Eaton Vance California Municipal Income Trust

N-CSR 1 d867080dncsr.htm EATON VANCE CALIFORNIA MUNICIPAL INCOME TRUST Eaton Vance California Municipal Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09157

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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2019

California (CEV) New York (EVY)

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Funds annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Funds transfer agent, American Stock Transfer & Trust Company, LLC (AST), you may elect to receive shareholder reports and other communications from the Funds electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (CFTC) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term commodity pool operator under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Funds adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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.

Annual Report November 30, 2019

Eaton Vance

Municipal Income Trusts

Table of Contents

Managements Discussion of Fund Performance	2
Performance and Fund Profile
California Municipal Income Trust	4
New York Municipal Income Trust	5
Endnotes and Additional Disclosures	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	27
Federal Tax Information	28
Dividend Reinvestment Plan	29
Management and Organization	31
Important Notices	34

Eaton Vance

Municipal Income Trusts

November 30, 2019

Managements Discussion of Fund Performance 1

Economic and Market Conditions

During the 12-month period ended November 30, 2019, investors witnessed a dramatic turnaround in fixed-income markets. The rising interest rate environment at the beginning of the period gave way to a falling interest rate climate against the backdrop of multiple domestic and international uncertainties.

As a whole, the period was marked by strong performance across the municipal bond market, with the Bloomberg Barclays Municipal Bond Index (the Index), 2 a broad measure of the asset class, returning 8.49%. The municipal bond yield curve 9 experienced a so-called bull market flattening, where rates declined across the curve, but more toward the long end of the curve. With investors searching for yield in a low-rate environment, lower-rated 7 bonds generally outperformed higher-rated bonds, while longer-duration 10 issues outperformed shorter-duration issues.

In the opening month of the period, the U.S. Federal Reserve Board (the Fed) announced its fourth interest rate hike for 2018, raising its benchmark federal funds rate to 2.25%-2.50% on December 19, 2018 amid largely positive U.S. economic data.

As 2018 came to a close, investors became increasingly concerned about a growing U.S.-China trade war and looming U.S. government shutdown. In connection with its December 2018 rate hike, the Fed lowered its number of projected interest rate increases in 2019 from three to two, which some investors viewed as indicating weakness in the U.S. economy. The result was a flight to quality by investors seeking the relative safety of fixed-income investments over stocks. This bond rally pushed longer-term bond prices up and yields down in the final month of 2018.

Downward pressure on interest rates and upward pressure on prices continued in 2019, propelled by lower-than-desired inflation, low European interest rates, on-again/off-again trade-conflict rhetoric, and Fed comments in March 2019 that were more dovish than the market had expected, leading many investors to conclude that further rate hikes were off the table for 2019.

After holding interest rates steady through the first half of 2019, the Fed cut its benchmark interest rate on July 31, 2019 its first reduction in over a decade followed with two additional interest rate cuts in September and October to end the period at 1.50%-1.75%. In the middle and long areas of the yield curve where rates are influenced more by the market than the Fed rates bottomed at the beginning of September. From September 3 through the end of the period on November 30, U.S. and European interest rates trended modestly upward amid cautious optimism that a so-called Phase 1 agreement between the U.S. and China might begin to de-escalate the U.S.-China trade war.

Within the municipal bond market, technical factors amplified the price rally during the period. The 2017 tax law changes resulted in a combination of lower supply of new municipal issues and increased demand from high-income investors in high-tax states who had seen their tax bills rise under the new code.

Fund Performance

For the 12-month period ended November 30, 2019, shares of Eaton Vance California Municipal Income Trust and Eaton Vance New York Municipal Income Trust (the Funds) at net asset value (NAV) outperformed the 8.49% return of the Funds benchmark, the Index.

Each Funds overall strategy is to invest primarily in investment-grade municipal bonds of that Funds particular state. During the period, management employed leverage through residual interest bond financing 6 to enhance each Funds tax-exempt income potential. In general, the use of leverage has the effect of achieving additional exposure to the municipal market and, thus, magnifying each Funds exposure to its underlying investments in both up and down market environments. During a period of generally falling interest rates and rising bond prices the Fed lowered the federal funds rate three times during the period to stimulate the economy the use of leverage amplified increases in the price of bonds owned by the Funds, and generated additional tax-exempt bond income. For the period as a whole, the use of leverage contributed to both Funds performance versus the Index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Funds Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Funds market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Funds future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to 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 eatonvance.com.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Managements Discussion of Fund Performance continued

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 13.83%, outperforming the 8.49% return of the Index. Contributors to Fund performance versus the Index included leverage; an overweight position, relative to the Index, in the health care sector, the best-performing sector in the Index during the period; and security selection in BBB-rated bonds. In contrast, detractors from performance relative to the Index included an overweight position in prerefunded, or escrowed bonds; security selection in zero-coupon bonds; and an overweight position in higher income, shorter duration bonds during a period when longer-duration bonds outperformed the Index.

Eaton Vance New York Municipal Income Trust shares at NAV returned 13.89%, outperforming the 8.49% return of the Index. Contributors to Fund performance versus the Index included leverage; security selection in the industrial development revenue sector; and an overweight position in zero-coupon bonds, which were the best-performing coupon structure in the Index during the period. In contrast, detractors from performance, relative to the Index, included an overweight position in prerefunded bonds; an underweight position in the health care sector; and an overweight position in higher income, shorter duration bonds.

See Endnotes and Additional Disclosures in this report.

Eaton Vance

California Municipal Income Trust

November 30, 2019

Performance 2,3

Portfolio Managers Craig R. Brandon, CFA and Trevor G. Smith

% Average Annual Total Returns — Fund at NAV	13.83 %	4.90 %	7.27 %
Fund at Market Price	24.15	5.28	6.48
Bloomberg Barclays Municipal Bond Index	8.49 %	3.57 %	4.34 %
% Premium/Discount to
NAV 4
			8.38 %
Distributions 5
Total Distributions per share for the period		$	0.530
Distribution Rate at NAV			3.74 %
Taxable-Equivalent Distribution Rate at NAV			8.15 %
Distribution Rate at Market Price			4.08 %
Taxable-Equivalent Distribution Rate at Market Price			8.89 %
% Total Leverage 6
Residual Interest Bond (RIB) Financing			36.69 %

Fund Profile

Credit Quality (% of total investments) 7,8

See Endnotes and Additional Disclosures in this report.

Eaton Vance

New York Municipal Income Trust

November 30, 2019

Performance 2,3

Portfolio Managers Craig R. Brandon, CFA and Christopher J. Eustance, CFA

% Average Annual Total Returns — Fund at NAV	13.89 %	5.17 %	7.28 %
Fund at Market Price	21.27	4.20	5.91
Bloomberg Barclays Municipal Bond Index	8.49 %	3.57 %	4.34 %
% Premium/Discount to NAV 4
			10.16 %
Distributions 5
Total Distributions per share for the period		$	0.520
Distribution Rate at NAV			3.52 %
Taxable-Equivalent Distribution Rate at NAV			6.99 %
Distribution Rate at Market Price			3.92 %
Taxable-Equivalent Distribution Rate at Market Price			7.78 %
% Total Leverage 6
RIB Financing			36.04 %

Fund Profile

Credit Quality (% of total investments) 7,8

See Endnotes and Additional Disclosures in this report.

Eaton Vance

Municipal Income Trusts

November 30, 2019

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 Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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. Performance since inception for an index, if presented, is the performance since the Funds or oldest share class inception, as applicable. Included in the average annual total return at NAV for the five and ten year periods is the impact of the 2016 tender and repurchase of a portion of the Funds Auction Preferred Shares (APS) at 95.5% of the Funds APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.

4 The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

5 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 comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Funds webpage available at eatonvance.com. The Funds distributions are determined by the investment adviser based on its current assessment of the Funds long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors.

As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

6 Fund employs RIB financing. The leverage created by RIB investments 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 plus Floating Rate Notes. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

7 Ratings are based on Moodys Investors Service, Inc. (Moodys), S&P Global Ratings (S&P) or Fitch Ratings (Fitch), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuers creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&Ps measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moodys) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agencys analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuers current financial condition and does not necessarily reflect its assessment of the volatility of a securitys market value or of the liquidity of an investment in the security. Holdings designated as Not Rated (if any) are not rated by the national ratings agencies stated above.

8 The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

9 Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long- term interest rates fall and/or short-term interest rates increase, and the yield curve steepens when long-term interest rates increase and/or short-term interest rates fall.

10 Duration is a measure of the expected change in price of a bond in percentage terms given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profiles subject to change due to active management.

Important Notice to Shareholders

Effective December 31, 2019, the California Municipal Income Trust is managed by Craig R. Brandon and Trevor G. Smith and the New York Municipal Income Trust is managed by Craig R. Brandon and Christopher J. Eustance.

Eaton Vance

California Municipal Income Trust

November 30, 2019

Portfolio of Investments

Tax-Exempt Municipal Securities 145.3% — Security	Principal Amount (000s omitted)	Value
Education 12.5%
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31	$ 195	$ 210,848
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36	330	356,479
California State University,
5.00%, 11/1/41 (1)	6,275	7,446,291
University of California, 5.00%, 5/15/46 (1)	4,075	4,807,726
		$ 12,821,344
Electric Utilities 7.5%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$ 270	$ 271,010
Los Angeles Department of Water and Power, Power System Revenue, 5.00%, 7/1/42 (1)	4,000	4,845,800
Northern California Power Agency, 5.25%, 8/1/24	1,500	1,510,155
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35	680	694,749
Vernon, Electric System Revenue, 5.125%, 8/1/21	320	324,803
		$ 7,646,517
Escrowed / Prerefunded 3.7%
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21,
6.125%, 10/1/36	$ 120	$ 131,293
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21,
6.125%, 10/1/36	115	125,712
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.00%, 10/1/31	415	445,299
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.00%, 10/1/35	285	305,808
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.25%, 10/1/26	810	872,799
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21, 5.25%, 10/1/27	850	915,901
California Municipal Finance Authority, (University of San Diego), Prerefunded to 10/1/21,
5.25%, 10/1/28	895	964,390
		$ 3,761,202
General Obligations 37.7%
Alameda City Unified School District, (Election of 2014), 5.00%, 8/1/42 (1)	$ 3,325	$ 4,026,808
California, 5.50%, 11/1/35	1,600	1,663,632
Illinois, 5.00%, 12/1/35	2,000	2,262,940
La Canada Unified School District, (Election of 2017), 5.00%, 8/1/47 (1)	6,750	8,366,017
Long Beach Unified School District, (Election of 2008), 5.00%, 8/1/41 (1)	3,500	4,179,210

Security	Principal Amount (000s omitted)	Value
General Obligations (continued)
Oxnard Union High School District, (Election of 2018), 5.00%, 8/1/42 (1)	$ 6,000	$ 7,120,080
Palo Alto, (Election of 2008), 5.00%, 8/1/40	3,655	3,747,618
San Diego Unified School District, (Election of 2012), 5.00%, 7/1/47 (1)	6,000	7,204,680
		$ 38,570,985
Hospital 28.7%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$ 1,000	$ 1,049,070
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28	190	199,274
California Health Facilities Financing Authority, (City of Hope), 4.00%, 11/15/45 (1)	3,000	3,368,280
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32	635	701,554
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35	910	1,002,602
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44	430	475,954
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44 (1)	6,000	6,641,220
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33	1,145	1,288,640
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37	535	598,537
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46 (1)	6,000	7,096,560
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37	500	571,275
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47	1,000	1,126,600
California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47 (1)	3,750	4,509,150
California Statewide Communities Development Authority, (Methodist Hospital of Southern
California), 5.00%, 1/1/48	600	699,960
		$ 29,328,676
Housing 1.9%
California Department of Veterans Affairs, Home Purchase Revenue, 3.45%, 12/1/39	$ 940	$ 1,015,332
California Department of Veterans Affairs, Home Purchase Revenue,
3.60%, 12/1/43	830	893,777
		$ 1,909,109

7 See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2019

Portfolio of Investments continued

Security	Principal Amount (000s omitted)	Value
Insured Escrowed / Prerefunded 4.6%
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity,
0.00%, 1/1/26	$ 5,130	$ 4,715,804
		$ 4,715,804
Insured General Obligations 5.8%
Perris Union High School District, (Election of 2018), (AGM), 4.00%, 9/1/43	$ 1,410	$ 1,606,230
Sweetwater Union High School District, (Election of 2000), (AGM),
0.00%, 8/1/25	4,720	4,275,281
		$ 5,881,511
Insured Transportation 7.1%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$ 5,000	$ 3,876,300
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31	4,500	3,334,365
		$ 7,210,665
Lease Revenue / Certificates of Participation 1.0%
California Public Works Board, 5.00%, 11/1/38	$ 915	$ 1,031,113
		$ 1,031,113
Other Revenue 2.8%
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group),
4.00%, 11/1/45	$ 2,350	$ 2,496,640
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los
Angeles), 5.00%, 12/1/32	385	386,105
		$ 2,882,745
Senior Living / Life Care 0.9%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$ 290	$ 309,697
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors),
5.125%, 11/15/35	535	612,527
		$ 922,224
Special Tax Revenue 7.6%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo),
5.00%, 9/1/30	$ 500	$ 564,675
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23	480	512,457
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24	240	256,056

Security	Principal Amount (000s omitted)	Value
Special Tax Revenue (continued)
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25	$ 335	$ 357,291
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26	240	255,754
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42 (1)	2,100	2,560,551
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28	2,400	2,456,712
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch),
5.00%, 8/15/28	725	785,429
		$ 7,748,925
Transportation 8.8%
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43	$ 3,000	$ 3,515,460
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35 (1)	2,120	2,157,100
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35	2,760	2,803,194
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34	500	572,020
		$ 9,047,774
Water and Sewer 14.7%
Rancho California Water District Financing Authority, 5.00%, 8/1/46 (1)	$ 5,250	$ 6,253,537
San Francisco City and County Public Utilities Commission, Water Revenue, Green Bonds, 5.00%, 11/1/45 (1)	6,000	6,960,420
San Mateo, Sewer Revenue, 5.00%, 8/1/36	1,700	1,799,671
		$ 15,013,628
Total Tax-Exempt Municipal Securities 145.3% (identified
cost $136,337,012)		$ 148,492,222
Taxable Municipal Securities 8.7%
Security	Principal Amount (000s omitted)	Value
Education 3.3%
California Educational Facilities Authority, (Loyola Marymount University),
4.842%, 10/1/48	$ 3,000	$ 3,356,340
		$ 3,356,340

8 See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2019

Portfolio of Investments continued

Security	Principal Amount (000s omitted)	Value
Hospital 5.4%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$ 2,500	$ 2,711,150
California Statewide Communities Development Authority, (Marin General Hospital),
4.821%, 8/1/45	2,500	2,790,575
		$ 5,501,725
Total Taxable Municipal Securities 8.7% (identified cost
$8,066,498)		$ 8,858,065
Corporate Bonds & Notes 2.4%
Security	Principal Amount (000s omitted)	Value
Hospital 1.2%
Kaiser Foundation Hospitals, 3.266%, 11/1/49	$ 1,250	$ 1,264,649
		$ 1,264,649
Other 1.2%
Morongo Band of Mission Indians, 7.00%, 10/1/39 (2)	$ 1,040	$ 1,217,424
		$ 1,217,424
Total Corporate Bonds & Notes 2.4% (identified
cost $2,290,000)		$ 2,482,073
Total Investments 156.4% (identified cost
$146,693,510)		$ 159,832,360
Other Assets, Less Liabilities (56.4)%		$ (57,646,376	)
Net Assets 100.0%		$ 102,185,984

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

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. At November 30, 2019, 11.1% 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 or financial guaranty assurance agency ranged from 2.1% to 6.6% of total investments.

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

(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2019, the aggregate value of these securities is $1,217,424 or 1.2% of the Trusts net assets.

Abbreviations:

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.
NPFG		National Public Finance Guarantee Corp.

9 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2019

Portfolio of Investments

Tax-Exempt Investments 151.9% — Security	Principal Amount (000s omitted)	Value
Cogeneration 0.7%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility),
(AMT), 5.50%, 1/1/23	$ 595	$ 600,713
		$ 600,713
Education 22.0%
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38 (1)	$ 4,000	$ 5,023,000
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41	725	760,851
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33	220	248,516
New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36	1,000	1,071,570
New York Dormitory Authority, (New York University), 5.00%, 7/1/39 (1)	4,000	4,970,680
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27	325	343,275
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29	400	424,108
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40	2,000	2,051,000
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29	280	286,230
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40	735	749,553
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38	1,205	1,368,458
Yonkers Economic Development Corp., (Lamartine/Warburton, LLC - Charter School of Educational Excellence),
5.00%, 10/15/39	125	140,303
Yonkers Economic Development Corp., (Lamartine/Warburton, LLC - Charter School of Educational Excellence),
5.00%, 10/15/49	25	27,665
Yonkers Economic Development Corp., (Lamartine/Warburton, LLC - Charter School of Educational
Excellence), 5.00%, 10/15/54	40	43,917
		$ 17,509,126
Electric Utilities 6.0%
Utility Debt Securitization Authority, 5.00%, 12/15/36 (1)	$ 4,000	$ 4,782,760
		$ 4,782,760
Escrowed / Prerefunded 9.8%
Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$ 380	$ 382,307
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), Prerefunded to 7/1/20, 5.75%, 7/1/30	130	133,424

Security	Principal Amount (000s omitted)	Value
Escrowed / Prerefunded (continued)
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), Prerefunded to 7/1/20, 5.75%, 7/1/40	$ 960	$ 985,286
New York, Prerefunded to 2/15/21,
5.00%, 2/15/34 (1)	4,000	4,191,800
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21,
5.00%, 5/1/32	1,000	1,054,880
Onondaga Civic Development Corp., (St. Josephs Hospital Health Center), Prerefunded to
7/1/22, 5.00%, 7/1/42	1,000	1,099,380
		$ 7,847,077
General Obligations 3.0%
Illinois, 5.00%, 10/1/33	$ 1,300	$ 1,489,046
Washingtonville Central School District, 0.05%, 6/15/35	300	196,326
Washingtonville Central School District, 0.05%, 6/15/36	300	188,715
Washingtonville Central School District, 0.05%, 6/15/37	300	182,109
Washingtonville Central School District, 0.05%, 6/15/38	300	175,692
Washingtonville Central School District, 0.05%, 6/15/39	220	124,907
		$ 2,356,795
Hospital 8.1%
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47	$ 1,000	$ 1,037,810
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45	2,960	3,249,991
New York Dormitory Authority, (Mount Sinai Hospital), Prerefunded to 7/1/20, 5.00%, 7/1/26	1,000	1,022,630
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated
Group), 5.00%, 7/1/28	1,065	1,125,120
		$ 6,435,551
Housing 3.3%
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42	$ 2,625	$ 2,630,171
		$ 2,630,171
Industrial Development Revenue 5.0%
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$ 980	$ 1,334,750
Niagara Area Development Corp., (Covanta), (AMT), 4.75%, 11/1/42 (2)	2,500	2,641,225
		$ 3,975,975
Insured Education 2.1%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$ 1,250	$ 1,713,400
		$ 1,713,400

10 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2019

Portfolio of Investments continued

Security	Principal Amount (000s omitted)	Value
Insured General Obligations 4.0%
Nassau County, (AGM), 5.00%, 7/1/42	$ 1,400	$ 1,693,818
Nassau County, (AGM), 5.00%, 4/1/43	20	24,473
Nassau County, (AGM), 5.00%, 4/1/43 (1)	1,200	1,468,368
		$ 3,186,659
Insured Other Revenue 5.8%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$ 2,645	$ 1,993,774
New York City Industrial Development Agency, (Yankee Stadium), (AGC),
0.00%, 3/1/32	3,625	2,645,924
		$ 4,639,698
Insured Transportation 9.1%
Metropolitan Transportation Authority, Green Bonds, (AGM), 4.00%, 11/15/46	$ 2,000	$ 2,221,540
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT),
4.00%, 7/1/37	1,000	1,066,050
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT),
4.00%, 7/1/41	2,500	2,647,550
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM),
(AMT), 4.00%, 7/1/46	1,250	1,316,975
		$ 7,252,115
Lease Revenue / Certificates of Participation 15.7%
Hudson Yards Infrastructure Corp., 4.00%, 2/15/44	$ 1,250	$ 1,378,863
Hudson Yards Infrastructure Corp.,
5.00%, 2/15/42 (1)	4,000	4,770,680
Monroe County Industrial Development Agency, (Rochester Schools Modernization),
5.00%, 5/1/31 (1)	5,000	6,361,850
		$ 12,511,393
Other Revenue 15.3%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$ 3,120	$ 2,214,420
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37 (1)	5,200	6,398,028
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44 (2)	1,300	1,436,383
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44	2,000	2,144,740
		$ 12,193,571
Senior Living / Life Care 1.9%
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40	$ 905	$ 937,281
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34	100	101,517

Security	Principal Amount (000s omitted)	Value
Senior Living / Life Care (continued)
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32	$ 230	$ 237,236
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42	230	237,505
		$ 1,513,539
Special Tax Revenue 18.5%
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35 (1)	$ 1,185	$ 1,232,459
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35 (1)	915	952,332
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/43	1,000	1,227,470
New York Dormitory Authority, Sales Tax Revenue,
5.00%, 3/15/43 (1)	4,000	4,837,560
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30 (1)	6,000	6,514,080
		$ 14,763,901
Transportation 9.4%
New York Thruway Authority, 4.00%, 1/1/45	$ 1,975	$ 2,210,262
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/39	350	420,130
Port Authority of New York and New Jersey, 5.00%, 10/15/36 (1)	4,000	4,864,160
		$ 7,494,552
Water and Sewer 12.2%
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46 (1)	$ 4,000	$ 4,703,320
Suffolk County Water Authority, 5.00%, 6/1/36 (1)	4,000	5,044,960
		$ 9,748,280
Total Tax-Exempt Investments 151.9% (identified cost
$110,711,049)		$ 121,155,276
Corporate Bonds & Notes 2.1%
Security	Principal Amount (000s omitted)	Value
Hospital 2.1%
NYU Hospitals Center, 4.168%, 7/1/37	$ 1,500	$ 1,646,361
Total Corporate Bonds & Notes 2.1% (identified
cost $1,519,390)		$ 1,646,361

11 See Notes to Financial Statements.

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New York Municipal Income Trust

November 30, 2019

Portfolio of Investments continued

Miscellaneous 0.8% — Security	Units	Value
Real Estate 0.8%
CMS Liquidating
Trust (2)(3)(4)	257	$ 629,706
Total Miscellaneous 0.8% (identified cost
$822,400)		$ 629,706
Total Investments 154.8% (identified cost
$113,052,839)		$ 123,431,343
Other Assets, Less Liabilities (54.8)%		$ (43,692,839	)
Net Assets 100.0%		$ 79,738,504

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

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. At November 30, 2019, 13.6% 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 or financial guaranty assurance agency ranged from 1.4% to 8.5% of total investments.

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

(3) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 6).

(4) Non-income producing.

Abbreviations:

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.
FNMA		Federal National Mortgage Association

12 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Statements of Assets and Liabilities

Assets	November 30, 2019 — California Trust	New York Trust
Investments
Identified cost	$ 146,693,510	$ 113,052,839
Unrealized appreciation	13,138,850	10,378,504
Investments, at value	$ 159,832,360	$ 123,431,343
Cash	$ 599,849	$ 305,015
Interest receivable	1,559,790	1,431,668
Total assets	$ 161,991,999	$ 125,168,026
Liabilities
Payable for floating rate notes issued	$ 59,401,928	$ 45,057,578
Payable to affiliates:
Investment adviser fee	52,828	40,726
Administration fee	26,414	20,363
Trustees fees	1,392	1,093
Interest expense and fees payable	241,428	238,647
Accrued expenses	82,025	71,115
Total liabilities	$ 59,806,015	$ 45,429,522
Net assets	$ 102,185,984	$ 79,738,504
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$ 71,336	$ 54,018
Additional paid-in capital	88,880,698	69,693,606
Distributable earnings	13,233,950	9,990,880
Net assets	$ 102,185,984	$ 79,738,504
Common Shares Outstanding	7,133,575	5,401,828
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$ 14.32	$ 14.76

13 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Statements of Operations

Investment Income	Year Ended November 30, 2019 — California Trust	New York Trust
Interest	$ 5,989,437	$ 4,533,584
Total investment income	$ 5,989,437	$ 4,533,584
Expenses
Investment adviser fee	$ 632,742	$ 489,246
Administration fee	316,371	244,623
Trustees fees and expenses	9,153	7,106
Custodian fee	36,129	30,395
Transfer and dividend disbursing agent fees	18,135	18,542
Legal and accounting services	53,057	48,972
Printing and postage	12,901	7,796
Interest expense and fees	1,196,285	923,085
Miscellaneous	26,086	19,214
Total expenses	$ 2,300,859	$ 1,788,979
Net investment income	$ 3,688,578	$ 2,744,605
Realized and Unrealized Gain (Loss)
Net realized gain (loss)
Investment transactions	$ 11,468	$ 291,098
Net realized gain	$ 11,468	$ 291,098
Change in unrealized appreciation (depreciation)
Investments	$ 8,572,807	$ 6,548,567
Net change in unrealized appreciation (depreciation)	$ 8,572,807	$ 6,548,567
Net realized and unrealized gain	$ 8,584,275	$ 6,839,665
Net increase in net assets from operations	$ 12,272,853	$ 9,584,270

14 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Year Ended November 30, 2019 — California Trust		New York Trust
From operations
Net investment income	$ 3,688,578		$ 2,744,605
Net realized gain	11,468		291,098
Net change in unrealized appreciation (depreciation)	8,572,807		6,548,567
Net increase in net assets from operations	$ 12,272,853		$ 9,584,270
Distributions to common shareholders	$ (3,782,221	)	$ (2,826,814	)
Capital share transactions
Cost of shares repurchased (see Note 5)	$		$ (957,825	)
Net decrease in net assets from capital share transactions	$		$ (957,825	)
Net increase in net assets	$ 8,490,632		$ 5,799,631
Net Assets
At beginning of year	$ 93,695,352		$ 73,938,873
At end of year	$ 102,185,984		$ 79,738,504

15 See Notes to Financial Statements.

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Municipal Income Trusts

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Statements of Changes in Net Assets continued

Increase (Decrease) in Net Assets	Year Ended November 30, 2018 — California Trust		New York Trust
From operations
Net investment income	$ 3,317,191		$ 3,116,684
Net realized gain	120,329		1,559,226
Net change in unrealized appreciation (depreciation)	(4,851,375	)	(5,562,057	)
Distributions to auction preferred shareholders	(18,865	)	(25,202	)
Net decrease in net assets from operations	$ (1,432,720	)	$ (911,349	)
Distributions to common shareholders	$ (3,323,028	)	$ (3,175,388	)
Capital share transactions
Cost of shares repurchased (see Note 5)	$ (1,478,804	)	$
Net decrease in net assets from capital share transactions	$ (1,478,804	)	$
Net decrease in net assets	$ (6,234,552	)	$ (4,086,737	)
Net Assets
At beginning of year	$ 99,929,904		$ 78,025,610
At end of year	$ 93,695,352		$ 73,938,873

16 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Statements of Cash Flows

Cash Flows From Operating Activities	Year Ended November 30, 2019 — California Trust		New York Trust
Net increase in net assets from operations	$ 12,272,853		$ 9,584,270
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased	(12,937,987	)	(31,803,235	)
Investments sold	13,083,887		30,976,110
Net amortization/accretion of premium (discount)	286,587		463,715
Decrease (increase) in interest receivable	(6,458	)	787
Increase in payable to affiliate for investment adviser fee	3,533		2,074
Increase in payable to affiliate for administration fee	1,767		1,037
Increase in payable to affiliate for Trustees fees	397		228
Increase (decrease) in interest expense and fees payable	64,854		(8,431	)
Decrease in accrued expenses	(832	)	(7,010	)
Net change in unrealized (appreciation) depreciation from investments	(8,572,807	)	(6,548,567	)
Net realized gain from investments	(11,468	)	(291,098	)
Net cash provided by operating activities	$ 4,184,326		$ 2,369,880
Cash Flows From Financing Activities
Repurchase of common shares	$		$ (957,825	)
Cash distributions paid to common shareholders	(3,782,221	)	(2,826,814	)
Proceeds from secured borrowings	2,400,000		960,000
Repayment of secured borrowings	(2,385,000	)
Net cash used in financing activities	$ (3,767,221	)	$ (2,824,639	)
Net increase (decrease) in cash	$ 417,105		$ (454,759	)
Cash at beginning of year	$ 182,744		$ 759,774
Cash at end of year	$ 599,849		$ 305,015
Supplemental disclosure of cash flow information:
Cash paid for interest and fees	$ 1,131,431		$ 931,516

17 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Financial Highlights

Selected data for a common share outstanding during the periods stated

	California Trust
	Year Ended November 30,
	2019		2018		2017		2016		2015
Net asset value Beginning of year (Common shares)	$ 13.130		$ 13.770		$ 13.600		$ 14.020		$ 14.080
Income (Loss) From Operations
Net investment income (1)	$ 0.517		$ 0.464		$ 0.496		$ 0.586		$ 0.737
Net realized and unrealized gain (loss)	1.203		(0.663	)	0.175		(0.681	)	(0.057	)
Distributions to APS shareholders
From net investment income (1)			(0.003	)	(0.006	)	(0.009	)	(0.009	)
Discount on redemption and repurchase of APS (1)							0.291
Total income (loss) from operations	$ 1.720		$ (0.202	)	$ 0.665		$ 0.187		$ 0.671
Less Distributions to Common Shareholders
From net investment income	$ (0.530	)	$ (0.465	)	$ (0.495	)	$ (0.607	)	$ (0.731	)
Total distributions to common shareholders	$ (0.530	)	$ (0.465	)	$ (0.495	)	$ (0.607	)	$ (0.731	)
Anti-dilutive effect of share repurchase program (see Note 5) (1)	$		$ 0.027		$		$		$
Net asset value End of year (Common shares)	$ 14.320		$ 13.130		$ 13.770		$ 13.600		$ 14.020
Market value End of year (Common shares)	$ 13.120		$ 11.030		$ 12.060		$ 12.260		$ 12.900
Total Investment Return on Net Asset Value (2)	13.83	%	(0.70	)%	5.33	%	1.38	% (3)	5.28	%
Total Investment Return on Market Value (2)	24.15	%	(4.76	)%	2.34	%	(0.68	)%	7.65	%

18 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

	California Trust
	Year Ended November 30,
Ratios/Supplemental Data	2019	2018	2017		2016		2015
Net assets applicable to common shares, end of year (000s omitted)	$ 102,186	$ 93,695	$ 99,930		$ 98,633		$ 101,732
Ratios (as a percentage of average daily net assets applicable to common shares): (4)
Expenses excluding interest and fees (5)	1.12 %	1.28 %	1.46	%	1.50	%	1.54	%
Interest and fee expense (6)	1.20 %	1.50 %	1.32	%	0.87	%	0.08	%
Total expenses (5)	2.32 %	2.78 %	2.78	%	2.37	%	1.62	%
Net investment income	3.71 %	3.45 %	3.57	%	4.05	%	5.26	%
Portfolio Turnover	8 %	129 %	19	%	12	%	9	%
Senior Securities:
Total preferred shares outstanding			1,999	(7)	1,999	(7)	1,999	(7)
Asset coverage per preferred share	$	$	$ 74,990	(8)	$ 74,341	(8)	$ 75,892	(8)
Involuntary liquidation preference per preferred share	$	$	$ 25,000	(9)	$ 25,000	(9)	$ 25,000	(9)
Approximate market value per preferred share	$	$	$ 25,000	(9)	$ 25,000	(9)	$ 25,000	(9)

(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. Distributions are assumed to be reinvested at prices obtained under the Trusts dividend reinvestment plan.

(3) The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.80)%.

(4) Ratios do not reflect the effect of dividend payments to APS shareholders, if any.

(5) Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

(6) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and/or iMTP Shares issued to redeem a portion of the Trusts APS. As of November 30, 2018, the Trust had no APS and iMTP Shares outstanding.

(7) Preferred shares represent iMTP Shares and APS as of November 30, 2017 and 2016 and APS as of November 30, 2015.

(8) Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding.

(9) Plus accumulated and unpaid dividends.

APS - Auction Preferred Shares

iMTP Shares - Institutional MuniFund Term Preferred Shares

19 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

	New York Trust
	Year Ended November 30,
	2019		2018		2017		2016		2015
Net asset value Beginning of year (Common shares)	$ 13.500		$ 14.250		$ 14.100		$ 14.520		$ 14.590
Income (Loss) From Operations
Net investment income (1)	$ 0.505		$ 0.569		$ 0.628		$ 0.665		$ 0.814
Net realized and unrealized gain (loss)	1.254		(0.734	)	0.137		(0.651	)	(0.063	)
Distributions to APS shareholders
From net investment income (1)			(0.005	)	(0.010	)	(0.010	)	(0.008	)
Discount on redemption and repurchase of APS (1)							0.243
Total income (loss) from operations	$ 1.759		$ (0.170	)	$ 0.755		$ 0.247		$ 0.743
Less Distributions to Common Shareholders
From net investment income	$ (0.520	)	$ (0.580	)	$ (0.605	)	$ (0.667	)	$ (0.813	)
Total distributions to common shareholders	$ (0.520	)	$ (0.580	)	$ (0.605	)	$ (0.667	)	$ (0.813	)
Anti-dilutive effect of share repurchase program (see Note 5) (1)	$ 0.021		$		$		$		$
Net asset value End of year (Common shares)	$ 14.760		$ 13.500		$ 14.250		$ 14.100		$ 14.520
Market value End of year (Common shares)	$ 13.260		$ 11.390		$ 12.770		$ 13.040		$ 13.730
Total Investment Return on Net Asset Value (2)	13.89	%	(0.61	)%	5.84	%	1.69	% (3)	5.63	%
Total Investment Return on Market Value (2)	21.27	%	(6.42	)%	2.56	%	(0.53	)%	6.13	%

20 See Notes to Financial Statements.

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Municipal Income Trusts

November 30, 2019

Financial Highlights continued

Selected data for a common share outstanding during the periods stated

	New York Trust
	Year Ended November 30,
Ratios/Supplemental Data	2019	2018	2017		2016		2015
Net assets applicable to common shares, end of year (000s omitted)	$ 79,739	$ 73,939	$ 78,026		$ 77,190		$ 79,518
Ratios (as a percentage of average daily net assets applicable to common shares): (4)
Expenses excluding interest and fees (5)	1.11 %	1.19 %	1.37	%	1.52	%	1.53	%
Interest and fee expense (6)	1.18 %	1.54 %	1.25	%	0.82	%	0.14	%
Total expenses (5)	2.29 %	2.73 %	2.62	%	2.34	%	1.67	%
Net investment income	3.51 %	4.11 %	4.37	%	4.43	%	5.60	%
Portfolio Turnover	25 %	57 %	18	%	15	%	7	%
Senior Securities:
Total preferred shares outstanding			1,349	(7)	1,349	(7)	1,349	(7)
Asset coverage per preferred share	$	$	$ 82,841	(8)	$ 82,220	(8)	$ 83,946	(8)
Involuntary liquidation preference per preferred share	$	$	$ 25,000	(9)	$ 25,000	(9)	$ 25,000	(9)
Approximate market value per preferred share	$	$	$ 25,000	(9)	$ 25,000	(9)	$ 25,000	(9)

(1) Computed using average common shares outstanding.

(4) Ratios do not reflect the effect of dividend payments to APS shareholders, if any.

(7) Preferred shares represent iMTP Shares and APS as of November 30, 2017 and 2016 and APS as of November 30, 2015.

(8) Calculated by subtracting the Trusts total liabilities (not including the preferred shares) from the Trusts total assets, and dividing the result by the number of preferred shares outstanding.

(9) Plus accumulated and unpaid dividends.

APS - Auction Preferred Shares

iMTP Shares - Institutional MuniFund Term Preferred Shares

21 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust) and Eaton Vance New York Municipal Income Trust (New York 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 Trusts investment objective is 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 (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations 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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, 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 debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that most fairly reflects the securitys fair value, which is the amount that a 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 companies or 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 companys or entitys financial statements, 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 non-taxable municipal securities, 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.

As of November 30, 2019, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D 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.

E Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP 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.

F 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, upon request by the shareholder, 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.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Notes to Financial Statements continued

G 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 for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV 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 Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV 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 SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 6) at November 30, 2019. Interest expense related to a 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 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. At November 30, 2019, the amounts of the Trusts Floating Rate Notes and related interest rates and collateral were as follows:

	California Trust	New York Trust
Floating Rate Notes Outstanding	$ 59,401,928	$ 45,057,578
Interest Rate or Range of Interest Rates (%)	1.03 - 1.22	1.07 - 1.16
Collateral for Floating Rate Notes Outstanding	$ 87,543,430	$ 66,116,037

For the year ended November 30, 2019, the Trusts average settled Floating Rate Notes outstanding and the average interest rate including fees were as follows:

	California Trust	New York Trust
Average Floating Rate Notes Outstanding	$ 59,200,014	$ 44,519,438
Average Interest Rate	2.02 %	2.07 %

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker 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, 2019.

The Trusts may also purchase residual interest bonds 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 Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

2 Distributions to Shareholders and Income Tax Information

Each Trust intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions to

Eaton Vance

Municipal Income Trusts

November 30, 2019

Notes to Financial Statements continued

shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are 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, 2019 and November 30, 2018 was as follows:

	Year Ended November 30, 2019 — California Trust	New York Trust
Tax-exempt income	$ 3,394,352	$ 2,777,333
Ordinary income	$ 387,869	$ 49,481
	Year Ended November 30, 2018
	California Trust	New York Trust
Tax-exempt income	$ 3,905,803	$ 3,638,188
Ordinary income	$ 254,955	$ 91,121

During the year ended November 30, 2019, the following amounts were reclassified due to expired capital loss carryforwards.

	California Trust		New York Trust
Change in:
Paid-in capital	$ (5,125,652	)	$ (3,607,489	)
Distributable earnings	$ 5,125,652		$ 3,607,489

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

As of November 30, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed tax-exempt income	California Trust — $ 110,408	New York Trust — $ 126,300
Deferred capital losses	$	$ (427,007	)
Net unrealized appreciation	$ 13,123,542	$ 10,291,587

At November 30, 2019, the following Trusts, for federal income tax purposes, had deferred capital losses which would 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 would 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 deferred capital losses are treated as arising on the first day of a Trusts next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	California Trust	New York Trust
Deferred capital losses:
Short-term	$	$ (427,007	)

Eaton Vance

Municipal Income Trusts

November 30, 2019

Notes to Financial Statements continued

During the year ended November 30, 2019, capital loss carryforwards of $174,095 were utilized to offset net realized gains by the California Trust.

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	California Trust — $ 87,306,890	New York Trust — $ 68,082,178
Gross unrealized appreciation	$ 13,123,542	$ 10,484,280
Gross unrealized depreciation		(192,693	)
Net unrealized appreciation	$ 13,123,542	$ 10,291,587

3 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. Pursuant to the investment advisory agreements between the Trusts and EVM, the investment advisory fee payable by each Trust is 0.70% of the 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 investment adviser fee was reduced by 0.015% and by an additional 0.015% every May 1 thereafter for the next nineteen years. This annual fee reduction was accelerated for California Trust (effective June 1, 2018) and New York Trust (effective July 1, 2017), each of which is currently subject to an advisory fee of 0.40% of average weekly gross assets. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust. Pursuant to a fee reduction agreement between each Trust and EVM, average weekly gross assets are calculated by adding to net assets the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the Auction Preferred Shares (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, 2019, the investment adviser fees and administration fees were as follows:

	California Trust	New York Trust
Investment Adviser Fee	$ 632,742	$ 489,246
Administration Fee	$ 316,371	$ 244,623

Trustees and officers of the Trusts who are members of EVMs organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with EVM 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, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

4 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2019 were as follows:

	California Trust	New York Trust
Purchases	$ 12,300,301	$ 31,803,235
Sales	$ 13,083,887	$ 29,726,110

5 Common Shares of Beneficial Interest

The Trusts may issue common shares pursuant to their dividend reinvestment plans. There were no common shares issued by the Trusts for the years ended November 30, 2019 and November 30, 2018.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Notes to Financial Statements continued

In November 2013, the Board of Trustees initially approved a share repurchase program for the Trusts. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, each Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value (NAV). The share repurchase program does not obligate a Trust to purchase a specific amount of shares. During the year ended November 30, 2019, the New York Trust repurchased 73,923 of its common shares under the share repurchase program at a cost, including brokerage commissions, of $957,825 and an average price per share of $12.96. The weighted average discount per share to NAV on these repurchases amounted to 10.78% for the year ended November 30, 2019.

During the year ended November 30, 2018, the California Trust repurchased 121,000 of its common shares under the share repurchase program at a cost, including brokerage commissions, of $1,478,804 and an average price per share of $12.22. The weighted average discount per share to NAV on these repurchases amounted to 11.81% for the year ended November 30, 2018.

According to filings made on Schedule 13D and 13G pursuant to Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended, one shareholder owned 11.6% of the California Trusts common shares.

6 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, 2019, the hierarchy of inputs used in valuing the Trusts investments, which are carried at value, were as follows:

California Trust — Asset Description	Level 1	Level 2	Level 3	Total
Tax-Exempt Municipal Securities	$	$ 148,492,222	$	$ 148,492,222
Taxable Municipal Securities		8,858,065		8,858,065
Corporate Bonds & Notes		2,482,073		2,482,073
Total Investments	$	$ 159,832,360	$	$ 159,832,360
New York Trust
Asset Description	Level 1	Level 2	Level 3*	Total
Tax-Exempt Investments	$	$ 121,155,276	$	$ 121,155,276
Corporate Bonds & Notes		1,646,361		1,646,361
Miscellaneous			629,706	629,706
Total Investments	$	$ 122,801,637	$ 629,706	$ 123,431,343

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Trust.

Level 3 investments held by the New York Trust at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended November 30, 2019 is not presented.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust and Eaton Vance New York Municipal Income Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Eaton Vance California Municipal Income Trust and Eaton Vance New York Municipal Income Trust, (collectively, the Trusts), including the portfolios of investments, as of November 30, 2019, the related statements of operations and cash flows 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 related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Trusts as of November 30, 2019, and the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on the Trusts financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trusts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 17, 2020

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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 regarding exempt-interest dividends.

Exempt-Interest Dividends. For the fiscal year ended November 30, 2019, the Trusts designate the following percentages of distributions from net investment income as exempt-interest dividends:

California Municipal Income Trust	89.74
New York Municipal Income Trust	98.25 %

Eaton Vance

Municipal Income Trusts

November 30, 2019

Dividend Reinvestment Plan

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, LLC, 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.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Application for Participation in Dividend Reinvestment Plan

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.

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, LLC

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

Eaton Vance

Municipal Income Trusts

November 30, 2019

Management and Organization

Fund Management. The Trustees of Eaton Vance California Municipal Income Trust (CEV) and Eaton Vance New York Municipal Income Trust (EVY) (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 159 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.

| Name and Year of Birth | Position(s) with the Trusts | Term Expiring; Trustee
Since (1) | Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience |
| --- | --- | --- | --- |
| Interested Trustee | | | |
| Thomas E. Faust Jr. 1958 | Class II Trustee | Until 2022. 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 159 registered investment companies. 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. Director of EVC and Hexavest Inc. (investment management firm). |
| Noninterested Trustees | | | |
| Mark R. Fetting 1954 | Class II Trustee | Until 2022. Trustee since 2016. | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief
Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior
Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five
Years. None. |
| Cynthia E. Frost 1961 | Class I Trustee | Until 2021. Trustee since 2014. | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for
Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in
the Last Five Years. None. |
| George J. Gorman 1952 | Class I Trustee | Until 2021. Trustee since 2014. | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm)
(1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the
Ashmore Funds (9 funds) (2010-2014). |
| Valerie A. Mosley 1960 | Class I Trustee | Until 2021. Trustee since 2014. | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio
Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at
Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth
management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013). |

Eaton Vance

Municipal Income Trusts

November 30, 2019

Management and Organization continued

| Name and Year of Birth | Position(s) with the Trusts | Term Expiring; Trustee
Since (1) | Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience |
| --- | --- | --- | --- |
| Noninterested Trustees (continued) | | | |
| William H. Park 1947 | Chairperson of the Board and Class III Trustee | Until 2020 Chairperson of the Board since 2016 and Trustee since 2003. | Private investor. Formerly, Consultant (management and transactional) (2012-2014). 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) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None. |
| Helen Frame Peters 1948 | Class III Trustee | Until 2020. 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). Other Directorships in the Last Five Years. None. |
| Keith Quinton 1958 | Class III Trustee | Until 2020. Trustee since 2018. | Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information
Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016). |
| Marcus L. Smith 1966 | Class III Trustee | Until 2020. Trustee since 2018. | Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at
MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global
provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
| Susan J. Sutherland 1957 | Class I Trustee | Until 2021. Trustee since 2015. | Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance
products) (2013-2015). |
| Scott E. Wennerholm 1959 | Class II Trustee | Until 2022. Trustee since 2016. | Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm)
(2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management
(investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships in the Last Five Years. None. |

Name and Year of Birth	Position(s) with the Trusts	Officer Since (2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (CRM).
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

Eaton Vance

Municipal Income Trusts

November 30, 2019

Management and Organization continued

Name and Year of Birth	Position(s) with the Trusts	Officer Since (2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

(1) Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

(2) Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election. Each officer serves until his or her successor is elected.

Eaton Vance Funds

IMPORTANT NOTICES

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

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customers account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., 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. American Stock Transfer & Trust Company, LLC (AST), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

Share Repurchase Program. The Funds Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under Individual Investors Closed-End Funds.

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15 th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

147 11.30.19

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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrants Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrants fiscal years ended November 30, 2018 and November 30, 2019 by the registrants 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	11/30/18	11/30/19
Audit Fees	$ 40,710	$ 41,325
Audit-Related Fees (1)	$ 0	$ 0
Tax Fees (2)	$ 10,633	$ 10,192
All Other Fees (3)	$ 0	$ 0
Total	$ 51,343	$ 51,517

(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.

(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, 2018 and November 30, 2019; 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	11/30/18	11/30/19
Registrant	$ 10,633	$ 10,192
Eaton Vance (1)	$ 126,485	$ 59,503

(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. George J. Gorman (Chair), William H. Park, Helen Frame Peters and Scott E. Wennerholm 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 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

Eaton Vance Management (EVM or Eaton Vance) is the investment adviser of the Funds. Craig R. Brandon is responsible for the overall and day-to-day management of each Funds investments. Mr. Brandon is a Vice President of EVM, has been a portfolio manager of CEV since January 2014, of EVY

since November 2005, and is Co-Director of the Municipal Investments Group. He has managed other Eaton Vance portfolios for more than five years. This information is provided as of the date of filing 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.

		Total Assets of All Accounts		Total Assets of Accounts Paying a Performance Fee
Craig R. Brandon
Registered Investment Companies	15	$ 6,465.7	0	$ 0
Other Pooled Investment Vehicles	1	$ 19.6	0	$ 0
Other Accounts	2	$ 119.9	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.

Fund Name and Portfolio Manager	Dollar Range of Equity Securities Beneficially Owned in the Fund
California Municipal Income Trust
Craig R. Brandon	None
New York Municipal Income Trust
Craig R. Brandon	None

Potential for Conflicts of Interest . It is possible that conflicts of interest may arise in connection with a portfolio managers management of the Funds investments on the one hand and the 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 advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the 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 the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he 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 that govern the investment advisers trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVMs portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to purchase shares of Eaton Vance Corp.s (EVC) nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. 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 Sharpe Ratio, which uses standard deviation and excess return to determine reward per unit of risk. 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 or market index. 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 accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. Pursuant to the Deferred Alpha Incentive Plan, a portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager, that are not advised by Calvert Management and Research to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.

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 generally based on a substantially

fixed percentage of pre-bonus adjusted 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 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

No activity to report for the registrants most recent fiscal year end.

Item 13. 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.

Signatures

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

Eaton Vance California Municipal Income Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	January 22, 2020

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	January 22, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	January 22, 2020

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