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, 2015

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2015

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, 2015

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			69

Federal Tax Information			70

Dividend Reinvestment Plan			71

Management and Organization			73

Important Notices			76

Eaton Vance

Municipal Income Trusts

November 30, 2015

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As the fiscal year began on December 1, 2014, municipal bonds were at the tail end of a rally that continued into the first two months of the period ended November 30, 2015. U.S. 10-year Treasury and municipal rates hit their low for the period around the end of January 2015.

From February through June, municipal returns turned negative as a flood of new issuance, along with modest outflows from municipal mutual funds, put downward pressure on bond prices. Beginning in July 2015, however, municipal returns turned positive again and remained positive through the end of the fiscal year. For the period as a whole, municipal bond prices generally ended close to where they began, with total return derived primarily from interest income.

Going into the period, investors anticipated rising interest rates, driven by what was expected to be the Federal Reserve Board’s (the Fed’s) first rate hike since 2006. But strong worldwide demand for U.S. Treasuries, fueled by concern about declining growth in the Eurozone, Japan and China, pushed Treasury rates down in the early months of the period, with municipal rates following.

Beginning in February 2015, however, rates in the short end of the yield curve began to creep upward, as investors believed the Fed was getting closer to a rate hike. Then in August 2015, China surprised the markets by devaluing its currency. Commodity prices continued to fall, as they had for most of the period, and the Fed decided not to take action at its September meeting. Against this backdrop, many asset classes experienced dramatic volatility in the closing months of the period. But the municipal market, which had low exposure to emerging markets and commodities, remained stable, continuing its steady rally. Even in the last month of the period, as expectations increased for a Fed rate hike in December, the municipal market overall delivered positive returns.

For the one-year period as a whole, the municipal yield curve flattened. For AAA-rated⁷ issues, interest rates rose modestly in the one- to six-year part of the curve, while rates were unchanged or declined slightly across the seven- to 30-year part of the curve.

Fund Performance

For the fiscal year ended November 30, 2015, the California, Massachusetts, Michigan, New York, Ohio and Pennsylvania Funds’ shares at net asset value (NAV) outperformed the 4.44% return of the Barclays Long (22+) Year Municipal Bond Index (the Index),² while the New Jersey Fund at NAV underperformed the Index.

Each Fund’s overall strategy is to invest primarily in investment grade bonds of the Fund’s particular state. Management may hedge to various degrees against the greater potential risk of volatility caused by the use of leverage and by investing in bonds at the long end of the yield curve by using Treasury futures. 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.

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 positive performance by municipal bonds, the additional income derived from the use of leverage was the single largest contributor to performance versus the Index — which does not employ leverage — for all seven Funds.

In contrast, an overweight in bonds priced to a short call date detracted from performance versus the Index for all Funds. While these bonds generally had maturities of 10 years or longer, they were callable within the next 2–3 years. This increased the Funds’ exposure to the short end of the yield curve, where bond prices declined slightly during the period.

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 5.28%, outperforming the 4.44% return of the Index. As noted earlier, leverage was the most significant contributor to Fund performance versus the Index. An overweight and security selection in local general obligation bonds — those issued by cities and towns — and an overweight and security selection in the housing sector helped performance relative to the Index as well.

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, 2015

Management’s Discussion of Fund Performance — continued

An overweight in bonds priced to a short call date detracted from results versus the Index, as mentioned above. Additional detractors from results relative to the Index included an overweight in prerefunded, or escrowed, bonds; security selection and an underweight in the transportation sector, which was the best-performing sector in the Index during the period; and security selection in zero coupon bonds, which were the strongest-performing coupon structure in the Index during the one-year period.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 5.21%, outperforming the 4.44% return of the Index. Contributors to performance versus the Index included leverage and security selection in the hospitals and health care sector. An overweight in bonds priced to a short call date detracted from results relative to the Index, as did an underweight in the transportation sector and an overweight in prerefunded bonds.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 6.44%, outperforming the 4.44% return of the Index. Leverage, security selection in the electric power sector, and security selection in water and sewer bonds all helped performance relative to the Index during the period. In contrast, an overweight in bonds priced to a short call date, an underweight and security selection in the transportation sector, and an underweight in bonds rated BBB and below detracted from results versus the Index.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 4.08%, underperforming the 4.44% return of the Index. During the period, New Jersey was the worst-performing state in the Index, due to continuing investor concerns about the state’s finances. Detractors from the Fund’s performance relative to the Index included an overweight in bonds priced to a short call date, security selection in the transportation sector, and security selection in Puerto Rico bonds.

Leverage, an overweight and security selection in industrial development revenue (IDR) bonds, and an overweight in zero coupon bonds all contributed to Fund performance versus the Index.

Eaton Vance New York Municipal Income Trust shares at NAV returned 5.63%, outperforming the 4.44% return of the Index. Leverage aided performance relative to the Index, as did an overweight in zero coupon bonds and an overweight and security selection in IDR bonds. Detractors from performance versus the Index included an overweight in bonds priced to a short call date, an underweight and security selection in the transportation sector, and an underweight in the hospitals and health care sector.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 5.91%, outperforming the 4.44% return of the Index. Contributors to results versus the Index included leverage, an overweight in zero coupon bonds, and security selection in the electric power sector. Performance versus the Index was hurt by an overweight in bonds priced to a short call date, an underweight in bonds rated BBB and below, and an overweight in prerefunded bonds.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 6.02%, outperforming the 4.44% return of the Index. Leverage, an overweight in the education sector, and security selection in IDR bonds all contributed to the Fund’s performance versus the Index. Detractors from performance relative to the Index included an overweight in bonds priced to a short call date, security selection in zero coupon bonds, and security selection in the hospitals and health care sector.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

California Municipal Income Trust

November 30, 2015

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		5.28	%		9.19	%		5.28	%
Fund at Market Price		—		7.65			7.37			5.69
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–7.99	%


Distributions⁵
Total Distributions per share for the period									$	0.731
Distribution Rate at NAV										5.04	%
Taxable-Equivalent Distribution Rate at NAV										10.27	%
Distribution Rate at Market Price										5.47	%
Taxable-Equivalent Distribution Rate at Market Price										11.15	%


% Total Leverage⁶
Auction Preferred Shares (APS)										30.43	%
Residual Interest Bond (RIB) Financing										7.62

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

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		5.21	%		7.79	%		5.64	%
Fund at Market Price		—		10.75			5.84			5.15
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–7.46	%


Distributions⁵
Total Distributions per share for the period									$	0.686
Distribution Rate at NAV										4.53	%
Taxable-Equivalent Distribution Rate at NAV										8.44	%
Distribution Rate at Market Price										4.89	%
Taxable-Equivalent Distribution Rate at Market Price										9.11	%


% Total Leverage⁶
APS										31.60	%
RIB Financing										3.02

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

Performance^2,3

Portfolio Manager Cynthia J. Clemson


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		6.44	%		9.10	%		6.04	%
Fund at Market Price		—		7.19			7.27			5.47
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–13.67	%


Distributions⁵
Total Distributions per share for the period									$	0.709
Distribution Rate at NAV										4.81	%
Taxable-Equivalent Distribution Rate at NAV										8.88	%
Distribution Rate at Market Price										5.57	%
Taxable-Equivalent Distribution Rate at Market Price										10.28	%


% Total Leverage⁶
APS										37.09	%

Fund Profile

LOGO

*	Amount is less than 0.05%.

See Endnotes and Additional Disclosures in this report.


		6

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

Performance^2,3

Portfolio Manager Adam A. Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		4.08	%		7.20	%		5.27	%
Fund at Market Price		—		6.21			4.39			4.79
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–10.72	%


Distributions⁵
Total Distributions per share for the period									$	0.728
Distribution Rate at NAV										5.28	%
Taxable-Equivalent Distribution Rate at NAV										10.25	%
Distribution Rate at Market Price										5.91	%
Taxable-Equivalent Distribution Rate at Market Price										11.47	%


% Total Leverage⁶
APS										33.35	%
RIB Financing										3.35

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		7

Eaton Vance

New York Municipal Income Trust

November 30, 2015

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		5.63	%		8.85	%		5.60	%
Fund at Market Price		—		6.13			7.24			5.47
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–5.45	%


Distributions⁵
Total Distributions per share for the period									$	0.813
Distribution Rate at NAV										5.51	%
Taxable-Equivalent Distribution Rate at NAV										10.68	%
Distribution Rate at Market Price										5.83	%
Taxable-Equivalent Distribution Rate at Market Price										11.30	%


% Total Leverage⁶
APS										25.72	%
RIB Financing										13.64

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		8

Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

Performance^2,3

Portfolio Manager Cynthia J. Clemson


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		5.91	%		8.99	%		6.05	%
Fund at Market Price		—		6.11			6.33			5.49
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–9.93	%


Distributions⁵
Total Distributions per share for the period									$	0.731
Distribution Rate at NAV										4.81	%
Taxable-Equivalent Distribution Rate at NAV										8.95	%
Distribution Rate at Market Price										5.34	%
Taxable-Equivalent Distribution Rate at Market Price										9.93	%


% Total Leverage⁶
APS										33.60	%
RIB Financing										2.15

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		9

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

Performance^2,3

Portfolio Manager Adam A. Weigold, CFA


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		6.02	%		7.33	%		5.44	%
Fund at Market Price		—		6.08			4.94			4.10
Barclays Long (22+) Year Municipal Bond Index		—		4.44	%		6.70	%		5.19	%


% Premium/Discount to NAV⁴
										–13.32	%


Distributions⁵
Total Distributions per share for the period									$	0.727
Distribution Rate at NAV										5.23	%
Taxable-Equivalent Distribution Rate at NAV										9.53	%
Distribution Rate at Market Price										6.04	%
Taxable-Equivalent Distribution Rate at Market Price										11.01	%


% Total Leverage⁶
APS										36.48	%
RIB Financing										1.29

Fund Profile

LOGO

See Endnotes and Additional Disclosures in this report.


		10

Eaton Vance

Municipal Income Trusts

November 30, 2015

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 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 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. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for New York Municipal Income Trust.

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.

Important Notice to Shareholders

Effective July 31, 2015, the Michigan Municipal Income Trust and the Ohio Municipal Income Trust are managed by Cynthia J. Clemson.


		11

Eaton Vance

California Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Municipal Securities — 157.3%


Security	Principal Amount (000’s omitted)		Value


Education — 15.5%
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39	$	3,135	$	3,434,800
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31		195		229,743
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		386,060
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		833,700
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		1,911,008
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		286,799
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39		2,490		2,772,739
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		710,974
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		482,408
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		327,488
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		954,310
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		994,152
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		1,040,787
University of California, 5.25%, 5/15/39		1,045		1,174,507
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		205		234,415

			$	15,773,890


Electric Utilities — 13.6%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	308,351
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27		2,275		2,329,395
Colton Public Financing Authority, Electric System Revenue, 5.00%, 4/1/27		1,500		1,711,365
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,391,666
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,685,565
Sacramento Municipal Utility District, 5.00%, 8/15/27		1,335		1,570,320
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,795		2,111,405
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		772,643
Vernon, Electric System Revenue, 5.125%, 8/1/21		900		993,519

			$	13,874,229


Security	Principal Amount (000’s omitted)		Value


Escrowed / Prerefunded — 2.9%
California Department of Water Resources, Prerefunded to 6/1/18, 5.00%, 12/1/29	$	715	$	787,980
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38		1,475		1,705,307
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		400		441,300

			$	2,934,587


General Obligations — 25.9%
California, 5.00%, 10/1/31	$	1,885	$	2,212,406
California, 5.50%, 11/1/35		1,600		1,905,744
California, 6.00%, 4/1/38		750		874,343
Escondido, 5.00%, 9/1/36		1,000		1,160,640
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		4,176,313
San Bernardino Community College District, 4.00%, 8/1/30		2,890		3,113,281
San Dieguito Union High School District, (Election of 2012), 4.00%, 8/1/30		1,545		1,669,898
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35		860		996,654
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27		1,315		1,584,049
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28		2,230		2,668,641
Santa Clara County, (Election of 2008), 5.00%, 8/1/39⁽¹⁾⁽²⁾		3,180		3,570,122
Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35		2,150		2,471,145

			$	26,403,236


Hospital — 14.3%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,129,560
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		213,307
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		712,311
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,014,149
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27		2,000		2,297,780
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33		1,000		1,111,320
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,321,994
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		611,393
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34		600		617,454


		12		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31	$	1,900	$	1,934,466
Washington Township Health Care District, 5.00%, 7/1/32		2,780		2,872,630
Washington Township Health Care District, 5.25%, 7/1/29		700		700,994

			$	14,537,358


Insured – Education — 1.5%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	1,250	$	1,492,975

			$	1,492,975


Insured – Electric Utilities — 2.9%
Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31	$	2,790	$	2,998,162

			$	2,998,162


Insured – Escrowed / Prerefunded — 10.2%
Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/34	$	6,485	$	2,444,067
Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/35		4,825		1,719,582
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26		5,130		4,095,689
Riverside Community College District, (Election of 2004), (AGM), (NPFG), Prerefunded to 8/1/17, 5.00%, 8/1/32		2,005		2,150,362

			$	10,409,700


Insured – General Obligations — 4.6%
Cotati-Rohnert Park Unified School District, (BAM), 5.00%, 8/1/39	$	1,000	$	1,129,110
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25		4,720		3,543,351

			$	4,672,461


Insured – Hospital — 8.8%
California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37	$	2,900	$	2,939,556
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41⁽¹⁾		750		757,687
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38⁽¹⁾		5,000		5,213,000

			$	8,910,243


Insured – Lease Revenue / Certificates of Participation — 8.0%
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17	$	4,410	$	4,337,941


Security	Principal Amount (000’s omitted)		Value


Insured – Lease Revenue / Certificates of Participation (continued)
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38⁽¹⁾	$	3,500	$	3,804,535

			$	8,142,476


Insured – Special Tax Revenue — 3.5%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	4,850	$	721,777
Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28		370		429,563
Successor Agency to Santa Rosa Redevelopment Agency, (BAM), 5.00%, 8/1/28		2,000		2,374,740

			$	3,526,080


Insured – Transportation — 8.6%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	2,799,950
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		2,420,235
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41		740		729,714
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37		1,275		1,328,856
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47		1,350		1,427,706

			$	8,706,461


Lease Revenue / Certificates of Participation — 1.0%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,047,282

			$	1,047,282


Other Revenue — 0.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	409,166

			$	409,166


Senior Living / Life Care — 2.5%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	328,451
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26⁽³⁾		175		177,009
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36⁽³⁾		700		700,658
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41⁽³⁾		600		696,810


		13		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Senior Living / Life Care (continued)
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35	$	535	$	624,425

			$	2,527,353


Special Tax Revenue — 17.0%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	770	$	862,778
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		285		293,849
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		471,026
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,615,583
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22		240		279,547
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		553,445
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		273,931
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		379,987
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		270,492
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,740,584
Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/34		1,500		1,770,765
Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/36		1,250		1,463,300
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27		485		556,804
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		829,291
Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/28		1,600		1,898,800
Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/32		1,360		1,577,573
Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/36		800		916,296
Tustin Community Facilities District, 6.00%, 9/1/37		500		516,730

			$	17,270,781


Transportation — 14.2%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/16, 5.00%, 4/1/31	$	2,000	$	2,032,260
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29		1,000		1,139,100
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾⁽²⁾		2,120		2,408,362


Security	Principal Amount (000’s omitted)		Value


Transportation (continued)
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41	$	1,500	$	1,688,835
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,633,005
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		3,090,759
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		2,265		2,476,483

			$	14,468,804


Water and Sewer — 1.9%
California Department of Water Resources, 5.00%, 12/1/29	$	25	$	27,561
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,900,413

			$	1,927,974


Total Tax-Exempt Municipal Securities — 157.3% (identified cost $146,898,843)			$	160,033,218


Taxable Municipal Securities — 1.8%


Security	Principal Amount (000’s omitted)		Value

Hospital — 1.8%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	1,750	$	1,872,343


Total Taxable Municipal Securities — 1.8% (identified cost $1,750,000)			$	1,872,343


		14		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2015

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	$	737,605


Total Corporate Bonds & Notes — 0.7% (identified cost $720,000)			$	737,605


Total Investments — 159.8% (identified cost $149,368,843)			$	162,643,166


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.1)%			$	(49,975,548	)


Other Assets, Less Liabilities — (10.7)%			$	(10,935,521	)


Net Assets Applicable to Common Shares — 100.0%			$	101,732,097

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

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, 2015, 30.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 15.3% 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 $2,003,485.

⁽³⁾

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, 2015, the aggregate value of these securities is $1,574,477 or 1.5% of the Trust’s net assets applicable to common shares.


Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Depreciation

Interest Rate Futures
U.S. 10-Year Treasury Note		38	Short	Mar-16	$	(4,798,319	)	$	(4,804,625	)	$	(6,306	)
U.S. Long Treasury Bond		29	Short	Mar-16		(4,453,711	)		(4,466,000	)		(12,289	)

											$	(18,595	)

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.
BAM	–	Build America Mutual Assurance Co.
BHAC	–	Berkshire Hathaway Assurance Corp.
CIFG	–	CIFG Assurance North America, Inc.
NPFG	–	National Public Finance Guaranty Corp.


		15		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Municipal Securities — 149.3%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 6.0%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,187,714
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,299,909

			$	2,487,623


Education — 24.3%
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/34	$	1,665	$	1,845,553
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,225,800
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770		873,973
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		1,500		1,601,340
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,184,103
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,522,300
University of Massachusetts Building Authority, 5.00%, 11/1/39		750		843,083

			$	10,096,152


Escrowed / Prerefunded — 9.4%
Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34	$	40	$	44,432
Massachusetts Development Finance Agency, (New England Conservatory of Music), Prerefunded to 7/1/18, 5.25%, 7/1/38		625		693,575
Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/17, 5.00%, 7/1/32		1,055		1,128,597
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/17, 5.00%, 7/1/38		415		443,539
Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18, 5.375%, 8/15/38		1,420		1,589,733

			$	3,899,876


General Obligations — 12.4%
Boston, 4.00%, 4/1/24	$	300	$	332,946
Danvers, 5.25%, 7/1/36		885		1,046,309
Lexington, 4.00%, 2/1/23		355		411,111
Newton, 5.00%, 4/1/36		750		840,113
Plymouth, 5.00%, 5/1/31		345		399,058
Plymouth, 5.00%, 5/1/32		315		364,357
Wayland, 5.00%, 2/1/33		510		590,677
Wayland, 5.00%, 2/1/36		770		889,481
Winchester, 5.00%, 4/15/36		245		283,281

			$	5,157,333


Security	Principal Amount (000’s omitted)		Value


Hospital — 28.0%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31	$	1,000	$	1,098,160
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/25		600		710,304
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33		180		201,744
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		525		610,822
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		1,250		1,402,600
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		600		724,308
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		555		614,568
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,358,201
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		561,440
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,234,801
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,041,111
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), 5.00%, 7/1/32		945		1,000,944
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29		675		677,774
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		381,083

			$	11,617,860


Housing — 5.1%
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48	$	2,100	$	2,104,074

			$	2,104,074


Industrial Development Revenue — 2.0%
Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27⁽¹⁾	$	800	$	806,384

			$	806,384


Insured – Education — 7.3%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,274,790
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽²⁾⁽³⁾		1,365		1,753,083

			$	3,027,873


		16		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Electric Utilities — 1.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	550	$	527,538

			$	527,538


Insured – General Obligations — 3.1%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,300,430

			$	1,300,430


Insured – Hospital — 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25	$	335	$	379,381

			$	379,381


Insured – Other Revenue — 1.8%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	732,568

			$	732,568


Insured – Special Tax Revenue — 12.9%
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25	$	900	$	1,093,068
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28		1,195		1,402,595
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29		1,000		1,273,890
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37⁽²⁾		1,340		1,422,960
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,105		164,446

			$	5,356,959


Insured – Student Loan — 2.1%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	235	$	247,201
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33		615		620,289

			$	867,490


Insured – Transportation — 0.8%
Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	329,326

			$	329,326


Other Revenue — 2.7%
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22	$	500	$	558,720


Security	Principal Amount (000’s omitted)		Value


Other Revenue (continued)
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25	$	505	$	563,408

			$	1,122,128


Senior Living / Life Care — 1.8%
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30	$	125	$	140,095
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27⁽¹⁾		140		140,781
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41⁽¹⁾		475		469,780

			$	750,656


Special Tax Revenue — 8.5%
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34	$	100	$	110,161
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31		1,665		824,525
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34		5,195		2,223,148
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		335		377,605

			$	3,535,439


Transportation — 10.7%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,673,820
Massachusetts Port Authority, 5.00%, 7/1/28		500		570,600
Massachusetts Port Authority, 5.00%, 7/1/34		670		757,817
Massachusetts Port Authority, 5.00%, 7/1/45		1,250		1,438,913

			$	4,441,150


Water and Sewer — 8.2%
Boston Water and Sewer Commission, 5.00%, 11/1/29	$	495	$	560,498
Boston Water and Sewer Commission, 5.00%, 11/1/31		225		254,039
Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/26		1,005		1,155,006
Massachusetts Water Resources Authority, 5.00%, 8/1/28		1,195		1,407,316

			$	3,376,859


Total Tax-Exempt Municipal Securities — 149.3% (identified cost $56,558,490)			$	61,917,099


		17		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Taxable Municipal Securities — 1.8%


Security	Principal Amount (000’s omitted)		Value


Student Loan — 1.8%
Massachusetts Educational Financing Authority, 4.70%, 1/1/30	$	750	$	742,050


Total Taxable Municipal Securities — 1.8% (identified cost $734,987)			$	742,050


Total Investments — 151.1% (identified cost $57,293,477)			$	62,659,149


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.3)%			$	(20,050,593	)


Other Assets, Less Liabilities — (2.8)%			$	(1,130,391	)


Net Assets Applicable to Common Shares — 100.0%			$	41,478,165

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

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, 2015, 20.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 9.3% of total investments.

⁽¹⁾

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, 2015, the aggregate value of these securities is $1,416,945 or 3.4% of the Trust’s net assets applicable to common shares.

⁽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 pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $843,083.


Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Depreciation

Interest Rate Futures
U.S. Long Treasury Bond		23	Short	Mar-16	$	(3,532,254	)	$	(3,542,000	)	$	(9,746	)

											$	(9,746	)

Abbreviations:


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.


		18		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Investments — 154.1%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 2.3%
Michigan Municipal Bond Authority, 5.00%, 10/1/29	$	600	$	672,858

			$	672,858


Education — 7.0%
Michigan State University, 5.00%, 2/15/40	$	1,000	$	1,115,620
Oakland University, 5.00%, 3/1/42		500		552,400
Wayne State University, 5.00%, 11/15/40		370		413,704

			$	2,081,724


Electric Utilities — 9.2%
Holland, Electric Utility System, 5.00%, 7/1/39	$	1,135	$	1,295,319
Lansing Board of Water and Light, 5.50%, 7/1/41		500		589,590
Michigan Public Power Agency, 5.00%, 1/1/43		800		853,488

			$	2,738,397


Escrowed / Prerefunded — 5.7%
Grand Valley State University, Prerefunded to 12/1/16, 5.625%, 12/1/29	$	525	$	552,352
Grand Valley State University, Prerefunded to 12/1/16, 5.75%, 12/1/34		525		553,009
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39		500		586,605

			$	1,691,966


General Obligations — 28.0%
Ann Arbor Public Schools, 4.50%, 5/1/24	$	350	$	373,027
Comstock Park Public Schools, 5.125%, 5/1/31		275		305,767
Comstock Park Public Schools, 5.25%, 5/1/33		220		244,235
East Grand Rapids Public Schools, 5.00%, 5/1/39		435		484,229
Jenison Public Schools, 5.00%, 5/1/28		500		556,630
Jenison Public Schools, 5.00%, 5/1/30		500		553,355
Kent County, 5.00%, 1/1/25		1,500		1,654,860
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,143,580
Lansing Community College, 5.00%, 5/1/30		1,005		1,163,056
Michigan, 5.50%, 11/1/25		270		303,944
Walled Lake Consolidated School District, 5.00%, 5/1/34		365		415,009
Watervliet Public Schools, 5.00%, 5/1/38		1,000		1,114,720

			$	8,312,412


Security	Principal Amount (000’s omitted)		Value


Hospital — 24.4%
Grand Traverse County Hospital Finance Authority, (Munson Healthcare), 5.00%, 7/1/47	$	1,000	$	1,084,510
Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35		250		276,540
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		552,350
Michigan Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		990		1,124,363
Michigan Finance Authority, (Trinity Health Corp.), Prerefunded to 12/1/20, 5.00%, 12/1/27		10		11,779
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38		250		258,195
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46		1,000		1,037,250
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26		425		430,517
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39		1,250		1,371,575
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,100,830

			$	7,247,909


Housing — 0.5%
Michigan Housing Development Authority, 4.60%, 12/1/26	$	135	$	139,874

			$	139,874


Industrial Development Revenue — 2.5%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	745,207

			$	745,207


Insured – Education — 5.0%
Ferris State University, (AGC), 5.125%, 10/1/33	$	570	$	621,539
Ferris State University, (AGC), 5.25%, 10/1/38		500		546,930
Wayne State University, (AGM), 5.00%, 11/15/35		300		327,591

			$	1,496,060


Insured – Electric Utilities — 3.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	630	$	604,271
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		250		236,100
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		144,621

			$	984,992


		19		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Escrowed / Prerefunded — 3.0%
Michigan Building Authority, (AGM), (FGIC), Prerefunded to 10/15/16, 0.00%, 10/15/29	$	555	$	290,559
Michigan Building Authority, (NPFG), Prerefunded to 10/15/16, 0.00%, 10/15/30		1,190		592,584

			$	883,143


Insured – General Obligations — 28.4%
Battle Creek School District, (AGM), 5.00%, 5/1/37	$	1,105	$	1,159,278
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38		500		553,270
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		150		157,265
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		240		252,038
Detroit School District, (AGM), 5.25%, 5/1/32		300		354,789
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,152,240
Livonia Public Schools, (AGM), 5.00%, 5/1/43		910		1,009,154
South Haven Public Schools, (AGM), 5.00%, 5/1/40		500		562,720
South Haven Public Schools, (BAM), 5.00%, 5/1/41		1,200		1,333,944
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38		1,250		1,345,412
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34		500		546,345

			$	8,426,455


Insured – Lease Revenue / Certificates of Participation — 3.5%
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29	$	445	$	230,394
Michigan Building Authority, (NPFG), 0.00%, 10/15/30		1,610		791,959

			$	1,022,353


Insured – Special Tax Revenue — 0.5%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	895	$	133,194

			$	133,194


Insured – Transportation — 3.7%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,100,670

			$	1,100,670


Insured – Water and Sewer — 7.2%
Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36	$	560	$	566,345
Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39		1,000		1,097,350
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28		475		475,266

			$	2,138,961


Security	Principal Amount (000’s omitted)		Value


Lease Revenue / Certificates of Participation — 3.5%
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30	$	1,000	$	1,050,910

			$	1,050,910


Special Tax Revenue — 5.2%
Guam, Limited Obligation Bonds, 5.625%, 12/1/29	$	115	$	127,313
Guam, Limited Obligation Bonds, 5.75%, 12/1/34		125		138,721
Michigan Trunk Line Fund, 5.00%, 11/15/36		1,000		1,145,250
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		110		123,990

			$	1,535,274


Water and Sewer — 11.2%
Detroit, Water Supply System, 5.25%, 7/1/41	$	750	$	808,155
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		735		927,386
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,250		1,309,175
Port Huron, Water Supply System, 5.25%, 10/1/31		250		273,593

			$	3,318,309


Total Tax-Exempt Investments — 154.1% (identified cost $42,478,350)			$	45,720,668


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.0)%			$	(17,500,257	)


Other Assets, Less Liabilities — 4.9%			$	1,456,866


Net Assets Applicable to Common Shares — 100.0%			$	29,677,277

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

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, 2015, 35.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.4% to 15.0% of total investments.

Abbreviations:


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.


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Municipal Securities — 154.2%


Security	Principal Amount (000’s omitted)		Value


Education — 22.3%
Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32	$	1,270	$	1,434,097
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,730		1,944,468
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33		620		700,705
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34		380		428,553
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37		640		699,558
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40		1,230		1,358,018
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27		1,650		1,722,930
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32		965		1,171,317
New Jersey Institute of Technology, 5.00%, 7/1/42		1,295		1,430,781
Rutgers State University, 5.00%, 5/1/33		1,000		1,145,000
Rutgers State University, 5.00%, 5/1/39		1,900		2,109,456

			$	14,144,883


Escrowed / Prerefunded — 3.0%
New Jersey Economic Development Authority, (Seabrook Village), Prerefunded to 11/15/16, 5.25%, 11/15/36	$	815	$	851,659
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39		915		1,062,617

			$	1,914,276


General Obligations — 6.6%
Monmouth County Improvement Authority, 5.00%, 1/15/28	$	1,850	$	2,125,613
Monmouth County Improvement Authority, 5.00%, 1/15/30		1,795		2,040,089

			$	4,165,702


Hospital — 18.2%
Camden County Improvement Authority (Cooper Health System), 5.75%, 2/15/42	$	650	$	736,450
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		2,290		2,475,238
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37		2,090		2,182,357
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44		750		763,215


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26	$	265	$	307,617
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31		250		275,160
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31		1,000		1,103,470
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46		2,380		2,412,368
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16, 5.00%, 7/1/46		60		61,587
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,212,622

			$	11,530,084


Housing — 1.4%
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	415	$	419,233
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		480		486,432

			$	905,665


Industrial Development Revenue — 7.7%
Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45⁽¹⁾	$	1,085	$	1,117,800
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		50		54,782
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		135		147,473
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		750		825,697
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		245,544
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,528,500

			$	4,919,796


Insured – Electric Utilities — 1.8%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	135	$	129,487
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		490		457,190
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		595		552,683

			$	1,139,360


Insured – Escrowed / Prerefunded — 4.0%
Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31	$	1,240	$	1,409,992


		21		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Insured – Escrowed / Prerefunded (continued)
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34	$	970	$	1,100,028

			$	2,510,020


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	$	3,553,487

			$	3,553,487


Insured – General Obligations — 4.9%
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39	$	1,015	$	1,118,358
Irvington Township, (AGM), 5.00%, 7/15/31		1,000		1,130,670
Paterson, (BAM), 5.00%, 1/15/26		750		831,285

			$	3,080,313


Insured – Hospital — 3.9%
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38	$	375	$	396,398
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38⁽²⁾		500		528,530
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38		1,380		1,547,849

			$	2,472,777


Insured – Industrial Development Revenue — 3.3%
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25	$	1,940	$	2,071,319

			$	2,071,319


Insured – Lease Revenue / Certificates of Participation — 3.8%
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34	$	530	$	581,765
New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33		640		693,619
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28		1,000		1,143,950

			$	2,419,334


Insured – Special Tax Revenue — 13.6%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	4,071,165
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		2,919,958


Security	Principal Amount (000’s omitted)		Value


Insured – Special Tax Revenue (continued)
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27	$	2,020	$	1,311,202
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,020		300,617

			$	8,602,942


Insured – Student Loan — 2.9%
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30	$	1,700	$	1,830,577

			$	1,830,577


Insured – Transportation — 6.6%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	850	$	941,621
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39		1,500		1,634,475
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		2,400		1,289,040
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33		315		352,501

			$	4,217,637


Lease Revenue / Certificates of Participation — 5.3%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	1,100	$	1,138,720
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		400		456,920
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,700		1,777,231

			$	3,372,871


Other Revenue — 4.0%
New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48	$	2,040	$	2,265,338
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32		250		282,650

			$	2,547,988


Senior Living / Life Care — 3.5%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	484,344
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		799,291
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38		700		712,817
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		215		233,006

			$	2,229,458


		22		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Special Tax Revenue — 2.4%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	102,841
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		178,385
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40		750		461,707
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37		500		214,215
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		500		563,590

			$	1,520,738


Student Loan — 4.3%
New Jersey Higher Education Student Assistance Authority, (AMT), 1.274%, 6/1/36^(2)(3)(4)	$	1,975	$	1,962,743
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		740		752,787

			$	2,715,530


Transportation — 22.8%
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,179,303
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,201,554
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,850		1,980,980
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		270,970
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		581,712
New Jersey Turnpike Authority, 5.25%, 1/1/40		3,600		3,947,256
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34		2,400		2,737,032
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽²⁾		1,995		2,172,675
South Jersey Transportation Authority, 5.00%, 11/1/39		400		425,116

			$	14,496,598


Water and Sewer — 2.3%
North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,275	$	1,440,699

			$	1,440,699


Total Tax-Exempt Municipal Securities — 154.2% (identified cost $90,648,882)			$	97,802,054


Taxable Municipal Securities — 1.6%


Security	Principal Amount (000’s omitted)		Value


General Obligations — 1.6%
Atlantic City, 7.50%, 3/1/40	$	1,000	$	1,025,370


Total Taxable Municipal Securities — 1.6% (identified cost $972,662)			$	1,025,370


Total Investments — 155.8% (identified cost $91,621,544)			$	98,827,424


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.7)%			$	(33,425,367	)


Other Assets, Less Liabilities — (3.1)%			$	(1,957,232	)


Net Assets Applicable to Common Shares — 100.0%			$	63,444,825

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

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, 2015, 32.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.0% of total investments.

⁽¹⁾

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, 2015, the aggregate value of these securities is $1,117,800 or 1.8% of the Trust’s net assets applicable to common shares.

⁽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 pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $382,743.

⁽⁴⁾	Variable rate security. The stated interest rate represents the rate in effect at November 30, 2015.


		23		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Futures Contracts
Description	Contracts	Position	Expiration Month/Year	Aggregate Cost	Value			Net Unrealized Depreciation

Interest Rate Futures
U.S. Long Treasury Bond	30	Short	Mar-16	$(4,607,287)	$	(4,620,000	)	$	(12,713	)

								$	(12,713	)

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.
BAM	–	Build America Mutual Assurance Co.
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Investments — 160.0%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 5.9%
New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,959,952
New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37⁽¹⁾		2,535		2,773,493

			$	4,733,445


Cogeneration — 1.2%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	990	$	990,158

			$	990,158


Education — 27.5%
Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31	$	310	$	341,732
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,644,304
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39		325		358,657
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		569,762
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,100,380
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		843,153
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		576,198
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,256,600
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		250,595
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,184,980
New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33		2,250		2,533,702
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,796,500
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		372,037
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		468,496
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,695		1,840,923
New York Dormitory Authority, (The New School), 5.50%, 7/1/40		2,000		2,274,240
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		300,121


Security	Principal Amount (000’s omitted)		Value


Education (continued)
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40	$	735	$	789,353
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,371,652

			$	21,873,385


Electric Utilities — 4.7%
Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33	$	1,420	$	1,663,246
Utility Debt Securitization Authority, 5.00%, 12/15/33		1,735		2,042,286

			$	3,705,532


Escrowed / Prerefunded — 5.2%
New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28	$	955	$	1,098,298
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 11/1/16, 5.00%, 11/1/34		845		881,014
New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.00%, 7/1/36		750		798,862
New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37		1,250		1,343,725

			$	4,121,899


General Obligations — 5.9%
New York, 5.00%, 2/15/34⁽¹⁾	$	4,000	$	4,624,120
New York City, 6.25%, 10/15/28		45		51,607

			$	4,675,727


Hospital — 14.3%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	149,168
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,081,066
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18		645		646,361
Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37		1,000		1,084,770
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,135,060
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/32		1,000		1,100,640
New York Dormitory Authority, (NYU Hospitals Center), 5.00%, 7/1/36		525		586,047
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29		415		453,159


		25		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37	$	835	$	910,367
Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19		710		711,754
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 4.50%, 7/1/32		395		400,155
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42		1,000		1,036,840
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32		650		688,369
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,250		1,384,450

			$	11,368,206


Housing — 11.5%
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40	$	2,620	$	2,660,531
New York Housing Finance Agency, 3.80%, 11/1/35		650		662,318
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,043,440
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,692,174
New York Mortgage Agency, (AMT), 4.875%, 10/1/30		1,500		1,546,095
New York Mortgage Agency, (AMT), 4.90%, 10/1/37		535		550,900

			$	9,155,458


Industrial Development Revenue — 6.0%
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,108,180
New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44⁽²⁾		1,000		1,000,700
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		980		1,170,571
Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42⁽²⁾		1,350		1,360,071
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15		100		101,514

			$	4,741,036


Insured – Education — 7.0%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,487,762
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38⁽¹⁾		1,500		1,631,280
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33		5,365		2,467,471

			$	5,586,513


Security	Principal Amount (000’s omitted)		Value


Insured – Electric Utilities — 2.0%
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	1,365	$	1,580,615

			$	1,580,615


Insured – General Obligations — 2.3%
Oyster Bay, (AGM), 4.00%, 8/1/28	$	1,680	$	1,808,268

			$	1,808,268


Insured – Other Revenue — 4.5%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,554,572
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		2,012,093

			$	3,566,665


Insured – Special Tax Revenue — 0.5%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	2,475	$	368,330

			$	368,330


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	$	1,002,980

			$	1,002,980


Other Revenue — 9.2%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,561,373
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40		380		431,756
New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31		625		686,100
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,110,780
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44⁽²⁾		1,300		1,333,384
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,180,960

			$	7,304,353


Senior Living / Life Care — 7.1%
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29	$	830	$	906,526
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		855		927,299


		26		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Senior Living / Life Care (continued)
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29	$	280	$	297,477
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42		120		126,034
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		990,839
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		234,294
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		232,804
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		1,830		1,963,480

			$	5,678,753


Special Tax Revenue — 21.0%
Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34	$	1,500	$	1,696,635
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾⁽³⁾		2,100		2,475,186
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33		1,000		1,161,570
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38		1,000		1,119,970
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		2,380		2,732,383
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		6,925,020
Virgin Islands Public Finance Authority, 6.75%, 10/1/37		545		614,313

			$	16,725,077


Transportation — 16.8%
Metropolitan Transportation Authority, 5.00%, 11/15/37	$	790	$	840,197
Metropolitan Transportation Authority, 5.00%, 11/15/38		1,500		1,689,525
New York Thruway Authority, 5.00%, 1/1/37		700		789,159
New York Thruway Authority, 5.00%, 1/1/42		1,000		1,119,030
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		1,665		1,895,802
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,078,169
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38		2,500		2,910,100
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		2,740		3,056,169

			$	13,378,151


Water and Sewer — 6.1%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	318,146


Security	Principal Amount (000’s omitted)		Value


Water and Sewer (continued)
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾⁽³⁾	$	3,105	$	3,459,343
Saratoga County Water Authority, 5.00%, 9/1/48		1,000		1,091,270

			$	4,868,759


Total Tax-Exempt Investments — 160.0% (identified cost $114,937,765)			$	127,233,310


Miscellaneous — 0.9%


Security	Units		Value


Real Estate — 0.9%
CMS Liquidating Trust^(2)(4)(5)		257	$	698,276


Total Miscellaneous — 0.9% (identified cost $822,400)			$	698,276


Total Investments — 160.9% (identified cost $115,760,165)			$	127,931,586


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.4)%			$	(33,725,493	)


Other Assets, Less Liabilities — (18.5)%			$	(14,688,556	)


Net Assets Applicable to Common Shares — 100.0%			$	79,517,537

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

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, 2015, 10.9% 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 1.4% to 2.8% 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, 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, 2015, the aggregate value of these securities is $4,392,431 or 5.5% 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 $2,289,529.


		27		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued

⁽⁴⁾	Non-income producing.

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


Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Depreciation

Interest Rate Futures
U.S. Long Treasury Bond		29	Short	Mar-16	$	(4,453,711	)	$	(4,466,000	)	$	(12,289	)

											$	(12,289	)

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.
BHAC	–	Berkshire Hathaway Assurance Corp.
FNMA	–	Federal National Mortgage Association
MFMR	–	Multi-Family Mortgage Revenue
NPFG	–	National Public Finance Guaranty Corp.


		28		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

Portfolio of Investments


Tax-Exempt Investments — 150.2%


Security	Principal Amount (000’s omitted)		Value


Bond Bank — 3.4%
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 12/1/28	$	250	$	283,975
Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30		210		239,196
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32		875		940,083

			$	1,463,254


Education — 18.3%
Miami University, 4.00%, 9/1/39	$	500	$	522,525
Miami University, 5.00%, 9/1/33		1,000		1,160,680
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		440		485,382
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		1,250		1,411,075
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33		500		568,975
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,105,230
Ohio State University, 5.00%, 12/1/28		480		607,973
Ohio State University, 5.00%, 12/1/30		545		693,365
University of Cincinnati, 5.00%, 6/1/34		500		566,375
Wright State University, 5.00%, 5/1/31		750		825,675

			$	7,947,255


Electric Utilities — 2.6%
American Municipal Power, Inc., (AMP Fremont Energy Center), 5.00%, 2/15/32	$	470	$	530,531
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		581,405

			$	1,111,936


Escrowed / Prerefunded — 10.2%
Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30	$	1,750	$	1,988,192
Central Ohio Solid Waste Authority, Prerefunded to 9/1/18, 5.125%, 9/1/27		65		72,352
Franklin County Convention Facilities Authority, Prerefunded to 12/1/17, 5.00%, 12/1/27		445		482,865
Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32		750		813,083
Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37		180		189,002
Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37		195		204,752


Security	Principal Amount (000’s omitted)		Value


Escrowed / Prerefunded (continued)
Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37	$	625	$	656,256
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28		20		26,116

			$	4,432,618


General Obligations — 14.3%
Apollo Career Center Joint Vocational School District, 5.25%, 12/1/33	$	335	$	380,061
Barberton City School District, 4.50%, 12/1/33		900		954,117
Central Ohio Solid Waste Authority, 5.125%, 9/1/27		1,025		1,122,027
Dayton City School District, 5.00%, 11/1/31		100		123,587
Huber Heights City School District, 4.75%, 12/1/25		595		679,645
Lakewood City School District, 5.00%, 11/1/39		400		449,376
Oregon City School District, 4.00%, 12/1/30		1,250		1,321,937
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37		1,000		1,165,390

			$	6,196,140


Hospital — 22.9%
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32	$	1,075	$	1,191,379
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38		560		608,014
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31		500		552,085
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34		800		883,032
Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34		250		285,500
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34		750		879,232
Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45		315		317,574
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26		500		508,600
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		544,215
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		868,176
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		500		560,205
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39		1,000		1,128,580
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		555		606,482


		29		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value


Hospital (continued)
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27	$	565	$	643,699
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		165		185,741
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43		90		91,567
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43		80		85,502

			$	9,939,583


Housing — 5.9%
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), (GNMA), 5.25%, 4/20/48	$	2,500	$	2,581,125

			$	2,581,125


Industrial Development Revenue — 1.3%
Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	556,693

			$	556,693


Insured – Education — 11.5%
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	844,470
Kent State University, (AGC), 5.00%, 5/1/26		1,000		1,104,490
Kent State University, (AGC), 5.00%, 5/1/29		465		514,783
Miami University, (AMBAC), 3.25%, 9/1/26		580		586,438
University of Akron, Series A, (AGM), 5.00%, 1/1/38		1,500		1,602,285
University of Akron, Series B, (AGM), 5.00%, 1/1/38		320		341,821

			$	4,994,287	&nb