS)
outstanding as of 11/30/10 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 11/30/10 as a percentage of the Trusts net assets applicable to common shares
plus APS and Floating Rate Notes. |
| --- | --- |
| 1 | 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 24, 23 and 13 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating Distribution
is determined by dividing the total market value of the issues by the total investments of the
Trust. 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 November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	MMV
Average Annual Total Returns (by market price)
One Year	12.38 %
Five Years	4.47
10 Years	8.77
Life of Trust (1/29/99)	5.34
Average Annual Total Returns (by net asset value)
One Year	8.16 %
Five Years	3.54
10 Years	7.03
Life of Trust (1/29/99)	5.22
Premium/(Discount) to NAV	1.38 %
Market Yields
Market Yield 2	6.48 %
Taxable-Equivalent Market Yield 3	10.53

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
One Year	6.04 %
Five Years	4.23
10 Years	5.85

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 11/30/10 is as follows:

AAA	6.3
AA	39.3 %
A	39.7 %
BBB	9.7 %
BB	1.3 %
Not Rated	3.7 %

Trust Statistics 7

Number of Issues: — Average Maturity:	25.5	years
Average Effective Maturity:	16.8	years
Average Call Protection:	9.4	years
Average Dollar Price:	$ 96.31
APS Leverage ** :	32.0	%
RIB Leverage ** :	7.8	%

| ** | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 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 11/30/10 as a percentage of
the Trusts net assets applicable to common shares plus APS and
Floating Rate Notes. |
| --- | --- |
| 1 | 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 and 20 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating
Distribution is determined by dividing the total market value of the issues by the total
investments of the Trust. 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 November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EMI
Average Annual Total Returns (by market price)
One Year	12.36 %
Five Years	3.70
10 Years	7.83
Life of Trust (1/29/99)	4.25
Average Annual Total Returns (by net asset value)
One Year	6.57 %
Five Years	3.06
10 Years	6.10
Life of Trust (1/29/99)	4.80
Premium/(Discount) to NAV	-6.06 %
Market Yields
Market Yield 2	7.10 %
Taxable-Equivalent Market Yield 3	11.42

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper Michigan Municipal Debt Funds Classification (by net asset value)
One Year	6.08 %
Five Years	3.80
10 Years	5.91

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

Rating Distribution 6

By total investments

Trust Statistics

Number of Issues: — Average Maturity:	21.1	years
Average Effective Maturity:	14.0	years
Average Call Protection:	6.3	years
Average Dollar Price:	$ 95.27
APS Leverage * :	39.1	%

| * | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 as a
percentage of the Trusts net assets applicable to common shares
plus APS. |
| --- | --- |
| 1 | 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 and 3
funds for the 1-year, 5-year and 10-year time periods, respectively. Lipper Averages are available
as of month end only. 6 Rating Distribution is determined by dividing the total
market value of the issues by the total investments of the Trust. 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. |

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Eaton Vance New Jersey Municipal Income Trust as of November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVJ
Average Annual Total Returns (by market price)
One Year	3.10 %
Five Years	5.19
10 Years	8.82
Life of Trust (1/29/99)	5.32
Average Annual Total Returns (by net asset value)
One Year	4.62 %
Five Years	3.37
10 Years	6.83
Life of Trust (1/29/99)	5.15
Premium/(Discount) to NAV	1.96 %
Market Yields
Market Yield 2	7.01 %
Taxable-Equivalent Market Yield 3	11.85

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper New Jersey Municipal Debt Funds Classification (by net asset value)
One Year	6.88 %
Five Years	4.05
10 Years	5.82

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 11/30/10 is as follows:

AAA	10.5
AA	38.9 %
A	30.1 %
BBB	18.4 %
B	1.3 %
Not Rated	0.8 %

Trust Statistics 7

Number of Issues: — Average Maturity:	24.3	years
Average Effective Maturity:	15.3	years
Average Call Protection:	7.9	years
Average Dollar Price:	$ 93.01
APS Leverage ** :	30.5	%
RIB Leverage ** :	13.3	%

| ** | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 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 11/30/10 as a percentage of
the Trusts net assets applicable to common shares plus APS and
Floating Rate Notes. |
| --- | --- |
| 1 | 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, 11 and 6 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating
Distribution is determined by dividing the total market value of the issues by the total
investments of the Trust. 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. |

Folio 7 /Folio

PAGEBREAK

Eaton Vance New York Municipal Income Trust as of November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVY
Average Annual Total Returns (by market price)
One Year	8.16 %
Five Years	3.73
10 Years	8.75
Life of Trust (1/29/99)	5.28
Average Annual Total Returns (by net asset value)
One Year	8.48 %
Five Years	2.46
10 Years	6.50
Life of Trust (1/29/99)	5.12
Premium/(Discount) to NAV	1.83 %
Market Yields
Market Yield 2	6.82 %
Taxable-Equivalent Market Yield 3	11.53

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper New York Municipal Debt Funds Classification (by net asset value)
One Year	7.28 %
Five Years	3.46
10 Years	5.78

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 11/30/10 is as follows:

AAA	14.0
AA	35.4 %
A	22.7 %
BBB	14.2 %
BB	3.5 %
B	1.9 %
CCC	0.9 %
Not Rated	7.4 %

Trust Statistics 7

Number of Issues: — Average Maturity:	23.8	years
Average Effective Maturity:	15.3	years
Average Call Protection:	8.1	years
Average Dollar Price:	$ 94.14
APS Leverage ** :	26.9	%
RIB Leverage ** :	16.3	%

| ** | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 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 11/30/10 as a percentage of
the Trusts net assets applicable to common shares plus APS and
Floating Rate Notes. |
| --- | --- |
| 1 | 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, 19 and 8 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating
Distribution is determined by dividing the total market value of the issues by the total
investments of the Trust. 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. |

Folio 8 /Folio

PAGEBREAK

Eaton Vance Ohio Municipal Income Trust as of November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVO
Average Annual Total Returns (by market price)
One Year	6.64 %
Five Years	4.65
10 Years	7.90
Life of Trust (1/29/99)	5.05
Average Annual Total Returns (by net asset value)
One Year	3.96 %
Five Years	3.20
10 Years	6.42
Life of Trust (1/29/99)	4.89
Premium/(Discount) to NAV	1.90 %
Market Yields
Market Yield 2	6.64 %
Taxable-Equivalent Market Yield 3	10.90

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper Other States Municipal Debt Funds Classification (by net asset value)
One Year	6.04 %
Five Years	4.23
10 Years	5.85

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 11/30/10 is as follows:

AAA	9.4
AA	56.8 %
A	19.2 %
BBB	9.9 %
B	1.1 %
Not Rated	3.6 %

Trust Statistics 7

Number of Issues: — Average Maturity:	22.2	years
Average Effective Maturity:	14.3	years
Average Call Protection:	8.7	years
Average Dollar Price:	$ 94.38
APS Leverage ** :	36.4	%
RIB Leverage ** :	3.7	%

| ** | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 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 11/30/10 as a percentage of
the Trusts net assets applicable to common shares plus APS and
Floating Rate Notes. Floating Rate Notes in both calculations
reflect the effect of RIBs purchased in secondary market
transactions. |
| --- | --- |
| 1 | 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 and 20 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating
Distribution is determined by dividing the total market value of the issues by the total
investments of the Trust. 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. |

Folio 9 /Folio

PAGEBREAK

Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010

PERFORMANCE INFORMATION AND PORTFOLIO COMPOSITION

Performance 1
NYSE Amex Symbol	EVP
Average Annual Total Returns (by market price)
One Year	5.57 %
Five Years	3.25
10 Years	8.28
Life of Trust (1/29/99)	4.78
Average Annual Total Returns (by net asset value)
One Year	6.13 %
Five Years	3.59
10 Years	6.48
Life of Trust (1/29/99)	5.05
Premium/(Discount) to NAV	-3.00 %
Market Yields
Market Yield 2	6.71 %
Taxable-Equivalent Market Yield 3	10.65

Index Performance 4 (Average Annual Total Returns)

Municipal Bond Index	Municipal Bond Index
One Year	4.76 %	6.14 %
Five Years	4.67	3.70
10 Years	5.30	5.53

Lipper Averages 5 (Average Annual Total Returns)

Lipper Pennsylvania Municipal Debt Funds Classification (by net asset value)
One Year	6.63 %
Five Years	3.80
10 Years	5.67

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 11/30/10 is as follows:

AAA	3.9
AA	50.9 %
A	29.6 %
BBB	6.1 %
BB	0.8 %
CCC	2.1 %
CC	0.8 %
Not Rated	5.8 %

Trust Statistics 7

Number of Issues: — Average Maturity:	22.1	years
Average Effective Maturity:	15.6	years
Average Call Protection:	7.7	years
Average Dollar Price:	$ 96.04
APS Leverage ** :	35.4	%
RIB Leverage ** :	4.0	%

| ** | APS leverage represents the liquidation value of the Trusts
Auction Preferred Shares (APS) outstanding as of 11/30/10 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 11/30/10 as a percentage of
the Trusts net assets applicable to common shares plus APS and
Floating Rate Notes. |
| --- | --- |
| 1 | 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, 8 and 5 funds for the 1-year, 5-year and 10-year time periods,
respectively. Lipper Averages are available as of month end only. 6 Rating
Distribution is determined by dividing the total market value of the issues by the total
investments of the Trust. 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. |

Folio 10 /Folio

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Eaton Vance California Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 176.4% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 20.9% | | |
| $ 1,000 | California Educational Facilities Authority,
(California Institute of Technology), 5.00%, 11/1/39 | $ 1,051,750 |
| 2,000 | California Educational Facilities Authority,
(Claremont McKenna College), 5.00%, 1/1/39 | 2,036,520 |
| 745 | California Educational Facilities Authority,
(Loyola Marymount University), 5.00%, 10/1/30 | 753,970 |
| 2,770 | California Educational Facilities Authority,
(Lutheran University), 5.00%, 10/1/29 | 2,535,658 |
| 1,105 | California Educational Facilities Authority,
(Pomona College), 5.00%, 7/1/45 | 1,124,183 |
| 1,600 | California Educational Facilities Authority,
(Santa Clara University), 5.00%, 9/1/23 | 1,736,336 |
| 4,000 | California Educational Facilities Authority,
(Stanford University),
5.125%, 1/1/31 (1) | 4,011,600 |
| 1,500 | California Educational Facilities Authority,
(Stanford University), 5.25%, 4/1/40 | 1,712,910 |
| 2,500 | San Diego County, Certificates of Participation, (University of
San Diego), 5.375%, 10/1/41 | 2,440,950 |
| 1,250 | University of California, 5.25%, 5/15/39 | 1,295,300 |
| | | $ 18,699,177 |
| Electric
Utilities 7.4% | | |
| $ 270 | Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34 | $ 294,994 |
| 2,275 | Chula Vista, (San Diego Gas and Electric), (AMT),
5.00%, 12/1/27 | 2,291,699 |
| 1,020 | Los Angeles Department of Water and Power, 5.25%, 7/1/38 | 1,057,709 |
| 1,500 | Northern California Power Agency, 5.25%, 8/1/24 | 1,585,980 |
| 1,300 | Vernon, Electric System Revenue, 5.125%, 8/1/21 | 1,340,196 |
| | | $ 6,570,578 |
| General
Obligations 17.6% | | |
| $ 1,600 | California,
5.50%, 11/1/35 (2) | $ 1,618,832 |
| 750 | California, 6.00%, 4/1/38 | 785,715 |
| 1,590 | California, (AMT), 5.05%, 12/1/36 | 1,447,727 |
| 3,655 | Palo Alto, (Election of 2008), 5.00%, 8/1/40 | 3,789,540 |
| 4,770 | San Francisco Bay Area Rapid Transit District, (Election of
2004),
4.75%, 8/1/37 (3) | 4,800,862 |
| 3,180 | Santa Clara County, (Election of 2008),
5.00%, 8/1/39 (3)(4) | 3,268,754 |
| | | $ 15,711,430 |
| Hospital 29.0% | | |
| $ 1,000 | California Health Facilities Financing Authority,
(Catholic Healthcare West), 5.625%, 7/1/32 | $ 1,015,460 |
| 2,310 | California Health Facilities Financing Authority, (Cedars-Sinai Medical Center), 5.00%, 8/15/39 | 2,162,992 |
| 1,500 | California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38 | 1,681,425 |
| 3,480 | California Health Facilities Financing Authority,
(Sutter Health),
5.25%, 11/15/46 (3) | 3,359,000 |
| 750 | California Infrastructure and Economic Development Bank, (Kaiser
Hospital), 5.50%, 8/1/31 | 757,898 |
| 1,245 | California Statewide Communities Development Authority, (Cottage
Health System), 5.00%, 11/1/40 | 1,171,445 |
| 2,535 | California Statewide Communities Development Authority,
(Huntington Memorial Hospital), 5.00%, 7/1/35 | 2,401,076 |
| 1,150 | California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34 | 1,081,495 |
| 1,350 | California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36 | 1,262,857 |
| 1,565 | California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32 | 1,572,825 |
| 1,750 | California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29 | 1,723,522 |
| 1,500 | California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28 | 1,545,270 |
| 1,900 | Torrance Hospital, (Torrance Memorial Medical Center),
5.50%, 6/1/31 | 1,907,315 |
| 1,220 | Turlock, (Emanuel Medical Center, Inc.), 5.375%, 10/15/34 | 1,085,641 |
| 2,780 | Washington Township Health Care District, 5.00%, 7/1/32 | 2,562,604 |
| 700 | Washington Township Health Care District, 5.25%, 7/1/29 | 673,449 |
| | | $ 25,964,274 |
| Housing 1.2% | | |
| $ 699 | Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29 | $ 663,085 |
| 410 | Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29 | 381,944 |
| | | $ 1,045,029 |
| Industrial
Development Revenue 3.3% | | |
| $ 1,235 | California Pollution Control Financing Authority,
(Waste Management, Inc.), (AMT), 5.125%, 11/1/23 | $ 1,247,486 |
| 2,000 | California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46 | 1,727,740 |
| | | $ 2,975,226 |

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Eaton Vance California Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

XBRL Pagebreak End XBRL Table Pagebreak

| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Education 4.4% | | |
| $ 495 | California Educational Facilities Authority,
(Pepperdine University), (AMBAC), 5.00%, 12/1/35 | $ 487,016 |
| 1,250 | California Educational Facilities Authority,
(Santa Clara University), (NPFG), 5.00%, 9/1/23 | 1,356,513 |
| 2,140 | California State University, (AMBAC), 5.00%, 11/1/33 | 2,128,358 |
| | | $ 3,971,887 |
| Insured-Electric
Utilities 6.4% | | |
| $ 2,500 | California Pollution Control Financing Authority,
(Pacific Gas and Electric), (NPFG), (AMT),
5.35%, 12/1/16 | $ 2,572,150 |
| 3,250 | California Pollution Control Financing Authority, (Southern
California Edison Co.), (NPFG), (AMT), 5.55%, 9/1/31 | 3,150,453 |
| | | $ 5,722,603 |
| Insured-Escrowed / Prerefunded 3.2% | | |
| $ 5,130 | Foothill/Eastern Transportation Corridor Agency, Toll Road
Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26 | $ 2,818,319 |
| | | $ 2,818,319 |
| Insured-General
Obligations 6.5% | | |
| $ 7,000 | Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/34 | $ 1,527,470 |
| 4,825 | Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35 | 978,607 |
| 7,995 | Sweetwater Union High School District,
(Election of 2000), (AGM),
0.00%, 8/1/25 (5) | 3,335,034 |
| | | $ 5,841,111 |
| Insured-Hospital 13.9% | | |
| $ 2,900 | California Health Facilities Financing Authority,
(Kaiser Permanente), (BHAC), 5.00%, 4/1/37 | $ 2,905,858 |
| 750 | California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41 (3) | 743,580 |
| 3,750 | California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27 (3) | 3,770,657 |
| 5,000 | California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC),
5.00%, 11/15/38 (3) | 4,988,650 |
| | | $ 12,408,745 |
| Insured-Lease
Revenue / Certificates of
Participation 11.4% | | |
| $ 5,510 | Anaheim Public Financing Authority, (Public Improvements),
(AGM), 0.00%, 9/1/17 | $ 4,263,858 |
| 2,000 | Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27 | 2,426,620 |
| 3,500 | San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38 (3) | 3,522,505 |
| | | $ 10,212,983 |
| Insured-Special
Tax Revenue 3.5% | | |
| $ 21,285 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 1,195,365 |
| 4,220 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 499,437 |
| 8,355 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 922,810 |
| 5,270 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 543,021 |
| | | $ 3,160,633 |
| Insured-Transportation 9.6% | | |
| $ 5,000 | Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29 | $ 1,411,150 |
| 8,000 | Alameda Corridor Transportation Authority, (NPFG),
0.00%, 10/1/31 | 1,966,160 |
| 740 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (3) | 744,470 |
| 10,000 | San Joaquin Hills Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32 | 1,812,600 |
| 1,320 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
5.00%, 3/1/37 | 1,252,455 |
| 1,350 | San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47 | 1,391,796 |
| | | $ 8,578,631 |
| Insured-Water
and Sewer 5.8% | | |
| $ 1,725 | East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG), 5.00%, 6/1/32 | $ 1,772,179 |
| 4,400 | Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30 | 3,432,352 |
| | | $ 5,204,531 |
| Other
Revenue 2.2% | | |
| $ 385 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32 | $ 366,024 |
| 580 | California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37 | 540,612 |

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Eaton Vance California Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

XBRL Pagebreak End XBRL Table Pagebreak

| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Other
Revenue (continued) | | | |
| $ 980 | Golden State Tobacco Securitization Corp., 5.30%, (0.00% until
12/1/12), 6/1/37 | $ 592,410 | |
| 640 | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47 | 459,507 | |
| | | $ 1,958,553 | |
| Senior
Living / Life Care 1.5% | | | |
| $ 175 | California Statewide Communities Development Authority, (Senior
Living -Presbyterian Homes), 4.75%, 11/15/26 | $ 154,222 | |
| 700 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 4.875%, 11/15/36 | 579,481 | |
| 600 | California Statewide Communities Development Authority, (Senior
Living - Presbyterian Homes), 7.25%, 11/15/41 | 643,212 | |
| | | $ 1,376,915 | |
| Special
Tax Revenue 15.9% | | | |
| $ 1,000 | Bonita Canyon Public Financing Authority, 5.375%, 9/1/28 | $ 897,950 | |
| 285 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26 | 226,227 | |
| 460 | Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34 | 340,170 | |
| 970 | Corona Public Financing Authority, 5.80%, 9/1/20 | 950,833 | |
| 200 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27 | 168,370 | |
| 500 | Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36 | 396,840 | |
| 1,590 | Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27 | 1,575,340 | |
| 895 | Lincoln Public Financing Authority, Improvement Bond Act of
1915, (Twelve Bridges), 6.20%, 9/2/25 | 895,680 | |
| 420 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24 | 415,636 | |
| 750 | Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29 | 731,663 | |
| 2,245 | Oakland Joint Powers Financing Authority, 5.40%, 9/2/18 | 2,278,787 | |
| 930 | Oakland Joint Powers Financing Authority, 5.50%, 9/2/24 | 941,597 | |
| 1,095 | Santa Margarita Water District, 6.20%, 9/1/20 | 1,114,896 | |
| 250 | Santaluz Community Facilities District No. 2,
6.10%, 9/1/21 | 250,190 | |
| 490 | Santaluz Community Facilities District No. 2,
6.20%, 9/1/30 | 479,578 | |
| 250 | Temecula Unified School District, 5.00%, 9/1/27 | 220,175 | |
| 400 | Temecula Unified School District, 5.00%, 9/1/37 | 334,476 | |
| 500 | Turlock Public Financing Authority, 5.45%, 9/1/24 | 500,430 | |
| 500 | Tustin Community Facilities District, 6.00%, 9/1/37 | 488,240 | |
| 1,000 | Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23 | 966,760 | |
| | | $ 14,173,838 | |
| Transportation 7.6% | | | |
| $ 2,000 | Bay Area Toll Authority, Toll Bridge Revenue,
(San Francisco Bay Area), 5.00%, 4/1/31 | $ 2,022,720 | |
| 2,120 | Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35 (3)(4) | 2,108,107 | |
| 1,500 | Los Angeles Department of Airports, (Los Angeles International
Airport), (AMT), 5.375%, 5/15/30 | 1,530,420 | |
| 1,170 | Port of Redwood City, (AMT), 5.125%, 6/1/30 | 1,100,584 | |
| | | $ 6,761,831 | |
| Water
and Sewer 5.1% | | | |
| $ 1,840 | California Department of Water Resources, 5.00%, 12/1/29 | $ 1,944,199 | |
| 2,500 | Metropolitan Water District of Southern California, (Waterworks
Revenue Authorization), 5.00%, 1/1/34 | 2,596,725 | |
| | | $ 4,540,924 | |
| Total
Tax-Exempt Investments 176.4% | | | |
| (identified
cost $162,760,725) | | $ 157,697,218 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(55.9)% | | $ (49,977,422 | ) |
| Other
Assets, Less Liabilities (20.5)% | | $ (18,324,677 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 89,395,119 | |

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.

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Eaton Vance California Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 36.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.5% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | When-issued security. |
| (3) | Security represents the underlying municipal bond of an inverse
floater (see Note 1H). |
| (4) | Security (or a portion thereof) has been pledged as collateral
for inverse floating-rate security transactions. The aggregate
value of such collateral is $1,401,861. |
| (5) | Security (or a portion thereof) has been segregated to cover
payable for when-issued securities. |

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 163.3% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 45.0% | | |
| $ 2,290 | Massachusetts Development Finance Agency,
(Boston University), 5.45%, 5/15/59 | $ 2,352,563 |
| 600 | Massachusetts Development Finance Agency,
(Middlesex School), 5.00%, 9/1/33 | 603,402 |
| 1,240 | Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35 | 1,267,280 |
| 1,500 | Massachusetts Development Finance Agency, (Mount Holyoke
College), 5.00%, 7/1/36 | 1,524,075 |
| 1,000 | Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38 | 931,190 |
| 1,500 | Massachusetts Development Finance Agency, (Wheeler School),
6.50%, 12/1/29 | 1,500,630 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32 | 1,517,205 |
| 1,840 | Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.50%, 6/1/35 | 2,077,489 |
| 1,500 | Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38 (1) | 1,571,040 |
| 415 | Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology), 5.00%, 7/1/38 | 434,036 |
| 1,350 | Massachusetts Health and Educational Facilities Authority,
(Northeastern University), 5.00%, 10/1/35 | 1,356,156 |
| 1,750 | Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38 | 1,853,950 |
| | | $ 16,989,016 |
| Electric
Utilities 7.4% | | |
| $ 1,000 | Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30 | $ 1,017,230 |
| 1,870 | Massachusetts Development Finance Agency, (Dominion Energy
Brayton Point), (AMT), 5.00%, 2/1/36 | 1,789,889 |
| | | $ 2,807,119 |
| Escrowed / Prerefunded 1.2% | | |
| $ 400 | Massachusetts Development Finance Agency, (Western New
England College), Prefunded to 12/1/12, 6.125%, 12/1/32 | $ 446,352 |
| | | $ 446,352 |
| General
Obligations 2.1% | | |
| $ 750 | Newton, 5.00%, 4/1/36 | $ 790,440 |
| | | $ 790,440 |
| Hospital 24.6% | | |
| $ 1,000 | Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center, Inc.), 5.75%, 7/1/36 | $ 1,039,760 |
| 400 | Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31 | 404,088 |
| 500 | Massachusetts Health and Educational Facilities Authority,
(Childrens Hospital), 5.25%, 12/1/39 | 513,715 |
| 1,135 | Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37 | 1,138,337 |
| 885 | Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31 | 898,921 |
| 755 | Massachusetts Health and Educational Facilities Authority,
(Jordan Hospital), 6.75%, 10/1/33 | 728,960 |
| 420 | Massachusetts Health and Educational Facilities Authority,
(Lowell General Hospital), 5.125%, 7/1/35 | 397,803 |
| 2,000 | Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System),
5.00%, 7/1/32 (1) | 2,006,580 |
| 675 | Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29 | 675,230 |
| 1,255 | Massachusetts Health and Educational Facilities Authority,
(Southcoast Health System), 5.00%, 7/1/39 | 1,206,971 |
| 300 | Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), 5.25%, 7/1/38 | 279,357 |
| | | $ 9,289,722 |
| Housing 14.4% | | |
| $ 2,100 | Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48 | $ 1,883,994 |
| 1,000 | Massachusetts Housing Finance Agency, (AMT), 4.85%, 6/1/40 | 933,380 |
| 650 | Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28 | 646,945 |
| 2,000 | Massachusetts Housing Finance Agency, (AMT), 5.10%, 12/1/37 | 1,948,500 |
| | | $ 5,412,819 |
| Industrial
Development Revenue 1.9% | | |
| $ 695 | Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15 | $ 696,181 |
| | | $ 696,181 |
| Insured-Education 11.1% | | |
| $ 1,000 | Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39 | $ 1,089,360 |
| 1,365 | Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32 (1) | 1,492,996 |
| 1,600 | Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33 | 1,608,752 |
| | | $ 4,191,108 |

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities 1.5% | | |
| $ 570 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | $ 582,232 |
| | | $ 582,232 |
| Insured-General
Obligations 3.1% | | |
| $ 1,000 | Massachusetts, (AMBAC), 5.50%, 8/1/30 | $ 1,166,180 |
| | | $ 1,166,180 |
| Insured-Hospital 1.1% | | |
| $ 400 | Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare), (AGC), 5.00%, 11/15/25 | $ 402,144 |
| | | $ 402,144 |
| Insured-Other
Revenue 3.5% | | |
| $ 1,225 | Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42 | $ 1,315,344 |
| | | $ 1,315,344 |
| Insured-Special
Tax Revenue 13.7% | | |
| $ 1,450 | Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32 | $ 1,457,482 |
| 1,000 | Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29 | 1,077,010 |
| 1,340 | Massachusetts School Building Authority, Dedicated Sales Tax
Revenue, (AMBAC),
5.00%, 8/15/37 (1) | 1,369,386 |
| 7,595 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 426,535 |
| 2,525 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 298,834 |
| 3,005 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 331,903 |
| 1,905 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 196,291 |
| | | $ 5,157,441 |
| Insured-Student
Loan 5.8% | | |
| $ 485 | Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30 | $ 505,573 |
| 1,885 | Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33 | 1,689,243 |
| | | $ 2,194,816 |
| Insured-Transportation 3.3% | | |
| $ 315 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/32 | $ 291,293 |
| 1,055 | Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/38 | 968,617 |
| | | $ 1,259,910 |
| Nursing
Home 1.4% | | |
| $ 535 | Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29 | $ 514,392 |
| | | $ 514,392 |
| Other
Revenue 1.4% | | |
| $ 500 | Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/22 | $ 537,535 |
| | | $ 537,535 |
| Senior
Living / Life Care 5.7% | | |
| $ 250 | Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31 | $ 212,732 |
| 1,500 | Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.625%, 7/1/29 | 1,374,585 |
| 125 | Massachusetts Development Finance Agency, (Carleton-Willard
Village), 5.625%, 12/1/30 | 124,333 |
| 140 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27 | 106,942 |
| 475 | Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41 | 330,101 |
| | | $ 2,148,693 |
| Special
Tax Revenue 7.0% | | |
| $ 1,665 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31 | $ 626,356 |
| 5,195 | Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34 | 1,602,190 |
| 75 | Virgin Islands Public Finance Authority, 5.00%, 10/1/39 | 71,370 |
| 335 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 352,072 |
| | | $ 2,651,988 |
| Transportation 5.8% | | |
| $ 1,500 | Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/37 | $ 1,507,545 |
| 670 | Massachusetts Port Authority, 5.00%, 7/1/34 | 685,604 |
| | | $ 2,193,149 |

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Eaton Vance Massachusetts Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Water
and Sewer 2.3% | | | |
| $ 1,000 | Massachusetts Water Resources Authority, 4.00%, 8/1/46 | $ 881,450 | |
| | | $ 881,450 | |
| Total
Tax-Exempt Investments 163.3% | | | |
| (identified
cost $62,327,100) | | $ 61,628,031 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(53.1)% | | $ (20,050,225 | ) |
| Other
Assets, Less Liabilities (10.2)% | | $ (3,842,851 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 37,734,955 | |

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

AGC - Assured Guaranty Corp.

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 26.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.5% to 14.5% 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 November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 158.1% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 8.3% | | |
| $ 525 | Grand Valley State University, 5.625%, 12/1/29 | $ 546,803 |
| 525 | Grand Valley State University, 5.75%, 12/1/34 | 542,183 |
| 200 | Michigan Higher Education Facilities Authority,
(Hillsdale College), 5.00%, 3/1/35 | 186,426 |
| 500 | Michigan State University, 5.00%, 2/15/40 | 516,930 |
| 460 | Michigan State University, 5.00%, 2/15/44 | 473,478 |
| | | $ 2,265,820 |
| Electric
Utilities 0.2% | | |
| $ 60 | Michigan Strategic Fund, (Detroit Edison Pollution Control),
5.45%, 9/1/29 | $ 60,062 |
| | | $ 60,062 |
| Escrowed / Prerefunded 16.3% | | |
| $ 560 | Macomb County Hospital Finance Authority, (Mount Clemens
General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34 | $ 641,771 |
| 1,250 | Michigan Higher Education Facilities Authority,
(Creative Studies), Prerefunded to 6/1/12,
5.90%, 12/1/27 | 1,346,375 |
| 750 | Michigan Hospital Finance Authority, (Sparrow Obligation Group),
Prerefunded to 11/15/11, 5.625%, 11/15/36 | 794,468 |
| 600 | Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31 | 650,370 |
| 1,000 | White Cloud Public Schools, Prerefunded to 5/1/11,
5.125%, 5/1/31 | 1,020,430 |
| | | $ 4,453,414 |
| General
Obligations 17.6% | | |
| $ 495 | Charter County of Wayne, 6.75%, 11/1/39 | $ 516,513 |
| 500 | East Grand Rapids Public School District, 5.00%, 5/1/25 | 506,850 |
| 1,500 | Kent County, 5.00%, 1/1/25 | 1,603,245 |
| 750 | Manistee Area Public Schools, 5.00%, 5/1/24 | 759,705 |
| 1,000 | Michigan, 5.00%, 11/1/20 | 1,112,360 |
| 270 | Michigan, 5.50%, 11/1/25 | 295,469 |
| | | $ 4,794,142 |
| Hospital 32.1% | | |
| $ 500 | Allegan Hospital Finance Authority, (Allegan General Hospital),
7.00%, 11/15/21 | $ 504,220 |
| 185 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25 | 165,022 |
| 125 | Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37 | 106,377 |
| 275 | Kent Hospital Finance Authority, (Spectrum Health), 5.50% to
1/15/15 (Put Date), 1/15/47 | 311,289 |
| 455 | Mecosta County (Michigan General Hospital), 6.00%, 5/15/18 | 436,268 |
| 1,000 | Michigan Hospital Finance Authority, (Central Michigan Community
Hospital), 6.25%, 10/1/27 | 999,960 |
| 750 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38 | 663,682 |
| 1,000 | Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46 | 896,340 |
| 1,080 | Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35 | 1,035,612 |
| 750 | Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21 | 752,707 |
| 500 | Michigan Hospital Finance Authority, (Mid Michigan Obligation
Group), 6.125%, 6/1/39 | 526,545 |
| 1,000 | Michigan Hospital Finance Authority, (Trinity Health Corp.),
5.00%, 12/1/27 | 1,026,130 |
| 425 | Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26 | 379,874 |
| 1,000 | Saginaw Hospital Finance Authority, (Covenant Medical Center,
Inc.), 5.00%, 7/1/30 | 940,450 |
| | | $ 8,744,476 |
| Housing 3.5% | | |
| $ 1,000 | Michigan Housing Development Authority,
(Williams Pavilion), (AMT), 4.90%, 4/20/48 | $ 965,890 |
| | | $ 965,890 |
| Industrial
Development Revenue 6.3% | | |
| $ 750 | Detroit Local Development Finance Authority,
(Chrysler Corp.), 5.375%, 5/1/21 | $ 409,178 |
| 800 | Dickinson County Economic Development Corp., (International
Paper Co.), 5.75%, 6/1/16 | 821,008 |
| 550 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 476,294 |
| | | $ 1,706,480 |
| Insured-Education 5.9% | | |
| $ 570 | Ferris State University, (AGC), 5.125%, 10/1/33 | $ 582,500 |
| 500 | Ferris State University, (AGC), 5.25%, 10/1/38 | 513,695 |
| 500 | Wayne State University, (AGM), 5.00%, 11/15/35 | 506,045 |
| | | $ 1,602,240 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Electric
Utilities 9.3% | | |
| $ 1,000 | Michigan Strategic Fund, (Detroit Edison Co.), (NPFG), (AMT),
5.55%, 9/1/29 | $ 990,140 |
| 400 | Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32 | 393,068 |
| 220 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30 | 223,500 |
| 500 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34 | 499,305 |
| 435 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29 | 444,335 |
| | | $ 2,550,348 |
| Insured-Escrowed / Prerefunded 3.8% | | |
| $ 1,000 | Detroit Sewage Disposal System, (FGIC), Prerefunded to 7/1/11,
5.125%, 7/1/31 | $ 1,028,320 |
| | | $ 1,028,320 |
| Insured-General
Obligations 7.9% | | |
| $ 300 | Detroit City School District, (AGM), 5.25%, 5/1/32 | $ 296,754 |
| 650 | Detroit City School District, (FGIC), 4.75%, 5/1/28 | 619,229 |
| 1,250 | Van Dyke Public Schools, (AGM), 5.00%, 5/1/38 | 1,247,175 |
| | | $ 2,163,158 |
| Insured-Hospital 3.4% | | |
| $ 985 | Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35 | $ 915,213 |
| | | $ 915,213 |
| Insured-Lease
Revenue / Certificates of
Participation 6.1% | | |
| $ 1,000 | Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29 | $ 336,770 |
| 4,300 | Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30 | 1,320,573 |
| | | $ 1,657,343 |
| Insured-Special
Tax Revenue 3.5% | | |
| $ 5,160 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 289,786 |
| 2,030 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 240,250 |
| 2,430 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 268,393 |
| 1,470 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 151,469 |
| | | $ 949,898 |
| Insured-Student
Loan 7.0% | | |
| $ 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31 | $ 909,740 |
| 1,000 | Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.50%, 6/1/25 | 999,940 |
| | | $ 1,909,680 |
| Insured-Transportation 3.5% | | |
| $ 1,000 | Wayne County Airport Authority, (AGC), (AMT),
5.375%, 12/1/32 | $ 948,140 |
| | | $ 948,140 |
| Insured-Water
and Sewer 11.6% | | |
| $ 560 | Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36 | $ 521,041 |
| 1,650 | Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30 | 1,595,913 |
| 1,000 | Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39 | 1,035,110 |
| | | $ 3,152,064 |
| Lease
Revenue / Certificates of
Participation 0.9% | | |
| $ 250 | Puerto Rico, (Guaynabo Municipal Government Center Lease),
5.625%, 7/1/22 | $ 250,232 |
| | | $ 250,232 |
| Other
Revenue 1.3% | | |
| $ 500 | Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48 | $ 359,000 |
| | | $ 359,000 |
| Special
Tax Revenue 1.3% | | |
| $ 115 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | $ 116,662 |
| 125 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 126,752 |
| 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 115,606 |
| | | $ 359,020 |
| Water
and Sewer 8.3% | | |
| $ 790 | Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28 | $ 840,118 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Water
and Sewer (continued) | | | |
| $ 600 | Michigan Municipal Bond Authority,
(Clean Water Revenue), 5.00%, 10/1/29 | $ 639,888 | |
| 500 | Michigan Municipal Bond Authority,
(Clean Water Revenue), 5.00%, 10/1/30 | 530,480 | |
| 250 | Michigan Municipal Bond Authority,
(Clean Water Revenue),
5.25%, 10/1/11 (1) | 260,208 | |
| | | $ 2,270,694 | |
| Total
Tax-Exempt Investments 158.1% | | | |
| (identified
cost $44,389,890) | | $ 43,105,634 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(64.2)% | | $ (17,501,062 | ) |
| Other
Assets, Less Liabilities 6.1% | | $ 1,657,704 | |
| Net
Assets Applicable to Common Shares 100.0% | | $ 27,262,276 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

XLCA - XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 39.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 15.4% 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 November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 172.7% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 26.5% | | |
| $ 250 | New Jersey Educational Facilities Authority,
(Georgian Court University), 5.00%, 7/1/27 | $ 246,525 |
| 250 | New Jersey Educational Facilities Authority,
(Georgian Court University), 5.00%, 7/1/33 | 233,170 |
| 220 | New Jersey Educational Facilities Authority,
(Georgian Court University), 5.25%, 7/1/37 | 210,137 |
| 2,635 | New Jersey Educational Facilities Authority,
(Kean University), 5.50%, 9/1/36 | 2,759,583 |
| 3,500 | New Jersey Educational Facilities Authority,
(Princeton University),
4.25%, 7/1/40 (1) | 3,371,410 |
| 3,500 | New Jersey Educational Facilities Authority,
(Princeton University),
4.50%, 7/1/38 (2) | 3,518,865 |
| 1,650 | New Jersey Educational Facilities Authority,
(Stevens Institute of Technology), 5.00%, 7/1/27 | 1,657,739 |
| 965 | New Jersey Educational Facilities Authority, (University of
Medicine and Dentistry), 7.50%, 12/1/32 | 1,087,352 |
| 3,150 | Rutgers State University,
5.00%, 5/1/39 (2) | 3,264,849 |
| | | $ 16,349,630 |
| Electric
Utilities 2.4% | | |
| $ 1,500 | Salem County Pollution Control Financing Authority, (Public
Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31 | $ 1,479,525 |
| | | $ 1,479,525 |
| Hospital 21.6% | | |
| $ 90 | Camden County Improvement Authority,
(Cooper Health System), 5.00%, 2/15/35 | $ 78,681 |
| 1,495 | Camden County Improvement Authority,
(Cooper Health System), 5.75%, 2/15/34 | 1,451,989 |
| 2,505 | New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27 | 2,509,584 |
| 2,390 | New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37 | 2,355,321 |
| 915 | New Jersey Health Care Facilities Financing Authority, (Chilton
Memorial Hospital), 5.75%, 7/1/39 | 896,096 |
| 1,525 | New Jersey Health Care Facilities Financing Authority, (Kennedy
Health System), 5.625%, 7/1/31 | 1,511,153 |
| 1,000 | New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.00%, 7/1/31 | 992,340 |
| 2,550 | New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46 | 2,412,020 |
| 1,075 | New Jersey Health Care Facilities Financing Authority, (Virtua
Health), 5.75%, 7/1/33 | 1,120,010 |
| | | $ 13,327,194 |
| Housing 3.7% | | |
| $ 715 | New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 4.70%, 10/1/37 | $ 681,424 |
| 1,640 | New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 5.00%, 10/1/37 | 1,611,349 |
| | | $ 2,292,773 |
| Industrial
Development Revenue 13.4% | | |
| $ 500 | Middlesex County Pollution Control Authority,
(Amerada Hess), 5.75%, 9/15/32 | $ 502,820 |
| 540 | Middlesex County Pollution Control Authority,
(Amerada Hess), 6.05%, 9/15/34 | 546,383 |
| 3,220 | New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47 | 2,887,760 |
| 215 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29 | 203,186 |
| 750 | New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, 6/1/33 | 792,323 |
| 220 | New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23 | 227,022 |
| 1,235 | New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39 | 1,251,660 |
| 2,080 | Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22 | 1,868,318 |
| | | $ 8,279,472 |
| Insured-Education 6.6% | | |
| $ 3,365 | New Jersey Educational Facilities Authority, (College of New
Jersey), (AGM),
5.00%, 7/1/35 (2) | $ 3,429,743 |
| 825 | New Jersey Educational Facilities Authority,
(Rowan University), (AGM), (FGIC), 3.00%, 7/1/28 | 669,157 |
| | | $ 4,098,900 |
| Insured-Electric
Utilities 2.0% | | |
| $ 1,250 | Vineland, (Electric Utility), (NPFG), (AMT), 5.25%, 5/15/26 | $ 1,250,413 |
| | | $ 1,250,413 |
| Insured-Gas
Utilities 7.9% | | |
| $ 4,795 | New Jersey Economic Development Authority, (New Jersey
Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put
Date), 10/1/40 | $ 4,903,367 |
| | | $ 4,903,367 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-General
Obligations 2.2% | | |
| $ 1,240 | Lakewood Township, (AGC), 5.75%, 11/1/31 | $ 1,378,719 |
| | | $ 1,378,719 |
| Insured-Hospital 6.8% | | |
| $ 750 | New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36 (2) | $ 759,473 |
| 1,460 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38 | 1,467,723 |
| 500 | New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38 (2) | 502,650 |
| 1,380 | New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38 | 1,452,712 |
| | | $ 4,182,558 |
| Insured-Housing 5.4% | | |
| $ 3,390 | New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (AGM), (AMT), 5.05%, 5/1/34 | $ 3,330,472 |
| | | $ 3,330,472 |
| Insured-Lease
Revenue / Certificates of
Participation 4.4% | | |
| $ 1,500 | New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34 | $ 1,609,545 |
| 1,000 | New Jersey Economic Development Authority,
(School Facilities Construction), (FGIC), (NPFG),
5.50%, 9/1/28 | 1,084,180 |
| | | $ 2,693,725 |
| Insured-Other
Revenue 1.7% | | |
| $ 1,015 | Hudson County Improvement Authority, (Harrison Parking),
(AGC), 5.25%, 1/1/39 | $ 1,060,137 |
| | | $ 1,060,137 |
| Insured-Special
Tax Revenue 12.2% | | |
| $ 6,000 | Garden State Preservation Trust, (AGM), 0.00%, 11/1/25 | $ 3,134,340 |
| 4,315 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26 | 1,900,714 |
| 2,020 | New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27 | 833,351 |
| 7,185 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 403,510 |
| 2,745 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 324,871 |
| 5,445 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 601,400 |
| 3,425 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 352,912 |
| | | $ 7,551,098 |
| Insured-Student
Loan 4.0% | | |
| $ 2,385 | New Jersey Higher Education Student Assistance Authority, (AGC),
(AMT), 6.125%, 6/1/30 | $ 2,489,773 |
| | | $ 2,489,773 |
| Insured-Transportation 5.3% | | |
| $ 1,960 | New Jersey Transportation Trust Fund Authority,
(Transportation System), (AMBAC), (BHAC), 0.00%, 12/15/26 | $ 849,542 |
| 5,570 | New Jersey Transportation Trust Fund Authority,
(Transportation System), (BHAC), (FGIC), 0.00%, 12/15/31 | 1,707,818 |
| 400 | Port Authority of New York and New Jersey, (FGIC), (NPFG),
(AMT), 5.00%, 8/1/36 | 399,988 |
| 315 | South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33 | 335,538 |
| | | $ 3,292,886 |
| Insured-Water
and Sewer 4.5% | | |
| $ 2,835 | New Jersey Economic Development Authority, (United Water
New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25 | $ 2,748,646 |
| | | $ 2,748,646 |
| Lease
Revenue / Certificates of
Participation 5.5% | | |
| $ 1,500 | New Jersey Economic Development Authority,
(School Facilities Construction), 5.25%, 12/15/33 | $ 1,573,590 |
| 1,765 | New Jersey Health Care Facilities Financing Authority, (Hospital
Asset Transformation Program), 5.25%, 10/1/38 | 1,787,486 |
| | | $ 3,361,076 |
| Other
Revenue 7.3% | | |
| $ 7,200 | Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50 | $ 188,352 |
| 13,280 | Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55 | 177,155 |
| 600 | New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48 (2) | 615,342 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Other
Revenue (continued) | | | |
| $ 2,700 | New Jersey Economic Development Authority, (Duke Farms
Foundation),
5.00%, 7/1/48 (2) | $ 2,769,039 | |
| 4,270 | Tobacco Settlement Financing Corp., 0.00%, 6/1/41 | 200,648 | |
| 900 | Tobacco Settlement Financing Corp., 5.00%, 6/1/41 | 578,349 | |
| | | $ 4,528,885 | |
| Senior
Living / Life Care 3.0% | | | |
| $ 465 | New Jersey Economic Development Authority, (Cranes Mill,
Inc.), 5.875%, 7/1/28 | $ 440,829 | |
| 770 | New Jersey Economic Development Authority, (Cranes Mill,
Inc.), 6.00%, 7/1/38 | 716,215 | |
| 815 | New Jersey Economic Development Authority,
(Seabrook Village), 5.25%, 11/15/36 | 695,065 | |
| | | $ 1,852,109 | |
| Special
Tax Revenue 1.3% | | | |
| $ 100 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27 | $ 93,586 | |
| 175 | New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37 | 154,789 | |
| 500 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 525,480 | |
| | | $ 773,855 | |
| Student
Loan 4.2% | | | |
| $ 80 | New Jersey Higher Education Student Assistance Authority,
5.625%, 6/1/30 | $ 83,120 | |
| 2,500 | New Jersey Higher Education Student Assistance Authority, (AMT),
Variable Rate,
1.247%, 6/1/36 (2)(3)(4) | 2,475,950 | |
| | | $ 2,559,070 | |
| Transportation 19.2% | | | |
| $ 1,060 | Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35 | $ 1,075,423 | |
| 1,080 | Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40 | 1,091,740 | |
| 250 | New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38 | 270,345 | |
| 815 | New Jersey Transportation Trust Fund Authority,
(Transportation System), 6.00%, 12/15/38 | 947,205 | |
| 3,600 | New Jersey Turnpike Authority, 5.25%, 1/1/40 | 3,721,968 | |
| 480 | Port Authority of New York and New Jersey, 4.50%, 11/1/33 | 474,907 | |
| 1,000 | Port Authority of New York and New Jersey, 5.00%, 9/1/34 | 1,018,760 | |
| 1,995 | Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (2) | 2,077,892 | |
| 1,175 | South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33 | 1,177,244 | |
| | | $ 11,855,484 | |
| Water
and Sewer 1.6% | | | |
| $ 985 | Cumberland County Improvement Authority, (Solid Waste System),
5.00%, 1/1/30 | $ 973,032 | |
| | | $ 973,032 | |
| Total
Tax-Exempt Investments 172.7% | | | |
| (identified
cost $107,707,611) | | $ 106,612,799 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(54.1)% | | $ (33,426,620 | ) |
| Other
Assets, Less Liabilities (18.6)% | | $ (11,469,375 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 61,716,804 | |

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 November 30, 2010, 36.6% 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 2.4% to 10.4% 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 $475,950. |
| (4) | Variable rate security. The stated interest rate represents the
rate in effect at November 30, 2010. |

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Eaton Vance New York Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 172.7% | | |
| --- | --- | --- |
| 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 | $ 1,029,802 |
| | | $ 1,029,802 |
| Education 24.8% | | |
| $ 315 | Geneva Industrial Development Agency,
(Hobart & William Smith Project),
5.375%, 2/1/33 | $ 316,922 |
| 1,210 | New York City Cultural Resource Trust,
(The Juilliard School), 5.00%, 1/1/34 | 1,263,506 |
| 325 | New York City Cultural Resource Trust,
(The Juilliard School), 5.00%, 1/1/39 | 336,681 |
| 510 | New York Dormitory Authority, (Brooklyn Law School),
5.75%, 7/1/33 | 543,558 |
| 1,000 | New York Dormitory Authority, (Columbia University),
5.00%, 7/1/38 (1) | 1,049,820 |
| 510 | New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34 | 530,742 |
| 2,000 | New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39 | 2,066,900 |
| 2,000 | New York Dormitory Authority, (New York University),
5.25%, 7/1/48 | 2,055,300 |
| 2,250 | New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33 | 2,436,232 |
| 2,500 | New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40 | 2,627,200 |
| 1,495 | New York Dormitory Authority, (St. Francis College),
5.00%, 10/1/40 | 1,434,527 |
| 2,000 | New York Dormitory Authority, (The New School),
5.50%, 7/1/40 (2) | 2,039,440 |
| 280 | Onondaga Civic Development Corp., (Le Moyne College),
5.20%, 7/1/29 | 273,468 |
| 735 | Onondaga Civic Development Corp., (Le Moyne College),
5.375%, 7/1/40 | 718,462 |
| | | $ 17,692,758 |
| Electric
Utilities 5.0% | | |
| $ 1,420 | Long Island Power Authority, Electric System Revenue,
6.00%, 5/1/33 | $ 1,547,076 |
| 2,100 | Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27 | 2,030,280 |
| | | $ 3,577,356 |
| General
Obligations 10.3% | | |
| $ 6,000 | New York City,
5.25%, 9/15/33 (3) | $ 6,198,780 |
| 1,000 | New York City, 6.25%, 10/15/28 | 1,148,840 |
| | | $ 7,347,620 |
| Health
Care-Miscellaneous 6.9% | | |
| $ 130 | Dutchess County Local Development Corp.,
(Health Quest Systems, Inc.),
5.75%, 7/1/30 (2) | $ 129,463 |
| 430 | Dutchess County Local Development Corp.,
(Health Quest Systems, Inc.),
5.75%, 7/1/40 (2) | 423,068 |
| 1,115 | New York City Industrial Development Agency,
(A Very Special Place, Inc.), 5.75%, 1/1/29 | 934,080 |
| 1,200 | New York City Industrial Development Agency,
(Ohel Childrens Home), 6.25%, 8/15/22 | 931,992 |
| 50 | Suffolk County Industrial Development Agency, (Alliance of
Long Island Agencies), Series A, Class H,
7.50%, 9/1/15 | 50,672 |
| 100 | Suffolk County Industrial Development Agency, (Alliance of
Long Island Agencies), Series A, Class I,
7.50%, 9/1/15 | 101,343 |
| 2,600 | Westchester County Industrial Development Agency,
(Childrens Village), 5.375%, 3/15/19 | 2,361,372 |
| | | $ 4,931,990 |
| Hospital 28.4% | | |
| $ 160 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.35%, 11/15/17 | $ 156,530 |
| 485 | Chautauqua County Industrial Development Agency, (Womens
Christian Association), 6.40%, 11/15/29 | 436,694 |
| 1,165 | Fulton County Industrial Development Agency, (Nathan Littauer
Hospital), 6.00%, 11/1/18 | 1,104,478 |
| 2,490 | Monroe County Industrial Development Agency,
(Highland Hospital), 5.00%, 8/1/25 | 2,453,721 |
| 400 | Nassau County Industrial Development Agency, (North Shore
Health System), 6.25%, 11/1/21 | 406,472 |
| 1,500 | New York Dormitory Authority, (Lenox Hill Hospital),
5.50%, 7/1/30 | 1,414,185 |
| 4,000 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center),
5.00%, 7/1/36 (3) | 4,016,120 |
| 2,000 | New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33 | 1,908,340 |
| 1,000 | New York Dormitory Authority, (Mount Sinai Hospital),
5.00%, 7/1/26 | 1,024,840 |
| 845 | New York Dormitory Authority, (North Shore Hospital),
5.00%, 11/1/34 | 825,371 |
| 1,250 | New York Dormitory Authority, (NYU Hospital Center),
5.625%, 7/1/37 | 1,270,187 |
| 415 | New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29 | 415,390 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Hospital (continued) | | |
| $ 835 | New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37 | $ 823,961 |
| 1,250 | Oneida County Industrial Development Agency,
(St. Elizabeths Medical Center), 5.75%, 12/1/19 | 1,219,612 |
| 650 | Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32 | 623,012 |
| 2,105 | Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22 | 2,147,332 |
| | | $ 20,246,245 |
| Housing 16.9% | | |
| $ 1,500 | New York City Housing Development Corp., MFMR, (AMT),
5.05%, 11/1/39 | $ 1,459,905 |
| 2,620 | New York City Housing Development Corp., MFMR, (AMT),
5.20%, 11/1/40 | 2,619,895 |
| 1,000 | New York Housing Finance Agency, 5.25%, 11/1/41 | 1,011,480 |
| 2,625 | New York Housing Finance Agency, (FNMA), (AMT),
5.40%, 11/15/42 | 2,664,428 |
| 1,500 | New York Mortgage Agency, (AMT), 4.875%, 10/1/30 | 1,474,635 |
| 1,930 | New York Mortgage Agency, (AMT), 4.90%, 10/1/37 | 1,851,989 |
| 1,000 | New York Mortgage Agency, (AMT), 5.125%, 10/1/37 | 992,000 |
| | | $ 12,074,332 |
| Industrial
Development Revenue 11.3% | | |
| $ 1,000 | Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32 | $ 1,042,580 |
| 2,525 | Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35 (3) | 2,538,787 |
| 1,500 | New York Industrial Development Agency, (American Airlines,
Inc. - JFK International Airport), (AMT), 8.00%, 8/1/12 | 1,538,415 |
| 2,500 | Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34 | 2,501,550 |
| 430 | Port Authority of New York and New Jersey,
(Continental Airlines), (AMT), 9.125%, 12/1/15 | 436,020 |
| | | $ 8,057,352 |
| Insured-Education 6.2% | | |
| $ 1,250 | New York Dormitory Authority, (City University), (AMBAC),
5.50%, 7/1/35 | $ 1,217,887 |
| 1,500 | New York Dormitory Authority, (State University), (BHAC),
5.00%, 7/1/38 (3) | 1,533,660 |
| 5,365 | Oneida County Industrial Development Agency,
(Hamilton College), (NPFG), 0.00%, 7/1/33 | 1,700,598 |
| | | $ 4,452,145 |
| Insured-Electric
Utilities 3.5% | | |
| $ 1,365 | Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33 | $ 1,501,841 |
| 960 | New York Power Authority, (NPFG), 5.00%, 11/15/47 | 975,312 |
| | | $ 2,477,153 |
| Insured-Escrowed / Prerefunded 1.6% | | |
| $ 860 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26 | $ 472,475 |
| 1,280 | New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27 | 665,792 |
| | | $ 1,138,267 |
| Insured-Lease
Revenue / Certificates of
Participation 4.4% | | |
| $ 3,365 | Hudson Yards Infrastructure Corp., (NPFG),
4.50%, 2/15/47 (4) | $ 3,119,994 |
| | | $ 3,119,994 |
| Insured-Other
Revenue 2.7% | | |
| $ 2,645 | New York City Industrial Development Agency,
(Yankee Stadium), (AGC), 0.00%, 3/1/31 | $ 840,740 |
| 3,625 | New York City Industrial Development Agency,
(Yankee Stadium), (AGC), 0.00%, 3/1/32 | 1,084,346 |
| | | $ 1,925,086 |
| Insured-Special
Tax Revenue 6.4% | | |
| $ 1,000 | New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45 | $ 933,140 |
| 4,440 | Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34 | 933,555 |
| 19,745 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | 1,108,879 |
| 3,380 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 400,023 |
| 6,705 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 740,567 |
| 4,225 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 435,344 |
| | | $ 4,551,508 |
| Insured-Transportation 4.0% | | |
| $ 1,475 | Metropolitan Transportation Authority, (AGC),
4.50%, 11/15/38 | $ 1,416,030 |

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Eaton Vance New York Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Insured-Transportation (continued) | | | |
| $ 1,475 | Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (NPFG), (AMT), 5.625%, 4/1/29 | $ 1,475,236 | |
| | | $ 2,891,266 | |
| Insured-Water
and Sewer 1.3% | | | |
| $ 1,000 | Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35 | $ 905,470 | |
| | | $ 905,470 | |
| Lease
Revenue / Certificates of
Participation 4.3% | | | |
| $ 2,040 | New York City Transitional Finance Authority,
(Building Aid), 4.50%, 1/15/38 | $ 1,982,288 | |
| 1,000 | New York City Transitional Finance Authority,
(Building Aid), 5.50%, 7/15/31 | 1,084,360 | |
| | | $ 3,066,648 | |
| Other
Revenue 4.3% | | | |
| $ 1,285 | Albany Industrial Development Agency, Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26 | $ 971,871 | |
| 3,120 | Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31 | 905,299 | |
| 380 | Brooklyn Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40 | 393,859 | |
| 790 | New York City Cultural Resource Trust,
(Museum of Modern Art), 5.00%, 4/1/31 | 827,217 | |
| | | $ 3,098,246 | |
| Senior
Living / Life Care 2.1% | | | |
| $ 1,450 | Mount Vernon Industrial Development Agency,
(Wartburg Senior Housing, Inc.), 6.20%, 6/1/29 | $ 1,318,122 | |
| 210 | Suffolk County Industrial Development Agency, (Jeffersons
Ferry Project), 5.00%, 11/1/28 | 194,956 | |
| | | $ 1,513,078 | |
| Special
Tax Revenue 3.6% | | | |
| $ 1,000 | New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements),
5.25%, 3/15/38 | $ 1,041,870 | |
| 900 | New York Urban Development Corp., Personal Income Tax Revenue,
5.00%, 3/15/32 | 930,087 | |
| 545 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 572,773 | |
| | | $ 2,544,730 | |
| Transportation 10.6% | | | |
| $ 790 | Metropolitan Transportation Authority, 5.00%, 11/15/37 | $ 771,127 | |
| 1,900 | Port Authority of New York and New Jersey,
5.00%, 11/15/37 (3) | 1,943,073 | |
| 990 | Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33 | 971,042 | |
| 990 | Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (3) | 1,031,134 | |
| 2,740 | Triborough Bridge and Tunnel Authority,
5.25%, 11/15/34 (3) | 2,854,724 | |
| 10 | Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34 | 10,419 | |
| | | $ 7,581,519 | |
| Water
and Sewer 12.7% | | | |
| $ 585 | Dutchess County Water and Wastewater Authority,
0.00%, 10/1/34 | $ 170,294 | |
| 325 | Dutchess County Water and Wastewater Authority,
0.00%, 10/1/35 | 88,325 | |
| 3,105 | New York City Municipal Water Finance Authority, (Water and
Sewer System),
5.75%, 6/15/40 (3) | 3,376,687 | |
| 1,730 | New York Environmental Facilities Corp., 5.00%, 10/15/39 | 1,793,474 | |
| 2,535 | New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/37 (3) | 2,624,257 | |
| 1,000 | Saratoga County Water Authority, 5.00%, 9/1/48 | 1,008,810 | |
| | | $ 9,061,847 | |
| Total
Tax-Exempt Investments 172.7% | | | |
| (identified
cost $124,282,232) | | $ 123,284,412 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(47.2)% | | $ (33,727,043 | ) |
| Other
Assets, Less Liabilities (25.5)% | | $ (18,184,990 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 71,372,379 | |

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 November 30, 2010

PORTFOLIO OF INVESTMENTS 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 November 30, 2010, 17.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 8.1% of total investments.

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 149.7% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Education 11.1% | | |
| $ 1,250 | Ohio Higher Educational Facility Commission,
(Kenyon College), 5.25%, 7/1/44 | $ 1,271,613 |
| 500 | Ohio State University, 5.00%, 12/1/28 | 550,155 |
| 1,675 | Ohio State University, 5.00%, 12/1/30 | 1,815,934 |
| 500 | University of Cincinnati, 5.00%, 6/1/34 | 501,955 |
| | | $ 4,139,657 |
| Electric
Utilities 0.7% | | |
| $ 255 | Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14 | $ 255,054 |
| | | $ 255,054 |
| Escrowed / Prerefunded 2.8% | | |
| $ 1,000 | Mahoning County, (Career and Technical Center), Prerefunded to
12/1/11, 6.25%, 12/1/36 | $ 1,055,900 |
| | | $ 1,055,900 |
| General
Obligations 19.0% | | |
| $ 1,000 | Barberton City School District, 4.50%, 12/1/33 | $ 959,160 |
| 1,750 | Beavercreek City School District, 5.00%, 12/1/30 | 1,819,405 |
| 1,090 | Central Ohio Solid Waste Authority, 5.125%, 9/1/27 | 1,154,953 |
| 500 | Columbus,
5.00%, 7/1/23 (1) | 527,040 |
| 1,000 | Columbus City School District, 5.00%, 12/1/29 | 1,046,100 |
| 595 | Huber Heights City School District, 4.75%, 12/1/25 | 624,762 |
| 1,000 | Maple Heights City School District, 5.00%, 1/15/37 | 989,870 |
| | | $ 7,121,290 |
| Hospital 11.9% | | |
| $ 800 | Franklin County, (Nationwide Childrens Hospital),
5.00%, 11/1/34 | $ 798,856 |
| 500 | Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26 | 501,070 |
| 500 | Montgomery County, (Catholic Health Initiatives),
5.50%, 5/1/34 | 525,045 |
| 1,000 | Ohio Higher Educational Facility Commission,
(Cleveland Clinic Health System), 5.50%, 1/1/39 | 1,045,050 |
| 600 | Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40 | 591,546 |
| 735 | Ohio Higher Educational Facility Commission,
(University Hospitals Health System, Inc.),
4.75%, 1/15/46 | 660,096 |
| 330 | Richland County Hospital Facilities, (MedCentral Health
Systems), 6.375%, 11/15/22 | 333,693 |
| | | $ 4,455,356 |
| Housing 11.7% | | |
| $ 980 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.625%, 9/1/27 | $ 951,884 |
| 560 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.75%, 3/1/37 | 529,452 |
| 425 | Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 5.00%, 9/1/31 | 418,493 |
| 2,500 | Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48 | 2,465,575 |
| | | $ 4,365,404 |
| Industrial
Development Revenue 8.3% | | |
| $ 750 | Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27 | $ 619,680 |
| 2,250 | Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38 | 2,250,810 |
| 225 | Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15 | 227,959 |
| | | $ 3,098,449 |
| Insured-Education 13.0% | | |
| $ 750 | Hamilton County, (University Heights Community Urban Development
Corp), (AGM), 5.00%, 6/1/30 | $ 759,622 |
| 1,000 | Kent State University, (AGC), 5.00%, 5/1/26 | 1,058,750 |
| 465 | Kent State University, (AGC), 5.00%, 5/1/29 | 481,624 |
| 655 | Miami University, (AMBAC), 3.25%, 9/1/26 | 561,951 |
| 1,500 | University of Akron, Series A, (AGM), 5.00%, 1/1/38 | 1,514,640 |
| 500 | University of Akron, Series B, (AGM), 5.00%, 1/1/38 | 504,880 |
| | | $ 4,881,467 |
| Insured-Electric
Utilities 13.1% | | |
| $ 1,000 | American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.75%, 2/15/39 | $ 1,055,410 |
| 710 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/27 | 291,931 |
| 2,000 | Cleveland Public Power System, (NPFG), 0.00%, 11/15/38 | 402,860 |
| 830 | Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25 | 404,691 |
| 3,000 | Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/26 | 1,370,160 |
| 425 | Ohio Water Development Authority, (Dayton Power &
Light), (FGIC), 4.80%, 1/1/34 | 409,475 |
| 210 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30 | 213,341 |
| 250 | Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34 | 249,652 |
| 500 | Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26 | 527,290 |
| | | $ 4,924,810 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Insured-Escrowed / Prerefunded 1.4% | | |
| $ 500 | University of Cincinnati, (FGIC), Prerefunded to 6/1/11,
5.25%, 6/1/24 | $ 517,465 |
| | | $ 517,465 |
| Insured-General
Obligations 16.8% | | |
| $ 280 | Bowling Green City School District, (AGM), 5.00%, 12/1/34 | $ 282,708 |
| 200 | Brookfield Local School District, (AGM), 5.00%, 1/15/30 | 206,458 |
| 500 | Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36 | 511,080 |
| 2,455 | Canal Winchester Local School District, (NPFG),
0.00%, 12/1/30 | 881,959 |
| 1,500 | Madeira City School District, (AGM), 3.50%, 12/1/27 | 1,357,155 |
| 1,750 | Milford Exempt Village School District, (AGC),
5.25%, 12/1/36 | 1,804,757 |
| 750 | St. Marys School District, (AGM), 5.00%, 12/1/35 | 751,627 |
| 500 | Wadsworth City School District, (AGC), 5.00%, 12/1/37 | 512,310 |
| | | $ 6,308,054 |
| Insured-Hospital 6.7% | | |
| $ 545 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32 | $ 530,307 |
| 1,500 | Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28 | 1,502,550 |
| 485 | Lorain County, (Catholic Healthcare Partners), (AGM), Variable
Rate,
17.493%, 2/1/29 (2)(3)(4) | 490,315 |
| | | $ 2,523,172 |
| Insured-Lease
Revenue / Certificates of Participation 1.1% | | |
| $ 500 | Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33 | $ 407,525 |
| | | $ 407,525 |
| Insured-Special
Tax Revenue 3.6% | | |
| $ 9,905 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 556,265 |
| 1,685 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 199,420 |
| 3,340 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 368,903 |
| 2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 216,384 |
| | | $ 1,340,972 |
| Insured-Transportation 6.0% | | |
| $ 1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24 | $ 1,118,400 |
| 1,000 | Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26 | 1,129,880 |
| | | $ 2,248,280 |
| Insured-Water
and Sewer 2.1% | | |
| $ 215 | Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/46 | $ 203,261 |
| 625 | Marysville Wastewater Treatment System, (AGC), (XLCA),
4.75%, 12/1/47 | 590,244 |
| | | $ 793,505 |
| Lease
Revenue / Certificates of
Participation 1.4% | | |
| $ 500 | Franklin County Convention Facilities Authority,
5.00%, 12/1/27 | $ 529,180 |
| | | $ 529,180 |
| Other
Revenue 4.3% | | |
| $ 7,345 | Buckeye Tobacco Settlement Financing Authority,
0.00%, 6/1/47 | $ 181,422 |
| 710 | Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47 | 500,649 |
| 1,000 | Riversouth Authority, (Lazarus Building Redevelopment),
5.75%, 12/1/27 | 910,580 |
| | | $ 1,592,651 |
| Pooled
Loans 11.0% | | |
| $ 550 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25 | $ 556,759 |
| 1,020 | Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22 | 1,060,637 |
| 1,245 | Rickenbacher Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32 (5) | 1,251,200 |
| 310 | Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25 | 268,454 |
| 1,100 | Toledo-Lucas County Port Authority, 5.40%, 5/15/19 | 987,404 |
| | | $ 4,124,454 |
| Special
Tax Revenue 2.3% | | |
| $ 425 | Cleveland-Cuyahoga County Port Authority, 7.00%, 12/1/18 | $ 431,749 |
| 155 | Guam, Limited Obligation Bonds, 5.625%, 12/1/29 | 157,240 |
| 170 | Guam, Limited Obligation Bonds, 5.75%, 12/1/34 | 172,383 |
| 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | 115,606 |
| | | $ 876,978 |

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Eaton Vance Ohio Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Water
and Sewer 1.4% | | | |
| $ 250 | Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/28 | $ 268,842 | |
| 250 | Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30 | 264,768 | |
| | | $ 533,610 | |
| Total
Tax-Exempt Investments 149.7% | | | |
| (identified
cost $56,852,704) | | $ 56,093,233 | |
| Auction
Preferred Shares Plus Cumulative Unpaid
Dividends (60.6)% | | $ (22,726,927 | ) |
| Other
Assets, Less Liabilities 10.9% | | $ 4,096,608 | |
| Net
Assets Applicable to Common Shares 100.0% | | $ 37,462,914 | |

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 Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 42.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.4% to 16.8% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be sold
in certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At
November 30, 2010, the aggregate value of these securities
is $490,315 or 1.3% 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
November 30, 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 November 30, 2010

PORTFOLIO OF INVESTMENTS

| Tax-Exempt
Investments 160.2% | | |
| --- | --- | --- |
| Principal
Amount | | |
| (000s
omitted) | Security | Value |
| Bond
Bank 2.8% | | |
| $ 1,000 | Delaware Valley Regional Finance Authority, 5.75%, 7/1/32 | $ 1,029,390 |
| | | $ 1,029,390 |
| Cogeneration 2.5% | | |
| $ 300 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.50%, 1/1/13 | $ 189,144 |
| 500 | Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT), 6.60%, 1/1/19 | 279,775 |
| 475 | Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15 | 448,528 |
| | | $ 917,447 |
| Education 12.3% | | |
| $ 500 | Bucks County Industrial Development Authority,
(George School), 5.00%, 9/15/39 | $ 509,045 |
| 1,200 | Cumberland County Municipal Authority, (Dickinson College),
5.00%, 11/1/39 | 1,150,404 |
| 500 | Northampton County General Purpose Authority,
(Lehigh University), 5.00%, 11/15/39 | 506,700 |
| 625 | Pennsylvania Higher Educational Facilities Authority,
(Saint Josephs University), 5.00%, 11/1/40 | 618,275 |
| 625 | Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40 | 630,019 |
| 500 | Pennsylvania State University, 5.00%, 3/1/40 | 516,610 |
| 500 | Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30 | 514,575 |
| | | $ 4,445,628 |
| Electric
Utilities 1.7% | | |
| $ 600 | York County Industrial Development Authority, Pollution Control
Revenue, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20 | $ 611,682 |
| | | $ 611,682 |
| Escrowed / Prerefunded 3.1% | | |
| $ 600 | Bucks County Industrial Development Authority, (Pennswood
Village), Prerefunded to 10/1/12, 6.00%, 10/1/27 | $ 662,718 |
| 435 | Pennsylvania Economic Development Financing Authority, (Reliant
Energy, Inc.), (AMT), Prerefunded to 6/1/11, 6.75%, 12/1/36 | 450,055 |
| | | $ 1,112,773 |
| General
Obligations 7.3% | | |
| $ 500 | Chester County,
5.00%, 7/15/27 (1) | $ 545,095 |
| 1,000 | Daniel Boone Area School District, 5.00%, 8/15/32 | 1,022,060 |
| 1,000 | Philadelphia School District, 6.00%, 9/1/38 | 1,062,210 |
| | | $ 2,629,365 |
| Hospital 22.6% | | |
| $ 500 | Allegheny County Hospital Development Authority, (University of
Pittsburgh Medical Center), 5.50%, 8/15/34 | $ 510,005 |
| 750 | Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40 | 743,130 |
| 750 | Dauphin County General Authority, (Pinnacle Health System),
6.00%, 6/1/29 | 784,522 |
| 1,215 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32 | 1,205,644 |
| 750 | Lycoming County Authority, (Susquehanna Health System),
5.75%, 7/1/39 | 761,115 |
| 1,500 | Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43 | 1,386,525 |
| 250 | Northampton County General Purpose Authority,
(Saint Lukes Hospital), 5.50%, 8/15/33 | 244,588 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania Health System),
6.00%, 8/15/26 (2) | 1,102,190 |
| 675 | Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31 | 672,415 |
| 250 | South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29 | 240,973 |
| 500 | Washington County Hospital Authority, (Monongahela Hospital),
5.50%, 6/1/17 | 515,765 |
| | | $ 8,166,872 |
| Housing 17.2% | | |
| $ 485 | Allegheny County Residential Finance Authority, SFMR, (AMT),
4.95%, 11/1/37 | $ 472,312 |
| 1,135 | Allegheny County Residential Finance Authority, SFMR, (AMT),
5.00%, 5/1/35 | 1,139,767 |
| 905 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37 | 861,225 |
| 500 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.75%, 10/1/25 | 493,165 |
| 910 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 4/1/26 | 912,166 |
| 500 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 10/1/31 | 490,665 |
| 975 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.90%, 10/1/37 | 956,378 |

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PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value |
| --- | --- | --- |
| Housing (continued) | | |
| $ 930 | Pennsylvania Housing Finance Agency, SFMR, (AMT),
5.15%, 10/1/37 | $ 919,268 |
| | | $ 6,244,946 |
| Industrial
Development Revenue 10.6% | | |
| $ 200 | Luzerne County Industrial Development Authority,
(Pennsylvania-American Water Co.), 5.50%, 12/1/39 | $ 203,120 |
| 750 | Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42 | 729,127 |
| 250 | Pennsylvania Economic Development Financing Authority,
(Pennsylvania-American Water Co.), 6.20%, 4/1/39 | 267,065 |
| 1,000 | Pennsylvania Economic Development Financing Authority, (Procter
& Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31 | 1,013,510 |
| 500 | Pennsylvania Economic Development Financing Authority, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27 | 490,555 |
| 1,325 | Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 | 1,147,437 |
| | | $ 3,850,814 |
| Insured-Education 15.1% | | |
| $ 500 | Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37 | $ 511,310 |
| 1,675 | Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32 | 1,563,730 |
| 1,115 | Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG), 5.00%, 5/1/37 | 1,103,661 |
| 1,000 | Pennsylvania Higher Educational Facilities Authority, (Temple
University), (NPFG), 5.00%, 4/1/33 | 1,016,780 |
| 375 | State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29 | 388,361 |
| 875 | State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32 | 894,066 |
| | | $ 5,477,908 |
| Insured-Escrowed / Prerefunded 8.7% | | |
| $ 1,600 | Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27 | $ 1,617,168 |
| 2,000 | Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19 | 1,531,960 |
| | | $ 3,149,128 |
| Insured-General
Obligations 4.5% | | |
| $ 500 | Beaver County, (AGM), 5.55%, 11/15/31 | $ 528,700 |
| 750 | Bethlehem Area School District, (AGM), 5.25%, 1/15/25 | 793,402 |
| 300 | West Mifflin Area School District, (AGM), 5.125%, 4/1/31 | 309,150 |
| | | $ 1,631,252 |
| Insured-Hospital 11.0% | | |
| $ 250 | Allegheny County Hospital Development Authority,
(UPMC Health System), (NPFG), 6.00%, 7/1/24 | $ 288,625 |
| 355 | Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26 | 354,055 |
| 1,440 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM),
5.00%, 7/1/35 (2) | 1,416,917 |
| 35 | Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (NPFG), 5.25%, 7/1/29 | 34,347 |
| 1,900 | Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28 | 1,876,003 |
| | | $ 3,969,947 |
| Insured-Lease
Revenue / Certificates of
Participation 4.8% | | |
| $ 500 | Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31 | $ 509,710 |
| 1,195 | Philadelphia Authority for Industrial Development,
(One Benjamin Franklin), (AGM), 4.75%, 2/15/27 | 1,218,673 |
| | | $ 1,728,383 |
| Insured-Special
Tax Revenue 3.7% | | |
| $ 9,870 | Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54 | $ 554,299 |
| 1,690 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/44 | 200,012 |
| 3,350 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45 | 370,007 |
| 2,100 | Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/46 | 216,384 |
| | | $ 1,340,702 |
| Insured-Transportation 9.1% | | |
| $ 500 | Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27 | $ 486,010 |
| 1,005 | Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29 | 1,005,171 |
| 1,800 | Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (2) | 1,810,872 |
| | | $ 3,302,053 |

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Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010

PORTFOLIO OF INVESTMENTS CONTD

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| Principal
Amount — (000s
omitted) | Security | Value | |
| --- | --- | --- | --- |
| Insured-Water
and Sewer 4.8% | | | |
| $ 535 | Chester County Industrial Development Authority,
(Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT),
5.00%, 2/1/40 | $ 517,040 | |
| 875 | Delaware County Industrial Development Authority,
(Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT),
5.00%, 11/1/36 | 853,248 | |
| 360 | Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG),
5.00%, 11/1/31 | 361,224 | |
| | | $ 1,731,512 | |
| Senior
Living / Life Care 3.9% | | | |
| $ 1,000 | Cliff House Trust, (AMT), 6.625%, 6/1/27 | $ 527,080 | |
| 500 | Lancaster County Hospital Authority, (Willow Valley Retirement
Communities), 5.875%, 6/1/31 | 503,740 | |
| 200 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24 | 192,972 | |
| 200 | Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30 | 184,540 | |
| | | $ 1,408,332 | |
| Special
Tax Revenue 0.3% | | | |
| $ 110 | Virgin Islands Public Finance Authority, 6.75%, 10/1/37 | $ 115,606 | |
| | | $ 115,606 | |
| Transportation 10.6% | | | |
| $ 465 | Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35 | $ 471,766 | |
| 285 | Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40 | 288,098 | |
| 270 | Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31 | 272,201 | |
| 1,430 | Pennsylvania Turnpike Commission, 5.35%, (0.00% until
12/1/15), 12/1/30 | 1,036,964 | |
| 1,000 | Pennsylvania Turnpike Commission, 5.00%, 12/1/37 | 983,980 | |
| 750 | Pennsylvania Turnpike Commission, 5.625%, 6/1/29 | 792,952 | |
| | | $ 3,845,961 | |
| Utilities 1.6% | | | |
| $ 600 | Philadelphia Gas Works, 5.25%, 8/1/40 | $ 576,354 | |
| | | $ 576,354 | |
| Water
and Sewer 2.0% | | | |
| $ 750 | Harrisburg Water Authority, 5.25%, 7/15/31 | $ 723,855 | |
| | | $ 723,855 | |
| Total
Tax-Exempt Investments 160.2% | | | |
| (identified
cost $58,820,243) | | $ 58,009,910 | |
| Auction
Preferred Shares Plus Cumulative Unpaid Dividends
(58.5)% | | $ (21,175,236 | ) |
| Other
Assets, Less Liabilities (1.7)% | | $ (624,268 | ) |
| Net
Assets Applicable to Common Shares 100.0% | | $ 36,210,406 | |

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

AGC - Assured Guaranty Corp.

AGM - Assured Guaranty Municipal Corp.

AMBAC - AMBAC Financial Group, Inc.

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

CIFG - CIFG Assurance North America, Inc.

FGIC - Financial Guaranty Insurance Company

NPFG - National Public Finance Guaranty Corp.

SFMR - Single Family Mortgage Revenue

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2010, 38.5% 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 4.9% to 12.0% of total investments.

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS

Statements of Assets and Liabilities

| As of
November 30, 2010 | California
Trust | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | |
| Investments | | | | | | | | |
| Identified cost | $ 162,760,725 | $ | 62,327,100 | $ | 44,389,890 | $ | 107,707,611 | |
| Unrealized depreciation | (5,063,507 | ) | (699,069 | ) | (1,284,256 | ) | (1,094,812 | ) |
| Investments, at value | $ 157,697,218 | $ | 61,628,031 | $ | 43,105,634 | $ | 106,612,799 | |
| Cash | $ 2,234,455 | $ | 77,343 | $ | 1,177,132 | $ | 1,725,110 | |
| Interest receivable | 1,930,272 | | 1,058,278 | | 565,347 | | 1,606,407 | |
| Receivable for investments sold | 12,000 | | 15,000 | | 20,150 | | 24,642 | |
| Receivable for open swap contracts | | | 50,741 | | | | 87,790 | |
| Deferred debt issuance costs | 32,566 | | 3,915 | | | | 3,974 | |
| Total assets | $ 161,906,511 | $ | 62,833,308 | $ | 44,868,263 | $ | 110,060,722 | |
| Liabilities | | | | | | | | |
| Payable for floating rate notes issued | $ 20,535,000 | $ | 4,885,000 | $ | | $ | 14,572,000 | |
| Payable for when-issued securities | 1,615,120 | | | | | | | |
| Payable for variation margin on open financial futures contracts | 19,001 | | | | 1,969 | | 74,219 | |
| Payable for open swap contracts | 132,762 | | 48,631 | | 15,562 | | 85,104 | |
| Payable to affiliates: | | | | | | | | |
| Investment adviser fee | 84,988 | | 33,926 | | 25,583 | | 57,116 | |
| Administration fee | 24,814 | | 9,905 | | 7,469 | | 16,676 | |
| Trustees fees | 981 | | 441 | | 355 | | 689 | |
| Interest expense and fees payable | 31,043 | | 11,884 | | | | 40,651 | |
| Accrued expenses | 90,261 | | 58,341 | | 53,987 | | 70,843 | |
| Total liabilities | $ 22,533,970 | $ | 5,048,128 | $ | 104,925 | $ | 14,917,298 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 49,977,422 | $ | 20,050,225 | $ | 17,501,062 | $ | 33,426,620 | |
| Net assets applicable to common shares | $ 89,395,119 | $ | 37,734,955 | $ | 27,262,276 | $ | 61,716,804 | |
| Sources
of Net Assets | | | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 72,179 | $ | 27,371 | $ | 21,163 | $ | 46,554 | |
| Additional paid-in capital | 104,656,831 | | 39,544,686 | | 30,471,851 | | 66,893,497 | |
| Accumulated net realized loss | (11,337,374 | ) | (1,604,943 | ) | (2,219,330 | ) | (4,872,061 | ) |
| Accumulated undistributed net investment income | 1,223,364 | | 464,800 | | 295,348 | | 731,612 | |
| Net unrealized depreciation | (5,219,881 | ) | (696,959 | ) | (1,306,756 | ) | (1,082,798 | ) |
| Net assets applicable to common shares | $ 89,395,119 | $ | 37,734,955 | $ | 27,262,276 | $ | 61,716,804 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | | | |
| | 1,999 | | 802 | | 700 | | 1,337 | |
| Common
Shares Outstanding | | | | | | | | |
| | 7,217,856 | | 2,737,099 | | 2,116,294 | | 4,655,354 | |
| Net
Asset Value Per Common Share | | | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 12.39 | $ | 13.79 | $ | 12.88 | $ | 13.26 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

Statements of Assets and Liabilities

| As of
November 30, 2010 | New York
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | |
| Investments | | | | | | |
| Identified cost | $ 124,282,232 | $ | 56,852,704 | $ | 58,820,243 | |
| Unrealized depreciation | (997,820 | ) | (759,471 | ) | (810,333 | ) |
| Investments, at value | $ 123,284,412 | $ | 56,093,233 | $ | 58,009,910 | |
| Cash | $ 3,293,356 | $ | 1,698,153 | $ | 904,156 | |
| Interest receivable | 1,723,381 | | 982,930 | | 864,699 | |
| Receivable for investments sold | 75,082 | | 3,512,863 | | 100,000 | |
| Receivable for open swap contracts | 103,093 | | 52,352 | | 58,795 | |
| Deferred debt issuance costs | 19,328 | | | | | |
| Total assets | $ 128,498,652 | $ | 62,339,531 | $ | 59,937,560 | |
| Liabilities | | | | | | |
| Payable for floating rate notes issued | $ 20,475,000 | $ | 830,000 | $ | 2,370,000 | |
| Payable for investments purchased | | | 1,178,116 | | | |
| Payable for when-issued securities | 2,480,078 | | | | | |
| Payable for variation margin on open financial futures contracts | 35,625 | | 6,719 | | 29,687 | |
| Payable for open swap contracts | 202,304 | | 29,178 | | 38,905 | |
| Payable to affiliates: | | | | | | |
| Investment adviser fee | 66,308 | | 34,839 | | 33,480 | |
| Administration fee | 19,360 | | 10,172 | | 9,775 | |
| Trustees fees | 782 | | 454 | | 440 | |
| Interest expense and fees payable | 43,884 | | 3,358 | | 8,889 | |
| Accrued expenses | 75,889 | | 56,854 | | 60,742 | |
| Total liabilities | $ 23,399,230 | $ | 2,149,690 | $ | 2,551,918 | |
| Auction preferred shares at liquidation value plus cumulative
unpaid dividends | $ 33,727,043 | $ | 22,726,927 | $ | 21,175,236 | |
| Net assets applicable to common shares | $ 71,372,379 | $ | 37,462,914 | $ | 36,210,406 | |
| Sources
of Net Assets | | | | | | |
| Common shares, $0.01 par value, unlimited number of shares
authorized | $ 54,435 | $ | 28,449 | $ | 27,166 | |
| Additional paid-in capital | 78,953,796 | | 40,768,609 | | 38,533,541 | |
| Accumulated net realized loss | (7,346,782 | ) | (3,013,613 | ) | (1,979,238 | ) |
| Accumulated undistributed net investment income | 852,703 | | 436,643 | | 415,649 | |
| Net unrealized depreciation | (1,141,773 | ) | (757,174 | ) | (786,712 | ) |
| Net assets applicable to common shares | $ 71,372,379 | $ | 37,462,914 | $ | 36,210,406 | |
| Auction
Preferred Shares Issued and Outstanding (Liquidation preference of $25,000 per share) | | | | | | |
| | 1,349 | | 909 | | 847 | |
| Common
Shares Outstanding | | | | | | |
| | 5,443,476 | | 2,844,918 | | 2,716,608 | |
| Net
Asset Value Per Common Share | | | | | | |
| Net assets applicable to common shares ¸ common shares issued and outstanding | $ 13.11 | $ | 13.17 | $ | 13.33 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

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Statements of Operations

| For the Year
Ended November 30, 2010 | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | New Jersey
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | | | |
| Interest | $ 8,614,883 | | $ 3,274,354 | | $ 2,412,809 | | $ 5,711,657 | |
| Total investment income | $ 8,614,883 | | $ 3,274,354 | | $ 2,412,809 | | $ 5,711,657 | |
| Expenses | | | | | | | | |
| Investment adviser fee | $ 1,048,471 | | $ 417,371 | | $ 315,990 | | $ 709,401 | |
| Administration fee | 303,403 | | 120,782 | | 91,440 | | 205,272 | |
| Trustees fees and expenses | 5,638 | | 2,550 | | 2,050 | | 3,985 | |
| Custodian fee | 77,512 | | 43,032 | | 30,833 | | 55,973 | |
| Transfer and dividend disbursing agent fees | 16,954 | | 16,355 | | 16,810 | | 15,276 | |
| Legal and accounting services | 50,125 | | 37,893 | | 36,608 | | 68,271 | |
| Printing and postage | 18,777 | | 10,397 | | 9,356 | | 14,444 | |
| Interest expense and fees | 163,108 | | 36,653 | | | | 114,568 | |
| Preferred shares service fee | 69,843 | | 29,182 | | 23,553 | | 48,969 | |
| Miscellaneous | 59,610 | | 30,952 | | 31,945 | | 35,261 | |
| Total expenses | $ 1,813,441 | | $ 745,167 | | $ 558,585 | | $ 1,271,420 | |
| Deduct | | | | | | | | |
| Reduction of custodian fee | $ 749 | | $ 310 | | $ 471 | | $ 727 | |
| Total expense reductions | $ 749 | | $ 310 | | $ 471 | | $ 727 | |
| Net expenses | $ 1,812,692 | | $ 744,857 | | $ 558,114 | | $ 1,270,693 | |
| Net investment income | $ 6,802,191 | | $ 2,529,497 | | $ 1,854,695 | | $ 4,440,964 | |
| Realized
and Unrealized Gain (Loss) | | | | | | | | |
| Net realized gain (loss) | | | | | | | | |
| Investment transactions | $ 666,810 | | $ 183,131 | | $ 41,021 | | $ 434,050 | |
| Financial futures contracts | (648,487 | ) | | | (63,143 | ) | (1,567,290 | ) |
| Swap contracts | (632,939 | ) | (233,278 | ) | (35,036 | ) | (405,780 | ) |
| Net realized loss | $ (614,616 | ) | $ (50,147 | ) | $ (57,158 | ) | $ (1,539,020 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | | | |
| Investments | $ 601,139 | | $ 572,104 | | $ (49,784 | ) | $ 80,488 | |
| Financial futures contracts | 172,389 | | | | 13,176 | | 9,328 | |
| Swap contracts | (9,152 | ) | 47,418 | | (1,887 | ) | 81,924 | |
| Net change in unrealized appreciation (depreciation) | $ 764,376 | | $ 619,522 | | $ (38,495 | ) | $ 171,740 | |
| Net realized and unrealized gain (loss) | $ 149,760 | | $ 569,375 | | $ (95,653 | ) | $ (1,367,280 | ) |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | $ (203,844 | ) | $ (81,604 | ) | $ (70,520 | ) | $ (136,338 | ) |
| Net increase in net assets from operations | $ 6,748,107 | | $ 3,017,268 | | $ 1,688,522 | | $ 2,937,346 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

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Statements of Operations

| For the Year
Ended November 30, 2010 | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| Investment
Income | | | | | | |
| Interest | $ 6,608,815 | | $ 3,284,384 | | $ 3,200,101 | |
| Total investment income | $ 6,608,815 | | $ 3,284,384 | | $ 3,200,101 | |
| Expenses | | | | | | |
| Investment adviser fee | $ 816,957 | | $ 432,938 | | $ 414,330 | |
| Administration fee | 236,407 | | 125,275 | | 119,892 | |
| Trustees fees and expenses | 4,507 | | 2,632 | | 2,536 | |
| Custodian fee | 63,573 | | 38,728 | | 38,192 | |
| Transfer and dividend disbursing agent fees | 16,820 | | 16,431 | | 12,363 | |
| Legal and accounting services | 36,060 | | 32,940 | | 40,259 | |
| Printing and postage | 16,850 | | 11,201 | | 11,111 | |
| Interest expense and fees | 155,787 | | 7,394 | | 23,524 | |
| Preferred shares service fee | 48,917 | | 32,624 | | 30,197 | |
| Miscellaneous | 37,879 | | 32,310 | | 35,078 | |
| Total expenses | $ 1,433,757 | | $ 732,473 | | $ 727,482 | |
| Deduct | | | | | | |
| Reduction of custodian fee | $ 1,262 | | $ 789 | | $ 361 | |
| Total expense reductions | $ 1,262 | | $ 789 | | $ 361 | |
| Net expenses | $ 1,432,495 | | $ 731,684 | | $ 727,121 | |
| Net investment income | $ 5,176,320 | | $ 2,552,700 | | $ 2,472,980 | |
| Realized
and Unrealized Gain (Loss) | | | | | | |
| Net realized gain (loss) | | | | | | |
| Investment transactions | $ 351,299 | | $ 283,528 | | $ 149,336 | |
| Financial futures contracts | (674,109 | ) | (148,221 | ) | (589,375 | ) |
| Swap contracts | (706,980 | ) | (193,413 | ) | (25,378 | ) |
| Net realized loss | $ (1,029,790 | ) | $ (58,106 | ) | $ (465,417 | ) |
| Change in unrealized appreciation (depreciation) | | | | | | |
| Investments | $ 1,736,758 | | $ (943,170 | ) | $ 139,663 | |
| Financial futures contracts | 118,593 | | 22,920 | | 127,343 | |
| Swap contracts | 83,791 | | 51,471 | | 22,874 | |
| Net change in unrealized appreciation (depreciation) | $ 1,939,142 | | $ (868,779 | ) | $ 289,880 | |
| Net realized and unrealized gain (loss) | $ 909,352 | | $ (926,885 | ) | $ (175,537 | ) |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | $ (135,619 | ) | $ (92,648 | ) | $ (86,181 | ) |
| Net increase in net assets from operations | $ 5,950,053 | | $ 1,533,167 | | $ 2,211,262 | |

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FINANCIAL STATEMENTS CONTD

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Statements of Changes in Net Assets

| For the Year
Ended November 30, 2010 — Increase (Decrease)
in Net Assets | California
Trust | | Massachusetts
Trust | | Michigan
Trust | | New Jersey
Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 6,802,191 | | $ 2,529,497 | | $ 1,854,695 | | $ 4,440,964 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (614,616 | ) | (50,147 | ) | (57,158 | ) | (1,539,020 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 764,376 | | 619,522 | | (38,495 | ) | 171,740 | |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | (203,844 | ) | (81,604 | ) | (70,520 | ) | (136,338 | ) |
| Net increase in net assets from operations | $ 6,748,107 | | $ 3,017,268 | | $ 1,688,522 | | $ 2,937,346 | |
| Distributions to common shareholders From net investment income | $ (6,355,945 | ) | $ (2,473,535 | ) | $ (1,817,913 | ) | $ (4,399,126 | ) |
| Total distributions to common shareholders | $ (6,355,945 | ) | $ (2,473,535 | ) | $ (1,817,913 | ) | $ (4,399,126 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ 282,674 | | $ 180,515 | | $ | | $ 386,092 | |
| Net increase in net assets from capital share transactions | $ 282,674 | | $ 180,515 | | $ | | $ 386,092 | |
| Net increase (decrease) in net assets | $ 674,836 | | $ 724,248 | | $ (129,391 | ) | $ (1,075,688 | ) |
| Net
Assets Applicable to Common Shares | | | | | | | | |
| At beginning of year | $ 88,720,283 | | $ 37,010,707 | | $ 27,391,667 | | $ 62,792,492 | |
| At end of year | $ 89,395,119 | | $ 37,734,955 | | $ 27,262,276 | | $ 61,716,804 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 1,223,364 | | $ 464,800 | | $ 295,348 | | $ 731,612 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

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Statements of Changes in Net Assets

| For the Year
Ended November 30, 2010 — Increase (Decrease)
in Net Assets | New York
Trust | | Ohio
Trust | | Pennsylvania
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | |
| Net investment income | $ 5,176,320 | | $ 2,552,700 | | $ 2,472,980 | |
| Net realized loss from investment transactions, financial
futures contracts and swap contracts | (1,029,790 | ) | (58,106 | ) | (465,417 | ) |
| Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts | 1,939,142 | | (868,779 | ) | 289,880 | |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | (135,619 | ) | (92,648 | ) | (86,181 | ) |
| Net increase in net assets from operations | $ 5,950,053 | | $ 1,533,167 | | $ 2,211,262 | |
| Distributions to common shareholders | | | | | | |
| From net investment income | $ (4,909,382 | ) | $ (2,528,385 | ) | $ (2,351,411 | ) |
| Total distributions to common shareholders | $ (4,909,382 | ) | $ (2,528,385 | ) | $ (2,351,411 | ) |
| Capital share transactions | | | | | | |
| Reinvestment of distributions to common shareholders | $ 475,009 | | $ 162,675 | | $ 95,355 | |
| Net increase in net assets from capital share transactions | $ 475,009 | | $ 162,675 | | $ 95,355 | |
| Net increase (decrease) in net assets | $ 1,515,680 | | $ (832,543 | ) | $ (44,794 | ) |
| Net
Assets Applicable to Common Shares | | | | | | |
| At beginning of year | $ 69,856,699 | | $ 38,295,457 | | $ 36,255,200 | |
| At end of year | $ 71,372,379 | | $ 37,462,914 | | $ 36,210,406 | |
| Accumulated
undistributed net investment income included in net assets applicable to common shares | | | | | | |
| At end of year | $ 852,703 | | $ 436,643 | | $ 415,649 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

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 | 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 November 30, 2010

FINANCIAL STATEMENTS CONTD

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Statements of Cash Flows

| For the Year
Ended November 30, 2010 — Cash Flows From
Operating Activities | California
Trust | | New Jersey
Trust | | New York
Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| Net increase in net assets from operations | $ 6,748,107 | | $ 2,937,346 | | $ 5,950,053 | |
| Distributions to preferred shareholders | 203,844 | | 136,338 | | 135,619 | |
| Net increase in net assets from operations excluding
distributions to preferred shareholders | $ 6,951,951 | | $ 3,073,684 | | $ 6,085,672 | |
| Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities: | | | | | | |
| Investments purchased | (21,888,311 | ) | (10,301,710 | ) | (21,894,055 | ) |
| Investments sold | 22,947,515 | | 10,742,719 | | 16,261,262 | |
| Net amortization/accretion of premium (discount) | (1,451,153 | ) | (701,978 | ) | (538,401 | ) |
| Amortization of deferred debt issuance costs | 1,508 | | 394 | | 8,238 | |
| Decrease (increase) in interest receivable | 92,170 | | 97,952 | | (57,197 | ) |
| Decrease (increase) in receivable for investments sold | (2,500 | ) | 1,007,036 | | (40,137 | ) |
| Decrease (increase) in receivable for open swap contracts | | | (87,790 | ) | (103,093 | ) |
| Increase in payable for when-issued securities | 1,615,120 | | | | 2,480,078 | |
| Increase in payable for variation margin on open financial
futures contracts | 12,251 | | 74,219 | | 30,000 | |
| Increase in payable for open swap contracts | 9,152 | | 5,866 | | 19,302 | |
| Increase (decrease) in payable to affiliate for investment
adviser fee | (507 | ) | (834 | ) | 404 | |
| Increase in payable to affiliate for administration fee | 1,855 | | 3,027 | | 530 | |
| Decrease in payable to affiliate for Trustees fees | (42 | ) | (24 | ) | (26 | ) |
| Increase (decrease) in interest expense and fees payable | (2,620 | ) | 1,807 | | 9,187 | |
| Decrease in accrued expenses | (2,017 | ) | (10,817 | ) | (14,439 | ) |
| Net change in unrealized (appreciation) depreciation from
investments | (601,139 | ) | (80,488 | ) | (1,736,758 | ) |
| Net realized gain from investments | (666,810 | ) | (434,050 | ) | (351,299 | ) |
| Net cash provided by operating activities | $ 7,016,423 | | $ 3,389,013 | | $ 159,268 | |
| Cash
Flows From Financing Activities | | | | | | |
| Distributions paid to common shareholders, net of reinvestments | $ (6,073,271 | ) | $ (4,013,034 | ) | $ (4,434,373 | ) |
| Cash distributions paid to preferred shareholders | (203,239 | ) | (135,933 | ) | (135,211 | ) |
| Proceeds from secured borrowings | 1,590,000 | | 2,000,000 | | 3,255,000 | |
| Decrease in due to custodian | (95,458 | ) | | | | |
| Net cash used in financing activities | $ (4,781,968 | ) | $ (2,148,967 | ) | $ (1,314,584 | ) |
| Net increase (decrease) in cash | $ 2,234,455 | | $ 1,240,046 | | $ (1,155,316 | ) |
| Cash at beginning of year | $ | | $ 485,064 | | $ 4,448,672 | |
| Cash at end of year | $ 2,234,455 | | $ 1,725,110 | | $ 3,293,356 | |
| Supplemental
disclosure of cash flow information: | | | | | | |
| Noncash financing activities not included herein consist of: | | | | | | |
| Reinvestment of dividends and distributions | $ 282,674 | | $ 386,092 | | $ 475,009 | |
| Cash paid for interest and fees | 164,220 | | 112,367 | | 138,362 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

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Financial Highlights

Selected data for a common share outstanding during the periods stated

| | California
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 12.330 | | $ 9.890 | | $ 15.120 | | $ 16.430 | | $ 15.420 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.945 | | $ 0.947 | | $ 0.943 | | $ 0.936 | | $ 0.962 | |
| Net realized and unrealized gain (loss) | 0.026 | | 2.321 | | (5.223 | ) | (1.294 | ) | 1.028 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.028 | ) | (0.047 | ) | (0.277 | ) | (0.280 | ) | (0.239 | ) |
| Total income (loss) from operations | $ 0.943 | | $ 3.221 | | $ (4.557 | ) | $ (0.638 | ) | $ 1.751 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.883 | ) | $ (0.781 | ) | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) |
| Total distributions to common shareholders | $ (0.883 | ) | $ (0.781 | ) | $ (0.673 | ) | $ (0.672 | ) | $ (0.741 | ) |
| Net asset value End of year (Common shares) | $ 12.390 | | $ 12.330 | | $ 9.890 | | $ 15.120 | | $ 16.430 | |
| Market value End of year (Common shares) | $ 12.400 | | $ 12.170 | | $ 9.150 | | $ 13.160 | | $ 15.050 | |
| Total Investment Return on Net Asset
Value (2) | 7.73 | % | 34.24 | % | (30.70 | )% | (3.65 | )% | 12.10 | % |
| Total Investment Return on Market
Value (2) | 9.25 | % | 43.19 | % | (26.34 | )% | (8.44 | )% | 15.99 | % |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FINANCIAL STATEMENTS CONTD

Financial Highlights

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Selected data for a common share outstanding during the periods stated

| | California
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 89,395 | $ 88,720 | $ 71,065 | $ 108,567 | $ | 117,966 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.78 % | 1.93 % | 1.87 % | 1.78 | % (4) | 1.79 % |
| Interest and fee
expense (5) | 0.18 % | 0.23 % | 0.37 % | 0.34 | % | 0.49 % |
| Total expenses before custodian fee reduction | 1.96 % | 2.16 % | 2.24 % | 2.12 | % (4) | 2.28 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.78 % | 1.93 % | 1.85 % | 1.76 | % (4) | 1.77 % |
| Net investment income | 7.34 % | 8.35 % | 6.91 % | 5.94 | % | 6.12 % |
| Portfolio Turnover | 14 % | 18 % | 31 % | 40 | % | 26 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.16 % | 1.19 % | 1.18 % | 1.17 | % (4) | 1.18 % |
| Interest and fee
expense (5) | 0.11 % | 0.15 % | 0.24 % | 0.22 | % | 0.32 % |
| Total expenses before custodian fee reduction | 1.27 % | 1.34 % | 1.42 % | 1.39 | % (4) | 1.50 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.16 % | 1.19 % | 1.17 % | 1.16 | % (4) | 1.16 % |
| Net investment income | 4.77 % | 5.18 % | 4.39 % | 3.90 | % | 4.03 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,999 | 1,999 | 1,999 | 2,360 | | 2,360 |
| Asset coverage per preferred
share (6) | $ 69,721 | $ 69,383 | $ 60,552 | $ 71,003 | $ | 74,997 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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Selected data for a common share outstanding during the periods stated

| | Massachusetts
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 13.590 | | $ 10.160 | | $ 14.860 | | $ 16.170 | | $ 15.270 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.926 | | $ 0.948 | | $ 0.947 | | $ 0.914 | | $ 0.931 | |
| Net realized and unrealized gain (loss) | 0.210 | | 3.356 | | (4.720 | ) | (1.314 | ) | 0.926 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.030 | ) | (0.049 | ) | (0.278 | ) | (0.271 | ) | (0.243 | ) |
| Total income (loss) from operations | $ 1.106 | | $ 4.255 | | $ (4.051 | ) | $ (0.671 | ) | $ 1.614 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.906 | ) | $ (0.825 | ) | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) |
| Total distributions to common shareholders | $ (0.906 | ) | $ (0.825 | ) | $ (0.649 | ) | $ (0.639 | ) | $ (0.714 | ) |
| Net asset value End of year (Common shares) | $ 13.790 | | $ 13.590 | | $ 10.160 | | $ 14.860 | | $ 16.170 | |
| Market value End of year (Common shares) | $ 13.980 | | $ 13.260 | | $ 8.930 | | $ 13.050 | | $ 14.920 | |
| Total Investment Return on Net Asset
Value (2) | 8.16 | % | 43.29 | % | (28.02 | )% | (3.94 | )% | 11.05 | % |
| Total Investment Return on Market
Value (2) | 12.38 | % | 58.91 | % | (27.89 | )% | (8.57 | )% | 5.72 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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Selected data for a common share outstanding during the periods stated

| | Massachusetts
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 37,735 | $ 37,011 | $ 27,576 | $ 40,341 | $ | 43,875 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.83 % | 2.02 % | 2.06 % | 1.91 | % (4) | 1.88 % |
| Interest and fee
expense (5) | 0.09 % | 0.14 % | 0.26 % | 0.61 | % | 0.77 % |
| Total expenses before custodian fee reduction | 1.92 % | 2.16 % | 2.32 % | 2.52 | % (4) | 2.65 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.82 % | 2.02 % | 2.04 % | 1.89 | % (4) | 1.87 % |
| Net investment income | 6.51 % | 7.77 % | 7.03 % | 5.90 | % | 6.01 % |
| Portfolio Turnover | 16 % | 24 % | 40 % | 42 | % | 22 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.20 % | 1.26 % | 1.31 % | 1.26 | % (4) | 1.24 % |
| Interest and fee
expense (5) | 0.06 % | 0.09 % | 0.16 % | 0.40 | % | 0.51 % |
| Total expenses before custodian fee reduction | 1.26 % | 1.35 % | 1.47 % | 1.66 | % (4) | 1.75 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.20 % | 1.26 % | 1.30 % | 1.25 | % (4) | 1.24 % |
| Net investment income | 4.29 % | 4.85 % | 4.47 % | 3.91 | % | 3.98 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 802 | 802 | 802 | 860 | | 860 |
| Asset coverage per preferred
share (6) | $ 72,051 | $ 71,150 | $ 59,391 | $ 71,920 | $ | 76,024 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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Selected data for a common share outstanding during the periods stated

| | Michigan
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 12.940 | | $ 10.860 | | $ 14.510 | | $ 15.420 | | $ 14.820 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.876 | | $ 0.918 | | $ 0.931 | | $ 0.913 | | $ 0.950 | |
| Net realized and unrealized gain (loss) | (0.044 | ) | 1.990 | | (3.669 | ) | (0.881 | ) | 0.608 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.033 | ) | (0.056 | ) | (0.301 | ) | (0.296 | ) | (0.256 | ) |
| Total income (loss) from operations | $ 0.799 | | $ 2.852 | | $ (3.039 | ) | $ (0.264 | ) | $ 1.302 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.859 | ) | $ (0.772 | ) | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) |
| Total distributions to common shareholders | $ (0.859 | ) | $ (0.772 | ) | $ (0.611 | ) | $ (0.646 | ) | $ (0.702 | ) |
| Net asset value End of year (Common shares) | $ 12.880 | | $ 12.940 | | $ 10.860 | | $ 14.510 | | $ 15.420 | |
| Market value End of year (Common shares) | $ 12.100 | | $ 11.530 | | $ 7.920 | | $ 12.430 | | $ 14.110 | |
| Total Investment Return on Net Asset
Value (2) | 6.57 | % | 28.08 | % | (21.02 | )% | (1.37 | )% | 9.38 | % |
| Total Investment Return on Market
Value (2) | 12.36 | % | 56.49 | % | (32.76 | )% | (7.66 | )% | 9.88 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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Selected data for a common share outstanding during the periods stated

| | Michigan
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 27,262 | $ 27,392 | $ 22,977 | $ 30,710 | $ | 32,643 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.98 % | 2.18 % | 2.15 % | 2.03 | % (4) | 1.97 % |
| Interest and fee
expense (5) | | 0.06 % | 0.16 % | 0.32 | % | 0.46 % |
| Total expenses before custodian fee reduction | 1.98 % | 2.24 % | 2.31 % | 2.35 | % (4) | 2.43 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.98 % | 2.18 % | 2.13 % | 2.01 | % (4) | 1.96 % |
| Net investment income | 6.57 % | 7.61 % | 6.96 % | 6.12 | % | 6.35 % |
| Portfolio Turnover | 14 % | 23 % | 24 % | 22 | % | 22 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.22 % | 1.29 % | 1.33 % | 1.31 | % (4) | 1.27 % |
| Interest and fee
expense (5) | | 0.04 % | 0.10 % | 0.21 | % | 0.29 % |
| Total expenses before custodian fee reduction | 1.22 % | 1.33 % | 1.43 % | 1.52 | % (4) | 1.56 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.22 % | 1.29 % | 1.31 % | 1.29 | % (4) | 1.26 % |
| Net investment income | 4.06 % | 4.52 % | 4.30 % | 3.94 | % | 4.09 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 700 | 700 | 700 | 700 | | 700 |
| Asset coverage per preferred
share (6) | $ 63,948 | $ 64,132 | $ 57,828 | $ 68,878 | $ | 71,635 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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| | New Jersey
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 13.570 | | $ 9.400 | | $ 14.930 | | $ 16.200 | | $ 15.020 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.957 | | $ 0.971 | | $ 0.968 | | $ 0.926 | | $ 0.953 | |
| Net realized and unrealized gain (loss) | (0.290 | ) | 4.091 | | (5.579 | ) | (1.275 | ) | 1.205 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.029 | ) | (0.048 | ) | (0.289 | ) | (0.273 | ) | (0.253 | ) |
| Total income (loss) from operations | $ 0.638 | | $ 5.014 | | $ (4.900 | ) | $ (0.622 | ) | $ 1.905 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.948 | ) | $ (0.844 | ) | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) |
| Total distributions to common shareholders | $ (0.948 | ) | $ (0.844 | ) | $ (0.630 | ) | $ (0.648 | ) | $ (0.725 | ) |
| Net asset value End of year (Common shares) | $ 13.260 | | $ 13.570 | | $ 9.400 | | $ 14.930 | | $ 16.200 | |
| Market value End of year (Common shares) | $ 13.520 | | $ 14.040 | | $ 8.500 | | $ 12.790 | | $ 15.080 | |
| Total Investment Return on Net Asset
Value (2) | 4.62 | % | 55.43 | % | (33.57 | )% | (3.59 | )% | 13.28 | % |
| Total Investment Return on Market
Value (2) | 3.10 | % | 77.84 | % | (29.88 | )% | (11.28 | )% | 12.89 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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| | New Jersey
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 61,717 | $ 62,792 | $ 43,459 | $ 69,001 | $ | 74,846 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.79 % | 1.99 % | 1.96 % | 1.84 | % (4) | 1.85 % |
| Interest and fee
expense (5) | 0.18 % | 0.24 % | 0.45 % | 0.89 | % | 0.93 % |
| Total expenses before custodian fee reduction | 1.97 % | 2.23 % | 2.41 % | 2.73 | % (4) | 2.78 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.79 % | 1.99 % | 1.94 % | 1.81 | % (4) | 1.83 % |
| Net investment income | 6.87 % | 8.16 % | 7.22 % | 5.94 | % | 6.20 % |
| Portfolio Turnover | 9 % | 48 % | 54 % | 42 | % | 23 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.18 % | 1.24 % | 1.23 % | 1.21 | % (4) | 1.20 % |
| Interest and fee
expense (5) | 0.12 % | 0.15 % | 0.28 % | 0.58 | % | 0.61 % |
| Total expenses before custodian fee reduction | 1.30 % | 1.39 % | 1.51 % | 1.79 | % (4) | 1.81 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.18 % | 1.24 % | 1.21 % | 1.19 | % (4) | 1.19 % |
| Net investment income | 4.53 % | 5.08 % | 4.51 % | 3.89 | % | 4.04 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,337 | 1,337 | 1,366 | 1,520 | | 1,520 |
| Asset coverage per preferred
share (6) | $ 71,162 | $ 71,966 | $ 56,817 | $ 70,395 | $ | 74,250 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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| | New York
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 12.920 | | $ 9.350 | | $ 15.240 | | $ 16.550 | | $ 15.660 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.954 | | $ 0.960 | | $ 0.987 | | $ 0.991 | | $ 0.987 | |
| Net realized and unrealized gain (loss) | 0.166 | | 3.493 | | (5.887 | ) | (1.293 | ) | 0.932 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.025 | ) | (0.042 | ) | (0.269 | ) | (0.287 | ) | (0.247 | ) |
| Total income (loss) from operations | $ 1.095 | | $ 4.411 | | $ (5.169 | ) | $ (0.589 | ) | $ 1.672 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.905 | ) | $ (0.841 | ) | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) |
| Total distributions to common shareholders | $ (0.905 | ) | $ (0.841 | ) | $ (0.721 | ) | $ (0.721 | ) | $ (0.782 | ) |
| Net asset value End of year (Common shares) | $ 13.110 | | $ 12.920 | | $ 9.350 | | $ 15.240 | | $ 16.550 | |
| Market value End of year (Common shares) | $ 13.350 | | $ 13.200 | | $ 7.900 | | $ 14.100 | | $ 15.700 | |
| Total Investment Return on Net Asset
Value (2) | 8.48 | % | 49.00 | % | (35.07 | )% | (3.42 | )% | 11.28 | % |
| Total Investment Return on Market
Value (2) | 8.16 | % | 80.12 | % | (40.71 | )% | (5.81 | )% | 10.28 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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| | New York
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 71,372 | $ 69,857 | $ 50,325 | $ 81,931 | $ | 88,970 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.74 % | 1.98 % | 1.92 % | 1.80 | % (4) | 1.82 % |
| Interest and fee
expense (5) | 0.21 % | 0.24 % | 0.55 % | 0.98 | % | 1.03 % |
| Total expenses before custodian fee reduction | 1.95 % | 2.22 % | 2.47 % | 2.78 | % (4) | 2.85 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.74 % | 1.98 % | 1.89 % | 1.78 | % (4) | 1.80 % |
| Net investment income | 7.02 % | 8.40 % | 7.21 % | 6.23 | % | 6.22 % |
| Portfolio Turnover | 13 % | 20 % | 48 % | 29 | % | 27 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.18 % | 1.28 % | 1.23 % | 1.18 | % (4) | 1.19 % |
| Interest and fee
expense (5) | 0.15 % | 0.15 % | 0.35 % | 0.65 | % | 0.68 % |
| Total expenses before custodian fee reduction | 1.33 % | 1.43 % | 1.58 % | 1.83 | % (4) | 1.87 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.18 % | 1.28 % | 1.21 % | 1.17 | % (4) | 1.19 % |
| Net investment income | 4.82 % | 5.43 % | 4.63 % | 4.10 | % | 4.09 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 1,349 | 1,349 | 1,349 | 1,780 | | 1,780 |
| Asset coverage per preferred
share (6) | $ 77,909 | $ 76,785 | $ 62,309 | $ 71,032 | $ | 74,983 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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| | Ohio
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 13.520 | | $ 10.450 | | $ 14.830 | | $ 15.690 | | $ 14.910 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.899 | | $ 0.945 | | $ 0.961 | | $ 0.938 | | $ 0.958 | |
| Net realized and unrealized gain (loss) | (0.325 | ) | 2.974 | | (4.410 | ) | (0.845 | ) | 0.800 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.033 | ) | (0.055 | ) | (0.303 | ) | (0.297 | ) | (0.264 | ) |
| Total income (loss) from operations | $ 0.541 | | $ 3.864 | | $ (3.752 | ) | $ (0.204 | ) | $ 1.494 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.891 | ) | $ (0.794 | ) | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) |
| Total distributions to common shareholders | $ (0.891 | ) | $ (0.794 | ) | $ (0.628 | ) | $ (0.656 | ) | $ (0.714 | ) |
| Net asset value End of year (Common shares) | $ 13.170 | | $ 13.520 | | $ 10.450 | | $ 14.830 | | $ 15.690 | |
| Market value End of year (Common shares) | $ 13.420 | | $ 13.430 | | $ 8.550 | | $ 12.850 | | $ 14.610 | |
| Total Investment Return on Net Asset
Value (2) | 3.96 | % | 38.58 | % | (25.69 | )% | (1.06 | )% | 10.50 | % |
| Total Investment Return on Market
Value (2) | 6.64 | % | 68.25 | % | (29.83 | )% | (7.93 | )% | 8.27 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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| | Ohio
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 37,463 | $ 38,295 | $ 29,563 | $ 41,953 | $ | 44,385 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.85 % | 2.08 % | 2.08 % | 1.93 | % (4) | 1.92 % |
| Interest and fee
expense (5) | 0.02 % | 0.02 % | 0.26 % | 0.72 | % | 0.74 % |
| Total expenses before custodian fee reduction | 1.87 % | 2.10 % | 2.34 % | 2.65 | % (4) | 2.66 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.85 % | 2.08 % | 2.06 % | 1.91 | % (4) | 1.92 % |
| Net investment income | 6.53 % | 7.77 % | 7.12 % | 6.17 | % | 6.31 % |
| Portfolio Turnover | 17 % | 20 % | 27 % | 24 | % | 16 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.17 % | 1.26 % | 1.29 % | 1.25 | % (4) | 1.25 % |
| Interest and fee
expense (5) | 0.01 % | 0.01 % | 0.16 % | 0.46 | % | 0.48 % |
| Total expenses before custodian fee reduction | 1.18 % | 1.27 % | 1.45 % | 1.71 | % (4) | 1.73 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.17 % | 1.26 % | 1.28 % | 1.23 | % (4) | 1.24 % |
| Net investment income | 4.13 % | 4.68 % | 4.41 % | 3.99 | % | 4.08 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 909 | 909 | 918 | 940 | | 940 |
| Asset coverage per preferred
share (6) | $ 66,215 | $ 67,131 | $ 57,209 | $ 69,640 | $ | 72,223 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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Financial Highlights

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| | Pennsylvania
Trust | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | | | | | |
| | 2010 | | 2009 | | 2008 | | 2007 | | 2006 | |
| Net asset value Beginning of year (Common shares) | $ 13.380 | | $ 10.320 | | $ 14.840 | | $ 15.510 | | $ 14.870 | |
| Income
(Loss) From Operations | | | | | | | | | | |
| Net investment
income (1) | $ 0.912 | | $ 0.928 | | $ 0.986 | | $ 0.953 | | $ 0.983 | |
| Net realized and unrealized gain (loss) | (0.063 | ) | 2.973 | | (4.555 | ) | (0.661 | ) | 0.664 | |
| Distributions to preferred shareholders | | | | | | | | | | |
| From net investment
income (1) | (0.032 | ) | (0.053 | ) | (0.299 | ) | (0.300 | ) | (0.274 | ) |
| Total income (loss) from operations | $ 0.817 | | $ 3.848 | | $ (3.868 | ) | $ (0.008 | ) | $ 1.373 | |
| Less
Distributions to Common Shareholders | | | | | | | | | | |
| From net investment income | $ (0.867 | ) | $ (0.788 | ) | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) |
| Total distributions to common shareholders | $ (0.867 | ) | $ (0.788 | ) | $ (0.652 | ) | $ (0.662 | ) | $ (0.733 | ) |
| Net asset value End of year (Common shares) | $ 13.330 | | $ 13.380 | | $ 10.320 | | $ 14.840 | | $ 15.510 | |
| Market value End of year (Common shares) | $ 12.930 | | $ 13.050 | | $ 9.600 | | $ 12.790 | | $ 14.560 | |
| Total Investment Return on Net Asset
Value (2) | 6.13 | % | 39.16 | % | (26.57 | )% | 0.27 | % | 9.68 | % |
| Total Investment Return on Market
Value (2) | 5.57 | % | 45.88 | % | (20.75 | )% | (7.95 | )% | 4.44 | % |

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FINANCIAL STATEMENTS CONTD

Financial Highlights

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| | Pennsylvania
Trust | | | | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Year Ended
November 30, | | | | | |
| | 2010 | 2009 | 2008 | 2007 | 2006 | |
| Ratios/Supplemental
Data | | | | | | |
| Net assets applicable to common shares, end of year (000s
omitted) | $ 36,210 | $ 36,255 | $ 27,944 | $ 40,182 | $ | 41,998 |
| Ratios (as a percentage of average daily net assets applicable
to common
shares): (3) | | | | | | |
| Expenses excluding interest and fees | 1.88 % | 2.11 % | 2.06 % | 1.95 | % (4) | 1.94 % |
| Interest and fee
expense (5) | 0.06 % | 0.21 % | 0.37 % | 0.70 | % | 0.93 % |
| Total expenses before custodian fee reduction | 1.94 % | 2.32 % | 2.43 % | 2.65 | % (4) | 2.87 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.88 % | 2.11 % | 2.04 % | 1.94 | % (4) | 1.93 % |
| Net investment income | 6.61 % | 7.61 % | 7.23 % | 6.28 | % | 6.53 % |
| Portfolio Turnover | 17 % | 23 % | 25 % | 23 | % | 18 % |
| 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): (3) | | | | | | |
| Expenses excluding interest and fees | 1.20 % | 1.28 % | 1.28 % | 1.27 | % (4) | 1.25 % |
| Interest and fee
expense (5) | 0.04 % | 0.13 % | 0.23 % | 0.45 | % | 0.60 % |
| Total expenses before custodian fee reduction | 1.24 % | 1.41 % | 1.51 % | 1.72 | % (4) | 1.85 % |
| Expenses after custodian fee reduction excluding interest and
fees | 1.20 % | 1.28 % | 1.27 % | 1.26 | % (4) | 1.24 % |
| Net investment income | 4.22 % | 4.63 % | 4.50 % | 4.06 | % | 4.21 % |
| Senior Securities: | | | | | | |
| Total preferred shares outstanding | 847 | 847 | 889 | 900 | | 900 |
| Asset coverage per preferred
share (6) | $ 67,752 | $ 67,806 | $ 56,439 | $ 69,658 | $ | 71,672 |
| Involuntary liquidation preference per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |
| Approximate market value per preferred
share (7) | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ | 25,000 |

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

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS

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 provided 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 rates 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, 2010, 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
	355,871	November 30, 2018
Massachusetts	$ 692,532	November 30, 2016
	991,790	November 30, 2017

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Eaton Vance Municipal Income Trusts as of November 30, 2010

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Trust	Amount
Michigan	$ 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
	34,334	November 30, 2018
New Jersey	$ 177,350	November 30, 2011
	3,185,143	November 30, 2017
	1,512,852	November 30, 2018
New York	$ 2,354,581	November 30, 2016
	3,171,310	November 30, 2017
	671,928	November 30, 2018
Ohio	$ 764,355	November 30, 2012
	588,403	November 30, 2013
	736,482	November 30, 2016
	840,450	November 30, 2017
	41,243	November 30, 2018
Pennsylvania	$ 502,868	November 30, 2012
	389,289	November 30, 2013
	800,874	November 30, 2016
	329,527	November 30, 2018

During the year ended November 30, 2010, capital loss carryforwards of $21,980 were utilized to offset net realized gains by Massachusetts Trust.

As of November 30, 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, 2010 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 variable or 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 bond into the SPV with the same CUSIP number as the bond sold to the broker by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the 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 generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the Inverse Floater for the underlying 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 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

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interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Trusts liability with respect to Floating Rate Notes is recorded as incurred. 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. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At November 30, 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	0.30 0.35	$ 27,306,585
Massachusetts	4,885,000	0.30 0.33	6,440,002
New Jersey	14,572,000	0.30 0.39	19,413,803
New York	20,475,000	0.30 0.39	26,117,222
Ohio	830,000	0.38	1,251,200
Pennsylvania	2,370,000	0.31 0.40	4,329,979

For the year ended November 30, 2010, the Trusts average Floating Rate Notes outstanding and the average interest rate including fees and amortization of deferred debt issuance costs were as follows:

	Average
	Floating
	Rate Notes	Average
Trust	Outstanding	Interest
Rate
California	$ 19,855,438	0.82 %
Massachusetts	4,455,466	0.82
New Jersey	13,678,849	0.84
New York	19,208,671	0.81
Ohio	830,000	0.89
Pennsylvania	2,370,000	0.99

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 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 November 30, 2010.

The Trusts may also purchase Inverse Floaters from brokers in a secondary market transaction without first owning the underlying 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.

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS CONTD

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

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

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

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 number of APS issued and outstanding as of November 30, 2010 is as follows:

Trust
California	1,999
Massachusetts	802
Michigan	700
New Jersey	1,337
New York	1,349
Ohio	909
Pennsylvania	847

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 APS at November 30, 2010, and the amount of dividends

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accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:

	APS	Dividends	Average APS	Dividend
	Dividend Rates
at	Accrued to APS	Dividend	Rate
Trust	November 30,
2010	Shareholders	Rates	Ranges
(%)
California	0.44 %	$ 203,844	0.41 %	0.240.56
Massachusetts	0.41	81,604	0.41	0.260.62
Michigan	0.44	70,520	0.40	0.240.56
New Jersey	0.44	136,338	0.41	0.240.56
New York	0.44	135,619	0.40	0.240.56
Ohio	0.44	92,648	0.41	0.260.58
Pennsylvania	0.41	86,181	0.41	0.260.62

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

The tax character of distributions declared for the years ended November 30, 2010 and November 30, 2009 was as follows:

| Year Ended
November 30, 2010 | California — Trust | | Massachusetts — Trust | | Michigan — Trust | | New Jersey — Trust | | New York — Trust | | Ohio — Trust | | Pennsylvania — Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Distributions declared from: | | | | | | | | | | | | | | |
| Tax-exempt income | $ 6,548,819 | | $ 2,554,569 | | $ 1,888,433 | | $ 4,529,949 | | $ 5,039,476 | | $ 2,604,159 | | $ 2,437,121 | |
| Ordinary income | $ 10,970 | | $ 570 | | $ | | $ 5,515 | | $ 5,525 | | $ 16,874 | | $ 471 | |
| | California | | Massachusetts | | Michigan | | New Jersey | | New York | | Ohio | | Pennsylvania | |
| Year Ended
November 30, 2009 | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | |
| Distributions declared from: | | | | | | | | | | | | | | |
| Tax-exempt income | $ 5,947,299 | | $ 2,374,488 | | $ 1,750,106 | | $ 4,118,938 | | $ 4,756,068 | | $ 2,399,275 | | $ 2,278,334 | |
| Ordinary income | $ 1,230 | | $ 2,170 | | $ 1,346 | | $ 7,438 | | $ 2,499 | | $ 3,106 | | $ 394 | |
| During the
year ended November 30, 2010, the following amounts were
reclassified due to expired capital loss carryforwards and
differences between book and tax accounting, primarily for
accretion of market discount: | | | | | | | | | | | | | | |
| | California | | Massachusetts | | Michigan | | New Jersey | | New York | | Ohio | | Pennsylvania | |
| | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | |
| Decrease in paid-in capital | $ | | $ (321,196 | ) | $ (475,985 | ) | $ | | $ | | $ | | $ (41,331 | ) |
| Decrease in accumulated net realized loss | $ 105,997 | | $ 331,246 | | $ 483,750 | | $ 51,558 | | $ 17,153 | | $ 1,551 | | $ 81,253 | |
| Decrease in accumulated undistributed net investment income | $ (105,997 | ) | $ (10,050 | ) | $ (7,765 | ) | $ (51,558 | ) | $ (17,153 | ) | $ (1,551 | ) | $ (39,922 | ) |
| These
reclassifications had no effect on the net assets or net asset
value per share of the Trusts. | | | | | | | | | | | | | | |
| As of
November 30, 2010, the components of distributable earnings
(accumulated losses) and unrealized appreciation (depreciation)
on a tax basis were as follows: | | | | | | | | | | | | | | |
| | California | | Massachusetts | | Michigan | | New Jersey | | New York | | Ohio | | Pennsylvania | |
| | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | | Trust | |
| Undistributed tax-exempt income | $ 1,225,786 | | $ 465,025 | | $ 296,410 | | $ 733,232 | | $ 854,746 | | $ 438,570 | | $ 415,885 | |
| Capital loss carryforward | $ (12,125,505 | ) | $ (1,684,322 | ) | $ (2,254,717 | ) | $ (4,875,345 | ) | $ (6,197,819 | ) | $ (2,970,933 | ) | $ (2,022,558 | ) |
| Net unrealized depreciation | $ (4,431,750 | ) | $ (617,580 | ) | $ (1,271,369 | ) | $ (1,079,514 | ) | $ (2,290,736 | ) | $ (799,854 | ) | $ (743,392 | ) |
| Other temporary differences | $ (2,422 | ) | $ (225 | ) | $ (1,062 | ) | $ (1,620 | ) | $ (2,043 | ) | $ (1,927 | ) | $ (236 | ) |

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

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. Prior to May 1, 2010, the fee was computed at an annual rate of 0.70% of each Trusts average weekly gross assets. Pursuant to a fee reduction agreement between each Trust and EVM, commencing May 1, 2010, the annualized fee was reduced by 0.015% to 0.685% and will be reduced 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. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trusts APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The investment adviser fee is payable monthly. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trusts average weekly gross assets. For the year ended November 30, 2010, the investment adviser fee and administration fee were as follows:

	Investment	Administration
Trust	Adviser
Fee	Fee
California	$ 1,048,471	$ 303,403
Massachusetts	417,371	120,782
Michigan	315,990	91,440
New Jersey	709,401	205,272
New York	816,957	236,407
Ohio	432,938	125,275
Pennsylvania	414,330	119,892

During the year ended November 30, 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 year ended November 30, 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 year ended November 30, 2010 were as follows:

Trust	Purchases	Sales
California	$ 21,888,311	$ 22,947,515
Massachusetts	10,065,499	9,864,631
Michigan	6,250,096	6,217,042
New Jersey	10,301,710	10,742,719
New York	21,894,055	16,261,262
Ohio	9,935,486	12,531,639
Pennsylvania	9,857,523	10,619,884

6 Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts dividend reinvestment plan for the years ended November 30, 2010 and November 30, 2009 were as follows:

| Trust | Year End
November 30, — 2010 | 2009 |
| --- | --- | --- |
| California | 22,026 | 10,321 |
| Massachusetts | 12,738 | 8,904 |
| New Jersey | 27,868 | 3,303 |
| New York | 35,153 | 27,904 |
| Ohio | 11,892 | 3,722 |
| Pennsylvania | 6,938 | 1,208 |

7 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2010, as determined on a federal income tax basis, were as follows:

California Trust — Aggregate cost	$ 141,461,206
Gross unrealized appreciation	$ 5,388,140
Gross unrealized depreciation	(9,687,128	)
Net unrealized depreciation	$ (4,298,988	)

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Massachusetts Trust — Aggregate cost	$ 57,362,721
Gross unrealized appreciation	$ 1,466,605
Gross unrealized depreciation	(2,086,295	)
Net unrealized depreciation	$ (619,690	)
Michigan Trust
Aggregate cost	$ 44,361,441
Gross unrealized appreciation	$ 1,064,363
Gross unrealized depreciation	(2,320,170	)
Net unrealized depreciation	$ (1,255,807	)
New Jersey Trust
Aggregate cost	$ 93,122,999
Gross unrealized appreciation	$ 3,031,458
Gross unrealized depreciation	(4,113,658	)
Net unrealized depreciation	$ (1,082,200	)
New York Trust
Aggregate cost	$ 105,000,937
Gross unrealized appreciation	$ 2,754,648
Gross unrealized depreciation	(4,946,173	)
Net unrealized depreciation	$ (2,191,525	)
Ohio Trust
Aggregate cost	$ 56,086,261
Gross unrealized appreciation	$ 1,572,039
Gross unrealized depreciation	(2,395,067	)
Net unrealized depreciation	$ (823,028	)
Pennsylvania Trust
Aggregate cost	$ 56,403,192
Gross unrealized appreciation	$ 1,899,262
Gross unrealized depreciation	(2,662,544	)
Net unrealized depreciation	$ (763,282	)

8 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 November 30, 2010 is as follows:

| Futures
Contracts | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | | | Net | |
| | | | | | | | | Unrealized | |
| | Expiration | | | Aggregate | | | | Appreciation | |
| Trust | Date | Contracts | Position | Cost | | Value | | (Depreciation) | |
| California | 3/11 | 32 U.S. 30-Year Treasury Bond | Short | $ (4,049,388 | ) | $ (4,073,000 | ) | $ (23,612 | ) |
| Michigan | 3/11 | 1 U.S. 10-Year Treasury Note | Short | $ (124,207 | ) | $ (124,109 | ) | $ 98 | |
| | 3/11 | 3 U.S. 30-Year Treasury Bond | Short | (374,808 | ) | (381,844 | ) | (7,036 | ) |
| New Jersey | 3/11 | 125 U.S. 30-Year Treasury Bond | Short | $ (15,919,484 | ) | $ (15,910,156 | ) | $ 9,328 | |
| New York | 3/11 | 60 U.S. 30-Year Treasury Bond | Short | $ (7,592,133 | ) | $ (7,636,875 | ) | $ (44,742 | ) |
| Ohio | 3/11 | 1 U.S. 10-Year Treasury Note | Short | $ (124,207 | ) | $ (124,109 | ) | $ 98 | |
| | 3/11 | 11 U.S. 30-Year Treasury Bond | Short | (1,379,118 | ) | (1,400,093 | ) | (20,975 | ) |
| Pennsylvania | 3/11 | 50 U.S. 30-Year Treasury Bond | Short | $ (6,367,794 | ) | $ (6,364,063 | ) | $ 3,731 | |

| 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 | |
| Merrill Lynch Capital Services, Inc. | $ 3,412,500 | 4.092% | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | $ (132,762 | ) |
| Massachusetts
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | Net Unrealized | |
| | Notional | Fixed Rate | Rate | Termination | Appreciation | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | (Depreciation) | |
| JPMorgan Chase Co. | $ 787,500 | 3.488% | 3-month USD-LIBOR-BBA | December 14, 2010/ December 14, 2040 | $ 50,741 | |
| Merrill Lynch Capital Services, Inc. | 1,250,000 | 4.092 | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | (48,631 | ) |
| | | | | | $ 2,110 | |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS CONTD

Interest Rate Swaps (continued)

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| Michigan
Trust | | Annual | Floating | Effective
Date/ | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Notional | Fixed Rate | Rate | Termination | Net Unrealized | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | Depreciation | |
| 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 | 4.092% | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | $ (15,562 | ) |
| New Jersey
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | Net Unrealized | |
| | Notional | Fixed Rate | Rate | Termination | Appreciation | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | (Depreciation) | |
| JPMorgan Chase Co. | $ 1,362,500 | 3.488% | 3-month USD-LIBOR-BBA | December 14, 2010/ December 14, 2040 | $ 87,790 | |
| Merrill Lynch Capital Services, Inc. | 2,187,500 | 4.092 | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | (85,104 | ) |
| | | | | | $ 2,686 | |
| New York
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | Net Unrealized | |
| | Notional | Fixed Rate | Rate | Termination | Appreciation | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | (Depreciation) | |
| JPMorgan Chase Co. | $ 1,600,000 | 3.488% | 3-month USD-LIBOR-BBA | December 14, 2010/ December 14, 2040 | $ 103,093 | |
| Merrill Lynch Capital Services, Inc. | 5,200,000 | 4.092 | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | (202,304 | ) |
| | | | | | $ (99,211 | ) |
| Ohio
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | Net Unrealized | |
| | Notional | Fixed Rate | Rate | Termination | Appreciation | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | (Depreciation) | |
| JPMorgan Chase Co. | $ 812,500 | 3.488% | 3-month USD-LIBOR-BBA | December 14, 2010/ December 14, 2040 | $ 52,352 | |
| Merrill Lynch Capital Services, Inc. | 750,000 | 4.092 | 3-month USD-LIBOR-BBA | February 24, 2011 / February 24, 2041 | (29,178 | ) |
| | | | | | $ 23,174 | |
| Pennsylvania
Trust | | | | | | |
| | | Annual | Floating | Effective
Date/ | Net Unrealized | |
| | Notional | Fixed Rate | Rate | Termination | Appreciation | |
| Counterparty | Amount | Paid By
Trust | Paid To
Trust | Date | (Depreciation) | |
| JPMorgan Chase Co. | $ 912,500 | 3.488% | 3-month USD-LIBOR-BBA | December 14, 2010/ December 14, 2040 | $ 58,795 | |
| Merrill Lynch Capital Services, Inc. | 1,000,000 | 4.092 | 3-month USD-LIBOR-BBA | February 24, 2011/ February 24, 2041 | (38,905 | ) |
| | | | | | $ 19,890 | |

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

At November 30, 2010, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

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 enters into interest rate swap contracts. The Trusts 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 November 30, 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 November 30, 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 November 30, 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 values of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at November 30, 2010 were as follows:

| | Fair
Value — Asset
Derivatives | Liability
Derivatives | |
| --- | --- | --- | --- |
| California Trust | | | |
| Futures Contracts | $ | $ (23,612 | ) (1) |
| Interest Rate Swaps | | (132,762 | ) (2) |
| Total | $ | $ (156,374 | ) |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS CONTD

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| | Fair
Value — Asset
Derivatives | | Liability
Derivatives | |
| --- | --- | --- | --- | --- |
| Massachusetts Trust | | | | |
| Futures Contracts | $ | | $ | |
| Interest Rate Swaps | 50,741 | (3) | (48,631 | ) (2) |
| Total | $ 50,741 | | $ (48,631 | ) |
| Michigan Trust | | | | |
| Futures Contracts | $ 98 | (1) | $ (7,036 | ) (1) |
| Interest Rate Swaps | | | (15,562 | ) (2) |
| Total | $ 98 | | $ (22,598 | ) |
| New Jersey Trust | | | | |
| Futures Contracts | $ 9,328 | (1) | $ | |
| Interest Rate Swaps | 87,790 | (3) | (85,104 | ) (2) |
| Total | $ 97,118 | | $ (85,104 | ) |
| New York Trust | | | | |
| Futures Contracts | $ | | $ (44,742 | ) (1) |
| Interest Rate Swaps | 103,093 | (3) | (202,304 | ) (2) |
| Total | $ 103,093 | | $ (247,046 | ) |
| Ohio Trust | | | | |
| Futures Contracts | $ 98 | (1) | $ (20,975 | ) (1) |
| Interest Rate Swaps | 52,352 | (3) | (29,178 | ) (2) |
| Total | $ 52,450 | | $ (50,153 | ) |
| Pennsylvania Trust | | | | |
| Futures Contracts | $ 3,731 | (1) | $ | |
| Interest Rate Swaps | 58,795 | (3) | (38,905 | ) (2) |
| Total | $ 62,526 | | $ (38,905 | ) |

| (1) | Amount represents cumulative unrealized appreciation
(depreciation) 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 depreciation. |
| (3) | Statement of Assets and Liabilities location: Receivable for
open swap contracts; Net unrealized 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 year ended November 30, 2010 was as follows:

			Change in
			Unrealized
	Realized Gain		Appreciation
	(Loss) on		(Depreciation)
on
	Derivatives		Derivatives
	Recognized in		Recognized in
Trust	Income (1)		Income (2)
California	$ (1,281,426	)	$ 163,237
Massachusetts	(233,278	)	47,418
Michigan	(98,179	)	11,289
New Jersey	(1,973,070	)	91,252
New York	(1,381,089	)	202,384
Ohio	(341,634	)	74,391
Pennsylvania	(614,753	)	150,217

| (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 year ended November 30, 2010, which are indicative of the volume of these derivative types, were approximately as follows:

| Trust | Average Notional
Amount — Futures
Contracts | Interest Rate
Swaps |
| --- | --- | --- |
| California | $ 5,354,000 | $ 5,047,000 |
| Massachusetts | | 2,038,000 |
| Michigan | 454,000 | 400,000 |
| New Jersey | 8,654,000 | 3,550,000 |
| New York | 6,000,000 | 6,800,000 |
| Ohio | 1,208,000 | 1,563,000 |
| Pennsylvania | 5,000,000 | 1,220,000 |

9 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) |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS CONTD

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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 | $ | | $ 157,697,218 | | $ | $ 157,697,218 | |
| Total Investments | $ | | $ 157,697,218 | | $ | $ 157,697,218 | |
| Liability Description | | | | | | | |
| Futures Contracts | $ (23,612 | ) | $ | | $ | $ (23,612 | ) |
| Interest Rate Swaps | | | (132,762 | ) | | (132,762 | ) |
| Total | $ (23,612 | ) | $ (132,762 | ) | $ | $ (156,374 | ) |
| 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 | $ | | $ 61,628,031 | | $ | $ 61,628,031 | |
| Total Investments | $ | | $ 61,628,031 | | $ | $ 61,628,031 | |
| Interest Rate Swaps | $ | | $ 50,741 | | $ | $ 50,741 | |
| Total | $ | | $ 61,678,772 | | $ | $ 61,678,772 | |
| Liability Description | | | | | | | |
| Interest Rate Swaps | $ | | $ (48,631 | ) | $ | $ (48,631 | ) |
| Total | $ | | $ (48,631 | ) | $ | $ (48,631 | ) |
| 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 | $ | | $ 43,105,634 | | $ | $ 43,105,634 | |
| Total Investments | $ | | $ 43,105,634 | | $ | $ 43,105,634 | |
| Futures Contracts | $ 98 | | $ | | $ | $ 98 | |
| Total | $ 98 | | $ 43,105,634 | | $ | $ 43,105,732 | |
| Michigan Trust
(continued) | | | | | | | |
| | Quoted | | | | | | |
| | Prices in | | | | | | |
| | Active | | Significant | | | | |
| | Markets for | | Other | | Significant | | |
| | Identical | | Observable | | Unobservable | | |
| | Assets | | Inputs | | Inputs | | |
| Liability
Description | (Level
1) | | (Level
2) | | (Level
3) | Total | |
| Futures Contracts | $ (7,036 | ) | $ | | $ | $ (7,036 | ) |
| Interest Rate Swaps | | | (15,562 | ) | | (15,562 | ) |
| Total | $ (7,036 | ) | $ (15,562 | ) | $ | $ (22,598 | ) |
| 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 | $ | | $ 106,612,799 | | $ | $ 106,612,799 | |
| Total Investments | $ | | $ 106,612,799 | | $ | $ 106,612,799 | |
| Futures Contracts | $ 9,328 | | $ | | $ | $ 9,328 | |
| Interest Rate Swaps | | | 87,790 | | | 87,790 | |
| Total | $ 9,328 | | $ 106,700,589 | | $ | $ 106,709,917 | |
| Liability Description | | | | | | | |
| Interest Rate Swaps | $ | | $ (85,104 | ) | $ | $ (85,104 | ) |
| Total | $ | | $ (85,104 | ) | $ | $ (85,104 | ) |
| 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 | $ | | $ 123,284,412 | | $ | $ 123,284,412 | |
| Total Investments | $ | | $ 123,284,412 | | $ | $ 123,284,412 | |
| Interest Rate Swaps | $ | | $ 103,093 | | $ | $ 103,093 | |
| Total | $ | | $ 123,387,505 | | $ | $ 123,387,505 | |
| Liability Description | | | | | | | |
| Futures Contracts | $ (44,742 | ) | $ | | $ | $ (44,742 | ) |
| Interest Rate Swaps | | | (202,304 | ) | | (202,304 | ) |
| Total | $ (44,742 | ) | $ (202,304 | ) | $ | $ (247,046 | ) |

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Eaton Vance Municipal Income Trusts as of November 30, 2010

NOTES TO FINANCIAL STATEMENTS CONTD

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| 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 | $ | | $ 56,093,233 | | $ | $ 56,093,233 | |
| Total Investments | $ | | $ 56,093,233 | | $ | $ 56,093,233 | |
| Futures Contracts | $ 98 | | $ | | $ | $ 98 | |
| Interest Rate Swaps | | | 52,352 | | | 52,352 | |
| Total | $ 98 | | $ 56,145,585 | | $ | $ 56,145,683 | |
| Liability Description | | | | | | | |
| Futures Contracts | $ (20,975 | ) | $ | | $ | $ (20,975 | ) |
| Interest Rate Swaps | | | (29,178 | ) | | (29,178 | ) |
| Total | $ (20,975 | ) | $ (29,178 | ) | $ | $ (50,153 | ) |
| 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 | $ | | $ 58,009,910 | | $ | $ 58,009,910 | |
| Total Investments | $ | | $ 58,009,910 | | $ | $ 58,009,910 | |
| Futures Contracts | $ 3,731 | | $ | | $ | $ 3,731 | |
| Interest Rate Swaps | | | 58,795 | | | 58,795 | |
| Total | $ 3,731 | | $ 58,068,705 | | $ | $ 58,072,436 | |
| Liability Description | | | | | | | |
| Interest Rate Swaps | $ | | $ (38,905 | ) | $ | $ (38,905 | ) |
| Total | $ | | $ (38,905 | ) | $ | $ (38,905 | ) |

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

10 Legal Proceedings

In May 2010, New Jersey Trust (the Trust) received a demand letter from a law firm on behalf of a putative common shareholder. The demand letter alleged that Eaton Vance Management and the Trustees and officers of the Trust breached their fiduciary duty to the Trust in connection with redemption by the Trust of its auction preferred securities following the collapse of auction markets in February 2008. The letter demanded that the Board of Trustees of the Trust take certain action to remedy those alleged breaches. In August 2010, following a thorough investigation conducted by the independent Trustees of the Trust, the Board of Trustees of the Trust (including all of the independent Trustees) rejected the demands set forth in the demand letter.

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Eaton Vance Municipal Income Trusts as of November 30, 2010

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (individually, each Trust), as of November 30, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statements of cash flows of Eaton Vance California Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended. These financial statements and financial highlights are the responsibility of each Trusts management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Each Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of each Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of 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, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the cash flows of Eaton Vance California Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

January 14, 2011

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Eaton Vance Municipal Income Trusts as of November 30, 2010

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2011 will show the tax status of all distributions paid to your account in calendar year 2010. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trusts. As required by the Internal Revenue Code and/or regulations, shareholders must be notified within 60 days of the Trusts fiscal year-end regarding exempt-interest dividends.

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

Eaton Vance California Municipal Income Trust	99.83
Eaton Vance Massachusetts Municipal Income Trust	99.98 %
Eaton Vance Michigan Municipal Income Trust	100.00 %
Eaton Vance New Jersey Municipal Income Trust	99.88 %
Eaton Vance New York Municipal Income Trust	99.89 %
Eaton Vance Ohio Municipal Income Trust	99.36 %
Eaton Vance Pennsylvania Municipal Income Trust	99.98 %

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Eaton Vance Municipal Income Trusts

DIVIDEND REINVESTMENT PLAN

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

If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your Shares be re-registered in your name with AST or you will not be able to participate.

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

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

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

Any inquiries regarding the Plan can be directed to the Plan Agent at 1-866-439-6787.

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Eaton Vance Municipal Income Trusts

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

Begin box 1

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

End box 1

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

Please print exact name on account

Shareholder signature Date

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

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

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

Eaton Vance Municipal Income Trusts

c/o American Stock Transfer & Trust Company

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

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 management investment company and has no employees.

Number of Shareholders

As of November 30, 2010, our records indicate that there are 101, 86, 56, 112, 100, 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 2,502, 1,215, 1,240, 1,981, 2,327, 1,459 and 1,457 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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Eaton Vance Municipal Income Trusts

BOARD OF TRUSTEES CONTRACT APPROVAL

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 CONTRACT APPROVAL 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 CONTRACT APPROVAL 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

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP) (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The noninterested Trustees consist of those Trustees who are not interested persons of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, EVC refers to Eaton Vance Corp., EV refers to Eaton Vance, Inc., EVM refers to Eaton Vance Management, BMR refers to Boston Management and Research and EVD refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Trusts principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

| | Position(s) | Term of — Office and | Principal
Occupation(s) | Number of
Portfolios — in Fund
Complex | |
| --- | --- | --- | --- | --- | --- |
| Name and | with the | Length of | During Past Five
Years and | Overseen By | Other
Directorships Held |
| Year of
Birth | Trust | Service | Other Relevant
Experience | Trustee (1) | During the Last
Five
Years (2) |
| Interested
Trustee | | | | | |
| Thomas E. Faust Jr. 1958 | Class II Trustee | Until 2013. 3 years. Trustee since 2007. | Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee and/or officer of 177 registered investment companies and 1 private
investment company managed by EVM or BMR. Mr. Faust is an
interested person because of his positions with EVM, BMR, EVD,
EVC and EV, which are affiliates of the Trusts. | 177 | Director of EVC. |
| Noninterested
Trustees | | | | | |
| Benjamin C.
Esty (A) 1963 | Class I Trustee | Until 2012. 3 years. Trustee since 2006. | Roy and Elizabeth Simmons Professor of Business Administration
and Finance Unit Head, Harvard University Graduate School of
Business Administration. | 177 | None |
| Allen R. Freedman 1940 | Class II Trustee | Until 2013. 3 years. Trustee since 2007. | Private Investor and Consultant. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of
software to higher education). Formerly, a Director of Loring
Ward International (fund distributor) (2005-2007). Formerly, Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry) (2005-2007). | 177 | Director of Assurant, Inc. (insurance provider) and Stonemor
Partners, L.P. (owner and operator of cemeteries). |
| William H. Park 1947 | Class III Trustee | Until 2011. 3 years. Trustee since 2003. | Chief Financial Officer, Aveon Group L.P. (an investment
management firm) (since 2010). Formerly, Vice Chairman,
Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital
Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer,
United Asset Management Corporation (an institutional investment
management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm) (1972-1981). | 177 | None |
| Ronald A. Pearlman 1940 | Class I Trustee | Until 2012. 3 years. Trustee since 2003. | Professor of Law, Georgetown University Law Center. Formerly,
Deputy Assistant Secretary (Tax Policy) and Assistant Secretary
(Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S.
Congress (1988-1990). | 177 | None |

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Eaton Vance Municipal Income Trusts

MANAGEMENT AND ORGANIZATION CONTD

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| | Position(s) | Term of — Office and | Principal
Occupation(s) | Number of
Portfolios — in Fund
Complex | |
| --- | --- | --- | --- | --- | --- |
| Name and | with the | Length of | During Past Five
Years and | Overseen By | Other
Directorships Held |
| Year of
Birth | Trust | Service | Other Relevant
Experience | Trustee (1) | During the Last
Five
Years (2) |
| Noninterested
Trustees (continued) | | | | | |
| Helen Frame Peters 1948 | Class III Trustee | Until 2011. 3 years. Trustee since 2008. | Professor of Finance, Carroll School of Management, Boston
College. Formerly, Dean, Carroll School of Management, Boston
College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper
Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income,
Colonial Management Associates (investment management firm) (1991-1998). | 177 | Director of BJs Wholesale Club, Inc. (wholesale club
retailer). Formerly, Trustee of SPDR Index Shares Funds and SPDR
Series Trust (exchange traded funds) (2000-2009). Formerly,
Director of Federal Home Loan Bank of Boston (a bank for banks)
(2007-2009). |
| Lynn A. Stout 1957 | Class I Trustee | Until 2012. 3 years. Trustee since 1998. | Paul Hastings Professor of Corporate and Securities Law (since
2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law. Professor
Stout teaches classes in corporate law and securities regulation
and is the author of numerous academic and professional papers
on these areas. | 177 | None |
| Ralph F.
Verni (A) 1943 | Chairman of the Board and Class II Trustee | Until 2013. 3 years. Chairman of the Board since 2007 and Trustee since 2006. | Consultant and private investor. Formerly, Chief Investment
Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual
Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street
Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006). | 177 | None |

Principal Officers who are not Trustees

	Position(s)	Term of — Office and
Name and	with the	Length of	Principal
Occupation(s)
Year of
Birth	Trust	Service	During Past Five
Years
Cynthia J. Clemson 1963	President of CEV, EMI, EVY, EVO and EVP and Vice President of MMV and EVJ	President of CEV, EMI, EVY, EVO and EVP since 2005 and Vice President of MMV and EVJ since 2004	Vice President of EVM and BMR. Officer of 90 registered
investment companies managed by EVM or BMR.
Thomas M. Metzold 1958	President of MMV and EVJ and Vice President of CEV and EVP	President of MMV and EVJ since 2010, Vice President of CEV since 2010 and of EVP since 2005	Vice President of EVM and BMR. Officer of 52 registered
investment companies managed by EVM or BMR.
William H. Ahern, Jr. 1959	Vice President of EMI and EVO	Of EMI since 2000 and of EVO since 2005	Vice President of EVM and BMR. Officer of 74 registered
investment companies managed by EVM or BMR.
Craig R. Brandon 1966	Vice President of CEV and EVY	Of CEV since 2010 and of EVY since 2005	Vice President of EVM and BMR. Officer of 45 registered
investment companies managed by EVM or BMR.
Adam A. Weigold 1975	Vice President of EVP	Since 2007	Vice President of EVM and BMR. Officer of 67 registered
investment companies managed by EVM or BMR.
Barbara E. Campbell 1957	Treasurer	Since 2005	Vice President of EVM and BMR. Officer of 177 registered
investment companies managed by EVM or BMR.

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MANAGEMENT AND ORGANIZATION CONTD

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	Position(s)	Term of — Office and
Name and	with the	Length of	Principal
Occupation(s)
Year of
Birth	Trust	Service	During Past Five
Years
Principal
Officers who are not Trustees (continued)
Maureen A. Gemma 1960	Secretary and Chief Legal Officer	Secretary since 2007 and Chief Legal Officer since 2008	Vice President of EVM and BMR. Officer of 177 registered
investment companies managed by EVM or BMR.
Paul M. ONeil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR. Officer of 177 registered
investment companies managed by EVM or BMR.

| (1) | Includes both master and feeder funds in a master-feeder
structure. |
| --- | --- |
| (2) | During their respective tenures, the Trustees also served as
trustees of one or more of the following Eaton Vance funds
(which operated in the years noted): Eaton Vance Credit
Opportunities Fund (launched in 2005 and terminated in 2010);
Eaton Vance Insured Florida Plus Municipal Bond Fund (launched
in 2002 and terminated in 2009); and Eaton Vance National
Municipal Income Fund (launched in 1998 and terminated in 2009). |
| (A) | APS Trustee |

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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

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Eaton Vance Municipal Income Trusts

Two International Place

Boston, MA 02110

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147-1/11 CE-MUNISRC7

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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 Chief Financial Officer of Aveon Group, L.P. (an investment management firm). Previously, he served as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), 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

The following table presents the aggregate fees billed to the registrant for the registrants fiscal years ended November 30, 2009 and November 30, 2010 by the Funds principal accountant, Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by D&T during such periods.

Fiscal Years Ended	11/30/09	11/30/10
Audit Fees	$ 35,045	$ 34,768
Audit-Related Fees (1)	$ 3,915	$ 3,915
Tax Fees (2)	$ 9,356	$ 9,197
All Other Fees (3)	$ 0	$ 500
Total	$ 48,316	$ 48,380

| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related
services that are reasonably related to the performance of the audit of financial statements
and are not reported under the category of audit fees and specifically include fees for the
performance of certain agreed-upon procedures relating to the registrants auction preferred
shares. |
| --- | --- |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by
the principal accountant relating to tax compliance, tax advice, and tax planning and
specifically include fees for tax return preparation and other related tax compliance/planning
matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services
provided by the principal accountant other than audit, audit-related, and tax services. |
| (e)(1) The registrants audit committee has adopted policies and procedures relating to the
pre-approval of services provided by the registrants principal accountant (the Pre-Approval
Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee
in the proper discharge of its pre-approval responsibilities. As a general matter, the
Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate specific procedures
governing the mechanics of the pre-approval process, including the approval and monitoring of audit
and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval
Policies, it must be separately pre-approved by the audit committee. | |

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrants principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit committee pursuant to the de minimis exception set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrants fiscal years ended November 30,

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2009 and November 30, 2010; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

Fiscal Years Ended	11/30/09	11/30/10
Registrant	$ 13,271	$ 13,612
Eaton Vance (1)	$ 260,717	$ 278.901

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

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

link2 "Item 5. Audit Committee of Listed Registrants"

Item 5. Audit Committee of Listed Registrants

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

link2 "Item 6. Schedule of Investments"

Item 6. Schedule of Investments

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

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

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

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

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generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Funds shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment advisers personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel 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

Portfolio Management

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

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

The following tables show, as of each Funds most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with

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respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

Number of		Total Assets	Number of Accounts	Total Assets of — Accounts
All		of All	Paying a Performance	Paying a Performance
Accounts		Accounts	Fee	Fee
Cynthia J. Clemson
Registered Investment
Companies	9	$ 2,680.4	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
William H. Ahern
Registered Investment
Companies	13	$ 3,222.4	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	1	$ 18.8	0	$ 0
Craig R. Brandon
Registered Investment
Companies	13	$ 1,671.6	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
Adam A. Weigold
Registered Investment
Companies	12	$ 1,271.2	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	1	$ 18.8	0	$ 0

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

	Dollar Range of Equity
	Securities Owned in the
Portfolio
Manager and Fund Name	Fund
Cynthia J. Clemson
California Municipal Income Trust	None
William H. Ahern, Jr.
Michigan Municipal Income Trust	None
Ohio Municipal Income Trust	None

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	Dollar Range of Equity
	Securities Owned in the
Portfolio
Manager and Fund Name	Fund
Craig R. Brandon
Massachusetts Municipal Income Trust	None
New York Municipal Income Trust	None
Adam A. Weigold
New Jersey Municipal Income Trust	None
Pennsylvania Municipal Income Trust	None

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

Compensation Structure for EVM

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

Method to Determine Compensation . EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or

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otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the funds success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

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

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

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

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

No such purchases this period.

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

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

No Material Changes.

link2 "Item 11. Controls and Procedures"

Item 11. Controls and Procedures

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

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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:	/s/ Cynthia J. Clemson Cynthia J. Clemson
	President
Date:	January 14, 2011

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:	January 14, 2011
By:	/s/ Cynthia J. Clemson
	Cynthia J. Clemson President
Date:	January 14, 2011

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