Edgar Filing: EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST

Eaton Vance Massachusetts 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: 811-09147

Eaton Vance Massachusetts 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

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

November 30, 2014

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2014

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

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

LOGO

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 Fund’s 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, 2014

Eaton Vance

Municipal Income Trusts

Table of Contents


Management’s Discussion of Fund Performance			2

Performance and Fund Profile


California Municipal Income Trust			4
Massachusetts Municipal Income Trust			5
Michigan Municipal Income Trust			6
New Jersey Municipal Income Trust			7
New York Municipal Income Trust			8
Ohio Municipal Income Trust			9
Pennsylvania Municipal Income Trust			10



Endnotes and Additional Disclosures			11

Financial Statements			12

Report of Independent Registered Public Accounting Firm			67

Federal Tax Information			68

Dividend Reinvestment Plan			69

Management and Organization			71

Important Notices			74

Eaton Vance

Municipal Income Trusts

November 30, 2014

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the fiscal year began on December 1, 2013, the municipal market was at the tail end of a selloff that had started the previous May, after then-U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases could be tapered sooner than most investors had expected. Although selling of municipals abated somewhat in September of last year, the municipal market continued to experience outflows through December 2013.

But as 2014 began, municipals turned a corner. From January 1 through November 30, 2014, municipals rallied back from 2013 lows, as investors moved money back into the municipal market. Contrary to what many investors had expected, Treasury rates declined with municipal rates following. As the U.S. economy continued to experience moderate but below trend growth and low inflation, fixed-income investors became increasingly concerned about the much weaker growth rates of European and other international economies. As a result, global interest rates fell, creating strong demand for U.S Treasurys and putting downward pressure on U.S. interest rates, despite the end of the Fed’s asset purchase program in October 2014.

As investors searched for yield in a low-interest-rate environment, longer dated and lower credit quality bonds were the best performers. During the last two months of the period, municipal bonds, which had outperformed Treasurys since the beginning of 2014, underperformed Treasurys but still delivered positive returns, as measured by the Barclays Municipal Bond Index², a measure of the overall U.S. municipal bond market. For the one-year period as a whole, the municipal yield curve flattened, as long-term municipal rates declined while short-term rates were essentially flat.

Fund Performance

For the fiscal year ended November 30, 2014, all of the Funds’ shares at net asset value (NAV) outperformed the 13.49% return of the Barclays Long (22+) Year Municipal Bond Index (the Index).

The Funds’ overall strategy is to invest primarily in bonds with maturities of 10 years or more in order to capture their typically higher yields and a greater income stream compared with shorter-maturity issues. Management hedges to various

degrees against the greater potential risk of volatility at the long end of the yield curve by using Treasury futures in seeking to provide downside protection.

In managing the Funds, management employs leverage through Residual Interest Bond (RIB) financing and Auction Preferred Shares (APS)⁶ to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market, and thus magnifying a Fund’s exposure to its underlying investments in both up and down market environments. During this period of falling rates and strong performance by municipal bonds, the use of leverage was one of the largest contributors to performance versus the Index — which does not employ leverage — for all seven Funds.

By using Treasury futures, management hedges to various degrees against the greater potential risk of volatility caused by the use of leverage and investing in bonds at the long end of the yield curve. As a risk management tactic within the Funds’ overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. During this period of strong performance by municipal bonds, the Funds’ Treasury futures hedge reduced some of the upside return and thus detracted from performance relative to the unhedged Index for all Funds. However, the Michigan and Ohio Funds employed only minimal hedging during the period, and thus the negative effect of hedging on their performance was relatively minor.

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 19.06%, outperforming the 13.49% return of the Index. As noted earlier, leverage was a significant contributor to Fund performance versus the Index. An overweight in local general obligation (GO) bonds — those issued by cities and towns — and security selection in the transportation sector helped performance relative to the Index as well. Detractors from results versus the Index included the Fund’s hedging strategy, security selection and an underweight in the hospitals and health care sector, and an underweight and security selection in industrial development revenue (IDR) bonds.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 16.30%, outperforming the 13.49% return of the Index. Contributors to performance versus the Index included leverage, an overweight and security selection

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Municipal Income Trusts

November 30, 2014

Management’s Discussion of Fund Performance—continued

in the education sector, and security selection in bonds with 20-30 years remaining to maturity. The Fund’s hedging strategy detracted from results relative to the Index, as did security selection in zero coupon bonds and an underweight and security selection in the transportation sector.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 20.18%, outperforming the 13.49% return of the Index. Leverage, security selection in water and sewer bonds, and security selection in electric power bonds all helped performance relative to the Index during the period. In contrast, security selection in the hospitals and health care sector, security selection in zero coupon bonds, and an underweight and security selection in the transportation sector detracted from results versus the Index.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 15.20%, outperforming the 13.49% return of the Index. The Fund’s relative outperformance versus the Index was driven by leverage, an overweight in zero coupon bonds, and an overweight in IDR bonds. Primary detractors from the Fund’s performance relative to the Index included the Fund’s hedging strategy, security selection in the hospitals and health care sector, and an underweight and security selection in the transportation sector.

Eaton Vance New York Municipal Income Trust shares at NAV returned 17.25%, outperforming the 13.49% return of the Index. Leverage aided performance relative to the Index, as did an overweight and security selection in IDR bonds and an overweight in zero coupon bonds. Detractors from performance versus the Index included the Fund’s hedging strategy, an underweight in bonds with 30 or more years remaining to maturity, and an underweight and security selection in the transportation sector.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 18.49%, outperforming the 13.49% return of the Index. Contributors to results versus the Index included leverage, an overweight and security selection in the education sector, and an overweight in zero coupon bonds. Performance versus the Index was hurt by security selection in AAA-rated⁷ bonds and GO bonds, as well as an underweight and security selection in the transportation sector.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 16.07%, outperforming the 13.49% return

of the Index. Leverage, security selection in Puerto Rico bonds, and an overweight and security selection in non-rated bonds all contributed to the Fund’s performance versus the Index. Detractors from performance relative to the Index included the Fund’s hedging strategy, security selection in AAA-rated bonds, and an underweight in BBB-rated bonds.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

California Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		19.06	%		9.69	%		5.62	%
Fund at Market Price		—		21.86			7.69			4.45
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–10.01	%


Distributions⁵
Total Distributions per share for the period									$	0.757
Distribution Rate at NAV										5.23	%
Taxable-Equivalent Distribution Rate at NAV										10.66	%
Distribution Rate at Market Price										5.81	%
Taxable-Equivalent Distribution Rate at Market Price										11.84	%


% Total Leverage⁶
Auction Preferred Shares (APS)										30.03	%
Residual Interest Bond (RIB) Financing										8.60

Fund Profile

Credit Quality (% of total investments)^7,8

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		16.30	%		8.39	%		5.82	%
Fund at Market Price		—		17.27			6.15			3.35
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–12.09	%


Distributions⁵
Total Distributions per share for the period									$	0.703
Distribution Rate at NAV										4.53	%
Taxable-Equivalent Distribution Rate at NAV										8.44	%
Distribution Rate at Market Price										5.15	%
Taxable-Equivalent Distribution Rate at Market Price										9.60	%


% Total Leverage⁶
APS										30.86	%
RIB Financing										5.21

Fund Profile

Credit Quality (% of total investments)^7,8

LOGO

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Thomas M. Metzold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		20.18	%		9.13	%		5.96	%
Fund at Market Price		—		20.91			8.29			3.19
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–14.28	%


Distributions⁵
Total Distributions per share for the period									$	0.709
Distribution Rate at NAV										4.84	%
Taxable-Equivalent Distribution Rate at NAV										8.93	%
Distribution Rate at Market Price										5.65	%
Taxable-Equivalent Distribution Rate at Market Price										10.43	%


% Total Leverage⁶
APS										36.46	%

Fund Profile

Credit Quality (% of total investments)⁷

LOGO

See Endnotes and Additional Disclosures in this report.


		6

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Adam Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		15.20	%		7.31	%		5.62	%
Fund at Market Price		—		14.17			3.77			3.71
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–12.52	%


Distributions⁵
Total Distributions per share for the period									$	0.743
Distribution Rate at NAV										5.18	%
Taxable-Equivalent Distribution Rate at NAV										10.05	%
Distribution Rate at Market Price										5.92	%
Taxable-Equivalent Distribution Rate at Market Price										11.49	%


% Total Leverage⁶
APS										32.55	%
RIB Financing										3.54

Fund Profile

Credit Quality (% of total investments)^7,8

LOGO

See Endnotes and Additional Disclosures in this report.


		7

Eaton Vance

New York Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		17.25	%		9.43	%		5.80	%
Fund at Market Price		—		20.92			7.65			5.24
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–5.89	%


Distributions⁵
Total Distributions per share for the period									$	0.862
Distribution Rate at NAV										5.62	%
Taxable-Equivalent Distribution Rate at NAV										10.89	%
Distribution Rate at Market Price										5.97	%
Taxable-Equivalent Distribution Rate at Market Price										11.57	%


% Total Leverage⁶
APS										25.38	%
RIB Financing										14.53

Fund Profile

Credit Quality (% of total investments)^7,8

LOGO

See Endnotes and Additional Disclosures in this report.


		8

Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Thomas M. Metzold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		18.49	%		8.58	%		5.97	%
Fund at Market Price		—		21.55			6.44			3.73
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–10.10	%


Distributions⁵
Total Distributions per share for the period									$	0.731
Distribution Rate at NAV										4.83	%
Taxable-Equivalent Distribution Rate at NAV										9.01	%
Distribution Rate at Market Price										5.37	%
Taxable-Equivalent Distribution Rate at Market Price										10.02	%


% Total Leverage⁶
APS										33.68	%
RIB Financing										2.16

Fund Profile

Credit Quality (% of total investments)⁷

LOGO

See Endnotes and Additional Disclosures in this report.


		9

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

Performance^2,3

Portfolio Manager Adam Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		16.07	%		7.35	%		5.47	%
Fund at Market Price		—		17.26			4.84			3.52
Barclays Long (22+) Year Municipal Bond Index		—		13.49	%		7.05	%		5.50	%


% Premium/Discount to NAV⁴
										–13.37	%


Distributions⁵
Total Distributions per share for the period									$	0.764
Distribution Rate at NAV										5.23	%
Taxable-Equivalent Distribution Rate at NAV										9.53	%
Distribution Rate at Market Price										6.03	%
Taxable-Equivalent Distribution Rate at Market Price										10.99	%


% Total Leverage⁶
APS										35.61	%
RIB Financing										1.26

Fund Profile

Credit Quality (% of total investments)^7,8

LOGO

See Endnotes and Additional Disclosures in this report.


		10

Eaton Vance

Municipal Income Trusts

November 30, 2014

Endnotes and Additional Disclosures

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 Fund’s 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 Fund’s filings with the Securities and Exchange Commission.

Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

⁴	The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.

⁵

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s 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 Fund’s webpage available at www.eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. 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 and/or APS leverage. The leverage created by RIB investments and APS provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and 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. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

⁷

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the higher 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 issuer’s creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P’s measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody’s) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” 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.

Fund profile subject to change due to active management.


		11

Eaton Vance

California Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Investments — 160.4%


Security	Principal Amount (000’s omitted)		Value


Education — 17.9%
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39	$	3,135	$	3,479,850
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31		195		225,143
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		376,504
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		838,281
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29		2,440		2,443,660
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		1,906,448
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		286,357
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		2,490		2,801,001
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		705,109
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		468,357
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		317,749
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		951,620
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		993,947
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		1,041,682
University of California, 5.25%, 5/15/39		1,250		1,419,837

			$	18,255,545


Electric Utilities — 14.2%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	320,598
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,275		2,424,786
Colton Public Financing Authority, Electric System Revenue, 5.00%, 4/1/27		1,500		1,722,405
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,444,982
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,707,345
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,335		1,548,333
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,795		2,073,261
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		772,759


Security	Principal Amount (000’s omitted)		Value


Electric Utilities (continued)
Vernon Electric System Revenue, 5.125%, 8/1/21	$	1,300	$	1,460,732

			$	14,475,201


Escrowed / Prerefunded — 3.6%
California Department of Water Resources, Prerefunded to 6/1/18, 5.00%, 12/1/29	$	715	$	820,648
California Health Facilities Financing Authority, (Catholic Healthcare West), Prerefunded to 7/1/15, 5.625%, 7/1/32		1,000		1,032,400
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38		1,475		1,794,913

			$	3,647,961


General Obligations — 28.0%
California, 5.00%, 10/1/31	$	1,885	$	2,224,394
California, 5.50%, 11/1/35		1,600		1,890,320
California, 6.00%, 4/1/38		750		899,197
California, (AMT), 5.05%, 12/1/36		475		481,622
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		4,129,127
San Bernardino Community College District, 4.00%, 8/1/30		2,890		3,055,973
San Dieguito Union High School District, (Election of 2012), 4.00%, 8/1/30		1,545		1,657,909
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35		860		978,680
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27		1,315		1,595,345
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28		2,230		2,694,264
Santa Clara County, (Election of 2008), 5.00%, 8/1/39⁽¹⁾⁽²⁾		3,180		3,610,540
Tamalpais Union High School District, 5.00%, 8/1/25		1,350		1,674,553
Tamalpais Union High School District, 5.00%, 8/1/28		1,000		1,216,830
Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35		2,150		2,454,160

			$	28,562,914


Hospital — 14.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,137,250
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		214,565
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		719,557
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,023,659
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27		2,000		2,290,360


		12		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33	$	1,000	$	1,116,940
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,313,074
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		605,748
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		600		635,250
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31		1,900		1,904,541
Washington Township Health Care District, 5.00%, 7/1/32		2,780		2,864,957
Washington Township Health Care District, 5.25%, 7/1/29		700		701,974

			$	14,527,875


Industrial Development Revenue — 1.2%
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23⁽³⁾	$	1,235	$	1,287,031

			$	1,287,031


Insured – Education — 1.4%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	1,250	$	1,489,413

			$	1,489,413


Insured – Electric Utilities — 3.0%
Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$	2,790	$	3,039,398

			$	3,039,398


Insured – Escrowed / Prerefunded — 3.9%
Foothill/Eastern Transportation Corridor Agency, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	3,958,924

			$	3,958,924


Insured – General Obligations — 9.3%
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34	$	6,485	$	2,327,337
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35		4,825		1,636,640
Riverside Community College District, (Election of 2004), (AGM), (NPFG), 5.00%, 8/1/32		2,005		2,195,455
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25		4,720		3,326,986

			$	9,486,418


Security	Principal Amount (000’s omitted)		Value


Insured – Hospital — 8.9%
California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37	$	2,900	$	3,041,607
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾		750		783,803
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38⁽¹⁾		5,000		5,306,100

			$	9,131,510


Insured – Lease Revenue / Certificates of Participation — 8.0%
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17	$	4,410	$	4,299,706
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾		3,500		3,873,485

			$	8,173,191


Insured – Special Tax Revenue — 2.1%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	4,850	$	675,654
Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28		370		428,282
Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/33		930		1,049,765

			$	2,153,701


Insured – Transportation — 8.3%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	2,586,800
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		2,256,795
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41		740		741,021
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		1,275		1,369,682
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		1,350		1,482,583

			$	8,436,881


Insured – Water and Sewer — 2.6%
East Bay Municipal Utility District, Water System Revenue, (NPFG), 5.00%, 6/1/32⁽¹⁾	$	2,000	$	2,197,740
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30		430		419,757

			$	2,617,497


Lease Revenue / Certificates of Participation — 1.0%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,029,485

			$	1,029,485


		13		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Other Revenue — 0.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	418,037

			$	418,037


Senior Living / Life Care — 2.5%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	333,811
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26⁽³⁾		175		178,547
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36⁽³⁾		700		707,490
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41⁽³⁾		600		718,620
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		535		600,730

			$	2,539,198


Special Tax Revenue — 14.3%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	770	$	867,890
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		285		293,812
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		474,076
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/27		190		194,514
Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/36		480		489,749
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,601,687
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22		240		278,407
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		552,509
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		272,846
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		377,769
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		268,661
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,777,712
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21		250		252,200
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30		490		493,420


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue (continued)
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27	$	485	$	560,762
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		834,729
Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/28		1,600		1,869,648
Temecula Unified School District, 5.00%, 9/1/27		250		256,138
Temecula Unified School District, 5.00%, 9/1/37		400		409,380
Tustin Community Facilities District, 6.00%, 9/1/37		500		526,100
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23		1,000		1,001,450

			$	14,653,459


Transportation — 13.7%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29	$	1,000	$	1,153,860
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/16, 5.00%, 4/1/31		2,000		2,126,040
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾⁽²⁾		2,120		2,400,052
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,666,515
Port of Redwood City, (AMT), 5.125%, 6/1/30		1,170		1,176,236
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		3,012,016
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		2,265		2,479,699

			$	14,014,418


Water and Sewer — 1.9%
California Department of Water Resources, 5.00%, 12/1/29	$	25	$	28,322
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,899,308

			$	1,927,630


Total Tax-Exempt Investments — 160.4% (identified cost $149,911,368)			$	163,825,687


		14		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Corporate Bonds & Notes — 0.7%


Security	Principal Amount (000’s omitted)		Value


Hospital — 0.7%
Dignity Health, 3.812%, 11/1/24	$	720	$	743,046


Total Corporate Bonds & Notes — 0.7% (identified cost $720,000)			$	743,046


Total Investments — 161.1% (identified cost $150,631,368)			$	164,568,733


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.9)%			$	(49,976,208	)


Other Assets, Less Liabilities — (12.2)%			$	(12,463,793	)


Net Assets Applicable to Common Shares — 100.0%			$	102,128,732

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


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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 29.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 14.9% of total investments.

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

⁽²⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,035,592.

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $2,891,688 or 2.8% of the Trust’s net assets applicable to common shares.


		15		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Investments — 158.2%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 6.0%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,186,522
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,297,405

			$	2,483,927


Education — 27.8%
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35	$	1,080	$	1,226,286
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770		877,284
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		1,500		1,637,925
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,167,277
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38⁽¹⁾		1,500		1,663,095
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,500,903
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38		1,420		1,615,278
University of Massachusetts Building Authority, 5.00%, 11/1/39		750		848,025

			$	11,536,073


Escrowed / Prerefunded — 2.8%
Massachusetts Development Finance Agency, (New England Conservatory of Music), Prerefunded to 7/1/18, 5.25%, 7/1/38	$	625	$	723,394
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/17, 5.00%, 7/1/38		415		462,285

			$	1,185,679


General Obligations — 16.4%
Boston, 4.00%, 4/1/24	$	300	$	334,335
Cambridge, 4.00%, 2/15/21		595		683,560
Danvers, 5.25%, 7/1/36		885		1,049,707
Lexington, 4.00%, 2/1/21		415		476,636
Lexington, 4.00%, 2/1/22		430		496,233
Lexington, 4.00%, 2/1/23		355		411,065
Newton, 5.00%, 4/1/36		750		850,635
Plymouth, 5.00%, 5/1/31		345		394,025
Plymouth, 5.00%, 5/1/32		315		359,160


Security	Principal Amount (000’s omitted)		Value


General Obligations (continued)
Wayland, 5.00%, 2/1/33	$	510	$	589,846
Wayland, 5.00%, 2/1/36		770		883,998
Winchester, 5.00%, 4/15/36		245		281,517

			$	6,810,717


Hospital — 27.0%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31	$	1,000	$	1,088,610
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		525		617,558
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		600		734,994
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		555		599,461
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,363,597
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		568,765
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,229,727
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33		755		755,959
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,029,645
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare Systems), 5.00%, 7/1/32		2,000		2,163,460
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		675		677,768
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		384,139

			$	11,213,683


Housing — 6.6%
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$	2,100	$	2,108,799
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28		650		654,361

			$	2,763,160


Industrial Development Revenue — 2.0%
Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27⁽²⁾	$	800	$	821,784

			$	821,784


		16		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Education — 7.3%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,315,140
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾⁽³⁾		1,365		1,723,640

			$	3,038,780


Insured – Electric Utilities — 1.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	550	$	534,149

			$	534,149


Insured – General Obligations — 3.1%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,304,160

			$	1,304,160


Insured – Hospital — 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	335	$	374,634

			$	374,634


Insured – Other Revenue — 1.8%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	751,530

			$	751,530


Insured – Special Tax Revenue — 16.4%
Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32	$	1,450	$	1,458,801
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25		900		1,090,962
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28		1,195		1,400,492
Massachusetts, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29		1,000		1,262,470
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽¹⁾		1,340		1,460,654
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,105		153,938

			$	6,827,317


Insured – Student Loan — 2.6%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	280	$	295,915
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		765		780,537

			$	1,076,452


Security	Principal Amount (000’s omitted)		Value


Insured – Transportation — 0.8%
Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	333,796

			$	333,796


Other Revenue — 2.8%
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	500	$	572,510
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25		505		575,917

			$	1,148,427


Senior Living / Life Care — 6.0%
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31	$	250	$	250,640
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29		1,500		1,504,695
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30		125		139,476
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27⁽²⁾		140		140,560
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41⁽²⁾		475		457,796

			$	2,493,167


Special Tax Revenue — 8.4%
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$	140	$	157,741
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		1,665		796,536
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		5,195		2,138,366
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		335		383,082

			$	3,475,725


Transportation — 7.2%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,644,720
Massachusetts Port Authority, 5.00%, 7/1/28		500		575,835
Massachusetts Port Authority, 5.00%, 7/1/34		670		756,899

			$	2,977,454


Water and Sewer — 11.0%
Boston Water and Sewer Commission, 5.00%, 11/1/26	$	2,005	$	2,338,933
Boston Water and Sewer Commission, 5.00%, 11/1/29		495		568,270


		17		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Water and Sewer (continued)
Boston Water and Sewer Commission, 5.00%, 11/1/31	$	225	$	254,639
Massachusetts Water Resources Authority, 5.00%, 8/1/28		1,195		1,389,809

			$	4,551,651


Total Tax-Exempt Investments — 158.2% (identified cost $59,968,550)			$	65,702,265


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.3)%			$	(20,050,364	)


Other Assets, Less Liabilities — (9.9)%			$	(4,125,049	)


Net Assets Applicable to Common Shares — 100.0%			$	41,526,852

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


AGC	–	Assured Guaranty Corp.
AMBAC	–	AMBAC Financial Group, Inc.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 21.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 11.4% of total investments.

⁽¹⁾

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

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $1,420,140 or 3.4% of the Trust’s net assets applicable to common shares.

⁽³⁾

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $813,640.


		18		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Investments — 154.3%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 4.1%
Michigan Municipal Bond Authority, 5.00%, 10/1/29	$	600	$	681,468
Michigan Municipal Bond Authority, 5.00%, 10/1/30		500		577,895

			$	1,259,363


Education — 6.8%
Michigan State University, 5.00%, 2/15/40	$	1,000	$	1,116,590
Oakland University, 5.00%, 3/1/42		500		543,505
Wayne State University, 5.00%, 11/15/40		370		408,635

			$	2,068,730


Electric Utilities — 8.9%
Holland, Electric Utility System, 5.00%, 7/1/39	$	1,135	$	1,269,463
Lansing Board of Water and Light, 5.50%, 7/1/41		500		592,660
Michigan Public Power Agency, 5.00%, 1/1/43		800		857,360

			$	2,719,483


Escrowed / Prerefunded — 4.8%
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), Prerefunded to 1/1/15, 6.20%, 1/1/25	$	185	$	186,456
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), Prerefunded to 1/1/15, 6.50%, 1/1/37		125		126,033
Grand Valley State University, Prerefunded to 12/1/16, 5.625%, 12/1/29		525		579,421
Grand Valley State University, Prerefunded to 12/1/16, 5.75%, 12/1/34		525		580,734

			$	1,472,644


General Obligations — 29.9%
Ann Arbor Public Schools, 4.50%, 5/1/24	$	350	$	381,427
Comstock Park Public Schools, 5.125%, 5/1/31		275		309,339
Comstock Park Public Schools, 5.25%, 5/1/33		220		246,338
East Grand Rapids Public Schools, 5.00%, 5/1/39		835		945,187
Jenison Public Schools, 5.00%, 5/1/28		500		560,670
Jenison Public Schools, 5.00%, 5/1/30		500		559,735
Kent County, 5.00%, 1/1/25		1,500		1,700,235
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,126,110
Lansing Community College, 5.00%, 5/1/30		1,005		1,143,248
Michigan, 5.50%, 11/1/25		270		309,917
Walled Lake Consolidated School District, 5.00%, 5/1/34		365		411,271
Watervliet Public Schools, 5.00%, 5/1/38		1,250		1,418,187

			$	9,111,664


Security	Principal Amount (000’s omitted)		Value


Hospital — 26.5%
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47	$	275	$	276,889
Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35		250		272,933
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		550,050
Michigan Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		1,000		1,132,410
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		250		259,005
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		1,000		1,037,840
Michigan Hospital Finance Authority, (McLaren Health Care), 5.00%, 8/1/35		1,080		1,108,361
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), 6.125%, 6/1/39		500		573,720
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26		425		439,718
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39		1,250		1,377,362
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,067,690

			$	8,095,978


Housing — 0.5%
Michigan Housing Development Authority, 4.60%, 12/1/26	$	135	$	141,738

			$	141,738


Industrial Development Revenue — 2.4%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	728,183

			$	728,183


Insured – Education — 5.0%
Ferris State University, (AGC), 5.125%, 10/1/33	$	570	$	631,190
Ferris State University, (AGC), 5.25%, 10/1/38		500		555,965
Wayne State University, (AGM), 5.00%, 11/15/35		300		332,319

			$	1,519,474


Insured – Electric Utilities — 3.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	630	$	611,843
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		250		239,735
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		147,878

			$	999,456


		19		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – General Obligations — 25.8%
Battle Creek School District, (AGM), 5.00%, 5/1/37	$	1,105	$	1,189,124
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38		500		555,470
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		150		156,723
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		240		251,623
Detroit School District, (AGM), 5.25%, 5/1/32		300		354,846
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,132,760
Livonia Public Schools, (AGM), 5.00%, 5/1/43		910		987,732
South Haven Public Schools, (BAM), 5.00%, 5/1/41		1,200		1,335,768
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38		1,250		1,368,113
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34		500		543,380

			$	7,875,539


Insured – Lease Revenue / Certificates of Participation — 5.9%
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	1,000	$	497,710
Michigan Building Authority, (NPFG), 0.00%, 10/15/30		2,800		1,305,892

			$	1,803,602


Insured – Special Tax Revenue — 0.4%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	895	$	124,682

			$	124,682


Insured – Transportation — 3.7%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,118,110

			$	1,118,110


Insured – Water and Sewer — 7.1%
Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$	560	$	577,842
Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39		1,000		1,111,830
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28		475		477,660

			$	2,167,332


Lease Revenue / Certificates of Participation — 3.4%
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30	$	1,000	$	1,045,250

			$	1,045,250


Special Tax Revenue — 5.0%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	115	$	126,776
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		125		138,210
Michigan Trunk Line Fund, 5.00%, 11/15/36		1,000		1,131,150


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue (continued)
Virgin Islands Public Finance Authority, 6.75%, 10/1/37	$	110	$	125,788

			$	1,521,924


Water and Sewer — 10.8%
Detroit, Water Supply System, 5.25%, 7/1/41	$	750	$	796,898
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		735		922,682
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,250		1,290,987
Port Huron, Water Supply System, 5.25%, 10/1/31		250		273,615

			$	3,284,182


Total Tax-Exempt Investments — 154.3% (identified cost $43,776,876)			$	47,057,334


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.4)%			$	(17,500,144	)


Other Assets, Less Liabilities — 3.1%			$	938,753


Net Assets Applicable to Common Shares — 100.0%			$	30,495,943

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


AGC	–	Assured Guaranty Corp.
AGM	–	Assured Guaranty Municipal Corp.
AMT	–	Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BAM	–	Build America Mutual Assurance Co.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 33.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 13.3% of total investments.


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Municipal Securities — 153.5%


Security	Principal Amount (000’s omitted)		Value


Education — 21.5%
Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32	$	1,270	$	1,416,621
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,730		1,975,158
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33		620		718,475
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34		380		439,329
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37		640		705,965
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27		1,650		1,761,606
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32		965		1,233,299
New Jersey Institute of Technology, 5.00%, 7/1/42		1,295		1,444,042
Rutgers State University, 5.00%, 5/1/33		1,000		1,156,350
Rutgers State University, 5.00%, 5/1/39		2,900		3,254,264

			$	14,105,109


Escrowed / Prerefunded — 2.6%
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39	$	1,415	$	1,700,023

			$	1,700,023


General Obligations — 7.2%
Monmouth County Improvement Authority, 5.00%, 1/15/28	$	1,850	$	2,116,400
Monmouth County Improvement Authority, 5.00%, 1/15/30		1,795		2,049,100
Monmouth County Improvement Authority, 5.00%, 8/1/33		500		581,460

			$	4,746,960


Hospital — 22.1%
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/26	$	660	$	753,067
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42		650		745,089
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		2,290		2,531,526
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		2,090		2,214,062
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44⁽¹⁾		750		749,977
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21		500		584,640
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26		620		703,849


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31	$	250	$	277,900
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31		2,055		2,238,553
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		2,380		2,423,625
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16, 5.00%, 7/1/46		60		64,409
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,217,900

			$	14,504,597


Housing — 2.3%
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	560	$	568,775
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		925		939,365

			$	1,508,140


Industrial Development Revenue — 5.8%
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23	$	50	$	53,762
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		135		143,404
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		750		802,380
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		248,360
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,572,641

			$	3,820,547


Insured – Electric Utilities — 1.8%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	135	$	131,109
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		490		467,485
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		595		566,910

			$	1,165,504


Insured – Escrowed / Prerefunded — 4.0%
Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31	$	1,240	$	1,473,045
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34		970		1,143,320

			$	2,616,365


		21		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Gas Utilities — 5.6%
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40	$	3,540	$	3,673,600

			$	3,673,600


Insured – General Obligations — 4.7%
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,015	$	1,136,962
Irvington Township, (AGM), 5.00%, 7/15/31		1,000		1,129,990
Paterson, (BAM), 5.00%, 1/15/26		750		848,993

			$	3,115,945


Insured – Hospital — 4.3%
New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/20	$	100	$	86,973
New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/21		300		250,233
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38		380		404,552
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38⁽²⁾		500		532,305
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,380		1,534,118

			$	2,808,181


Insured – Industrial Development Revenue — 3.2%
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$	1,940	$	2,111,069

			$	2,111,069


Insured – Lease Revenue / Certificates of Participation — 3.9%
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34	$	530	$	600,231
New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33		640		712,659
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28		1,000		1,234,780

			$	2,547,670


Insured – Other Revenue — 4.0%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	850	$	945,030
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39		1,500		1,647,180

			$	2,592,210


Security	Principal Amount (000’s omitted)		Value


Insured – Special Tax Revenue — 12.6%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	3,889,935
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		2,845,138
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		1,265,288
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,020		281,406

			$	8,281,767


Insured – Student Loan — 3.3%
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30⁽³⁾	$	2,005	$	2,184,608

			$	2,184,608


Insured – Transportation — 0.6%
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33	$	315	$	360,804

			$	360,804


Lease Revenue / Certificates of Participation — 5.7%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	1,500	$	1,637,445
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,700		1,812,285
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31		250		286,150

			$	3,735,880


Other Revenue — 4.3%
New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48	$	2,040	$	2,289,574
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32		500		552,445

			$	2,842,019


Senior Living / Life Care — 4.7%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	488,957
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		806,837
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36		815		829,572
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38		700		711,452
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		215		235,749

			$	3,072,567


		22		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue — 2.8%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	104,124
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		180,576
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		750		574,012
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37		500		387,130
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		500		571,765

			$	1,817,607


Student Loan — 4.7%
New Jersey Higher Education Student Assistance Authority, (AMT), 1.184%, 6/1/36^(2)(4)(5)	$	2,325	$	2,348,808
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		740		758,071

			$	3,106,879


Transportation — 19.6%
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,178,699
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,191,402
New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/26		2,000		1,210,980
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,850		2,135,529
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		289,700
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		616,289
New Jersey Turnpike Authority, 5.25%, 1/1/40		3,600		4,008,636
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽²⁾		1,995		2,230,530

			$	12,861,765


Water and Sewer — 2.2%
North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,275	$	1,440,266

			$	1,440,266


Total Tax-Exempt Municipal Securities — 153.5% (identified cost $91,878,562)			$	100,720,082


Taxable Municipal Securities — 1.5%


Security	Principal Amount (000’s omitted)		Value


Transportation — 1.5%
Port Authority of New York and New Jersey, 4.458%, 10/1/62	$	1,000	$	1,018,530


Total Taxable Municipal Securities — 1.5% (identified cost $989,127)			$	1,018,530


Total Investments — 155.0% (identified cost $92,867,689)			$	101,738,612


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (50.9)%			$	(33,425,808	)


Other Assets, Less Liabilities — (4.1)%			$	(2,689,116	)


Net Assets Applicable to Common Shares — 100.0%			$	65,623,688

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


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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 30.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.2% of total investments.

⁽¹⁾	When-issued security.

⁽²⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

⁽³⁾	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

⁽⁴⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $488,808.

⁽⁵⁾	Variable rate security. The stated interest rate represents the rate in effect at November 30, 2014.


		23		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Investments — 161.5%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 6.0%
New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,961,370
New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37⁽¹⁾		2,535		2,827,387

			$	4,788,757


Cogeneration — 1.3%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	1,070	$	1,070,064

			$	1,070,064


Education — 27.6%
Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31	$	310	$	342,070
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,664,434
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39		325		363,590
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		575,219
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,113,580
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		825,282
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		580,528
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,276,580
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		245,736
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,181,850
New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33		2,250		2,663,842
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,815,175
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		376,236
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		469,512
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,695		1,826,803
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		2,000		2,256,120
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		301,249


Security	Principal Amount (000’s omitted)		Value


Education (continued)
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40	$	735	$	792,602
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,374,098

			$	22,044,506


Electric Utilities — 6.7%
Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33	$	1,420	$	1,663,672
Suffolk County Industrial Development Agency, (KeySpan-Port Jefferson Energy Center, LLC), (AMT), 5.25%, 6/1/27		1,645		1,652,929
Utility Debt Securitization Authority, 5.00%, 12/15/33		1,735		2,041,974

			$	5,358,575


General Obligations — 7.3%
New York, 5.00%, 2/15/34⁽¹⁾	$	4,000	$	4,608,880
New York City, 6.25%, 10/15/28		1,000		1,191,100

			$	5,799,980


Health Care – Miscellaneous — 0.2%
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15	$	50	$	50,423
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15		85		85,719

			$	136,142


Hospital — 20.7%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	147,701
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,072,416
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		760		761,505
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25		2,490		2,556,284
Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37		1,000		1,080,510
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,141,170
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/32		1,000		1,108,660
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34		845		877,727
New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/36		750		783,682


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
New York Dormitory Authority, (NYU Hospital Center), Prerefunded to 7/1/17, 5.625%, 7/1/37	$	1,250	$	1,363,037
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		415		445,216
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37		835		888,515
Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19		840		842,108
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 4.50%, 7/1/32		395		384,584
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42		1,000		1,001,830
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32		650		683,157
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,250		1,375,700

			$	16,513,802


Housing — 13.5%
New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39	$	1,500	$	1,512,555
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40		2,620		2,682,749
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,061,660
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,716,324
New York Mortgage Agency, (AMT), 4.875%, 10/1/30		1,500		1,563,990
New York Mortgage Agency, (AMT), 4.90%, 10/1/37		1,215		1,263,308

			$	10,800,586


Industrial Development Revenue — 4.7%
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,130,340
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		980		1,174,559
Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42⁽²⁾		1,350		1,390,770
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		100		101,604

			$	3,797,273


Insured – Education — 6.9%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,473,413
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38⁽¹⁾		1,500		1,658,220


Security	Principal Amount (000’s omitted)		Value


Insured – Education (continued)
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33	$	5,365	$	2,373,744

			$	5,505,377


Insured – Electric Utilities — 2.0%
Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33	$	1,365	$	1,589,502

			$	1,589,502


Insured – General Obligations — 2.2%
Oyster Bay, (AGM), 4.00%, 8/1/28	$	1,680	$	1,771,342

			$	1,771,342


Insured – Other Revenue — 4.1%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,413,805
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		1,848,714

			$	3,262,519


Insured – Special Tax Revenue — 0.4%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	2,475	$	344,792

			$	344,792


Insured – Water and Sewer — 1.3%
Nassau County Industrial Development Agency, (New York Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35	$	1,000	$	1,012,800

			$	1,012,800


Other Revenue — 9.1%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,471,642
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		380		447,002
New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31		625		698,287
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,136,680
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44⁽²⁾		1,300		1,326,572
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,162,840

			$	7,243,023


		25		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Senior Living / Life Care — 6.7%
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29	$	1,450	$	1,451,319
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29		280		300,860
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42		120		127,100
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		1,000,821
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		234,329
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		231,316
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		1,830		1,972,429

			$	5,318,174


Special Tax Revenue — 21.0%
Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34	$	1,500	$	1,691,205
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾⁽³⁾		2,100		2,497,887
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,145,860
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		1,000		1,134,970
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		2,380		2,789,217
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		6,885,300
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		623,224

			$	16,767,663


Transportation — 13.4%
Metropolitan Transportation Authority, 5.00%, 11/15/37	$	790	$	858,651
Metropolitan Transportation Authority, 5.00%, 11/15/38		1,500		1,673,460
New York Thruway Authority, 5.00%, 1/1/37		700		780,535
New York Thruway Authority, 5.00%, 1/1/42		1,000		1,105,020
Port Authority of New York and New Jersey, 5.00%, 11/15/37⁽¹⁾		1,900		2,097,980
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,106,879
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		2,740		3,114,723

			$	10,737,248


Water and Sewer — 6.4%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	291,307


Security	Principal Amount (000’s omitted)		Value


Water and Sewer (continued)
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35	$	325	$	155,613
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾⁽³⁾		3,105		3,562,739
Saratoga County Water Authority, 5.00%, 9/1/48		1,000		1,107,870

			$	5,117,529


Total Tax-Exempt Investments — 161.5% (identified cost $116,134,230)			$	128,979,654


Miscellaneous — 1.0%


Security	Units		Value

Real Estate — 1.0%
CMS Liquidating Trust^(2)(4)(5)		257	$	783,850


Total Miscellaneous — 1.0% (identified cost $822,400)			$	783,850


Total Investments — 162.5% (identified cost $116,956,630)			$	129,763,504


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.2)%			$	(33,725,263	)


Other Assets, Less Liabilities — (20.3)%			$	(16,177,980	)


Net Assets Applicable to Common Shares — 100.0%			$	79,860,261

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


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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 10.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an


		26		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued

individual financial institution or financial guaranty assurance agency ranged from 1.4% to 2.5% of total investments.

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

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $3,501,192 or 4.4% of the Trust’s net assets applicable to common shares.

⁽³⁾	Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,415,626.

⁽⁴⁾	Non-income producing.

⁽⁵⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).


		27		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

Portfolio of Investments


Tax-Exempt Investments — 149.2%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 3.5%
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 12/1/28	$	250	$	290,055
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30		210		242,552
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		945		1,004,762

			$	1,537,369


Education — 19.6%
Miami University, 4.00%, 9/1/39	$	500	$	520,705
Miami University, 5.00%, 9/1/33		1,000		1,141,240
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		440		478,645
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		1,250		1,417,562
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33		500		572,750
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,127,380
Ohio State University, 5.00%, 12/1/28		480		605,813
Ohio State University, 5.00%, 12/1/30		955		1,206,862
University of Cincinnati, 5.00%, 6/1/34		500		565,180
Wright State University, 5.00%, 5/1/31		750		833,573

			$	8,469,710


Electric Utilities — 2.5%
American Municipal Power, Inc., (AMP Fremont Energy Center), 5.00%, 2/15/32	$	470	$	520,422
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		584,570

			$	1,104,992


Escrowed / Prerefunded — 2.9%
Central Ohio Solid Waste Authority, Prerefunded to 9/1/18, 5.125%, 9/1/27	$	65	$	75,172
Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32		750		847,590
Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37		180		197,129
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28		20		26,169
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30		70		92,916

			$	1,238,976


Security	Principal Amount (000’s omitted)		Value


General Obligations — 21.0%
Apollo Career Center Joint Vocational School District, 5.25%, 12/1/33	$	335	$	384,490
Barberton City School District, 4.50%, 12/1/33		900		937,170
Beavercreek City School District, 5.00%, 12/1/30		1,750		1,976,625
Central Ohio Solid Waste Authority, 5.125%, 9/1/27		1,025		1,154,785
Dayton City School District, 5.00%, 11/1/31		100		121,836
Huber Heights City School District, 4.75%, 12/1/25		595		677,021
Lakewood City School District, 5.00%, 11/1/39		400		449,592
Maple Heights City School District, 5.00%, 1/15/37		820		877,441
Oregon City School District, 4.00%, 12/1/30		1,250		1,312,487
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37		1,000		1,184,690

			$	9,076,137


Hospital — 21.9%
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32	$	1,075	$	1,203,312
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38		560		611,207
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31		500		545,490
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		800		875,224
Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34		250		287,040
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34		750		872,430
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		500		525,590
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		541,750
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		863,864
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		500		570,910
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		1,000		1,125,300
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		555		614,862
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		565		644,659
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		165		186,613

			$	9,468,251


		28		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Housing — 6.0%
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), (GNMA), 5.25%, 4/20/48	$	2,500	$	2,584,150

			$	2,584,150


Industrial Development Revenue — 1.3%
Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	552,569

			$	552,569


Insured – Education — 12.1%
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	842,640
Kent State University, (AGC), 5.00%, 5/1/26		1,000		1,132,660
Kent State University, (AGC), 5.00%, 5/1/29		465		522,716
Miami University, (AMBAC), 3.25%, 9/1/26		580		585,713
University of Akron, Series A, (AGM), 5.00%, 1/1/38		1,500		1,633,050
University of Akron, Series B, (AGM), 5.00%, 1/1/38		500		544,350

			$	5,261,129


Insured – Electric Utilities — 12.9%
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39	$	1,000	$	1,128,330
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27		710		443,956
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38		2,000		682,060
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		815		591,975
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		2,086,110
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		305		300,306
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		200		194,236
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		147,878

			$	5,574,851


Insured – General Obligations — 18.8%
Brooklyn City School District, (AGM), 5.00%, 12/1/38	$	555	$	616,289
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36		500		561,295
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30⁽¹⁾		2,455		1,426,576
Cincinnati School District, (NPFG), 5.25%, 12/1/30		1,000		1,267,520
Madeira City School District, (AGM), 3.50%, 12/1/27		1,500		1,507,785
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36		1,750		1,958,337
St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35		750		823,868

			$	8,161,670


Security	Principal Amount (000’s omitted)		Value


Insured – Hospital — 1.5%
Lorain County, (Catholic Healthcare Partners), (AGM), 15.466%, 2/1/29^(2)(3)(4)	$	485	$	631,839

			$	631,839


Insured – Special Tax Revenue — 0.2%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	540	$	75,227

			$	75,227


Insured – Transportation — 7.3%
Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30	$	600	$	665,412
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		1,000		1,233,260
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/26		1,000		1,276,570

			$	3,175,242


Insured – Water and Sewer — 1.5%
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28	$	665	$	668,724

			$	668,724


Lease Revenue / Certificates of Participation — 1.3%					&nb