Eaton Vance California Municipal Income Trust

N-CSR 1 b89806a1nvcsr.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: 811-09157

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, 2011

Date of Reporting Period

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Item 1. Reports to Stockholders

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Eaton Vance Municipal Income Trusts Annual Report November 30, 2011

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

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

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Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

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Annual Report November 30, 2011

Eaton Vance

Municipal Income Trusts

Table of Contents

Managements Discussion of Fund Performance	2
Performance and Fund Profile
California	4
Massachusetts	5
Michigan	6
New Jersey	7
New York	8
Ohio	9
Pennsylvania	10
Endnotes and Additional Disclosures	11
Financial Statements	12
Report of Independent Registered Public Accounting Firm	61
Federal Tax Information	62
Notice to Shareholders	63
Dividend Reinvestment Plan	64
Management and Organization	66
Important Notices	69

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Managements Discussion of Fund Performance 1

Economic and Market Conditions

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

Meanwhile, unemployment remained stubbornly high, the housing market was not recovering, and Congressional wrangling over the debt ceiling led Standard & Poors to downgrade U.S. Treasuries. The potential for a double-dip recession began to look real. Reacting to this turmoil, the S&P 500 Index 2 fell more than 15% in just over two weeks during late July and early August and spent the rest of the period trying to claw its way back.

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

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

With extremely low Treasury yields driven by problems in Europe and the Feds Operation Twist (central banks swapping its short-term holdings for longer-term Treasury bonds), municipals during the period offered significantly higher taxable-equivalent yields than Treasuries. The ratio of AAA 6 municipal yields to Treasury yields which historically has averaged less than 100% because municipal yields are federally tax-exempt rose from 103.9% at the start of the period to 125.9% at period-end. The result was a pickup in municipal sales and prices as investors moved to lock in attractive municipal yields. For the one-year period as a whole, the Barclays Capital Municipal Bond Index a broad measure of U.S. municipal bond performance rose 6.53%.

Fund Performance

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

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

In contrast, leverage 5 aided performance. The use of leverage has the effect of providing additional exposure to the municipal market. Leverage magnifies a Funds exposure to its underlying investments in both up and down markets. During this period of strong performance by municipal bonds, leverage was a key positive contributor to all of the Funds relative performance versus the benchmark.

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Managements Discussion of Fund Performance continued

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

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

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

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

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

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

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio Manager Cynthia J. Clemson

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	7.99 %	0.77 %	4.93 %
Fund at Market Price	11.04	3.14	5.30
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			2.91 %
Distributions 4
Total Distributions per share for the period		$	0.886
Distribution Rate at NAV			7.14 %
Taxable-Equivalent Distribution Rate at NAV			12.25 %
Distribution Rate at Market Price			6.94 %
Taxable-Equivalent Distribution Rate at Market Price			11.90 %
% Total Leverage 5
Auction Preferred Shares (APS)			31.83 %
Residual Interest Bond (RIB)			10.94

Fund Profile

Credit Quality (% of total investments) 6

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

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	8.49 %	3.05 %	6.04 %
Fund at Market Price	13.45	5.95	6.46
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			6.01 %
Distributions 4
Total Distributions per share for the period		$	0.906
Distribution Rate at NAV			6.49 %
Taxable-Equivalent Distribution Rate at NAV			10.54 %
Distribution Rate at Market Price			6.12 %
Taxable-Equivalent Distribution Rate at Market Price			9.94 %
% Total Leverage 5
Auction Preferred Shares (APS)			31.67 %
Residual Interest Bond (RIB)			7.72

Fund Profile

Credit Quality (% of total investments) 6

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	11.66 %	3.49 %	5.57 %
Fund at Market Price	10.60	3.84	5.96
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			-6.94 %
Distributions 4
Total Distributions per share for the period		$	0.839
Distribution Rate at NAV			6.11 %
Taxable-Equivalent Distribution Rate at NAV			9.83 %
Distribution Rate at Market Price			6.57 %
Taxable-Equivalent Distribution Rate at Market Price			10.57 %
% Total Leverage 5
Auction Preferred Shares (APS)			38.15 %

Fund Profile

Credit Quality (% of total investments) 6

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio Manager Adam Weigold, CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	5.64 %	1.93 %	5.85 %
Fund at Market Price	6.39	3.95	6.55
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			2.69 %
Distributions 4
Total Distributions per share for the period		$	0.923
Distribution Rate at NAV			6.90 %
Taxable-Equivalent Distribution Rate at NAV			11.66 %
Distribution Rate at Market Price			6.72 %
Taxable-Equivalent Distribution Rate at Market Price			11.36 %
% Total Leverage 5
Auction Preferred Shares (APS)			32.26 %
Residual Interest Bond (RIB)			9.13

Fund Profile

Credit Quality (% of total investments) 6

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

New York Municipal Income Trust

November 30, 2011

Portfolio Manager Craig R. Brandon, CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	9.06 %	2.05 %	5.84 %
Fund at Market Price	8.18	3.34	6.12
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			1.01 %
Distributions 4
Total Distributions per share for the period		$	0.910
Distribution Rate at NAV			6.84 %
Taxable-Equivalent Distribution Rate at NAV			11.56 %
Distribution Rate at Market Price			6.77 %
Taxable-Equivalent Distribution Rate at Market Price			11.44 %
% Total Leverage 5
Auction Preferred Shares (APS)			26.58 %
Residual Interest Bond (RIB)			16.12

Fund Profile

Credit Quality (% of total investments) 6

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Ohio Municipal Income Trust

November 30, 2011

Portfolio Manager William H. Ahern, Jr., CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	9.21 %	2.96 %	5.79 %
Fund at Market Price	6.25	4.26	6.04
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			-0.86 %
Distributions 4
Total Distributions per share for the period		$	0.861
Distribution Rate at NAV			6.18 %
Taxable-Equivalent Distribution Rate at NAV			10.11 %
Distribution Rate at Market Price			6.24 %
Taxable-Equivalent Distribution Rate at Market Price			10.20 %
% Total Leverage 5
Auction Preferred Shares (APS)			36.33 %
Residual Interest Bond (RIB)			2.33

Fund Profile

Credit Quality (% of total investments) 6

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio Manager Adam Weigold, CFA

Performance 2 ,3

% Average Annual Total Returns — Fund at NAV	6.53 %	2.99 %	5.62 %
Fund at Market Price	13.15	4.92	7.05
Barclays Capital Long (22+) Municipal Bond Index	8.32 %	3.61 %	5.34 %
% Premium/Discount to NAV
			3.02 %
Distributions 4
Total Distributions per share for the period		$	0.867
Distribution Rate at NAV			6.54 %
Taxable-Equivalent Distribution Rate at NAV			10.38 %
Distribution Rate at Market Price			6.35 %
Taxable-Equivalent Distribution Rate at Market Price			10.08 %
% Total Leverage 5
Auction Preferred Shares (APS)			35.99 %
Residual Interest Bond (RIB)			2.80

Fund Profile

Credit Quality (% of total investments) 6

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

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Endnotes and Additional Disclosures

| 1 | The views expressed in this report are those of the portfolio manager(s)
and are current only through the date stated at the top of this page. These views are subject
to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s)
disclaim any responsibility to update such views. These views may not be relied upon as
investment advice and, because investment decisions are based on many factors, may not be
relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This
commentary may contain statements that are not historical facts, referred to as forward
looking statements. The Funds actual future results may differ significantly from those
stated in any forward looking statement, depending on factors such as changes in securities or
financial markets or general economic conditions, the volume of sales and purchases of Fund
shares, the continuation of investment advisory, administrative and service contracts, and
other risks discussed from time to time in the Funds filings with the Securities and Exchange
Commission. |
| --- | --- |
| 2 | S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of
U.S. stock market performance. Barclays Capital Municipal Bond Index is an unmanaged index of
municipal bonds traded in the U.S. Barclays Capital Long (22+) Municipal Bond Index is an
unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more.
Unless otherwise stated, index returns do not reflect the effect of any applicable sales
charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest
directly in an index. |
| 3 | Performance results reflect the effects of leverage. |
| 4 | The Distribution Rate is based on the Funds last regular distribution per
share in the period (annualized) divided
by the Funds NAV or market price at the end of the period. The Funds distributions may be
composed of tax-exempt income, ordinary income, net realized capital gains and return of capital.
Taxable-equivalent performance is based on the highest federal and state income tax rates, as
applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s)
will vary depending on your income, exemptions and deductions. Rates do not include local taxes.
The distribution declared on December 30, 2011 reflects a reduction of the monthly distribution
for Massachusetts Municipal Income Trust, Michigan Municipal Income Trust and New Jersey Municipal
Income Trust. |
| 5 | Fund employs RIB financing and/or APS leverage. The leverage created by RIB
investments and APS provides an opportunity for increased income but, at the same time, creates
special risks (including the likelihood of greater price volatility). The cost of leverage rises
and falls with changes in short-term interest rates. See Floating Rate Notes Issued in
Conjunction with Securities Held in the notes to the financial statements for more information
about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at
period end as a percentage of Fund net assets applicable to common shares plus APS and Floating
Rate Notes. APS leverage represents the liquidation value of the Funds APS outstanding at period
end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate
Notes. The Fund is required to maintain prescribed asset coverage for its APS, which could be
reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect
of RIBs purchased in secondary market transactions, if applicable. |
| 6 | Ratings are based on 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. |

Fund profile subject to change due to active management.

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Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments

Tax-Exempt Investments 164.1%
	Principal
	Amount
Security	(000s omitted)	Value
Education 18.6%
California Educational Facilities Authority, (Claremont McKenna
College), 5.00%, 1/1/39	$ 3,135	$ 3,264,789
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/31	195	208,867
California Educational Facilities Authority, (Harvey Mudd
College), 5.25%, 12/1/36	330	344,487
California Educational Facilities Authority, (Loyola Marymount
University), 5.00%, 10/1/30	745	762,157
California Educational Facilities Authority, (Lutheran
University), 5.00%, 10/1/29	2,625	2,520,052
California Educational Facilities Authority, (Santa Clara
University), 5.00%, 9/1/23	1,600	1,879,328
California Educational Facilities Authority, (University of San
Francisco), 6.125%, 10/1/36	235	260,042
California Educational Facilities Authority, (University of
Southern California), 5.25%, 10/1/39	2,490	2,676,725
California Municipal Finance Authority, (University of San
Diego), 5.00%, 10/1/31	415	427,824
California Municipal Finance Authority, (University of San
Diego), 5.00%, 10/1/35	285	288,850
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/26	810	877,570
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/27	850	908,880
California Municipal Finance Authority, (University of San
Diego), 5.25%, 10/1/28	895	951,850
University of California, 5.25%, 5/15/39	1,250	1,331,213
		$ 16,702,634
Electric
Utilities 13.4%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$ 270	$ 297,478
Chula Vista, (San Diego Gas and Electric), (AMT),
5.00%, 12/1/27	2,275	2,350,576
Los Angeles Department of Water and Power, Electric System
Revenue, 5.25%, 7/1/32	2,170	2,341,907
Northern California Power Agency, 5.25%, 8/1/24	1,500	1,654,095
Sacramento Municipal Utility District, 5.00%, 8/15/27	1,335	1,445,364
Sacramento Municipal Utility District, 5.00%, 8/15/28	1,795	1,926,933
Southern California Public Power Authority, (Tieton Hydropower),
5.00%, 7/1/35	680	710,124
Vernon, Electric System Revenue, 5.125%, 8/1/21	1,300	1,296,477
		$ 12,022,954
Escrowed / Prerefunded 0.0% (1)
California Health Facilities Financing Authority, (Providence
Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38	$ 25	$ 32,813
		$ 32,813
General
Obligations 14.3%
California, 5.50%, 11/1/35	$ 1,600	$ 1,691,728
California, 6.00%, 4/1/38	750	830,190
California, (AMT), 5.05%, 12/1/36	1,590	1,564,481
California Department of Veterans Affairs, (AMT),
5.00%, 12/1/27	1,500	1,516,185
Palo Alto, (Election of 2008),
5.00%, 8/1/40 (2)	3,655	3,891,405
Santa Clara County, (Election of 2008),
5.00%, 8/1/39 (3)(4)	3,180	3,367,620
		$ 12,861,609
Hospital 16.8%
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.25%, 3/1/27	$ 1,000	$ 1,041,950
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.25%, 3/1/28	190	196,673
California Health Facilities Financing Authority, (Catholic
Healthcare West), 5.625%, 7/1/32	1,000	1,034,990
California Health Facilities Financing Authority, (Providence
Health System), 6.50%, 10/1/38	1,475	1,666,735
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/34	640	634,374
California Statewide Communities Development Authority, (John
Muir Health), 5.00%, 8/15/36	445	439,064
California Statewide Communities Development Authority, (Kaiser
Permanente), 5.50%, 11/1/32	1,565	1,572,778
California Statewide Communities Development Authority, (Sonoma
County Indian Health), 6.40%, 9/1/29	1,700	1,700,272
California Statewide Communities Development Authority, (Sutter
Health), 5.50%, 8/15/28	1,500	1,508,100
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31	1,900	1,903,952
Washington Township Health Care District, 5.00%, 7/1/32	2,780	2,701,549
Washington Township Health Care District, 5.25%, 7/1/29	700	699,944
		$ 15,100,381

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Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

	Principal
	Amount
Security	(000s omitted)	Value
Housing 1.1%
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29	$ 682	$ 650,274
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29	402	376,678
		$ 1,026,952
Industrial Development
Revenue 3.5%
California Pollution Control Financing Authority, (Waste
Management, Inc.), (AMT), 5.125%, 11/1/23	$ 1,235	$ 1,268,975
California Statewide Communities Development Authority,
(Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46	2,000	1,835,580
		$ 3,104,555
Insured
Education 7.1%
California Educational Facilities Authority, (Pepperdine
University), (AMBAC), 5.00%, 12/1/35	$ 2,660	$ 2,750,041
California Educational Facilities Authority, (Santa Clara
University), (NPFG), 5.00%, 9/1/23	1,250	1,468,225
California State University, (AMBAC), 5.00%, 11/1/33	2,140	2,159,538
		$ 6,377,804
Insured Electric
Utilities 3.3%
Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$ 2,790	$ 2,932,485
		$ 2,932,485
Insured
Escrowed / Prerefunded 3.5%
Foothill/Eastern Transportation Corridor Agency, Toll Road
Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$ 5,130	$ 3,179,574
		$ 3,179,574
Insured General
Obligations 5.6%
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/34	$ 6,485	$ 1,625,401
Coast Community College District, (Election of 2002), (AGM),
0.00%, 8/1/35	4,825	1,135,419
Sweetwater Union High School District, (Election of 2000),
(AGM), 0.00%, 8/1/25	4,720	2,240,159
		$ 5,000,979
Insured
Hospital 13.9%
California Health Facilities Financing Authority, (Kaiser
Permanente), (BHAC), 5.00%, 4/1/37	$ 2,900	$ 2,934,162
California Statewide Communities Development Authority, (Kaiser
Permanente), (BHAC),
5.00%, 3/1/41 (4)	750	752,648
California Statewide Communities Development Authority, (Sutter
Health), (AGM),
5.75%, 8/15/27 (4)	3,735	3,738,660
California Statewide Communities Development Authority, (Sutter
Health), (AMBAC), (BHAC),
5.00%, 11/15/38 (4)	5,000	5,051,000
		$ 12,476,470
Insured Lease
Revenue / Certificates of
Participation 11.6%
Anaheim Public Financing Authority, (Public Improvements),
(AGM), 0.00%, 9/1/17	$ 5,410	$ 4,287,100
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity,
5.50%, 8/1/27	2,000	2,550,460
San Diego County Water Authority, Certificates of Participation,
(AGM),
5.00%, 5/1/38 (4)	3,500	3,629,080
		$ 10,466,640
Insured Special Tax
Revenue 2.5%
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	$ 21,285	$ 1,362,240
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	7,615	908,622
		$ 2,270,862
Insured
Transportation 9.2%
Alameda Corridor Transportation Authority, (AMBAC),
0.00%, 10/1/29	$ 5,000	$ 1,607,350
Alameda Corridor Transportation Authority, (NPFG),
0.00%, 10/1/31	4,500	1,273,770
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (4)	740	743,848
San Joaquin Hills Transportation Corridor Agency, Toll Road
Bonds, (NPFG), 0.00%, 1/15/32	10,000	1,905,400
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
5.00%, 3/1/37	1,320	1,324,435
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT),
6.00%, 3/1/47	1,350	1,416,137
		$ 8,270,940

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Eaton Vance

California Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

	Principal
	Amount
Security	(000s omitted)	Value
Insured Water and
Sewer 4.1%
East Bay Municipal Utility District, Water System Revenue,
(FGIC), (NPFG),
5.00%, 6/1/32 (4)	$ 2,000	$ 2,135,040
Los Angeles Department of Water and Power, (NPFG),
3.00%, 7/1/30	1,830	1,566,681
		$ 3,701,721
Other Revenue 2.0%
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$ 385	$ 388,234
California Infrastructure and Economic Development Bank,
(Performing Arts Center of Los Angeles), 5.00%, 12/1/37	315	309,821
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until
12/1/12), 6/1/37	980	611,706
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47	640	452,442
		$ 1,762,203
Senior Living / Life
Care 1.9%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal
Senior Communities), 6.00%, 7/1/31	$ 290	$ 289,484
California Statewide Communities Development Authority,
(Southern California Presbyterian Homes), 4.75%, 11/15/26	175	158,002
California Statewide Communities Development Authority,
(Southern California Presbyterian Homes), 4.875%, 11/15/36	700	581,049
California Statewide Communities Development Authority,
(Southern California Presbyterian Homes), 7.25%, 11/15/41	600	643,554
		$ 1,672,089
Special Tax
Revenue 15.4%
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28	$ 1,000	$ 986,340
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26	285	240,477
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34	460	352,981
Corona Public Financing Authority, 5.80%, 9/1/20	970	971,222
Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27	200	188,530
Eastern California Municipal Water District, Special Tax
Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36	500	441,175
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27	1,590	1,591,081
Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.75%, 9/1/24	420	420,382
Moreno Valley Unified School District, (Community School
District No. 2003-2), 5.90%, 9/1/29	750	750,217
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18	1,495	1,510,832
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24	900	906,885
San Francisco Bay Area Rapid Transit District, Sales Tax
Revenue, 5.00%, 7/1/28	2,400	2,645,280
Santaluz Community Facilities District No. 2,
6.10%, 9/1/21	250	250,838
Santaluz Community Facilities District No. 2,
6.20%, 9/1/30	490	490,652
Temecula Unified School District, 5.00%, 9/1/27	250	235,663
Temecula Unified School District, 5.00%, 9/1/37	400	351,636
Tustin Community Facilities District, 6.00%, 9/1/37	500	497,995
Whittier Public Financing Authority, (Greenleaf Avenue
Redevelopment), 5.50%, 11/1/23	1,000	1,001,100
		$ 13,833,286
Transportation 12.1%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.00%, 4/1/31	$ 2,000	$ 2,103,680
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay
Area), 5.25%, 4/1/29	1,000	1,087,020
Los Angeles Department of Airports, (Los Angeles International
Airport),
5.00%, 5/15/35 (3)(4)	2,120	2,234,247
Los Angeles Department of Airports, (Los Angeles International
Airport), (AMT), 5.375%, 5/15/30	1,500	1,586,160
Port of Redwood City, (AMT), 5.125%, 6/1/30	1,170	1,060,160
San Francisco City and County Airport Commission, (San Francisco
International Airport), 5.00%, 5/1/35	2,760	2,829,469
		$ 10,900,736

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California Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

	Principal
	Amount
Security	(000s omitted)	Value
Water and
Sewer 4.2%
California Department of Water Resources, 5.00%, 12/1/29	$ 1,840	$ 1,988,727
San Mateo, Sewer Revenue, 5.00%, 8/1/36	1,700	1,795,302
		$ 3,784,029
Total Tax-Exempt
Investments 164.1%
(identified cost $146,937,929)		$ 147,481,716
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (55.6)%		$ (49,976,571	)
Other Assets, Less
Liabilities (8.5)%		$ (7,643,439	)
Net Assets Applicable to Common
Shares 100.0%		$ 89,861,706

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

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
RADIAN	- Radian Group, Inc.

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 37.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 15.3% of total investments.

(1)	Amount is less than 0.05%
(2)	Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
(3)	Security (or a portion thereof) has been pledged as collateral
for residual interest bond transactions. The aggregate value of
such collateral is $1,626,867.
(4)	Security represents the municipal bond held by a trust that
issues residual interest bonds (see Note 1H).

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Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 153.6%
	Principal
	Amount
Security	(000s omitted)	Value
Bond Bank 6.1%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$ 910	$ 1,118,144
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34	990	1,212,790
		$ 2,330,934
Education 29.0%
Massachusetts Development Finance Agency, (Middlesex School),
5.00%, 9/1/33	$ 600	$ 604,908
Massachusetts Development Finance Agency, (Milton Academy),
5.00%, 9/1/35	1,080	1,146,323
Massachusetts Development Finance Agency, (New England
Conservatory of Music), 5.25%, 7/1/38	895	891,142
Massachusetts Health and Educational Facilities Authority,
(Berklee College of Music), 5.00%, 10/1/32	1,500	1,524,555
Massachusetts Health and Educational Facilities Authority,
(Boston College), 5.50%, 6/1/35	1,640	1,966,163
Massachusetts Health and Educational Facilities Authority,
(Harvard University),
5.00%, 10/1/38 (1)	1,500	1,620,570
Massachusetts Health and Educational Facilities Authority,
(Massachusetts Institute of Technology), 5.00%, 7/1/38	415	442,162
Massachusetts Health and Educational Facilities Authority,
(Northeastern University), 5.00%, 10/1/35	1,350	1,389,258
Massachusetts Health and Educational Facilities Authority,
(Tufts University), 5.375%, 8/15/38	1,420	1,548,794
		$ 11,133,875
Electric
Utilities 2.7%
Massachusetts Development Finance Agency, (Devens Electric
System), 6.00%, 12/1/30	$ 1,000	$ 1,016,600
		$ 1,016,600
Escrowed / Prerefunded 1.1%
Massachusetts Development Finance Agency, (Western New England
College), Prefunded to 12/1/12, 6.125%, 12/1/32	$ 400	$ 427,028
		$ 427,028
General
Obligations 13.6%
Boston, 4.00%, 4/1/24	$ 300	$ 325,278
Cambridge, 4.00%, 2/15/21	595	690,432
Danvers, 5.25%, 7/1/36	885	974,925
Newton,
5.00%, 4/1/36 (2)	750	811,350
Plymouth, 5.00%, 5/1/31	345	375,943
Plymouth, 5.00%, 5/1/32	315	342,216
Wayland, 5.00%, 2/1/33	510	564,269
Wayland, 5.00%, 2/1/36	770	846,253
Winchester, 5.00%, 4/15/36	245	269,721
		$ 5,200,387
Hospital 25.8%
Massachusetts Development Finance Agency, (Tufts Medical
Center), 7.25%, 1/1/32	$ 600	$ 666,330
Massachusetts Development Finance Agency, (UMass Memorial),
5.50%, 7/1/31	370	375,905
Massachusetts Health and Educational Facilities Authority,
(Baystate Medical Center, Inc.), 5.75%, 7/1/36	1,210	1,253,899
Massachusetts Health and Educational Facilities Authority,
(Berkshire Health System), 6.25%, 10/1/31	400	402,192
Massachusetts Health and Educational Facilities Authority,
(Childrens Hospital), 5.25%, 12/1/39	500	520,025
Massachusetts Health and Educational Facilities Authority,
(Dana-Farber Cancer Institute), 5.00%, 12/1/37	1,135	1,154,783
Massachusetts Health and Educational Facilities Authority,
(Healthcare System-Covenant Health), 6.00%, 7/1/31	885	894,222
Massachusetts Health and Educational Facilities Authority,
(Jordan Hospital), 6.75%, 10/1/33	755	757,937
Massachusetts Health and Educational Facilities Authority,
(Lowell General Hospital), 5.125%, 7/1/35	970	877,724
Massachusetts Health and Educational Facilities Authority,
(Partners Healthcare System),
5.00%, 7/1/32 (1)	2,000	2,046,360
Massachusetts Health and Educational Facilities Authority,
(South Shore Hospital), 5.75%, 7/1/29	675	675,182
Massachusetts Health and Educational Facilities Authority,
(Winchester Hospital), 5.25%, 7/1/38	290	272,794
		$ 9,897,353

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Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Housing 6.7%
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$ 2,100	$ 1,928,115
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28	650	654,251
		$ 2,582,366
Industrial Development
Revenue 1.5%
Massachusetts Industrial Finance Agency, (American Hingham Water
Co.), (AMT), 6.60%, 12/1/15	$ 575	$ 576,029
		$ 576,029
Insured
Education 10.3%
Massachusetts College Building Authority, (XLCA),
5.50%, 5/1/39	$ 1,000	$ 1,182,010
Massachusetts Development Finance Agency, (College of the Holy
Cross), (AMBAC),
5.25%, 9/1/32 (1)	1,365	1,611,437
Massachusetts Development Finance Agency, (Franklin W. Olin
College), (XLCA), 5.25%, 7/1/33	1,165	1,171,536
		$ 3,964,983
Insured Electric
Utilities 1.6%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$ 570	$ 601,948
		$ 601,948
Insured General
Obligations 3.2%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$ 1,000	$ 1,231,100
		$ 1,231,100
Insured
Hospital 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape
Cod Healthcare), (AGC), 5.00%, 11/15/25	$ 335	$ 348,685
		$ 348,685
Insured Other
Revenue 2.0%
Massachusetts Development Finance Agency, (WGBH Educational
Foundation), (AMBAC), 5.75%, 1/1/42	$ 705	$ 773,336
		$ 773,336
Insured Special Tax
Revenue 12.5%
Marthas Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$ 1,450	$ 1,487,932
Massachusetts, Special Obligation, Dedicated Tax Revenue,
(FGIC), (NPFG), 5.50%, 1/1/29	1,000	1,118,930
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue, (AMBAC),
5.00%, 8/15/37 (1)	1,340	1,394,860
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	7,595	486,080
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	2,735	326,340
		$ 4,814,142
Insured Student
Loan 5.7%
Massachusetts Educational Financing Authority, (AGC), (AMT),
6.35%, 1/1/30	$ 405	$ 431,507
Massachusetts Educational Financing Authority, (AMBAC), (AMT),
4.70%, 1/1/33	1,885	1,749,337
		$ 2,180,844
Insured
Transportation 3.4%
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/32	$ 315	$ 312,389
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG),
(AMT), 5.00%, 7/1/38	1,010	981,740
		$ 1,294,129
Nursing Home 1.3%
Massachusetts Health and Educational Facilities Authority,
(Christopher House), 6.875%, 1/1/29	$ 535	$ 514,970
		$ 514,970
Other Revenue 2.9%
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$ 500	$ 563,195
Massachusetts Health and Educational Facilities Authority,
(Isabella Stewart Gardner Museum), 5.00%, 5/1/25	505	548,778
		$ 1,111,973

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Massachusetts Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Senior Living / Life
Care 5.8%
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.15%, 7/1/31	$ 250	$ 222,008
Massachusetts Development Finance Agency, (Berkshire Retirement
Community, Inc.), 5.625%, 7/1/29	1,500	1,429,920
Massachusetts Development Finance Agency, (Carleton-Willard
Village), 5.625%, 12/1/30	125	127,336
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.125%, 11/1/27	140	112,616
Massachusetts Development Finance Agency, (First Mortgage VOA
Concord), 5.20%, 11/1/41	475	344,612
		$ 2,236,492
Special Tax
Revenue 7.9%
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$ 140	$ 150,669
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/31	1,665	662,570
Massachusetts Bay Transportation Authority, Sales Tax Revenue,
0.00%, 7/1/34	5,195	1,778,404
Virgin Islands Public Finance Authority, 5.00%, 10/1/39	75	69,331
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	335	359,244
		$ 3,020,218
Transportation 7.3%
Massachusetts Department of Transportation, (Metropolitan
Highway System), 5.00%, 1/1/37	$ 1,500	$ 1,552,875
Massachusetts Port Authority, 5.00%, 7/1/28	500	547,235
Massachusetts Port Authority, 5.00%, 7/1/34	670	703,594
		$ 2,803,704
Water and
Sewer 2.3%
Massachusetts Water Resources Authority, 4.00%, 8/1/46	$ 960	$ 886,848
		$ 886,848
Total Tax-Exempt
Investments 153.6%
(identified cost $57,244,089)		$ 58,947,944
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (52.2)%		$ (20,050,234	)
Other Assets, Less
Liabilities (1.4)%		$ (525,316	)
Net Assets Applicable to Common
Shares 100.0%		$ 38,372,394

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

AGC	- Assured Guaranty Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 14.8% of total investments.

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Eaton Vance

Michigan Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 151.5%
	Principal
	Amount
Security	(000s omitted)	Value
Bond Bank 2.3%
Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/29 (1)	$ 600	$ 652,824
		$ 652,824
Education 10.0%
Grand Valley State University, 5.625%, 12/1/29	$ 525	$ 563,456
Grand Valley State University, 5.75%, 12/1/34	525	558,574
Michigan Higher Education Facilities Authority, (Hillsdale
College), 5.00%, 3/1/35	200	200,470
Michigan State University, 5.00%, 2/15/40	1,000	1,048,270
Michigan State University, 5.00%, 2/15/44	460	477,687
		$ 2,848,457
Electric
Utilities 1.9%
Lansing Board of Water and Light, 5.50%, 7/1/41	$ 500	$ 548,150
		$ 548,150
Escrowed / Prerefunded 8.9%
Macomb County Hospital Finance Authority, (Mount Clemens General
Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34	$ 560	$ 619,164
Michigan Higher Education Facilities Authority, (Creative
Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27	1,250	1,285,263
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12,
5.25%, 7/1/31	600	623,712
		$ 2,528,139
General
Obligations 26.1%
Ann Arbor School District, 4.50%, 5/1/24	$ 350	$ 364,133
Charter County of Wayne, 6.75%, 11/1/39	490	529,719
Comstock Park Public Schools, 5.00%, 5/1/28	230	244,460
Comstock Park Public Schools, 5.125%, 5/1/31	275	289,471
Comstock Park Public Schools, 5.25%, 5/1/33	220	231,081
East Grand Rapids Public School District, 5.00%, 5/1/25	500	507,490
Jenison Public Schools, 5.00%, 5/1/28	500	524,685
Jenison Public Schools, 5.00%, 5/1/30	500	519,590
Kent County, 5.00%, 1/1/25	1,500	1,639,590
Kent County, (AMT), 5.00%, 1/1/28	1,000	1,059,720
Michigan, 5.00%, 11/1/20	1,000	1,186,700
Michigan, 5.50%, 11/1/25	270	306,426
		$ 7,403,065
Hospital 26.1%
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.20%, 1/1/25	$ 185	$ 165,864
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital
Association), 6.50%, 1/1/37	125	106,969
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to
1/15/15 (Put Date), 1/15/47	275	310,046
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18	410	410,303
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.00%, 11/15/38	675	657,916
Michigan Hospital Finance Authority, (Henry Ford Health System),
5.25%, 11/15/46	1,000	978,510
Michigan Hospital Finance Authority, (McLaren Healthcare),
5.00%, 8/1/35	1,080	1,081,534
Michigan Hospital Finance Authority, (Memorial Healthcare
Center), 5.875%, 11/15/21	750	750,577
Michigan Hospital Finance Authority, (Mid Michigan Obligation
Group), 6.125%, 6/1/39	500	526,685
Michigan Hospital Finance Authority, (Trinity Health Corp.),
5.00%, 12/1/27	1,000	1,057,540
Monroe County Hospital Finance Authority, (Mercy Memorial
Hospital Corp.), 5.375%, 6/1/26	425	417,239
Saginaw Hospital Finance Authority, (Covenant Medical Center,
Inc.), 5.00%, 7/1/30	1,000	952,830
		$ 7,416,013
Housing 1.8%
Michigan Housing Development Authority, 4.60%, 12/1/26	$ 500	$ 516,015
		$ 516,015
Industrial Development
Revenue 4.9%
Detroit Local Development Finance Authority, (Chrysler Corp.),
5.375%, 5/1/21	$ 750	$ 539,145
Dickinson County Economic Development Corp., (International
Paper Co.), 5.75%, 6/1/16	800	813,616
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 (2)	125	23,781
		$ 1,376,542

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Michigan Municipal Income Trust

November 30, 2011

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	Principal
	Amount
Security	(000s omitted)	Value
Insured
Education 5.8%
Ferris State University, (AGC), 5.125%, 10/1/33	$ 570	$ 594,989
Ferris State University, (AGC), 5.25%, 10/1/38	500	519,590
Wayne State University, (AGM), 5.00%, 11/15/35	500	516,745
		$ 1,631,324
Insured Electric
Utilities 5.7%
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA),
5.25%, 12/15/32	$ 400	$ 401,652
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30	220	228,630
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34	500	513,020
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	435	459,382
		$ 1,602,684
Insured General
Obligations 18.8%
Battle Creek School District, (AGM), 5.00%, 5/1/37	$ 1,105	$ 1,131,001
Byron Center Public Schools, (AGM), 3.75%, 5/1/26	650	625,059
Byron Center Public Schools, (AGM), 4.00%, 5/1/28	290	282,994
Detroit School District, (AGM), 5.25%, 5/1/32	300	303,561
Detroit School District, (FGIC), 4.75%, 5/1/28	650	643,760
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29	1,000	1,072,510
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38	1,250	1,281,312
		$ 5,340,197
Insured
Hospital 3.4%
Royal Oak Hospital Finance Authority, (William Beaumont
Hospital), (NPFG), 5.25%, 11/15/35	$ 985	$ 977,672
		$ 977,672
Insured Lease
Revenue / Certificates of
Participation 6.7%
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$ 1,000	$ 390,870
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30	4,300	1,509,730
		$ 1,900,600
Insured Special Tax
Revenue 2.1%
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	$ 5,160	$ 330,240
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	2,210	263,697
		$ 593,937
Insured Student
Loan 3.4%
Michigan Higher Education Student Loan Authority, (AMBAC),
(AMT), 5.00%, 3/1/31	$ 1,000	$ 964,570
		$ 964,570
Insured
Transportation 3.6%
Wayne County Airport Authority, (AGC), (AMT),
5.375%, 12/1/32	$ 1,000	$ 1,006,950
		$ 1,006,950
Insured Water and
Sewer 11.5%
Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$ 560	$ 561,910
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30	1,650	1,650,099
Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39	1,000	1,054,940
		$ 3,266,949
Other Revenue 1.2%
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48	$ 500	$ 352,765
		$ 352,765
Special Tax
Revenue 1.3%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$ 115	$ 117,149
Guam, Limited Obligation Bonds, 5.75%, 12/1/34	125	126,960
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	110	117,961
		$ 362,070

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Michigan Municipal Income Trust

November 30, 2011

Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Water and
Sewer 6.0%
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28	$ 790	$ 898,680
Michigan Municipal Bond Authority, (Clean Water Revenue),
5.00%, 10/1/30	500	544,850
Port Huron, Water Supply System, 5.25%, 10/1/31	250	255,280
		$ 1,698,810
Total Tax-Exempt
Investments 151.5%
(identified cost $42,740,065)		$ 42,987,733
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (61.7)%		$ (17,500,659	)
Other Assets, Less
Liabilities 10.2%		$ 2,879,256
Net Assets Applicable to Common
Shares 100.0%		$ 28,366,330

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

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 40.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.9% to 13.0% of total investments.

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Defaulted bond. |

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Eaton Vance

New Jersey Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 160.1%
	Principal
	Amount
Security	(000s omitted)	Value
Bond Bank 1.2%
New Jersey Environmental Infrastructure Trust, 4.00%, 9/1/23	$ 650	$ 707,603
		$ 707,603
Education 20.1%
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/27	$ 250	$ 253,330
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.00%, 7/1/33	250	243,075
New Jersey Educational Facilities Authority, (Georgian Court
University), 5.25%, 7/1/37	220	220,886
New Jersey Educational Facilities Authority, (Kean University),
5.50%, 9/1/36	1,650	1,770,813
New Jersey Educational Facilities Authority, (Princeton
University),
4.50%, 7/1/38 (1)	3,500	3,609,550
New Jersey Educational Facilities Authority, (Stevens Institute
of Technology), 5.00%, 7/1/27	1,650	1,671,978
New Jersey Educational Facilities Authority, (University of
Medicine and Dentistry), 7.50%, 12/1/32	965	1,127,873
Rutgers State University,
5.00%, 5/1/39 (1)	3,150	3,324,510
		$ 12,222,015
Electric
Utilities 4.2%
Puerto Rico Electric Power Authority, 5.25%, 7/1/25	$ 1,000	$ 1,059,830
Salem County Pollution Control Financing Authority, (Public
Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31	1,500	1,516,665
		$ 2,576,495
General
Obligations 9.2%
Monmouth County Improvement Authority, (Governmental Pooled
Loan),
5.00%, 1/15/28 (2)	$ 1,850	$ 2,085,894
Monmouth County Improvement Authority, (Governmental Pooled
Loan), 5.00%, 1/15/30	1,795	1,997,027
West Morris Regional High School District, 4.50%, 5/1/23	640	738,227
West Morris Regional High School District, 4.50%, 5/1/24	705	798,934
		$ 5,620,082
Hospital 21.3%
Camden County Improvement Authority, (Cooper Health System),
5.00%, 2/15/35	$ 90	$ 78,188
Camden County Improvement Authority, (Cooper Health System),
5.75%, 2/15/34	1,415	1,365,871
New Jersey Health Care Facilities Financing Authority, (AHS
Hospital Corp.), 5.00%, 7/1/27	2,305	2,354,811
New Jersey Health Care Facilities Financing Authority,
(Atlanticare Regional Medical Center), 5.00%, 7/1/37	2,095	2,106,564
New Jersey Health Care Facilities Financing Authority, (Chilton
Memorial Hospital), 5.75%, 7/1/39	915	924,177
New Jersey Health Care Facilities Financing Authority, (Kennedy
Health System), 5.625%, 7/1/31	1,525	1,524,909
New Jersey Health Care Facilities Financing Authority, (Robert
Wood Johnson University Hospital), 5.00%, 7/1/31	1,000	1,027,740
New Jersey Health Care Facilities Financing Authority, (South
Jersey Hospital), 5.00%, 7/1/46	2,440	2,398,105
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), 5.75%, 7/1/33	1,075	1,137,490
		$ 12,917,855
Housing 3.8%
New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 4.70%, 10/1/37	$ 680	$ 667,481
New Jersey Housing & Mortgage Finance Agency, (Single
Family Housing), (AMT), 5.00%, 10/1/37	1,640	1,643,920
		$ 2,311,401
Industrial Development
Revenue 12.1%
Middlesex County Pollution Control Authority, (Amerada Hess),
5.75%, 9/15/32	$ 500	$ 501,275
Middlesex County Pollution Control Authority, (Amerada Hess),
6.05%, 9/15/34	540	546,966
New Jersey Economic Development Authority, (Anheuser-Busch Cos.,
Inc.), (AMT), 4.95%, 3/1/47	1,070	1,043,945
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 6.25%, 9/15/29	215	203,510
New Jersey Economic Development Authority, (Continental
Airlines), (AMT), 9.00%, to 6/1/13 (Put Date), 6/1/33	750	769,013
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23	220	238,700

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November 30, 2011

Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Industrial Development
Revenue (continued)
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39	$ 2,235	$ 2,348,091
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT),
4.70%, 7/1/22	2,080	1,681,202
		$ 7,332,702
Insured
Education 1.2%
New Jersey Educational Facilities Authority, (Rowan University),
(AGM), (FGIC), 3.00%, 7/1/28	$ 825	$ 717,907
		$ 717,907
Insured Gas
Utilities 7.8%
New Jersey Economic Development Authority, (New Jersey Natural
Gas Co.), (FGIC), (NPFG), (AMT), 4.90%, to 10/1/25 (Put Date),
10/1/40	$ 4,575	$ 4,742,079
		$ 4,742,079
Insured General
Obligations 4.1%
Hudson County Improvement Authority, (Harrison Parking), (AGC),
5.25%, 1/1/39	$ 1,015	$ 1,077,463
Lakewood Township, (AGC), 5.75%, 11/1/31	1,240	1,395,335
		$ 2,472,798
Insured
Hospital 5.3%
New Jersey Health Care Facilities Financing Authority,
(Hackensack University Medical Center), (AGC),
5.25%, 1/1/36 (1)	$ 750	$ 768,990
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series II, (AGC), 5.00%, 7/1/38	500	505,430
New Jersey Health Care Facilities Financing Authority, (Meridian
Health Center), Series V, (AGC),
5.00%, 7/1/38 (1)	500	505,430
New Jersey Health Care Facilities Financing Authority, (Virtua
Health), (AGC), 5.50%, 7/1/38	1,380	1,440,306
		$ 3,220,156
Insured
Housing 5.6%
New Jersey Housing and Mortgage Finance Agency, (Multi-Family
Housing), (AGM), (AMT), 5.05%, 5/1/34	$ 3,390	$ 3,390,101
		$ 3,390,101
Insured Lease
Revenue / Certificates of
Participation 4.5%
New Jersey Economic Development Authority, (School Facilities
Construction), (AGC), 5.50%, 12/15/34	$ 1,500	$ 1,602,225
New Jersey Economic Development Authority, (School Facilities
Construction), (FGIC), (NPFG), 5.50%, 9/1/28	1,000	1,129,980
		$ 2,732,205
Insured Special Tax
Revenue 11.5%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$ 5,550	$ 3,010,986
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/26	4,300	2,035,104
New Jersey Economic Development Authority, (Motor Vehicle
Surcharges), (XLCA), 0.00%, 7/1/27	2,020	895,890
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	7,185	459,840
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	4,965	592,424
		$ 6,994,244
Insured Student
Loan 3.8%
New Jersey Higher Education Student Assistance Authority, (AGC),
(AMT),
6.125%, 6/1/30 (3)	$ 2,225	$ 2,322,989
		$ 2,322,989
Insured
Transportation 0.6%
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33	$ 315	$ 344,667
		$ 344,667
Insured Water and
Sewer 3.3%
New Jersey Economic Development Authority, (United Water New
Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$ 1,940	$ 2,003,147
		$ 2,003,147
Lease
Revenue / Certificates of
Participation 5.4%
New Jersey Economic Development Authority, (School Facilities
Construction), 5.25%, 12/15/33	$ 1,500	$ 1,573,680
New Jersey Health Care Facilities Financing Authority, (Hospital
Asset Transformation Program), 5.25%, 10/1/38	1,700	1,730,634
		$ 3,304,314

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November 30, 2011

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	Principal
	Amount
Security	(000s omitted)	Value
Other Revenue 5.6%
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/50	$ 7,200	$ 332,136
Childrens Trust Fund, PR, Tobacco Settlement,
0.00%, 5/15/55	13,280	327,352
New Jersey Economic Development Authority, (Duke Farms
Foundation), 5.00%, 7/1/48	2,040	2,145,549
Tobacco Settlement Financing Corp., 5.00%, 6/1/41	900	624,231
		$ 3,429,268
Senior Living / Life
Care 3.1%
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
5.875%, 7/1/28	$ 465	$ 467,111
New Jersey Economic Development Authority, (Cranes Mill, Inc.),
6.00%, 7/1/38	770	762,385
New Jersey Economic Development Authority, (Seabrook Village),
5.25%, 11/15/36	815	672,644
		$ 1,902,140
Special Tax
Revenue 2.2%
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/27	$ 100	$ 96,620
New Jersey Economic Development Authority, (Newark Downtown
District Management Corp.), 5.125%, 6/15/37	175	161,765
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37	500	530,305
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	500	536,185
		$ 1,324,875
Student Loan 4.1%
New Jersey Higher Education Student Assistance Authority, (AMT),
1.276%, 6/1/36 (1)(4)(5)	$ 2,500	$ 2,463,025
		$ 2,463,025
Transportation 20.1%
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35	$ 1,060	$ 1,098,096
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40	1,080	1,109,225
New Jersey Transportation Trust Fund Authority,
(Transportation System),
5.50%, 6/15/31 (6)	1,850	2,007,879
New Jersey Transportation Trust Fund Authority,
(Transportation System), 5.875%, 12/15/38	250	274,893
New Jersey Transportation Trust Fund Authority,
(Transportation System), 6.00%, 12/15/38	530	587,452
New Jersey Turnpike Authority, 5.25%, 1/1/40	3,600	3,778,812
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (1)	1,995	2,150,450
South Jersey Port Authority, (Marine Terminal),
5.10%, 1/1/33	1,175	1,182,156
		$ 12,188,963
Total Tax-Exempt
Investments 160.1%
(identified cost $95,027,586)		$ 97,241,031
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (55.0)%		$ (33,426,048	)
Other Assets, Less
Liabilities (5.1)%		$ (3,080,505	)
Net Assets Applicable to Common
Shares 100.0%		$ 60,734,478

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

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
XLCA	- XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 29.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 10.2% of total investments.

| (1) | Security represents the municipal bond held by a trust that
issues residual interest bonds (see Note 1H). |
| --- | --- |
| (2) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| (3) | Security (or a portion thereof) has been segregated to cover
payable for when-issued securities. |
| (4) | Security (or a portion thereof) has been pledged as collateral
for residual interest bond transactions. The aggregate value of
such collateral is $463,025. |
| (5) | Variable rate security. The stated interest rate represents the
rate in effect at November 30, 2011. |
| (6) | When-issued security. |

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New York Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 166.8%
	Principal
	Amount
Security	(000s omitted)	Value
Bond Bank 6.3%
New York Environmental Facilities Corp., 5.00%, 10/15/39	$ 1,730	$ 1,842,502
New York Environmental Facilities Corp., Clean Water and
Drinking Water, (Municipal Water Finance),
5.00%, 6/15/37 (1)	2,535	2,702,893
		$ 4,545,395
Cogeneration 1.5%
Suffolk County Industrial Development Agency, (Nissequogue
Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$ 1,150	$ 1,117,168
		$ 1,117,168
Education 26.1%
Geneva Industrial Development Agency, (Hobart &
William Smith Project), 5.375%, 2/1/33	$ 315	$ 325,883
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/34	1,490	1,582,514
New York City Cultural Resource Trust, (The Juilliard School),
5.00%, 1/1/39	325	342,716
New York Dormitory Authority, (Brooklyn Law School),
5.75%, 7/1/33	510	551,417
New York Dormitory Authority, (Columbia University),
5.00%, 7/1/38 (2)	1,000	1,073,220
New York Dormitory Authority, (Columbia University),
5.00%, 10/1/41	725	799,697
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/34	510	543,242
New York Dormitory Authority, (Cornell University),
5.00%, 7/1/39	2,000	2,124,980
New York Dormitory Authority, (Fordham University),
5.50%, 7/1/36	1,000	1,077,530
New York Dormitory Authority, (Rochester Institute of
Technology), 6.00%, 7/1/33	2,250	2,477,430
New York Dormitory Authority, (Rockefeller University),
5.00%, 7/1/40	2,500	2,659,575
New York Dormitory Authority, (Skidmore College),
5.00%, 7/1/27	325	353,220
New York Dormitory Authority, (Skidmore College),
5.25%, 7/1/29	400	435,980
New York Dormitory Authority, (St. Francis College),
5.00%, 10/1/40	1,495	1,501,787
New York Dormitory Authority, (The New School),
5.50%, 7/1/40	2,000	2,111,160
Onondaga Civic Development Corp., (Le Moyne College),
5.20%, 7/1/29	280	285,129
Onondaga Civic Development Corp., (Le Moyne College),
5.375%, 7/1/40	735	746,069
		$ 18,991,549
Electric
Utilities 4.5%
Long Island Power Authority, Electric System Revenue,
6.00%, 5/1/33 (3)	$ 1,420	$ 1,595,384
Suffolk County Industrial Development Agency, (Keyspan-Port
Jefferson), (AMT), 5.25%, 6/1/27	1,645	1,672,176
		$ 3,267,560
General
Obligations 18.1%
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/34	$ 585	$ 212,454
Dutchess County Water and Wastewater Authority,
0.00%, 10/1/35	325	111,082
New York,
5.00%, 2/15/34 (1)	4,000	4,345,480
New York City,
5.25%, 9/15/33 (1)	6,000	6,303,300
New York City, 6.25%, 10/15/28	1,000	1,175,710
Westchester County, 4.00%, 7/1/19	850	992,868
		$ 13,140,894
Health Care
Miscellaneous 2.8%
New York City Industrial Development Agency,
(A Very Special Place, Inc.), 5.75%, 1/1/29	$ 1,115	$ 945,788
New York City Industrial Development Agency,
(Ohel Childrens Home), 6.25%, 8/15/22	1,200	945,756
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class H, 7.50%, 9/1/15	50	50,570
Suffolk County Industrial Development Agency, (Alliance of Long
Island Agencies), Series A, Class I, 7.50%, 9/1/15	100	101,140
		$ 2,043,254
Hospital 22.6%
Dutchess County Local Development Corp., (Health Quest
Systems, Inc.), 5.75%, 7/1/30	$ 130	$ 135,948
Dutchess County Local Development Corp., (Health Quest
Systems, Inc.), 5.75%, 7/1/40	960	985,114
Fulton County Industrial Development Agency,
(Nathan Littauer Hospital), 6.00%, 11/1/18	1,070	1,037,600
Monroe County Industrial Development Agency, (Highland
Hospital), 5.00%, 8/1/25	2,490	2,513,580

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	Principal
	Amount
Security	(000s omitted)	Value
Hospital (continued)
New York Dormitory Authority, (Methodist Hospital),
5.25%, 7/1/33	$ 2,000	$ 2,004,920
New York Dormitory Authority, (Mount Sinai Hospital),
5.00%, 7/1/26	1,000	1,031,290
New York Dormitory Authority, (North Shore-Long Island Jewish
Obligated Group), 5.00%, 11/1/34	845	847,341
New York Dormitory Authority, (NYU Hospital Center),
5.625%, 7/1/37	1,250	1,272,675
New York Dormitory Authority, (Orange Regional Medical Center),
6.125%, 12/1/29	415	416,216
New York Dormitory Authority, (Orange Regional Medical Center),
6.25%, 12/1/37	835	835,701
Oneida County Industrial Development Agency,
(St. Elizabeths Medical Center), 5.75%, 12/1/19	1,195	1,194,928
Saratoga County Industrial Development Agency, (Saratoga
Hospital), 5.25%, 12/1/32	650	651,157
Suffolk County Economic Development Corp., (Catholic Health
Services of Long Island),
5.00%, 7/1/28 (4)	1,250	1,272,337
Suffolk County Industrial Development Agency, (Huntington
Hospital), 6.00%, 11/1/22	2,105	2,215,976
		$ 16,414,783
Housing 16.7%
New York City Housing Development Corp., MFMR, (AMT),
5.05%, 11/1/39	$ 1,500	$ 1,497,705
New York City Housing Development Corp., MFMR, (AMT),
5.20%, 11/1/40	2,620	2,641,406
New York Housing Finance Agency, 5.25%, 11/1/41	1,000	1,017,780
New York Housing Finance Agency, (FNMA), (AMT),
5.40%, 11/15/42	2,625	2,671,016
New York Mortgage Agency, (AMT), 4.875%, 10/1/30	1,500	1,496,235
New York Mortgage Agency, (AMT), 4.90%, 10/1/37	1,850	1,821,880
New York Mortgage Agency, (AMT), 5.125%, 10/1/37	1,000	1,006,890
		$ 12,152,912
Industrial Development
Revenue 6.8%
Essex County Industrial Development Agency, (International Paper
Company), (AMT), 6.625%, 9/1/32	$ 1,000	$ 1,063,210
New York Liberty Development Corp., (Goldman Sachs Group, Inc.),
5.25%, 10/1/35	1,000	1,011,500
Onondaga County Industrial Development Agency, (Anheuser-Busch
Cos., Inc.), (AMT), 6.25%, 12/1/34	2,500	2,503,025
Port Authority of New York and New Jersey, (Continental
Airlines), (AMT), 9.125%, 12/1/15	360	363,888
		$ 4,941,623
Insured
Education 6.5%
New York Dormitory Authority, (City University), (AMBAC),
5.50%, 7/1/35	$ 1,250	$ 1,296,237
New York Dormitory Authority, (State University), (BHAC),
5.00%, 7/1/38 (1)	1,500	1,579,395
Oneida County Industrial Development Agency, (Hamilton College),
(NPFG), 0.00%, 7/1/33	5,365	1,880,111
		$ 4,755,743
Insured Electric
Utilities 2.1%
Long Island Power Authority, Electric System Revenue, (BHAC),
5.75%, 4/1/33	$ 1,365	$ 1,526,998
		$ 1,526,998
Insured
Escrowed / Prerefunded 1.8%
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26	$ 855	$ 546,277
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer
Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27	1,280	778,611
		$ 1,324,888
Insured Lease
Revenue / Certificates of
Participation 2.9%
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47	$ 2,350	$ 2,122,073
		$ 2,122,073
Insured Other
Revenue 2.9%
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/31	$ 2,645	$ 917,603
New York City Industrial Development Agency, (Yankee Stadium),
(AGC), 0.00%, 3/1/32	3,625	1,185,629
		$ 2,103,232

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	Principal
	Amount
Security	(000s omitted)	Value
Insured Special Tax
Revenue 4.7%
New York Convention Center Development Corp., Hotel Occupancy
Tax, (AMBAC), 4.75%, 11/15/45	$ 525	$ 498,309
Puerto Rico Infrastructure Financing Authority, (AMBAC),
0.00%, 7/1/34	4,440	963,347
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	19,745	1,263,680
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	6,110	729,045
		$ 3,454,381
Insured
Transportation 2.0%
Niagara Frontier Airport Authority, (Buffalo Niagara
International Airport), (NPFG), (AMT), 5.625%, 4/1/29	$ 1,475	$ 1,432,299
		$ 1,432,299
Insured Water and
Sewer 1.3%
Nassau County Industrial Development Agency, (Water Services
Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$ 1,000	$ 966,770
		$ 966,770
Other Revenue 6.6%
Albany Industrial Development Agency, Civic Facility,
(Charitable Leadership), 5.75%, 7/1/26	$ 1,285	$ 758,972
Brooklyn Arena Local Development Corp., (Barclays Center),
0.00%, 7/15/31	3,120	1,014,936
Brooklyn Arena Local Development Corp., (Barclays Center),
6.25%, 7/15/40	380	395,793
New York City Cultural Resource Trust, (Museum of Modern Art),
5.00%, 4/1/31	1,415	1,509,734
New York City Transitional Finance Authority, (Building Aid),
5.50%, 7/15/31	1,000	1,093,490
		$ 4,772,925
Senior Living / Life
Care 3.1%
Mount Vernon Industrial Development Agency, (Wartburg Senior
Housing, Inc.), 6.20%, 6/1/29	$ 1,450	$ 1,323,096
Suffolk County Economic Development Corp., (Peconic Landing at
Southold, Inc.), 6.00%, 12/1/40	905	912,819
		$ 2,235,915
Special Tax
Revenue 10.5%
Metropolitan Transportation Authority, Dedicated Tax Revenue,
5.00%, 11/15/34	$ 1,500	$ 1,578,885
New York City Transitional Finance Authority, Future Tax
Revenue,
5.50%, 11/1/35 (1)(5)	2,100	2,348,493
New York Dormitory Authority, Personal Income Tax Revenue,
5.00%, 3/15/33	1,000	1,068,500
New York Dormitory Authority, Personal Income Tax Revenue,
(University & College Improvements),
5.25%, 3/15/38	1,000	1,067,560
New York Urban Development Corp., Personal Income Tax Revenue,
5.00%, 3/15/32	900	949,734
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	545	584,442
		$ 7,597,614
Transportation 10.8%
Metropolitan Transportation Authority, 5.00%, 11/15/37	$ 790	$ 799,512
Port Authority of New York and New Jersey,
5.00%, 11/15/37 (1)	1,900	1,989,034
Port Authority of New York and New Jersey, (AMT),
4.75%, 6/15/33	955	963,805
Port Authority of New York and New Jersey, (AMT),
5.75%, 3/15/35 (1)	990	1,067,141
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34	10	10,901
Triborough Bridge and Tunnel Authority,
5.25%, 11/15/34 (1)	2,740	2,987,011
		$ 7,817,404
Water and
Sewer 6.2%
New York City Municipal Water Finance Authority, (Water and
Sewer System),
5.75%, 6/15/40 (1)	$ 3,105	$ 3,488,064
Saratoga County Water Authority, 5.00%, 9/1/48	1,000	1,036,670
		$ 4,524,734
Total Tax-Exempt
Investments 166.8%
(identified cost $117,989,587)		$ 121,250,114
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (46.4)%		$ (33,726,273	)
Other Assets, Less
Liabilities (20.4)%		$ (14,845,636	)
Net Assets 100.0%		$ 72,678,205

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

AGC	- Assured Guaranty Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
BHAC	- Berkshire Hathaway Assurance Corp.
FNMA	- Federal National Mortgage Association
MFMR	- Multi-Family Mortgage Revenue
NPFG	- National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 14.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.7% to 6.2% of total investments.

| (1) | Security represents the municipal bond held by a trust that
issues residual interest bonds (see Note 1H). |
| --- | --- |
| (2) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| (3) | Security (or a portion thereof) has been segregated to cover
payable for when-issued securities. |
| (4) | When-issued security. |
| (5) | Security (or a portion thereof) has been pledged as collateral
for residual interest bond transactions. The aggregate value of
such collateral is $773,493. |

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Ohio Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 151.2%
	Principal
	Amount
Security	(000s omitted)	Value
Bond Bank 12.4%
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 4.85%, 6/1/25	$ 550	$ 565,955
Ohio Economic Development Commission, (Ohio Enterprise Bond
Fund), (AMT), 5.85%, 12/1/22	1,020	1,058,770
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 12/1/28	250	276,438
Ohio Water Development Authority, Water Pollution Control,
(Water Quality), 5.00%, 6/1/30	250	272,245
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan,
5.375%, 1/1/32	1,245	1,332,399
Summit County Port Authority, (Twinsburg Township),
5.125%, 5/15/25	295	263,724
Toledo-Lucas County Port Authority, 5.40%, 5/15/19	1,100	1,008,018
		$ 4,777,549
Education 17.1%
Ohio Higher Educational Facility Commission, (Kenyon College),
5.00%, 7/1/44	$ 440	$ 446,890
Ohio Higher Educational Facility Commission, (Kenyon College),
5.25%, 7/1/44	1,250	1,291,363
Ohio Higher Educational Facility Commission, (University of
Dayton), 5.50%, 12/1/36	1,000	1,049,400
Ohio State University, 5.00%, 12/1/28	500	572,945
Ohio State University, 5.00%, 12/1/30	1,675	1,912,147
University of Cincinnati, 5.00%, 6/1/34	500	518,525
Wright State University, 5.00%, 5/1/31	750	777,630
		$ 6,568,900
Electric
Utilities 1.9%
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14	$ 195	$ 195,045
Ohio Air Quality Development Authority, (Buckeye Power, Inc.),
6.00%, 12/1/40	500	526,445
		$ 721,490
General
Obligations 21.8%
Barberton City School District, 4.50%, 12/1/33	$ 900	$ 893,169
Beavercreek City School District, 5.00%, 12/1/30	1,750	1,877,120
Central Ohio Solid Waste Authority, 5.125%, 9/1/27	1,090	1,179,631
Columbus,
5.00%, 7/1/23 (1)	500	545,620
Columbus City School District, 5.00%, 12/1/29	1,000	1,100,610
Huber Heights City School District, 4.75%, 12/1/25	595	642,552
Maple Heights City School District, 5.00%, 1/15/37	1,000	1,035,800
Symmes Township, Hamilton County, (Parkland
Acquisition & Improvement), 5.25%, 12/1/37	1,000	1,104,460
		$ 8,378,962
Hospital 14.0%
Butler County, (Kettering Health Network Obligated Group),
5.25%, 4/1/31	$ 500	$ 503,080
Franklin County, (Nationwide Childrens Hospital),
5.00%, 11/1/34	800	812,776
Hancock County, (Blanchard Valley Regional Health Center),
6.25%, 12/1/34	750	802,942
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26	500	507,220
Montgomery County, (Catholic Health Initiatives),
5.50%, 5/1/34	500	528,155
Ohio Higher Educational Facility Commission, (Cleveland Clinic
Health System), 5.50%, 1/1/39	1,000	1,043,110
Ohio Higher Educational Facility Commission, (Summa Health
System), 5.75%, 11/15/40	595	593,733
Ohio Higher Educational Facility Commission, (University
Hospital Health Systems, Inc.), 4.75%, 1/15/46	285	258,501
Richland County, (MedCentral Health Systems),
6.375%, 11/15/22	330	332,280
		$ 5,381,797
Housing 10.8%
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.625%, 9/1/27	$ 950	$ 926,069
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 4.75%, 3/1/37	425	411,307
Ohio Housing Finance Agency, (Residential Mortgage-Backed
Securities), (AMT), 5.00%, 9/1/31	295	296,227
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT),
5.25%, 4/20/48	2,500	2,501,200
		$ 4,134,803
Industrial Development
Revenue 7.7%
Cleveland Airport, (Continental Airlines), (AMT),
5.375%, 9/15/27	$ 555	$ 480,058
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.),
(AMT), 6.00%, 8/1/38	2,250	2,251,665

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	Principal
	Amount
Security	(000s omitted)	Value
Industrial Development
Revenue (continued)
Ohio Water Development Authority, Solid Waste Disposal, (Allied
Waste North America, Inc.), (AMT), 5.15%, 7/15/15	$ 225	$ 229,399
		$ 2,961,122
Insured
Education 13.0%
Hamilton County, (University Heights Community Urban Development
Corp.), (AGM), 5.00%, 6/1/30	$ 750	$ 794,453
Kent State University, (AGC), 5.00%, 5/1/26	1,000	1,075,250
Kent State University, (AGC), 5.00%, 5/1/29	465	489,547
Miami University, (AMBAC), 3.25%, 9/1/26	635	585,299
University of Akron, Series A, (AGM), 5.00%, 1/1/38	1,500	1,541,490
University of Akron, Series B, (AGM), 5.00%, 1/1/38	500	513,565
		$ 4,999,604
Insured Electric
Utilities 12.6%
American Municipal Power-Ohio, Inc., (Prairie State Energy
Campus), (AGC), 5.75%, 2/15/39	$ 1,000	$ 1,084,150
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27	710	324,101
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38	2,000	465,780
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/25	830	440,348
Ohio Municipal Electric Generation Agency, (NPFG),
0.00%, 2/15/26	3,000	1,488,270
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/30	210	218,238
Puerto Rico Electric Power Authority, (FGIC), (NPFG),
5.25%, 7/1/34	250	256,510
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26	500	542,285
		$ 4,819,682
Insured General
Obligations 17.8%
Brookfield Local School District, (AGM), 5.00%, 1/15/30	$ 200	$ 209,158
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36	500	529,180
Canal Winchester Local School District, (NPFG),
0.00%, 12/1/30	2,455	943,874
Cincinnati School District, (FGIC), (NPFG), 5.25%, 12/1/30	1,000	1,144,330
Madeira City School District, (AGM), 3.50%, 12/1/27	1,500	1,419,645
Milford Exempt Village School District, (AGC),
5.25%, 12/1/36	1,750	1,826,492
St. Marys City School District, (AGM), 5.00%, 12/1/35	750	771,150
		$ 6,843,829
Insured
Hospital 5.9%
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.00%, 5/15/32	$ 280	$ 262,111
Hamilton County, (Cincinnati Childrens Hospital), (FGIC),
(NPFG), 5.125%, 5/15/28	1,500	1,454,565
Lorain County, (Catholic Healthcare Partners), (AGM),
17.943%, 2/1/29 (2)(3)(4)	485	537,011
		$ 2,253,687
Insured Lease
Revenue / Certificates of
Participation 1.1%
Summit County, (Civic Theater Project), (AMBAC),
5.00%, 12/1/33	$ 500	$ 407,085
		$ 407,085
Insured Special Tax
Revenue 2.6%
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	$ 9,905	$ 633,920
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	3,040	362,733
		$ 996,653
Insured
Transportation 6.2%
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24	$ 1,000	$ 1,192,870
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26	1,000	1,204,240
		$ 2,397,110
Lease
Revenue / Certificates of
Participation 1.4%
Franklin County Convention Facilities Authority,
5.00%, 12/1/27	$ 500	$ 535,675
		$ 535,675
Other Revenue 3.7%
Buckeye Tobacco Settlement Financing Authority,
5.875%, 6/1/47	$ 710	$ 497,206
Riversouth Authority, (Lazarus Building Redevelopment),
5.75%, 12/1/27	1,000	922,330
		$ 1,419,536

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November 30, 2011

Portfolio of Investments continued

	Principal
	Amount
Security	(000s omitted)	Value
Special Tax
Revenue 1.2%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$ 155	$ 157,897
Guam, Limited Obligation Bonds, 5.75%, 12/1/34	170	172,665
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	110	117,961
		$ 448,523
Total Tax-Exempt
Investments 151.2%
(identified cost $56,752,375)		$ 58,046,007
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (59.2)%		$ (22,725,125	)
Other Assets, Less
Liabilities 8.0%		$ 3,057,738
Net Assets Applicable to Common
Shares 100.0%		$ 38,378,620

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

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.

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

| (1) | Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts. |
| --- | --- |
| (2) | Security exempt from registration pursuant to Rule 144A
under the Securities Act of 1933. These securities may be sold
in certain transactions (normally to qualified institutional
buyers) and remain exempt from registration. At
November 30, 2011, the aggregate value of these securities
is $537,011 or 1.4% of the 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 held by
the trust that issued the residual interest bond. In case of a
shortfall, the maximum potential amount of payments the Trust
could ultimately be required to make under the |

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| | agreement is $1,455,000. However, such shortfall payment would
be reduced by the proceeds from the sale of the security held by
the trust that issued the residual interest bond. |
| --- | --- |
| (4) | Security has been issued as a leveraged residual interest bond
with a variable interest rate. The stated interest rate
represents the rate in effect at November 30, 2011. |

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Pennsylvania Municipal Income Trust

November 30, 2011

Portfolio of Investments

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Tax-Exempt Investments 159.5%
	Principal
	Amount
Security	(000s omitted)	Value
Cogeneration 2.0%
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT),
6.50%, 1/1/13 (1)	$ 100	$ 56,250
Pennsylvania Economic Development Financing Authority,
(Northampton Generating), (AMT),
6.60%, 1/1/19 (1)	500	283,520
Pennsylvania Economic Development Financing Authority, (Resource
Recovery-Colver), (AMT), 5.125%, 12/1/15	375	368,992
		$ 708,762
Education 18.0%
Allegheny County Higher Education Building Authority, (Duquesne
University), 5.50%, 3/1/31	$ 1,050	$ 1,121,705
Bucks County Industrial Development Authority, (George School),
5.00%, 9/15/39	500	530,580
Cumberland County Municipal Authority, (Dickinson College),
5.00%, 11/1/39	1,200	1,251,336
Northampton County General Purpose Authority, (Lehigh
University), 5.00%, 11/15/39	500	519,370
Pennsylvania Higher Educational Facilities Authority, (Saint
Josephs University), 5.00%, 11/1/40	440	444,237
Pennsylvania Higher Educational Facilities Authority, (Thomas
Jefferson University), 5.00%, 3/1/40	625	647,831
State Public School Building Authority, (Northampton County Area
Community College), 5.50%, 3/1/31	750	802,388
University of Pittsburgh, 5.25%, 9/15/29	500	557,930
Washington County Industrial Development Authority, (Washington
and Jefferson College), 5.25%, 11/1/30	575	607,608
		$ 6,482,985
Electric
Utilities 1.7%
York County Industrial Development Authority, Pollution Control
Revenue, (Public Service Enterprise Group, Inc.),
5.50%, 9/1/20	$ 600	$ 608,100
		$ 608,100
Escrowed / Prerefunded 3.2%
Bucks County Industrial Development Authority, (Pennswood
Village), Prerefunded to 10/1/12, 6.00%, 10/1/27	$ 600	$ 634,128
Washington County Hospital Authority, (Monongahela Hospital),
Prerefunded to 6/1/12, 5.50%, 6/1/17	500	518,280
		$ 1,152,408
General
Obligations 10.4%
Chester County,
5.00%, 7/15/27 (2)	$ 500	$ 564,600
Daniel Boone Area School District, 5.00%, 8/15/32	1,000	1,041,830
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32	1,000	1,056,570
Philadelphia School District, 6.00%, 9/1/38	1,000	1,083,710
		$ 3,746,710
Hospital 21.8%
Allegheny County Hospital Development Authority, (University of
Pittsburgh Medical Center), 5.50%, 8/15/34	$ 500	$ 523,765
Chester County Health and Education Facilities Authority,
(Jefferson Health System), 5.00%, 5/15/40	750	763,703
Dauphin County General Authority, (Pinnacle Health System),
6.00%, 6/1/29	750	781,447
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), 5.25%, 7/1/32	1,215	1,235,363
Lycoming County Authority, (Susquehanna Health System),
5.75%, 7/1/39	750	753,383
Monroe County Hospital Authority, (Pocono Medical Center),
5.25%, 1/1/43	1,500	1,467,315
Northampton County General Purpose Authority, (Saint Lukes
Hospital), 5.50%, 8/15/33	250	251,265
Pennsylvania Higher Educational Facilities Authority,
(University of Pennsylvania Health System),
6.00%, 8/15/26 (3)	1,000	1,128,820
Pennsylvania Higher Educational Facilities Authority, (UPMC
Health System), 5.00%, 5/15/31	675	693,488
South Fork Municipal Authority, (Conemaugh Health System),
5.50%, 7/1/29	250	250,580
		$ 7,849,129
Housing 16.9%
Allegheny County Residential Finance Authority, SFMR, (AMT),
4.95%, 11/1/37	$ 435	$ 433,408
Allegheny County Residential Finance Authority, SFMR, (AMT),
5.00%, 5/1/35	1,115	1,122,638
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.70%, 10/1/37	840	835,590
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.75%, 10/1/25	500	503,710
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 4/1/26	885	890,628
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.875%, 10/1/31	500	499,970

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Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Housing (continued)
Pennsylvania Housing Finance Agency, SFMR, (AMT),
4.90%, 10/1/37	$ 970	$ 970,776
Pennsylvania Housing Finance Agency, SFMR, (AMT),
5.15%, 10/1/37	830	834,092
		$ 6,090,812
Industrial Development
Revenue 8.1%
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39	$ 200	$ 209,958
Montgomery County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42	750	757,650
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39	250	278,020
Pennsylvania Economic Development Financing Authority,
(Procter & Gamble Paper Products Co.), (AMT),
5.375%, 3/1/31	1,000	1,112,510
Pennsylvania Economic Development Financing Authority, (Waste
Management, Inc.), (AMT), 5.10%, 10/1/27	500	504,105
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT),
6.25%, 6/1/26 (1)	315	59,929
		$ 2,922,172
Insured
Education 12.9%
Lycoming County Authority, (Pennsylvania College of Technology),
(AGC), 5.50%, 10/1/37	$ 500	$ 519,860
Lycoming County Authority, (Pennsylvania College of Technology),
(AMBAC), 5.25%, 5/1/32	1,675	1,673,877
Pennsylvania Higher Educational Facilities Authority, (Drexel
University), (NPFG), 5.00%, 5/1/37	1,115	1,145,105
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/29	375	393,964
State Public School Building Authority, (Delaware County
Community College), (AGM), 5.00%, 10/1/32	875	905,415
		$ 4,638,221
Insured
Escrowed / Prerefunded 9.2%
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC),
Escrowed to Maturity, 4.75%, 12/1/27	$ 1,600	$ 1,615,936
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity,
0.00%, 8/15/19	2,000	1,691,780
		$ 3,307,716
Insured General
Obligations 3.8%
Beaver County, (AGM), 5.55%, 11/15/31	$ 500	$ 535,490
Bethlehem Area School District, (AGM), 5.25%, 1/15/25	750	819,075
		$ 1,354,565
Insured
Hospital 11.2%
Allegheny County Hospital Development Authority, (UPMC Health
System), (NPFG), 6.00%, 7/1/24	$ 250	$ 304,188
Delaware County General Authority, (Catholic Health East),
(AMBAC), 4.875%, 11/15/26	355	355,096
Lehigh County General Purpose Authority, (Lehigh Valley Health
Network), (AGM), 5.00%, 7/1/35	1,440	1,457,611
Montgomery County Higher Education and Health Authority,
(Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28	1,900	1,898,936
		$ 4,015,831
Insured Lease
Revenue / Certificates of
Participation 4.9%
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31	$ 500	$ 526,010
Philadelphia Authority for Industrial Development, (One Benjamin
Franklin), (AGM), 4.75%, 2/15/27	1,195	1,248,118
		$ 1,774,128
Insured Special Tax
Revenue 2.8%
Puerto Rico Sales Tax Financing Corp., (AMBAC),
0.00%, 8/1/54	$ 9,870	$ 631,680
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	3,050	363,926
		$ 995,606
Insured
Transportation 9.2%
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27	$ 500	$ 508,820
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29	1,005	1,005,633
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41 (3)	1,800	1,809,360
		$ 3,323,813

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Portfolio of Investments continued

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	Principal
	Amount
Security	(000s omitted)	Value
Insured Water and
Sewer 3.9%
Bucks County Water and Sewer Authority, (AGM),
5.00%, 12/1/35	$ 500	$ 522,670
Delaware County Industrial Development Authority, (Aqua
Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36	525	527,478
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG),
5.00%, 11/1/31	360	361,962
		$ 1,412,110
Senior Living / Life
Care 2.6%
Cliff House Trust, (AMT),
6.625%, 6/1/27 (1)	$ 1,000	$ 530,290
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/24	200	201,040
Montgomery County Industrial Development Authority, (Foulkeways
at Gwynedd), 5.00%, 12/1/30	200	193,566
		$ 924,896
Special Tax
Revenue 0.3%
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	$ 110	$ 117,961
		$ 117,961
Transportation 11.2%
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/35	$ 465	$ 481,712
Delaware River Port Authority of Pennsylvania and New Jersey,
5.00%, 1/1/40	285	292,712
Pennsylvania Economic Development Financing Authority, (Amtrak),
(AMT), 6.25%, 11/1/31	270	271,836
Pennsylvania Turnpike Commission, 5.25%, 6/1/39	1,000	1,017,040
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15),
12/1/30	1,430	1,176,318
Pennsylvania Turnpike Commission, 5.625%, 6/1/29	750	801,690
		$ 4,041,308
Utilities 1.6%
Philadelphia Gas Works, 5.25%, 8/1/40	$ 600	$ 589,050
		$ 589,050
Water and
Sewer 3.8%
Harrisburg Water Authority, 5.25%, 7/15/31	$ 750	$ 604,890
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36	750	771,765
		$ 1,376,655
Total Tax-Exempt
Investments 159.5%
(identified cost $56,716,086)		$ 57,432,938
Auction Preferred Shares Plus
Cumulative Unpaid Dividends (58.8)%		$ (21,175,248	)
Other Assets, Less
Liabilities (0.7)%		$ (246,701	)
Net Assets Applicable to Common
Shares 100.0%		$ 36,010,989

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

AGC	- Assured Guaranty Corp.
AGM	- Assured Guaranty Municipal Corp.
AMBAC	- AMBAC Financial Group, Inc.
AMT	- Interest earned from these securities may be considered a
tax preference item for purposes of the Federal Alternative
Minimum Tax.
CIFG	- CIFG Assurance North America, Inc.
FGIC	- Financial Guaranty Insurance Company
NPFG	- National Public Finance Guaranty Corp.
SFMR	- Single Family Mortgage Revenue

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 36.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.2% to 12.5% of total investments.

(1)	Defaulted bond.
(2)	Security (or a portion thereof) has been pledged to cover margin
requirements on open financial futures contracts.
(3)	Security represents the municipal bond held by a trust that
issues residual interest bonds (see Note 1H).

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Municipal Income Trusts

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Statements of Assets and Liabilities

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Assets	November 30, 2011 — California Trust	Massachusetts Trust		Michigan Trust		New Jersey Trust
Investments
Identified cost	$ 146,937,929	$	57,244,089	$	42,740,065	$	95,027,586
Unrealized appreciation	543,787		1,703,855		247,668		2,213,445
Investments, at value	$ 147,481,716	$	58,947,944	$	42,987,733	$	97,241,031
Cash	$ 3,755,623	$	3,351,271	$	2,384,172	$	6,782,903
Interest receivable	1,700,938		954,097		545,617		1,438,082
Receivable for investments sold	4,142,609		136,307		18,287		38,915
Receivable for variation margin on open financial futures
contracts	110,562		23,438		15,750		253,750
Deferred debt issuance costs	29,473		3,101				3,582
Total assets	$ 157,220,921	$	63,416,158	$	45,951,559	$	105,758,263
Liabilities
Payable for floating rate notes issued	$ 17,170,000	$	4,885,000	$		$	9,455,000
Payable for when-issued securities							1,988,477
Payable to affiliates:
Investment adviser fee	82,032		33,061		25,324		54,449
Administration fee	24,487		9,869		7,559		16,253
Trustees fees	842		383		316		597
Interest expense and fees payable	25,118		10,510				17,906
Accrued expenses	80,165		54,707		51,371		65,055
Total liabilities	$ 17,382,644	$	4,993,530	$	84,570	$	11,597,737
Auction preferred shares at liquidation value plus cumulative
unpaid dividends	$ 49,976,571	$	20,050,234	$	17,500,659	$	33,426,048
Net assets applicable to common shares	$ 89,861,706	$	38,372,394	$	28,366,330	$	60,734,478
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares
authorized	$ 72,439	$	27,466	$	21,163	$	46,649
Additional paid-in capital	104,964,981		39,669,177		30,027,968		66,836,219
Accumulated net realized loss	(16,998,841	)	(3,375,066	)	(2,140,028	)	(8,954,179	)
Accumulated undistributed net investment income	1,202,450		330,666		198,605		415,866
Net unrealized appreciation	620,677		1,720,151		258,622		2,389,923
Net assets applicable to common shares	$ 89,861,706	$	38,372,394	$	28,366,330	$	60,734,478
Auction Preferred
Shares Issued and Outstanding (Liquidation preference of $25,000 per share)	1,999		802		700		1,337
Common Shares Outstanding	7,243,893		2,746,642		2,116,294		4,664,948
Net Asset Value Per Common Share
Net assets applicable to common shares ¸ common shares issued and outstanding	$ 12.41	$	13.97	$	13.40	$	13.02

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Assets	November 30, 2011 — New York Trust	Ohio Trust		Pennsylvania Trust
Investments
Identified cost	$ 117,989,587	$	56,752,375	$	56,716,086
Unrealized appreciation	3,260,527		1,293,632		716,852
Investments, at value	$ 121,250,114	$	58,046,007	$	57,432,938
Cash	$ 3,969,307	$	954,912	$	10,322
Interest receivable	1,632,920		986,423		790,423
Receivable for investments sold	1,430,469		1,179,589		618,119
Receivable for variation margin on open financial futures
contracts	29,298		34,422		87,500
Deferred debt issuance costs	1,850
Total assets	$ 128,313,958	$	61,201,353	$	58,939,302
Liabilities
Payable for floating rate notes issued	$ 20,455,000	$		$	1,650,000
Payable for when-issued securities	1,264,150
Payable to affiliates:
Investment adviser fee	64,921		33,668		32,360
Administration fee	19,379		10,050		9,660
Trustees fees	683		397		388
Interest expense and fees payable	33,091				5,108
Accrued expenses	72,256		53,493		55,549
Total liabilities	$ 21,909,480	$	97,608	$	1,753,065
Auction preferred shares at liquidation value plus cumulative
unpaid dividends	$ 33,726,273	$	22,725,125	$	21,175,248
Net assets applicable to common shares	$ 72,678,205	$	38,378,620	$	36,010,989
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares
authorized	$ 54,616	$	28,551	$	27,172
Additional paid-in capital	79,185,631		40,895,760		38,541,358
Accumulated net realized loss	(10,783,544	)	(4,195,583	)	(3,720,375	)
Accumulated undistributed net investment income	940,604		332,320		385,127
Net unrealized appreciation	3,280,898		1,317,572		777,707
Net assets applicable to common shares	$ 72,678,205	$	38,378,620	$	36,010,989
Auction Preferred
Shares Issued and Outstanding (Liquidation preference of $25,000 per share)	1,349		909		847
Common Shares Outstanding	5,461,594		2,855,064		2,717,198
Net Asset Value Per Common Share
Net assets applicable to common shares ¸ common shares issued and outstanding	$ 13.31	$	13.44	$	13.25

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Statements of Operations

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Investment Income	Year Ended November 30, 2011 — California Trust		Massachusetts Trust		Michigan Trust		New Jersey Trust
Interest	$ 8,400,649		$ 3,161,765		$ 2,297,121		$ 5,311,215
Total investment income	$ 8,400,649		$ 3,161,765		$ 2,297,121		$ 5,311,215
Expenses
Investment adviser fee	$ 978,128		$ 391,800		$ 300,279		$ 659,732
Administration fee	289,367		115,912		88,837		195,158
Trustees fees and expenses	4,974		2,282		1,869		3,524
Custodian fee	78,032		39,920		36,273		57,657
Transfer and dividend disbursing agent fees	20,415		19,617		19,857		19,693
Legal and accounting services	50,127		39,268		35,721		45,016
Printing and postage	16,199		11,407		11,912		13,979
Interest expense and fees	143,080		38,489				87,470
Preferred shares service fee	69,843		29,182		23,553		48,968
Miscellaneous	60,481		33,531		32,112		34,761
Total expenses	$ 1,710,646		$ 721,408		$ 550,413		$ 1,165,958
Deduct
Reduction of custodian fee	$ 745		$ 514		$ 595		$ 1,591
Total expense reductions	$ 745		$ 514		$ 595		$ 1,591
Net expenses	$ 1,709,901		$ 720,894		$ 549,818		$ 1,164,367
Net investment income	$ 6,690,748		$ 2,440,871		$ 1,747,303		$ 4,146,848
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Investment transactions	$ (1,947,304	)	$ (587,391	)	$ (133,087	)	$ (1,096,361	)
Extinguishment of debt	(1,630	)
Financial futures contracts	(3,069,857	)	(832,273	)	(153,381	)	(2,559,014	)
Swap contracts	(793,598	)	(378,607	)	(93,022	)	(660,818	)
Net realized loss	$ (5,812,389	)	$ (1,798,271	)	$ (379,490	)	$ (4,316,193	)
Change in unrealized appreciation (depreciation)
Investments	$ 5,607,294		$ 2,402,924		$ 1,531,924		$ 3,308,257
Financial futures contracts	100,502		16,296		17,892		167,150
Swap contracts	132,762		(2,110	)	15,562		(2,686	)
Net change in unrealized appreciation (depreciation)	$ 5,840,558		$ 2,417,110		$ 1,565,378		$ 3,472,721
Net realized and unrealized gain (loss)	$ 28,169		$ 618,839		$ 1,185,888		$ (843,472	)
Distributions to preferred shareholders
From net investment income	$ (156,530	)	$ (62,477	)	$ (53,546	)	$ (104,690	)
Net increase in net assets from operations	$ 6,562,387		$ 2,997,233		$ 2,879,645		$ 3,198,686

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Investment Income	Year Ended November 30, 2011 — New York Trust		Ohio Trust		Pennsylvania Trust
Interest	$ 6,575,494		$ 3,137,457		$ 3,071,067
Total investment income	$ 6,575,494		$ 3,137,457		$ 3,071,067
Expenses
Investment adviser fee	$ 773,725		$ 405,220		$ 391,093
Administration fee	228,894		119,877		115,694
Trustees fees and expenses	4,041		2,348		2,296
Custodian fee	66,217		43,612		41,787
Transfer and dividend disbursing agent fees	19,903		19,558		20,102
Legal and accounting services	49,026		36,783		36,462
Printing and postage	16,564		12,694		13,287
Interest expense and fees	151,401		3,153		16,065
Preferred shares service fee	48,917		32,624		30,196
Miscellaneous	38,699		34,665		34,250
Total expenses	$ 1,397,387		$ 710,534		$ 701,232
Deduct
Reduction of custodian fee	$ 1,379		$ 923		$ 473
Total expense reductions	$ 1,379		$ 923		$ 473
Net expenses	$ 1,396,008		$ 709,611		$ 700,759
Net investment income	$ 5,179,486		$ 2,427,846		$ 2,370,308
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Investment transactions	$ (1,415,070	)	$ (432,132	)	$ (408,325	)
Extinguishment of debt	(10,425	)
Financial futures contracts	(650,292	)	(491,223	)	(977,936	)
Swap contracts	(1,387,906	)	(265,119	)	(334,422	)
Net realized loss	$ (3,463,693	)	$ (1,188,474	)	$ (1,720,683	)
Change in unrealized appreciation (depreciation)
Investments	$ 4,258,347		$ 2,053,103		$ 1,527,185
Financial futures contracts	65,113		44,817		57,124
Swap contracts	99,211		(23,174	)	(19,890	)
Net change in unrealized appreciation (depreciation)	$ 4,422,671		$ 2,074,746		$ 1,564,419
Net realized and unrealized gain (loss)	$ 958,978		$ 886,272		$ (156,264	)
Distributions to preferred shareholders
From net investment income	$ (103,791	)	$ (70,672	)	$ (65,985	)
Net increase in net assets from operations	$ 6,034,673		$ 3,243,446		$ 2,148,059

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Statements of Changes in Net Assets

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| Increase (Decrease)
in Net Assets | Year Ended November 30, 2011 — California Trust | | Massachusetts Trust | | Michigan Trust | | New Jersey Trust | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | | | |
| Net investment income | $ 6,690,748 | | $ 2,440,871 | | $ 1,747,303 | | $ 4,146,848 | |
| Net realized loss from investment transactions, extinguishment
of debt, financial futures contracts and swap contracts | (5,812,389 | ) | (1,798,271 | ) | (379,490 | ) | (4,316,193 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 5,840,558 | | 2,417,110 | | 1,565,378 | | 3,472,721 | |
| Distributions to preferred shareholders | | | | | | | | |
| From net investment income | (156,530 | ) | (62,477 | ) | (53,546 | ) | (104,690 | ) |
| Net increase in net assets from operations | $ 6,562,387 | | $ 2,997,233 | | $ 2,879,645 | | $ 3,198,686 | |
| Distributions to common shareholders | | | | | | | | |
| From net investment income | $ (6,404,210 | ) | $ (2,484,380 | ) | $ (1,775,591 | ) | $ (4,301,179 | ) |
| Total distributions to common shareholders | $ (6,404,210 | ) | $ (2,484,380 | ) | $ (1,775,591 | ) | $ (4,301,179 | ) |
| Capital share transactions | | | | | | | | |
| Reinvestment of distributions to common shareholders | $ 308,410 | | $ 124,586 | | $ | | $ 120,167 | |
| Net increase in net assets from capital share transactions | $ 308,410 | | $ 124,586 | | $ | | $ 120,167 | |
| Net increase (decrease) in net assets | $ 466,587 | | $ 637,439 | | $ 1,104,054 | | $ (982,326 | ) |
| Net Assets Applicable to Common
Shares | | | | | | | | |
| At beginning of year | $ 89,395,119 | | $ 37,734,955 | | $ 27,262,276 | | $ 61,716,804 | |
| At end of year | $ 89,861,706 | | $ 38,372,394 | | $ 28,366,330 | | $ 60,734,478 | |
| Accumulated undistributed net
investment income included in net assets applicable to common shares | | | | | | | | |
| At end of year | $ 1,202,450 | | $ 330,666 | | $ 198,605 | | $ 415,866 | |

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| Increase (Decrease)
in Net Assets | Year Ended November 30, 2011 — New York Trust | | Ohio Trust | | Pennsylvania Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| From operations | | | | | | |
| Net investment income | $ 5,179,486 | | $ 2,427,846 | | $ 2,370,308 | |
| Net realized loss from investment transactions, extinguishment
of debt, financial futures contracts and swap contracts | (3,463,693 | ) | (1,188,474 | ) | (1,720,683 | ) |
| Net change in unrealized appreciation (depreciation) from
investments, financial futures contracts and swap contracts | 4,422,671 | | 2,074,746 | | 1,564,419 | |
| Distributions to preferred shareholders | | | | | | |
| From net investment income | (103,791 | ) | (70,672 | ) | (65,985 | ) |
| Net increase in net assets from operations | $ 6,034,673 | | $ 3,243,446 | | $ 2,148,059 | |
| Distributions to common shareholders | | | | | | |
| From net investment income | $ (4,960,863 | ) | $ (2,454,993 | ) | $ (2,355,299 | ) |
| Total distributions to common shareholders | $ (4,960,863 | ) | $ (2,454,993 | ) | $ (2,355,299 | ) |
| Capital share transactions | | | | | | |
| Reinvestment of distributions to common shareholders | $ 232,016 | | $ 127,253 | | $ 7,823 | |
| Net increase in net assets from capital share transactions | $ 232,016 | | $ 127,253 | | $ 7,823 | |
| Net increase (decrease) in net assets | $ 1,305,826 | | $ 915,706 | | $ (199,417 | ) |
| Net Assets Applicable to Common
Shares | | | | | | |
| At beginning of year | $ 71,372,379 | | $ 37,462,914 | | $ 36,210,406 | |
| At end of year | $ 72,678,205 | | $ 38,378,620 | | $ 36,010,989 | |
| Accumulated undistributed net
investment income included in net assets applicable to common shares | | | | | | |
| At end of year | $ 940,604 | | $ 332,320 | | $ 385,127 | |

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| Increase (Decrease)
in Net Assets | Year Ended November 30, 2010 — 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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| Increase (Decrease)
in Net Assets | Year Ended November 30, 2010 — 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

November 30, 2011

Statements of Cash Flows*

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| Cash Flows From
Operating Activities | Year Ended November 30, 2011 — California Trust | | New Jersey Trust | | New York Trust | |
| --- | --- | --- | --- | --- | --- | --- |
| Net increase in net assets from operations | $ 6,562,387 | | $ 3,198,686 | | $ 6,034,673 | |
| Distributions to preferred shareholders | 156,530 | | 104,690 | | 103,791 | |
| Net increase in net assets from operations excluding
distributions to preferred shareholders | $ 6,718,917 | | $ 3,303,376 | | $ 6,138,464 | |
| Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities: | | | | | | |
| Investments purchased | (33,845,507 | ) | (11,296,353 | ) | (15,711,387 | ) |
| Investments sold | 49,142,859 | | 23,526,345 | | 21,109,161 | |
| Net amortization/accretion of premium (discount) | (1,421,860 | ) | (646,328 | ) | (520,199 | ) |
| Amortization of deferred debt issuance costs | 1,463 | | 392 | | 7,053 | |
| Decrease in interest receivable | 229,334 | | 168,325 | | 90,461 | |
| Increase in receivable for investments sold | (4,130,609 | ) | (14,273 | ) | (1,355,387 | ) |
| Increase in receivable for variation margin on open financial
futures contracts | (110,562 | ) | (253,750 | ) | (29,298 | ) |
| Decrease in receivable for open swap contracts | | | 87,790 | | 103,093 | |
| Increase (decrease) in payable for when-issued securities | (1,615,120 | ) | 1,988,477 | | (1,215,928 | ) |
| Decrease in payable for variation margin on open financial
futures contracts | (19,001 | ) | (74,219 | ) | (35,625 | ) |
| Decrease in payable for open swap contracts | (132,762 | ) | (85,104 | ) | (202,304 | ) |
| Decrease in payable to affiliate for investment adviser fee | (2,956 | ) | (2,667 | ) | (1,387 | ) |
| Increase (decrease) in payable to affiliate for administration
fee | (327 | ) | (423 | ) | 19 | |
| Decrease in payable to affiliate for Trustees fees | (139 | ) | (92 | ) | (99 | ) |
| Decrease in interest expense and fees payable | (5,925 | ) | (22,745 | ) | (10,793 | ) |
| Decrease in accrued expenses | (10,096 | ) | (5,788 | ) | (3,633 | ) |
| Net change in unrealized (appreciation) depreciation from
investments | (5,607,294 | ) | (3,308,257 | ) | (4,258,347 | ) |
| Net realized loss from investments | 1,947,304 | | 1,096,361 | | 1,415,070 | |
| Net realized loss on extinguishment of debt | 1,630 | | | | 10,425 | |
| Net cash provided by operating activities | $ 11,139,349 | | $ 14,461,067 | | $ 5,529,359 | |
| Cash Flows From Financing Activities | | | | | | |
| Distributions paid to common shareholders, net of reinvestments | $ (6,095,800 | ) | $ (4,181,012 | ) | $ (4,728,847 | ) |
| Cash distributions paid to preferred shareholders | (157,381 | ) | (105,262 | ) | (104,561 | ) |
| Proceeds from secured borrowings | 1,800,000 | | | | 5,415,000 | |
| Repayment of secured borrowings | (5,165,000 | ) | (5,117,000 | ) | (5,435,000 | ) |
| Net cash used in financing activities | $ (9,618,181 | ) | $ (9,403,274 | ) | $ (4,853,408 | ) |
| Net increase in cash | $ 1,521,168 | | $ 5,057,793 | | $ 675,951 | |
| Cash at beginning of year | $ 2,234,455 | | $ 1,725,110 | | $ 3,293,356 | |
| Cash at end of year | $ 3,755,623 | | $ 6,782,903 | | $ 3,969,307 | |
| Supplemental disclosure of cash
flow information: | | | | | | |
| Noncash financing activities not included herein consist of: | | | | | | |
| Reinvestment of dividends and distributions | $ 308,410 | | $ 120,167 | | $ 232,016 | |
| Cash paid for interest and fees | 147,542 | | 109,823 | | 155,141 | |

Statement of Cash Flows is not required for Massachusetts Trust, Michigan Trust, Ohio Trust and Pennsylvania Trust.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Financial Highlights

Selected data for a common share outstanding during the periods stated

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	California Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 12.390		$ 12.330		$ 9.890		$ 15.120		$ 16.430
Income (Loss) From Operations
Net investment
income (1)	$ 0.926		$ 0.945		$ 0.947		$ 0.943		$ 0.936
Net realized and unrealized gain (loss)	0.002		0.026		2.321		(5.223	)	(1.294	)
Distributions to preferred shareholders
From net investment
income (1)	(0.022	)	(0.028	)	(0.047	)	(0.277	)	(0.280	)
Total income (loss) from operations	$ 0.906		$ 0.943		$ 3.221		$ (4.557	)	$ (0.638	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.886	)	$ (0.883	)	$ (0.781	)	$ (0.673	)	$ (0.672	)
Total distributions to common shareholders	$ (0.886	)	$ (0.883	)	$ (0.781	)	$ (0.673	)	$ (0.672	)
Net asset value End of year (Common shares)	$ 12.410		$ 12.390		$ 12.330		$ 9.890		$ 15.120
Market value End of year (Common shares)	$ 12.770		$ 12.400		$ 12.170		$ 9.150		$ 13.160
Total Investment Return on Net Asset
Value (2)	7.99	%	7.73	%	34.24	%	(30.70	)%	(3.65	)%
Total Investment Return on Market
Value (2)	11.04	%	9.25	%	43.19	%	(26.34	)%	(8.44	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 89,862		$ 89,395		$ 88,720		$ 71,065		$ 108,567
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.83	%	1.78	%	1.93	%	1.87	%	1.78	% (4)
Interest and fee
expense (5)	0.17	%	0.18	%	0.23	%	0.37	%	0.34	%
Total expenses before custodian fee reduction	2.00	%	1.96	%	2.16	%	2.24	%	2.12	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.83	%	1.78	%	1.93	%	1.85	%	1.76	% (4)
Net investment income	7.81	%	7.34	%	8.35	%	6.91	%	5.94	%
Portfolio Turnover	22	%	14	%	18	%	31	%	40	%
The ratios reported above are based on net assets applicable to
common shares. The ratios based on net assets, including amounts
related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable
to common shares and preferred
shares): (3)
Expenses excluding interest and fees	1.15	%	1.16	%	1.19	%	1.18	%	1.17	% (4)
Interest and fee
expense (5)	0.11	%	0.11	%	0.15	%	0.24	%	0.22	%
Total expenses before custodian fee reduction	1.26	%	1.27	%	1.34	%	1.42	%	1.39	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.15	%	1.16	%	1.19	%	1.17	%	1.16	% (4)
Net investment income	4.93	%	4.77	%	5.18	%	4.39	%	3.90	%
Senior Securities:
Total preferred shares outstanding	1,999		1,999		1,999		1,999		2,360
Asset coverage per preferred
share (6)	$ 69,954		$ 69,721		$ 69,383		$ 60,552		$ 71,003
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	Massachusetts Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 13.790		$ 13.590		$ 10.160		$ 14.860		$ 16.170
Income (Loss) From Operations
Net investment
income (1)	$ 0.890		$ 0.926		$ 0.948		$ 0.947		$ 0.914
Net realized and unrealized gain (loss)	0.219		0.210		3.356		(4.720	)	(1.314	)
Distributions to preferred shareholders
From net investment
income (1)	(0.023	)	(0.030	)	(0.049	)	(0.278	)	(0.271	)
Total income (loss) from operations	$ 1.086		$ 1.106		$ 4.255		$ (4.051	)	$ (0.671	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.906	)	$ (0.906	)	$ (0.825	)	$ (0.649	)	$ (0.639	)
Total distributions to common shareholders	$ (0.906	)	$ (0.906	)	$ (0.825	)	$ (0.649	)	$ (0.639	)
Net asset value End of year (Common shares)	$ 13.970		$ 13.790		$ 13.590		$ 10.160		$ 14.860
Market value End of year (Common shares)	$ 14.810		$ 13.980		$ 13.260		$ 8.930		$ 13.050
Total Investment Return on Net Asset
Value (2)	8.49	%	8.16	%	43.29	%	(28.02	)%	(3.94	)%
Total Investment Return on Market
Value (2)	13.45	%	12.38	%	58.91	%	(27.89	)%	(8.57	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 38,372		$ 37,735		$ 37,011		$ 27,576		$ 40,341
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.87	%	1.83	%	2.02	%	2.06	%	1.91	% (4)
Interest and fee
expense (5)	0.11	%	0.09	%	0.14	%	0.26	%	0.61	%
Total expenses before custodian fee reduction	1.98	%	1.92	%	2.16	%	2.32	%	2.52	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.87	%	1.82	%	2.02	%	2.04	%	1.89	% (4)
Net investment income	6.70	%	6.51	%	7.77	%	7.03	%	5.90	%
Portfolio Turnover	15	%	16	%	24	%	40	%	42	%
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	1.21	%	1.20	%	1.26	%	1.31	%	1.26	% (4)
Interest and fee
expense (5)	0.07	%	0.06	%	0.09	%	0.16	%	0.40	%
Total expenses before custodian fee reduction	1.28	%	1.26	%	1.35	%	1.47	%	1.66	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.21	%	1.20	%	1.26	%	1.30	%	1.25	% (4)
Net investment income	4.32	%	4.29	%	4.85	%	4.47	%	3.91	%
Senior Securities:
Total preferred shares outstanding	802		802		802		802		860
Asset coverage per preferred
share (6)	$ 72,846		$ 72,051		$ 71,150		$ 59,391		$ 71,920
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	Michigan Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 12.880		$ 12.940		$ 10.860		$ 14.510		$ 15.420
Income (Loss) From Operations
Net investment
income (1)	$ 0.826		$ 0.876		$ 0.918		$ 0.931		$ 0.913
Net realized and unrealized gain (loss)	0.558		(0.044	)	1.990		(3.669	)	(0.881	)
Distributions to preferred shareholders
From net investment
income (1)	(0.025	)	(0.033	)	(0.056	)	(0.301	)	(0.296	)
Total income (loss) from operations	$ 1.359		$ 0.799		$ 2.852		$ (3.039	)	$ (0.264	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.839	)	$ (0.859	)	$ (0.772	)	$ (0.611	)	$ (0.646	)
Total distributions to common shareholders	$ (0.839	)	$ (0.859	)	$ (0.772	)	$ (0.611	)	$ (0.646	)
Net asset value End of year (Common shares)	$ 13.400		$ 12.880		$ 12.940		$ 10.860		$ 14.510
Market value End of year (Common shares)	$ 12.470		$ 12.100		$ 11.530		$ 7.920		$ 12.430
Total Investment Return on Net Asset
Value (2)	11.66	%	6.57	%	28.08	%	(21.02	)%	(1.37	)%
Total Investment Return on Market
Value (2)	10.60	%	12.36	%	56.49	%	(32.76	)%	(7.66	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 28,366		$ 27,262		$ 27,392		$ 22,977		$ 30,710
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	2.04	%	1.98	%	2.18	%	2.15	%	2.03	% (4)
Interest and fee
expense (5)					0.06	%	0.16	%	0.32	%
Total expenses before custodian fee reduction	2.04	%	1.98	%	2.24	%	2.31	%	2.35	% (4)
Expenses after custodian fee reduction excluding interest and
fees	2.04	%	1.98	%	2.18	%	2.13	%	2.01	% (4)
Net investment income	6.49	%	6.57	%	7.61	%	6.96	%	6.12	%
Portfolio Turnover	18	%	14	%	23	%	24	%	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	1.24	%	1.22	%	1.29	%	1.33	%	1.31	% (4)
Interest and fee
expense (5)					0.04	%	0.10	%	0.21	%
Total expenses before custodian fee reduction	1.24	%	1.22	%	1.33	%	1.43	%	1.52	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.24	%	1.22	%	1.29	%	1.31	%	1.29	% (4)
Net investment income	3.93	%	4.06	%	4.52	%	4.30	%	3.94	%
Senior Securities:
Total preferred shares outstanding	700		700		700		700		700
Asset coverage per preferred
share (6)	$ 65,524		$ 63,948		$ 64,132		$ 57,828		$ 68,878
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	New Jersey Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 13.260		$ 13.570		$ 9.400		$ 14.930		$ 16.200
Income (Loss) From Operations
Net investment
income (1)	$ 0.890		$ 0.957		$ 0.971		$ 0.968		$ 0.926
Net realized and unrealized gain (loss)	(0.185	)	(0.290	)	4.091		(5.579	)	(1.275	)
Distributions to preferred shareholders
From net investment
income (1)	(0.022	)	(0.029	)	(0.048	)	(0.289	)	(0.273	)
Total income (loss) from operations	$ 0.683		$ 0.638		$ 5.014		$ (4.900	)	$ (0.622	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.923	)	$ (0.948	)	$ (0.844	)	$ (0.630	)	$ (0.648	)
Total distributions to common shareholders	$ (0.923	)	$ (0.948	)	$ (0.844	)	$ (0.630	)	$ (0.648	)
Net asset value End of year (Common shares)	$ 13.020		$ 13.260		$ 13.570		$ 9.400		$ 14.930
Market value End of year (Common shares)	$ 13.370		$ 13.520		$ 14.040		$ 8.500		$ 12.790
Total Investment Return on Net Asset
Value (2)	5.64	%	4.62	%	55.43	%	(33.57	)%	(3.59	)%
Total Investment Return on Market
Value (2)	6.39	%	3.10	%	77.84	%	(29.88	)%	(11.28	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 60,734		$ 61,717		$ 62,792		$ 43,459		$ 69,001
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.81	%	1.79	%	1.99	%	1.96	%	1.84	% (4)
Interest and fee
expense (5)	0.15	%	0.18	%	0.24	%	0.45	%	0.89	%
Total expenses before custodian fee reduction	1.96	%	1.97	%	2.23	%	2.41	%	2.73	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.81	%	1.79	%	1.99	%	1.94	%	1.81	% (4)
Net investment income	6.96	%	6.87	%	8.16	%	7.22	%	5.94	%
Portfolio Turnover	11	%	9	%	48	%	54	%	42	%
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	%	1.18	%	1.24	%	1.23	%	1.21	% (4)
Interest and fee
expense (5)	0.09	%	0.12	%	0.15	%	0.28	%	0.58	%
Total expenses before custodian fee reduction	1.25	%	1.30	%	1.39	%	1.51	%	1.79	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.16	%	1.18	%	1.24	%	1.21	%	1.19	% (4)
Net investment income	4.46	%	4.53	%	5.08	%	4.51	%	3.89	%
Senior Securities:
Total preferred shares outstanding	1,337		1,337		1,337		1,366		1,520
Asset coverage per preferred
share (6)	$ 70,427		$ 71,162		$ 71,966		$ 56,817		$ 70,395
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	New York Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 13.110		$ 12.920		$ 9.350		$ 15.240		$ 16.550
Income (Loss) From Operations
Net investment
income (1)	$ 0.950		$ 0.954		$ 0.960		$ 0.987		$ 0.991
Net realized and unrealized gain (loss)	0.179		0.166		3.493		(5.887	)	(1.293	)
Distributions to preferred shareholders
From net investment
income (1)	(0.019	)	(0.025	)	(0.042	)	(0.269	)	(0.287	)
Total income (loss) from operations	$ 1.110		$ 1.095		$ 4.411		$ (5.169	)	$ (0.589	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.910	)	$ (0.905	)	$ (0.841	)	$ (0.721	)	$ (0.721	)
Total distributions to common shareholders	$ (0.910	)	$ (0.905	)	$ (0.841	)	$ (0.721	)	$ (0.721	)
Net asset value End of year (Common shares)	$ 13.310		$ 13.110		$ 12.920		$ 9.350		$ 15.240
Market value End of year (Common shares)	$ 13.450		$ 13.350		$ 13.200		$ 7.900		$ 14.100
Total Investment Return on Net Asset
Value (2)	9.06	%	8.48	%	49.00	%	(35.07	)%	(3.42	)%
Total Investment Return on Market
Value (2)	8.18	%	8.16	%	80.12	%	(40.71	)%	(5.81	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 72,678		$ 71,372		$ 69,857		$ 50,325		$ 81,931
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.78	%	1.74	%	1.98	%	1.92	%	1.80	% (4)
Interest and fee
expense (5)	0.22	%	0.21	%	0.24	%	0.55	%	0.98	%
Total expenses before custodian fee reduction	2.00	%	1.95	%	2.22	%	2.47	%	2.78	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.78	%	1.74	%	1.98	%	1.89	%	1.78	% (4)
Net investment income	7.40	%	7.02	%	8.40	%	7.21	%	6.23	%
Portfolio Turnover	13	%	13	%	20	%	48	%	29	%
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	%	1.18	%	1.28	%	1.23	%	1.18	% (4)
Interest and fee
expense (5)	0.15	%	0.15	%	0.15	%	0.35	%	0.65	%
Total expenses before custodian fee reduction	1.35	%	1.33	%	1.43	%	1.58	%	1.83	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.20	%	1.18	%	1.28	%	1.21	%	1.17	% (4)
Net investment income	5.00	%	4.82	%	5.43	%	4.63	%	4.10	%
Senior Securities:
Total preferred shares outstanding	1,349		1,349		1,349		1,349		1,780
Asset coverage per preferred
share (6)	$ 78,877		$ 77,909		$ 76,785		$ 62,309		$ 71,032
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	Ohio Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 13.170		$ 13.520		$ 10.450		$ 14.830		$ 15.690
Income (Loss) From Operations
Net investment
income (1)	$ 0.851		$ 0.899		$ 0.945		$ 0.961		$ 0.938
Net realized and unrealized gain (loss)	0.305		(0.325	)	2.974		(4.410	)	(0.845	)
Distributions to preferred shareholders
From net investment
income (1)	(0.025	)	(0.033	)	(0.055	)	(0.303	)	(0.297	)
Total income (loss) from operations	$ 1.131		$ 0.541		$ 3.864		$ (3.752	)	$ (0.204	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.861	)	$ (0.891	)	$ (0.794	)	$ (0.628	)	$ (0.656	)
Total distributions to common shareholders	$ (0.861	)	$ (0.891	)	$ (0.794	)	$ (0.628	)	$ (0.656	)
Net asset value End of year (Common shares)	$ 13.440		$ 13.170		$ 13.520		$ 10.450		$ 14.830
Market value End of year (Common shares)	$ 13.320		$ 13.420		$ 13.430		$ 8.550		$ 12.850
Total Investment Return on Net Asset
Value (2)	9.21	%	3.96	%	38.58	%	(25.69	)%	(1.06	)%
Total Investment Return on Market
Value (2)	6.25	%	6.64	%	68.25	%	(29.83	)%	(7.93	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 38,379		$ 37,463		$ 38,295		$ 29,563		$ 41,953
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.93	%	1.85	%	2.08	%	2.08	%	1.93	% (4)
Interest and fee
expense (5)	0.01	%	0.02	%	0.02	%	0.26	%	0.72	%
Total expenses before custodian fee reduction	1.94	%	1.87	%	2.10	%	2.34	%	2.65	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.93	%	1.85	%	2.08	%	2.06	%	1.91	% (4)
Net investment income	6.64	%	6.53	%	7.77	%	7.12	%	6.17	%
Portfolio Turnover	11	%	17	%	20	%	27	%	24	%
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	1.19	%	1.17	%	1.26	%	1.29	%	1.25	% (4)
Interest and fee
expense (5)	0.01	%	0.01	%	0.01	%	0.16	%	0.46	%
Total expenses before custodian fee reduction	1.20	%	1.18	%	1.27	%	1.45	%	1.71	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.19	%	1.17	%	1.26	%	1.28	%	1.23	% (4)
Net investment income	4.09	%	4.13	%	4.68	%	4.41	%	3.99	%
Senior Securities:
Total preferred shares outstanding	909		909		909		918		940
Asset coverage per preferred
share (6)	$ 67,221		$ 66,215		$ 67,131		$ 57,209		$ 69,640
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

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	Pennsylvania Trust
	Year Ended November 30,
	2011		2010		2009		2008		2007
Net asset value Beginning of year (Common shares)	$ 13.330		$ 13.380		$ 10.320		$ 14.840		$ 15.510
Income (Loss) From Operations
Net investment
income (1)	$ 0.873		$ 0.912		$ 0.928		$ 0.986		$ 0.953
Net realized and unrealized gain (loss)	(0.062	)	(0.063	)	2.973		(4.555	)	(0.661	)
Distributions to preferred shareholders
From net investment
income (1)	(0.024	)	(0.032	)	(0.053	)	(0.299	)	(0.300	)
Total income (loss) from operations	$ 0.787		$ 0.817		$ 3.848		$ (3.868	)	$ (0.008	)
Less Distributions to Common
Shareholders
From net investment income	$ (0.867	)	$ (0.867	)	$ (0.788	)	$ (0.652	)	$ (0.662	)
Total distributions to common shareholders	$ (0.867	)	$ (0.867	)	$ (0.788	)	$ (0.652	)	$ (0.662	)
Net asset value End of year (Common shares)	$ 13.250		$ 13.330		$ 13.380		$ 10.320		$ 14.840
Market value End of year (Common shares)	$ 13.660		$ 12.930		$ 13.050		$ 9.600		$ 12.790
Total Investment Return on Net Asset
Value (2)	6.53	%	6.13	%	39.16	%	(26.57	)%	0.27	%
Total Investment Return on Market
Value (2)	13.15	%	5.57	%	45.88	%	(20.75	)%	(7.95	)%
Ratios/Supplemental Data
Net assets applicable to common shares, end of year (000s
omitted)	$ 36,011		$ 36,210		$ 36,255		$ 27,944		$ 40,182
Ratios (as a percentage of average daily net assets applicable
to common
shares): (3)
Expenses excluding interest and fees	1.93	%	1.88	%	2.11	%	2.06	%	1.95	% (4)
Interest and fee
expense (5)	0.05	%	0.06	%	0.21	%	0.37	%	0.70	%
Total expenses before custodian fee reduction	1.98	%	1.94	%	2.32	%	2.43	%	2.65	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.93	%	1.88	%	2.11	%	2.04	%	1.94	% (4)
Net investment income	6.71	%	6.61	%	7.61	%	7.23	%	6.28	%
Portfolio Turnover	8	%	17	%	23	%	25	%	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	1.21	%	1.20	%	1.28	%	1.28	%	1.27	% (4)
Interest and fee
expense (5)	0.03	%	0.04	%	0.13	%	0.23	%	0.45	%
Total expenses before custodian fee reduction	1.24	%	1.24	%	1.41	%	1.51	%	1.72	% (4)
Expenses after custodian fee reduction excluding interest and
fees	1.21	%	1.20	%	1.28	%	1.27	%	1.26	% (4)
Net investment income	4.19	%	4.22	%	4.63	%	4.50	%	4.06	%
Senior Securities:
Total preferred shares outstanding	847		847		847		889		900
Asset coverage per preferred
share (6)	$ 67,516		$ 67,752		$ 67,806		$ 56,439		$ 69,658
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 residual interest bond
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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Municipal Income Trusts

November 30, 2011

Notes to Financial Statements

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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 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 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, 2011, 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:

	California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
Expiration Date	Trust	Trust	Trust	Trust	Trust	Trust	Trust
November 30, 2012	$ 995,999	$	$ 697,198	$	$	$ 764,355	$ 502,868
November 30, 2013			224,050			588,403	389,289
November 30, 2016	6,689,345	692,532	517,712		2,354,581	736,482	800,874
November 30, 2017	4,084,290	991,790	337,540	3,185,143	3,171,310	840,450
November 30, 2018	355,871		34,334	1,512,852	671,928	41,243	329,527
November 30, 2019	5,299,748	1,780,081	345,052	4,137,608	3,607,489	1,169,431	1,724,760
	$ 17,425,253	$ 3,464,403	$ 2,155,886	$ 8,835,603	$ 9,805,308	$ 4,140,364	$ 3,747,318

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November 30, 2011

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As of November 30, 2011, 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, 2011 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 residual interest bonds, also referred to as inverse floating rate securities, 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. 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 residual interest bond 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 residual interest bond 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 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, 2011, the amounts of the Trusts Floating Rate Notes and related interest rates and collateral were as follows:

	California	Massachusetts	New Jersey	New York	Pennsylvania
	Trust	Trust	Trust	Trust	Trust
Floating Rate Notes Outstanding	$ 17,170,000	$ 4,885,000	$ 9,455,000	$ 20,455,000	$ 1,650,000
Interest Rate or Range of Interest Rates (%)	0.14 - 0.20	0.14 - 0.24	0.14 - 0.34	0.12 - 0.20	0.14 - 0.19
Collateral for Floating Rate Notes Outstanding	$ 21,652,143	$ 6,673,227	$ 12,821,955	$ 26,810,811	$ 2,938,180

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November 30, 2011

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For the year ended November 30, 2011, the Trusts average Floating Rate Notes outstanding and the average interest rate including fees and amortization of deferred debt issuance costs were as follows:

	California	Massachusetts	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust
Average Floating Rate Notes Outstanding	$ 18,971,123	$ 4,885,000	$ 11,394,729	$ 20,502,137	$ 336,548	$ 1,803,863
Average Interest Rate	0.75 %	0.79 %	0.77 %	0.74 %	0.94 %	0.89 %

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, 2011.

The Trusts may also purchase residual interest bonds 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 residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds 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 residual interest bonds 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 Statements of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

I Financial Futures Contracts Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Interest Rate Swaps Pursuant to interest rate swap 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. Payments received or made are recorded as realized gains or losses. 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.

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November 30, 2011

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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, 2011, and the amount of dividends 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:

	California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	Trust
APS Dividend Rates at November 30, 2011	0.23 %	0.21 %	0.23 %	0.23 %	0.23 %	0.20 %	0.21 %
Dividends Accrued to APS Shareholders	$ 156,530	$ 62,477	$ 53,546	$ 104,690	$ 103,791	$ 70,672	$ 65,985
Average APS Dividend Rates	0.31 %	0.31 %	0.31 %	0.31 %	0.31 %	0.31 %	0.31 %
Dividend Rate Ranges (%)	0.11 - 0.69	0.11 - 0.69	0.11 - 0.50	0.11 - 0.69	0.11 -0.69	0.11 - 0.69	0.11 - 0.69

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, 2011.

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, 2011 and November 30, 2010 was as follows:

	Year Ended November 30, 2011 — California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	Trust
Distributions declared from:
Tax-exempt income	$ 6,556,616	$ 2,546,610	$ 1,829,137	$ 4,405,869	$ 5,061,545	$ 2,516,322	$ 2,381,612
Ordinary income	$ 4,124	$ 247	$	$	$ 3,109	$ 9,343	$ 39,672

	Year Ended November 30, 2010 — California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	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

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November 30, 2011

Notes to Financial Statements continued

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During the year ended November 30, 2011, 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 — Trust		Massachusetts — Trust		Michigan — Trust		New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Change in:
Paid-in capital	$		$		$ (443,883	)	$ (177,350	)	$		$		$
Accumulated net realized loss	$ 150,922		$ 28,148		$ 458,792		$ 234,075		$ 26,931		$ 6,504		$ (20,454	)
Accumulated undistributed net investment income	$ (150,922	)	$ (28,148	)	$ (14,909	)	$ (56,725	)	$ (26,931	)	$ (6,504	)	$ 20,454

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

As of November 30, 2011, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

	California — Trust		Massachusetts — Trust		Michigan — Trust		New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Undistributed tax-exempt income	$ 1,204,021		$ 330,900		$ 203,127		$ 416,914		$ 941,877		$ 332,445		$ 463,278
Capital loss carryforward	$ (17,425,253	)	$ (3,464,403	)	$ (2,155,886	)	$ (8,835,603	)	$ (9,805,308	)	$ (4,140,364	)	$ (3,747,318	)
Net unrealized appreciation	$ 1,047,089		$ 1,809,488		$ 270,617		$ 2,271,347		$ 2,302,662		$ 1,262,353		$ 726,747
Other temporary differences	$ (1,571	)	$ (234	)	$ (659	)	$ (1,048	)	$ (1,273	)	$ (125	)	$ (248	)

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, the timing of recognizing distributions to shareholders, defaulted bond interest and residual interest bonds.

4 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.670% (0.685% prior to May 1, 2011) of each Trusts average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee will be reduced by 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 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, 2011, the investment adviser fees and administration fees were as follows:

	California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	Trust
Investment Adviser Fee	$ 978,128	$ 391,800	$ 300,279	$ 659,732	$ 773,725	$ 405,220	$ 391,093
Administration Fee	$ 289,367	$ 115,912	$ 88,837	$ 195,158	$ 228,894	$ 119,877	$ 115,694

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, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

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Municipal Income Trusts

November 30, 2011

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5 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2011 were as follows:

	California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	Trust
Purchases	$ 33,845,507	$ 9,132,091	$ 7,789,439	$ 11,296,353	$ 15,711,387	$ 6,518,375	$ 4,649,017
Sales	$ 49,142,859	$ 13,806,713	$ 9,444,716	$ 23,526,345	$ 21,109,161	$ 6,456,561	$ 6,598,865

6 Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts dividend reinvestment plan for the years ended November 30, 2011 and November 30, 2010 were as follows:

Trust	Trust	Trust	Trust	Trust	Trust
Year Ended November 30, 2011	26,037	9,543	9,594	18,118	10,146	590
Year Ended November 30, 2010	22,026	12,738	27,868	35,153	11,892	6,938

7 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2011, as determined on a federal income tax basis, were as follows:

	California — Trust	Trust		Trust		Trust		Trust		Trust		Trust
Aggregate cost	$ 129,264,627	$	52,253,456	$	42,717,116	$	85,514,684	$	98,492,452	$	56,783,654	$	55,056,191
Gross unrealized appreciation	$ 7,185,125	$	2,869,174	$	1,540,957	$	4,511,744	$	5,570,153	$	2,697,177	$	2,619,282
Gross unrealized depreciation	(6,138,036	)	(1,059,686	)	(1,270,340	)	(2,240,397	)	(3,267,491	)	(1,434,824	)	(1,892,535	)
Net unrealized appreciation	$ 1,047,089	$	1,809,488	$	270,617	$	2,271,347	$	2,302,662	$	1,262,353	$	726,747

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.

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November 30, 2011

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A summary of obligations under these financial instruments at November 30, 2011 is as follows:

Futures Contracts
								Net
	Expiration			Aggregate				Unrealized
Trust	Month/Year	Contracts	Position	Cost		Value		Appreciation
California	3/12	68 U.S. 10-Year Treasury Note	Short	$ (8,813,844	)	$ (8,795,375	)	$ 18,469
	3/12	48 U.S. 30-Year Treasury Bond	Short	(6,844,420	)	(6,785,999	)	58,421
Massachusetts	3/12	60 U.S. 10-Year Treasury Note	Short	$ (7,776,921	)	$ (7,760,625	)	$ 16,296
Michigan	3/12	9 U.S. 30-Year Treasury Bond	Short	$ (1,283,329	)	$ (1,272,375	)	$ 10,954
New Jersey	3/12	145 U.S. 30-Year Treasury Bond	Short	$ (20,675,853	)	$ (20,499,375	)	$ 176,478
New York	3/12	75 U.S. 10-Year Treasury Note	Short	$ (9,721,152	)	$ (9,700,781	)	$ 20,371
Ohio	3/12	3 U.S. 10-Year Treasury Note	Short	$ (388,846	)	$ (388,031	)	$ 815
	3/12	19 U.S. 30-Year Treasury Bond	Short	(2,709,250	)	(2,686,125	)	23,125
Pennsylvania	3/12	50 U.S. 30-Year Treasury Bond	Short	$ (7,129,605	)	$ (7,068,750	)	$ 60,855

At November 30, 2011, 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 fair values of open 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, 2011 were as follows:

	California — Trust		Massachusetts — Trust		Michigan — Trust		New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Asset Derivative:
Futures Contracts	$ 76,890	(1)	$ 16,296	(1)	$ 10,954	(1)	$ 176,478	(1)	$ 20,371	(1)	$ 23,940	(1)	$ 60,855	(1)
Total	$ 76,890		$ 16,296		$ 10,954		$ 176,478		$ 20,371		$ 23,940		$ 60,855

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

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November 30, 2011

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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, 2011 was as follows:

	California — Trust		Massachusetts — Trust		Michigan — Trust		New Jersey — Trust		New York — Trust		Ohio — Trust		Pennsylvania — Trust
Realized Gain (Loss) on Derivatives Recognized in
Income (1)	$ (3,863,455	)	$ (1,210,880	)	$ (246,403	)	$ (3,219,832	)	$ (2,038,198	)	$ (756,342	)	$ (1,312,358	)
Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in
Income (2)	$ 233,264		$ 14,186		$ 33,454		$ 164,464		$ 164,324		$ 21,643		$ 37,234

| (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, 2011, which are indicative of the volume of these derivative types, were approximately as follows:

	California	Massachusetts	Michigan	New Jersey	New York	Ohio	Pennsylvania
	Trust	Trust	Trust	Trust	Trust	Trust	Trust
Average Notional Amount:
Futures Contracts	$ 12,077,000	$ 5,077,000	$ 608,000	$ 13,115,000	$ 7,269,000	$ 1,977,000	$ 5,000,000
Interest Rate Swaps	$ 2,888,000	$ 1,603,000	$ 338,000	$ 2,794,000	$ 5,508,000	$ 1,197,000	$ 1,478,000

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) |

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At November 30, 2011, the hierarchy of inputs used in valuing the Trusts investments and open derivative instruments, which are carried at value, were as follows:

California Trust — Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 147,481,716	$	$ 147,481,716
Total Investments	$	$ 147,481,716	$	$ 147,481,716
Futures Contracts	$ 76,890	$	$	$ 76,890
Total	$ 76,890	$ 147,481,716	$	$ 147,558,606

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November 30, 2011

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Massachusetts Trust — Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 58,947,944	$	$ 58,947,944
Total Investments	$	$ 58,947,944	$	$ 58,947,944
Futures Contracts	$ 16,296	$	$	$ 16,296
Total	$ 16,296	$ 58,947,944	$	$ 58,964,240
Michigan Trust
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 42,987,733	$	$ 42,987,733
Total Investments	$	$ 42,987,733	$	$ 42,987,733
Futures Contracts	$ 10,954	$	$	$ 10,954
Total	$ 10,954	$ 42,987,733	$	$ 42,998,687
New Jersey Trust
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 97,241,031	$	$ 97,241,031
Total Investments	$	$ 97,241,031	$	$ 97,241,031
Futures Contracts	$ 176,478	$	$	$ 176,478
Total	$ 176,478	$ 97,241,031	$	$ 97,417,509
New York Trust
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 121,250,114	$	$ 121,250,114
Total Investments	$	$ 121,250,114	$	$ 121,250,114
Futures Contracts	$ 20,371	$	$	$ 20,371
Total	$ 20,371	$ 121,250,114	$	$ 121,270,485
Ohio Trust
Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 58,046,007	$	$ 58,046,007
Total Investments	$	$ 58,046,007	$	$ 58,046,007
Futures Contracts	$ 23,940	$	$	$ 23,940
Total	$ 23,940	$ 58,046,007	$	$ 58,069,947

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Pennsylvania Trust — Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Investments	$	$ 57,432,938	$	$ 57,432,938
Total Investments	$	$ 57,432,938	$	$ 57,432,938
Futures Contracts	$ 60,855	$	$	$ 60,855
Total	$ 60,855	$ 57,432,938	$	$ 57,493,793

The Trusts held no investments or other financial instruments as of November 30, 2010 whose fair value was determined using Level 3 inputs. At November 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the year then ended was not significant.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Report of Independent Registered Public Accounting Firm

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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 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 (collectively the Trusts), including the portfolios of investments, as of November 30, 2011, 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, 2011, 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 2011, 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 17, 2012

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Municipal Income Trusts

November 30, 2011

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in January 2012 will show the tax status of all distributions paid to your account in calendar year 2011. 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	99.94
Eaton Vance Massachusetts Municipal Income Trust	99.99 %
Eaton Vance Michigan Municipal Income Trust	100.00 %
Eaton Vance New Jersey Municipal Income Trust	100.00 %
Eaton Vance New York Municipal Income Trust	99.94 %
Eaton Vance Ohio Municipal Income Trust	99.63 %
Eaton Vance Pennsylvania Municipal Income Trust	98.36 %

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Notice to Shareholders

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At the August 4, 2011 Board Meeting, the Trustees approved the following defensive investing policy: During unusual market conditions, the Funds may invest up to 100% of assets in cash or cash equivalents temporarily, which may be inconsistent with a Funds investment objective(s) and other policies.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Dividend Reinvestment Plan

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Each Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV 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 NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, the Plan agent (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 the Trusts transfer agent re-register your Shares in your name or you will not be able to participate.

The Agents service fee for handling distributions will be paid by the Trust. Plan participants 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 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 Agent to sell part or all of his or her Shares and remit the proceeds, the 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 Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

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, 2011, Trust records indicate that there are 102, 90, 61, 113, 101, 83 and 105 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 2,323, 1,165, 1,184, 1,871, 2,218, 1,450 and 1,369 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

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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

November 30, 2011

Management and Organization

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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 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. Each Trustee oversees 179 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

	Position(s) — with the	Term of Office;	Principal Occupation(s) and Directorships
Name and Year of Birth	Trusts	Length of Service	During Past Five Years and Other Relevant Experience
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 179 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. Directorships in the Last Five
Years. (1) Director of EVC.
Noninterested
Trustees
Scott E. Eston 1956	Class II Trustee	Until 2013. 2 years. Trustee since 2011.	Private investor. Formerly held various positions at Grantham,
Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end
registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now
PricewaterhouseCoopers) (public accounting firm) (1987-1997). Directorships in the Last Five Years. None.
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. Directorships in the Last Five
Years. (1) None.
Allen R. Freedman 1940	Class II Trustee	Until 2013. 3 years. Trustee since 2007.	Private Investor. 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). Former Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance
provider) (1979-2000). Directorships in the Last Five
Years. (1) Director of Stonemor Partners, L.P. (owner and operator of
cemeteries). Formerly, Director of Assurant, Inc. (insurance
provider) (1979-2011).
William H. Park 1947	Class III Trustee	Until 2014. 3 years. Trustee since 2003.	Consultant and private investor. Formerly, Chief Financial
Officer, Aveon Group L.P. (investment management firm) (2010-2011). 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 (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now
PricewaterhouseCoopers) (an independent registered public
accounting firm) (1972-1981). Directorships in the Last Five
Years. (1) None.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Management and Organization continued

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	Position(s) — with the	Term of Office;	Principal Occupation(s) and Directorships
Name and Year of Birth	Trusts	Length of Service	During Past Five Years and Other Relevant Experience
Noninterested
Trustees (continued)
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). Directorships in the Last Five
Years. (1) None.
Helen Frame Peters 1948	Class III Trustee	Until 2014. 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). Directorships in the Last Five
Years. (1) Formerly, Director of BJs Wholesale Club, Inc. (wholesale
club retailer) (2004-2011). 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. Directorships in the Last Five
Years. (1) None.
Harriett Tee Taggart 1948	Class III Trustee	Until 2014. 3 years. Trustee since 2011.	Managing Director, Taggart Associates (a professional practice
firm). Formerly, Partner and Senior Vice President, Wellington
Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years. Director of
Albemarle Corporation (chemicals manufacturer) (since
2007) and The Hanover Group (specialty property and
casualty insurance company) (since 2009). Formerly, Director of
Lubrizol Corporation (specialty chemicals) (2007-2011).
Ralph F.
Verni (A) 1943	Chairman of the Board and Class II Trustee	Until 2013. 3 years. Trustee since 2005. Chairman of the
Board since 2007.	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). Directorships in the Last Five
Years. (1) None.
Principal Officers
who are not Trustees
	Position(s)
	with the	Length of	Principal Occupation(s)
Name and Year of Birth	Trusts	Service	During Past Five Years
Cynthia J. Clemson 1963	President of CEV, EMI, EVY, EVO and EVP	Since 2005	Vice President of EVM and BMR.
Thomas M. Metzold 1958	President of MMV and EVJ	Since 2010	Vice President of EVM and BMR.
Payson F. Swaffield 1956	Vice President	Since 2011	Chief Income Investment Officer of EVC. Vice President of EVM
and BMR.
Barbara E. Campbell 1957	Treasurer	Since 2005	Vice President of EVM and BMR.

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Eaton Vance

Municipal Income Trusts

November 30, 2011

Management and Organization continued

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	Position(s) — with the	Length of	Principal Occupation(s)
Name and Year of Birth	Trusts	Service	During Past Five Years
Principal Officers
who are not Trustees (continued)
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	Vice President since 2011, Secretary since 2007 and Chief Legal
Officer since 2008	Vice President of EVM and BMR.
Paul M. ONeil 1953	Chief Compliance Officer	Since 2004	Vice President of EVM and BMR.

| (1) | During their respective tenures, the Trustees (except
Mr. Eston and Ms. Taggart) 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
Trust (launched in 1998 and terminated in 2009). |
| --- | --- |
| (A) | APS Trustee. |

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Eaton Vance

Municipal Income Trusts

November 30, 2011

IMPORTANT NOTICES

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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, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Managements Real Estate Investment Group and Boston Management and Research. In addition, 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 advisor/broker-dealer, it is likely that only such advisors 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 (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 advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, 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 advisor. 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 advisor.

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 and by accessing the SECs website at www.sec.gov.

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

Closed-End Fund Information. The Eaton Vance closed-end funds make certain quarterly fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each calendar quarter-end. Certain month-end fund performance data for the funds, including total returns, are posted to the website shortly after the end of each calendar month. Portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following the end of the quarter. This information is available at www.eatonvance.com on the fund information pages under Individual Investors Closed-End Funds.

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Investment Adviser and Administrator 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

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Independent Registered Public Accounting Firm Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices Two International Place

Boston, MA 02110

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147-1/12 CE-MUNISRC7

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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.

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 a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), 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).

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, 2010 and November 30, 2011 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	11/30/10	11/30/11
Audit Fees	$ 34,768	$ 35,078
Audit-Related Fees (1)	$ 3,915	$ 3,915
Tax Fees (2)	$ 9,197	$ 9,300
All Other Fees (3)	$ 500	$ 300
Total	$ 48,380	$ 48,593

| (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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2010 and November 30, 2011; 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	11/30/10	11/30/11
Registrant	$ 13,612	$ 13,515
Eaton Vance (1)	$ 278.901	$ 287,931

(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.

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), Scott E. Eston, Helen Frame Peters, Lynn A. Stout and Ralph F. Verni are the members of the registrants audit committee.

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.

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 .

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

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 table shows, 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 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.

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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	10	$ 1,433.8	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
William H. Ahern
Registered Investment
Companies	13	$ 1,325.1	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	1	$ 22.0	0	$ 0
Craig R. Brandon
Registered Investment
Companies	13	$ 556.8	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	0	$ 0	0	$ 0
Adam A. Weigold
Registered Investment
Companies	13	$ 303.3	0	$ 0
Other Pooled Investment
Vehicles	0	$ 0	0	$ 0
Other Accounts	1	$ 22.0	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
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

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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 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 the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). 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 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

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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.

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

No such purchases this period.

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

No Material Changes.

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.

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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Signatures

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

Eaton Vance California Municipal Income Trust

By:
Cynthia J. Clemson
President

Date: January 17, 2012

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

By:
Barbara E. Campbell
Treasurer

Date: January 17, 2012

By:
Cynthia J. Clemson
President

Date: January 17, 2012

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