Edgar Filing: EATON VANCE MICHIGAN MUNICIPAL INCOME TRUST

Eaton Vance Michigan 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: 811-09153

Eaton Vance Michigan 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, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2017

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, 2017

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			70

Federal Tax Information			71

Dividend Reinvestment Plan			72

Management and Organization			74

Important Notices			77

Eaton Vance

Municipal Income Trusts

November 30, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The fiscal year that began on December 1, 2016 was characterized by a significant flattening of the municipal bond yield curve and a rally in longer-term bonds that lasted for most of the period.

As the period opened, the municipal market was just recovering from one of its largest declines in at least two decades. In the wake of Donald Trump’s surprise win in the November 2016 presidential election, rates had risen, the yield curve had steepened and bond prices had fallen as markets anticipated that decreasing regulation and lower tax rates under a Trump administration could lead to higher economic growth and inflation.

In December 2016, however, longer-term interest rates began to reverse direction — despite a Federal Reserve Board (the Fed) rate hike that month and two subsequent hikes in 2017 that put upward pressure on short-term rates. Mixed U.S. economic data, including anemic inflation, along with loss of confidence that the Trump administration could accomplish health care or tax reform, put downward pressure on long-term rates that would increase as the period wore on. As a result, municipal bonds rallied modestly in December 2016 and continued to stabilize during January and February 2017. From March through July 2017, long-term rates drifted downward and the yield curve flattened. In August and early September 2017, increasing geopolitical tension between the U.S. and North Korea led to a “flight to quality” that drove investors toward the perceived safety of U.S. Treasurys. Consequently, long-term rates declined further as Treasury prices rallied, and through October 2017, the municipal market rallied along with Treasurys. With the Fed pushing up on the short end of the yield curve and the market pushing down on the long end, the Treasury and municipal bond yield curves flattened dramatically.

In the final month of the period ended November 30, 2017, however, the municipal market experienced considerable volatility after the GOP-controlled House and Senate released their tax plan proposals. As it became apparent that various elements of the plans could reduce the amount of new municipal debt, issuers rushed to bring new bonds to market before a tax bill was enacted. Municipal prices fluctuated throughout November 2017 on uncertainty over which features of the tax plans would actually become law.

For the 12-month period ended November 30, 2017, the Bloomberg Barclays Municipal Bond Index (the Index)^,2 a broad measure of the asset class, returned 5.58%. For the period as a whole, rates rose for municipal bonds with maturities of four years or less and declined for longer-term issues. The largest rate declines (and greatest price appreciation) occurred at the long end of the curve, causing the curve to flatten. As investors appeared to have a strong appetite for risk during the period, lower-rated⁷ bonds generally outperformed higher-rated issues. Across the curve, municipal bonds outperformed comparable U.S. Treasurys.

Fund Performance

For the fiscal year ended November 30, 2017, the Massachusetts and New York Trusts’ (the Funds) shares at net asset value (NAV) outperformed the 5.58% return of the Index, while the California, Michigan, New Jersey, Ohio and Pennsylvania Funds 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 U.S. Treasury futures. As a risk management tactic within each Fund’s overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. During this period of positive performance by municipal bonds, the Funds’ Treasury futures hedge mitigated some of the upside, and thus detracted from performance relative to the unhedged Index, for all Funds except the Michigan and Ohio Funds, which did not use a hedging strategy during the period. As of period end, the California, Massachusetts and New York Funds did not have a hedging strategy in place.

In managing the Funds, management employs leverage through Residual Interest Bond (RIB) Financing and/or Auction Preferred Shares (APS) and Institutional MuniFund Term Preferred (iMTP) Shares⁶ 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 use of leverage contributed to Fund performance versus the Index — which does not employ leverage — for all seven Funds.

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 include 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 or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.


		2

Eaton Vance

Municipal Income Trusts

November 30, 2017

Management’s Discussion of Fund Performance — continued

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 5.33%, underperforming the 5.58% return of the Index. Detractors from Fund performance versus the Index included the Fund’s hedging strategy, as noted earlier, an overweight, relative to the Index, in prerefunded, or escrowed, bonds, and security selection in the electric utilities sector. In contrast, performance relative to the Index was helped by leverage, an overweight in zero-coupon bonds, which were the best-performing coupon structure in the Index during the period, and security selection in general obligation bonds.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 6.28%, outperforming the 5.58% return of the Index. Leverage, an overweight and security selection in the education sector, and an overweight in BBB-rated bonds contributed to performance relative to the Index. The Fund’s hedging strategy, an overweight in prerefunded bonds, and security selection in zero-coupon bonds all detracted from performance versus the Index.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 5.51%, underperforming the 5.58% return of the Index. Detractors from performance relative to the Index included an overweight and security selection in insured Puerto Rico bonds, as well as an overweight in prerefunded bonds and an underweight in BBB-rated issues. In contrast, performance versus the Index was aided by leverage, security selection in general obligation bonds, and an overweight in the health care sector, which was the best-performing sector in the Index during the period.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 5.52%, underperforming the 5.58% return of the Index. Security selection in insured and uninsured Puerto Rico bonds, the Fund’s hedging strategy, and an overweight in prerefunded bonds all detracted from Fund performance versus the Index. Contributors to the Fund’s performance relative to the Index included leverage, an overweight in zero-coupon bonds, and an overweight in bonds with 17 or more years remaining to maturity.

Eaton Vance New York Municipal Income Trust shares at NAV returned 5.84%, outperforming the 5.58% 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 the health care sector. Detractors from performance versus the Index included the Fund’s hedging strategy, an overweight in prerefunded bonds, and security selection in bonds with 17 or more years remaining to maturity.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 4.37%, underperforming the 5.58% return of the Index. Performance versus the Index was hurt by an overweight in prerefunded bonds, security selection in insured Puerto Rico bonds, and security selection in AA-rated bonds. Contributors to results versus the Index included leverage, an overweight in zero-coupon bonds, an overweight in the health care sector, and security selection in local general obligation bonds.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 3.17%, underperforming the 5.58% return of the Index. An overweight and security selection in insured Puerto Rico bonds, an overweight in prerefunded bonds, and an overweight in bonds with less than two years remaining to maturity all detracted from Fund performance versus the Index. Contributors to performance relative to the Index included leverage, an overweight in the education sector, security selection in local general obligation bonds, and an overweight in the health care sector.

Each Fund’s insured Puerto Rico holdings were insured by various municipal bond insurers. It should be noted that most uninsured bonds issued by the Commonwealth of Puerto Rico and its various conduit issuers were no longer included in the Index. As Puerto Rico continued to deal with an ongoing fiscal crisis, bonds issued by its various legal entities were impacted by a number of factors throughout the period, including monetary default. As the period ended, Puerto Rico continued to negotiate with creditors and address its current debt structure under the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) passed by the U.S. Congress.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

California Municipal Income Trust

November 30, 2017

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		5.33	%		4.09	%		5.16	%
Fund at Market Price		—		2.34			1.34			5.23
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–12.42	%


Distributions⁵
Total Distributions per share for the period										$0.495
Distribution Rate at NAV										3.23	%
Taxable-Equivalent Distribution Rate at NAV										6.58	%
Distribution Rate at Market Price										3.69	%
Taxable-Equivalent Distribution Rate at Market Price										7.52	%


% Total Leverage⁶
Auction Preferred Shares (APS)										1.91	%
Institutional MuniFund Term Preferred (iMTP) Shares										29.87
Residual Interest Bond (RIB) Financing										4.66

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, 2017

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		6.28	%		3.13	%		5.60	%
Fund at Market Price		—		2.29			0.36			5.64
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–11.88	%


Distributions⁵
Total Distributions per share for the period										$0.521
Distribution Rate at NAV										3.13	%
Taxable-Equivalent Distribution Rate at NAV										5.83	%
Distribution Rate at Market Price										3.55	%
Taxable-Equivalent Distribution Rate at Market Price										6.61	%


% Total Leverage⁶
APS										5.27	%
iMTP Shares										27.22
RIB Financing										1.47

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, 2017

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		5.51	%		4.46	%		6.11	%
Fund at Market Price		—		3.72			2.56			6.34
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–12.47	%


Distributions⁵
Total Distributions per share for the period										$0.486
Distribution Rate at NAV										3.18	%
Taxable-Equivalent Distribution Rate at NAV										5.87	%
Distribution Rate at Market Price										3.63	%
Taxable-Equivalent Distribution Rate at Market Price										6.70	%


% Total Leverage⁶
APS										1.38	%
iMTP Shares										35.69

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, 2017

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		5.52	%		3.75	%		5.13	%
Fund at Market Price		—		2.91			–1.19			5.26
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–13.22	%


Distributions⁵
Total Distributions per share for the period										$0.555
Distribution Rate at NAV										4.05	%
Taxable-Equivalent Distribution Rate at NAV										7.86	%
Distribution Rate at Market Price										4.67	%
Taxable-Equivalent Distribution Rate at Market Price										9.06	%


% Total Leverage⁶
APS										4.38	%
iMTP Shares										28.71
RIB Financing										5.28

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, 2017

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		5.84	%		3.94	%		5.62	%
Fund at Market Price		—		2.56			0.91			5.28
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–10.39	%


Distributions⁵
Total Distributions per share for the period										$0.605
Distribution Rate at NAV										4.21	%
Taxable-Equivalent Distribution Rate at NAV										8.16	%
Distribution Rate at Market Price										4.70	%
Taxable-Equivalent Distribution Rate at Market Price										9.11	%


% Total Leverage⁶
APS										3.22	%
iMTP Shares										23.13
RIB Financing										12.67

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, 2017

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		4.37	%		3.80	%		5.80	%
Fund at Market Price		—		2.23			0.37			6.15
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–10.43	%


Distributions⁵
Total Distributions per share for the period										$0.582
Distribution Rate at NAV										3.64	%
Taxable-Equivalent Distribution Rate at NAV										6.77	%
Distribution Rate at Market Price										4.07	%
Taxable-Equivalent Distribution Rate at Market Price										7.57	%


% Total Leverage⁶
APS										6.49	%
iMTP Shares										27.61
RIB Financing										2.18

Fund Profile

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

LOGO

See Endnotes and Additional Disclosures in this report.


		9

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2017

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		3.17	%		3.84	%		5.13	%
Fund at Market Price		—		2.62			1.06			5.49
Bloomberg Barclays Municipal Bond Index		—		5.58	%		2.55	%		4.37	%
Bloomberg Barclays Long (22+) Year Municipal Bond Index		—		8.23			3.63			5.17


% Premium/Discount to NAV⁴
										–10.78	%


Distributions⁵
Total Distributions per share for the period										$0.517
Distribution Rate at NAV										3.73	%
Taxable-Equivalent Distribution Rate at NAV										6.80	%
Distribution Rate at Market Price										4.18	%
Taxable-Equivalent Distribution Rate at Market Price										7.62	%


% Total Leverage⁶
APS										7.45	%
iMTP Shares										30.10

Fund Profile

Credit Quality (% of total investments)⁷

LOGO

See Endnotes and Additional Disclosures in this report.


		10

Eaton Vance

Municipal Income Trusts

November 30, 2017

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.

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Bloomberg 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.

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. Included in the average annual total return at NAV for the five and ten year periods is the impact of the tender and repurchase of a portion of the Fund’s APS at 95.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.

⁴	The shares of the Fund often trade at a discount or premium 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. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for

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

⁶

Fund employs RIB financing and/or APS and iMTP Shares leverage. The leverage created by RIB investments, APS and iMTP Shares 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, iMTP Shares 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, iMTP Shares and Floating Rate Notes. iMTP Shares leverage represents the liquidation value of the Fund’s iMTP Shares outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS, iMTP Shares 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.

⁷

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the 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 September 30, 2017, the Funds’ benchmark was changed to the Bloomberg Barclays Municipal Bond Index.


		11

Eaton Vance

California Municipal Income Trust

November 30, 2017

Portfolio of Investments


Tax-Exempt Municipal Securities — 148.1%


Security	Principal Amount (000’s omitted)		Value

Education — 8.8%
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31	$	195	$	220,800
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		370,814
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		784,835
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		1,820,640
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		235		273,061
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		694,210
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		462,074
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		316,324
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		911,226
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		954,882
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		1,004,029
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		205		215,873
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		690		727,101

			$	8,755,869


Electric Utilities — 8.1%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	287,237
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,221,451
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,613,670
Sacramento Municipal Utility District, 5.00%, 8/15/27		995		1,112,529
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,335		1,492,183
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		734,325
Vernon, Electric System Revenue, 5.125%, 8/1/21		635		670,509

			$	8,131,904


Escrowed / Prerefunded — 11.8%
California Department of Water Resources, Prerefunded to 6/1/18, 5.00%, 12/1/29	$	715	$	728,456
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39		3,135		3,253,942


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded (continued)
California Educational Facilities Authority, (University of Southern California), Prerefunded to 10/1/18, 5.25%, 10/1/39	$	2,490	$	2,571,871
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38		1,475		1,539,207
Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/27		340		380,552
Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/28		460		514,864
San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/27		665		779,380
San Mateo Union High School District, (Election of 2006), Prerefunded to 9/1/23, 5.00%, 9/1/28		1,130		1,324,360
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		355		373,829
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		275		286,952

			$	11,753,413


General Obligations — 38.3%
Alta Loma School District, (Election of 2016), 5.00%, 8/1/42	$	1,500	$	1,765,020
California, 5.00%, 10/1/31		1,885		2,213,819
California, 5.50%, 11/1/35		1,600		1,775,152
California, 6.00%, 4/1/38		750		793,890
Castro Valley Unified School District, (Election of 2016), 5.00%, 8/1/41		1,000		1,174,800
Escondido, 5.00%, 9/1/36		1,000		1,149,870
Glendale Community College District, (Election of 2016), 5.00%, 8/1/37		2,000		2,368,160
Montebello Unified School District, (Election of 2016), 5.00%, 8/1/41		2,000		2,322,800
Napa Valley Unified School District, 5.00%, 8/1/41		2,885		3,389,298
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		3,953,211
Redondo Beach Unified School District, (Election of 2012), 4.00%, 8/1/40		1,000		1,060,830
San Bernardino Community College District, 4.00%, 8/1/30		2,890		3,118,917
San Dieguito Union High School District, (Election of 2012), 4.00%, 8/1/30		1,545		1,680,141
San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35		860		962,796
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27		650		758,329
San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28		1,100		1,285,284
Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39⁽¹⁾		3,180		3,359,416
Santa Clarita Community College District, 4.00%, 8/1/46		2,500		2,634,625


		12		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

General Obligations (continued)
Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35	$	2,150	$	2,467,340

			$	38,233,698


Hospital — 10.3%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,104,810
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		209,745
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		725,589
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,036,135
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27		1,650		1,868,840
California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33		1,000		1,124,900
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,303,949
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		605,379
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/38		2,000		2,336,160

			$	10,315,507


Insured – Education — 1.4%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	1,250	$	1,422,375

			$	1,422,375


Insured – Escrowed / Prerefunded — 10.7%
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	4,351,009
Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31		2,790		2,806,852
San Diego County Water Authority, Certificates of Participation, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38⁽¹⁾		3,500		3,554,845

			$	10,712,706


Insured – General Obligations — 5.1%
Cotati-Rohnert Park Unified School District, (BAM), 5.00%, 8/1/39	$	1,000	$	1,134,440
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25		4,720		3,908,113

			$	5,042,553


Security	Principal Amount (000’s omitted)		Value

Insured – Special Tax Revenue — 5.4%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	4,850	$	866,744
Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28		370		428,789
Successor Agency to Rosemead Community Development Commission, (BAM), 5.00%, 10/1/27		1,440		1,743,768
Successor Agency to San Francisco City and County Redevelopment Agency, (NPFG), 5.00%, 8/1/41		2,100		2,397,444

			$	5,436,745


Insured – Transportation — 6.8%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	3,226,100
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		2,785,410
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		740		809,649

			$	6,821,159


Lease Revenue / Certificates of Participation — 1.0%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,038,287

			$	1,038,287


Other Revenue — 0.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	386,028

			$	386,028


Senior Living / Life Care — 1.6%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	324,710
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41⁽²⁾		600		656,352
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		535		615,662

			$	1,596,724


Special Tax Revenue — 20.3%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	770	$	861,584
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26		285		288,258
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34		460		464,614
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,611,640


		13		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue (continued)
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22	$	240	$	267,941
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		535,325
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		267,386
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		372,842
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		266,834
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, 5.00%, 7/1/42		1,685		1,999,101
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28		2,400		2,602,488
Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/34		1,000		1,160,550
Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/36		1,250		1,444,362
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27		485		542,084
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		803,742
Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/28		1,600		1,866,128
Successor Agency to San Diego Redevelopment Agency, 5.00%, 9/1/31		2,000		2,376,540
Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/32		1,360		1,586,562
Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/36		800		924,096

			$	20,242,077


Transportation — 13.8%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29	$	1,000	$	1,049,940
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾		2,120		2,281,692
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		1,500		1,706,370
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30		1,500		1,527,705
Sacramento County, Airport System Revenue, 5.00%, 7/1/41		1,500		1,735,140
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		2,950,330
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		2,265		2,573,380

			$	13,824,557


Security	Principal Amount (000’s omitted)		Value

Water and Sewer — 4.3%
East Bay Municipal Utility District, 5.00%, 6/1/34	$	2,000	$	2,423,920
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,862,622

			$	4,286,542


Total Tax-Exempt Municipal Securities — 148.1% (identified cost $138,662,101)			$	148,000,144


Taxable Municipal Securities — 7.2%


Security	Principal Amount (000’s omitted)		Value

Education — 4.2%
University of California, 4.104%, 5/15/47	$	4,000	$	4,158,880

			$	4,158,880


Hospital — 1.9%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	1,750	$	1,893,430

			$	1,893,430


Other Revenue — 1.1%
California Infrastructure and Economic Development Bank, (The Scripps Research Institute), 3.42%, 7/1/36	$	1,200	$	1,136,112

			$	1,136,112


Total Taxable Municipal Securities — 7.2% (identified cost $7,109,047)			$	7,188,422


Total Investments — 155.3% (identified cost $145,771,148)			$	155,188,566


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (3.0)%			$	(3,000,396	)


Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (46.8)%			$	(46,796,236	)


Other Assets, Less Liabilities — (5.5)%			$	(5,462,030	)


Net Assets Applicable to Common Shares — 100.0%			$	99,929,904

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


		14		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued

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, 2017, 19.0% 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 2.1% to 7.6% of total investments.

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

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2017, the aggregate value of these securities is $656,352 or 0.7% of the Trust’s net assets applicable to common shares.

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.


		15		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2017

Portfolio of Investments


Tax-Exempt Municipal Securities — 147.6%


Security	Principal Amount (000’s omitted)		Value

Bond Bank — 6.0%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,178,905
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,289,465

			$	2,468,370


Education — 33.5%
Massachusetts Development Finance Agency, (Berklee College of Music), 5.00%, 10/1/46	$	1,525	$	1,758,599
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/34		1,665		1,863,568
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,164,488
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770		889,727
Massachusetts Development Finance Agency, (Olin College), 5.00%, 11/1/38		1,000		1,144,180
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/37		1,000		1,120,250
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		105		105,310
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,130,754
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,455,259
University of Massachusetts Building Authority, 5.00%, 11/1/34		1,000		1,193,960
University of Massachusetts Building Authority, 5.00%, 11/1/39		750		837,923

			$	13,664,018


Escrowed / Prerefunded — 11.8%
Boston, Prerefunded to 4/1/21, 4.00%, 4/1/24	$	300	$	323,220
Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34		40		40,904
Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34		100		102,289
Massachusetts Development Finance Agency, (New England Conservatory of Music), Prerefunded to 7/1/18, 5.25%, 7/1/38		625		638,762
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32		360		419,843
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/22		500		523,860
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25		505		529,099


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded (continued)
Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18, 5.375%, 8/15/38	$	1,420	$	1,460,513
Newton, Prerefunded to 4/1/19, 5.00%, 4/1/36		750		783,180

			$	4,821,670


General Obligations — 9.0%
Danvers, 5.25%, 7/1/36	$	885	$	986,341
Lexington, 4.00%, 2/1/23		255		282,512
Plymouth, 5.00%, 5/1/31		345		379,890
Plymouth, 5.00%, 5/1/32		315		345,218
Wayland, 5.00%, 2/1/33		510		562,356
Wayland, 5.00%, 2/1/36		770		847,801
Winchester, 5.00%, 4/15/36		245		271,661

			$	3,675,779


Hospital — 26.2%
Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31	$	1,000	$	1,104,070
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33		180		204,489
Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31		525		610,969
Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40		1,250		1,404,412
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41		1,000		1,106,350
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		240		277,157
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		555		610,195
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36		1,210		1,292,873
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		535,735
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,176,416
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,032,846
Massachusetts Health and Educational Facilities Authority, (Partners HealthCare System), 5.00%, 7/1/32		945		947,892
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		367,143

			$	10,670,547


Housing — 2.4%
Massachusetts Housing Finance Agency, 3.35%, 12/1/41	$	1,000	$	974,500

			$	974,500


		16		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Industrial Development Revenue — 2.0%
Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27⁽¹⁾	$	800	$	800,632

			$	800,632


Insured – Education — 7.6%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,364,340
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽²⁾		1,365		1,724,937

			$	3,089,277


Insured – Electric Utilities — 1.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	550	$	534,309

			$	534,309


Insured – Escrowed / Prerefunded — 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/25	$	335	$	356,882

			$	356,882


Insured – General Obligations — 3.2%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,303,390

			$	1,303,390


Insured – Other Revenue — 2.0%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	810,754

			$	810,754


Insured – Special Tax Revenue — 9.3%
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25	$	775	$	914,988
Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28		1,195		1,395,820
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29		1,000		1,264,280
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,105		197,475

			$	3,772,563


Insured – Student Loan — 0.4%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	145	$	150,733

			$	150,733


Security	Principal Amount (000’s omitted)		Value

Insured – Transportation — 0.8%
Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	315,715

			$	315,715


Other Revenue — 2.6%
Massachusetts Development Finance Agency, (The Broad Institute, Inc.), 4.00%, 4/1/41	$	1,000	$	1,060,880

			$	1,060,880


Senior Living / Life Care — 1.8%
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30	$	125	$	132,819
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27⁽¹⁾		140		140,008
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41⁽¹⁾		475		473,689

			$	746,516


Special Tax Revenue — 7.1%
Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46	$	1,500	$	1,747,935
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/41		1,000		1,167,710

			$	2,915,645


Student Loan — 3.6%
Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33	$	1,500	$	1,466,430

			$	1,466,430


Transportation — 10.5%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,586,595
Massachusetts Port Authority, 5.00%, 7/1/28		500		540,470
Massachusetts Port Authority, 5.00%, 7/1/34		670		722,294
Massachusetts Port Authority, 5.00%, 7/1/45		1,250		1,434,662

			$	4,284,021


Water and Sewer — 5.6%
Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/29	$	495	$	526,695
Massachusetts Water Resources Authority, Green Bonds, 5.00%, 8/1/40		1,500		1,759,665

			$	2,286,360


Total Tax – Exempt Municipal Securities — 147.6% (identified cost $56,141,283)			$	60,168,991


		17		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Taxable Municipal Securities — 2.0%


Security	Principal Amount (000’s omitted)		Value

Student Loan — 2.0%
Massachusetts Educational Financing Authority, 4.70%, 1/1/30	$	750	$	808,103


Total Taxable Municipal Securities — 2.0% (identified cost $736,550)			$	808,103


Total Investments — 149.6% (identified cost $56,877,833)			$	60,977,094


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (8.0)%			$	(3,250,259	)


Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (41.0)%			$	(16,723,470	)


Other Assets, Less Liabilities — (0.6)%			$	(252,829	)


Net Assets Applicable to Common Shares — 100.0%			$	40,750,536

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, 2017, 16.9% 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 6.3% 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, 2017, the aggregate value of these securities is $1,414,329 or 3.5% 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 1G).

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, 2017

Portfolio of Investments


Tax-Exempt Investments — 156.5%


Security	Principal Amount (000’s omitted)		Value

Bond Bank — 2.2%
Michigan Municipal Bond Authority, Prerefunded to 10/1/19, 5.00%, 10/1/29	$	600	$	636,756

			$	636,756


Education — 6.8%
Michigan State University, 5.00%, 2/15/40	$	1,000	$	1,058,600
Oakland University, 5.00%, 3/1/42		500		541,185
Wayne State University, 5.00%, 11/15/40		370		418,200

			$	2,017,985


Electric Utilities — 8.9%
Holland, Electric Utility System, 5.00%, 7/1/39	$	1,135	$	1,250,248
Lansing Board of Water and Light, 5.50%, 7/1/41		500		557,330
Michigan Public Power Agency, 5.00%, 1/1/43		800		844,560

			$	2,652,138


Escrowed / Prerefunded — 8.9%
Ann Arbor Public Schools, Prerefunded to 5/1/18, 4.50%, 5/1/24	$	350	$	354,585
Comstock Park Public Schools, Prerefunded to 5/1/21, 5.25%, 5/1/33		80		89,337
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		115		124,038
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		125		135,129
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/28		500		555,110
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/30		500		555,110
Michigan, Prerefunded to 5/1/19, 5.50%, 11/1/25		270		284,758
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39		500		533,525

			$	2,631,592


General Obligations — 41.6%
Battle Creek, 5.00%, 12/1/41	$	1,000	$	1,143,880
Byron Center Public Schools, 5.00%, 5/1/43		1,500		1,712,580
Comstock Park Public Schools, 5.125%, 5/1/31		275		303,364
Comstock Park Public Schools, 5.25%, 5/1/33		140		154,042
East Grand Rapids Public Schools, 5.00%, 5/1/39		435		489,144
Kent County, 5.00%, 1/1/25		1,500		1,554,780
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,092,140
Lakeview School District, 5.00%, 5/1/40		1,050		1,197,472
Lansing Community College, 5.00%, 5/1/30		1,005		1,114,113


Security	Principal Amount (000’s omitted)		Value

General Obligations (continued)
Marysville Public Schools District, 5.00%, 5/1/37	$	1,065	$	1,217,125
Rockford Public Schools, 5.00%, 5/1/44		750		851,183
Walled Lake Consolidated School District, 5.00%, 5/1/34		365		413,322
Watervliet Public Schools, 5.00%, 5/1/38		1,000		1,125,090

			$	12,368,235


Hospital — 22.1%
Grand Traverse County Hospital Finance Authority, (Munson Healthcare), 5.00%, 7/1/47	$	1,000	$	1,093,700
Michigan Finance Authority, (Henry Ford Health System), 5.00%, 11/15/41		1,000		1,116,950
Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35		250		271,803
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		554,465
Michigan Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		990		1,074,477
Michigan Finance Authority, (Trinity Health Corp.), Prerefunded to 12/1/20, 5.00%, 12/1/27		10		10,980
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39		1,250		1,378,812
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,067,600

			$	6,568,787


Industrial Development Revenue — 2.5%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	749,962

			$	749,962


Insured – Education — 0.6%
Wayne State University, (AGM), 5.00%, 11/15/35	$	165	$	170,173

			$	170,173


Insured – Electric Utilities — 3.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	630	$	612,026
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		250		235,570
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		143,431

			$	991,027


Insured – Escrowed / Prerefunded — 12.0%
Ferris State University, (AGC), Prerefunded to 10/1/18, 5.125%, 10/1/33	$	570	$	587,773
Ferris State University, (AGC), Prerefunded to 10/1/18, 5.25%, 10/1/38		500		516,105


		19		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Escrowed / Prerefunded (continued)
Grand Rapids, Water Supply System, (AGC), Prerefunded to 1/1/19, 5.10%, 1/1/39	$	1,000	$	1,037,580
Van Dyke Public Schools, (AGM), Prerefunded to 5/1/18, 5.00%, 5/1/38		1,250		1,268,912
Wayne State University, (AGM), Prerefunded to 11/15/18, 5.00%, 11/15/35		135		139,738

			$	3,550,108


Insured – General Obligations — 20.0%
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38	$	500	$	562,725
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		150		155,030
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		240		247,166
Detroit School District, (AGM), 5.25%, 5/1/32		300		371,343
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,105,850
Livonia Public Schools, (AGM), 5.00%, 5/1/43		910		1,017,553
South Haven Public Schools, (AGM), 5.00%, 5/1/40		500		568,820
South Haven Public Schools, (BAM), 5.00%, 5/1/41		1,200		1,366,692
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34		500		556,525

			$	5,951,704


Insured – Special Tax Revenue — 0.5%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	895	$	159,945

			$	159,945


Insured – Transportation — 3.5%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,031,270

			$	1,031,270


Insured – Water and Sewer — 5.1%
Coldwater, Water Supply and Wastewater System Revenue, (AGM), 4.00%, 8/1/41	$	1,000	$	1,043,110
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28		475		477,589

			$	1,520,699


Lease Revenue / Certificates of Participation — 3.6%
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30	$	1,000	$	1,058,840

			$	1,058,840


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue — 3.7%
Michigan Trunk Line Fund, 5.00%, 11/15/36	$	1,000	$	1,104,500

			$	1,104,500


Water and Sewer — 11.2%
Detroit, Water Supply System, 5.25%, 7/1/41	$	750	$	815,543
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		735		905,108
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,250		1,340,075
Port Huron, Water Supply System, 5.25%, 10/1/31		250		275,595

			$	3,336,321


Total Tax-Exempt Investments — 156.5% (identified cost $44,049,717)			$	46,500,042


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.2)%			$	(650,004	)


Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (56.5)%			$	(16,775,564	)


Other Assets, Less Liabilities — 2.2%			$	632,860


Net Assets Applicable to Common Shares — 100.0%			$	29,707,334

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, 2017, 28.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.5% to 13.1% 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.
NPFG	–	National Public Finance Guaranty Corp.


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2017

Portfolio of Investments


Tax-Exempt Municipal Securities — 155.7%


Security	Principal Amount (000’s omitted)		Value

Education — 14.0%
Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32	$	1,270	$	1,447,165
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36		1,730		1,840,149
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33		620		713,025
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34		380		435,773
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37		640		706,419
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40		1,230		1,376,985
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32		965		1,048,443
Rutgers State University, 5.00%, 5/1/33		1,000		1,142,560

			$	8,710,519


Escrowed / Prerefunded — 26.1%
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/28	$	1,510	$	1,661,453
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/30		1,455		1,600,937
New Jersey Economic Development Authority, (Duke Farms Foundation), Prerefunded to 7/1/19, 5.00%, 7/1/48		2,040		2,145,142
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		105		110,755
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), Prerefunded to 7/1/18, 5.00%, 7/1/27		2,190		2,237,019
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39		915		972,782
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), Prerefunded to 10/1/18, 5.25%, 10/1/38		380		392,400
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		205		241,875
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), Prerefunded to 1/1/20, 5.00%, 7/1/31		1,000		1,069,530
New Jersey Turnpike Authority, Prerefunded to 1/1/19, 5.25%, 1/1/40		3,600		3,742,992
North Hudson Sewerage Authority, Prerefunded to 6/1/22, 5.00%, 6/1/29		55		62,561
Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39		1,900		1,992,036

			$	16,229,482


Security	Principal Amount (000’s omitted)		Value

General Obligations — 3.8%
Jersey City, 4.00%, 11/1/34	$	1,000	$	1,070,960
Jersey City, 4.00%, 11/1/35		500		533,285
Monmouth County Improvement Authority, 5.00%, 1/15/28		340		372,474
Monmouth County Improvement Authority, 5.00%, 1/15/30		340		372,038

			$	2,348,757


Hospital — 16.5%
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42	$	650	$	720,863
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		100		102,126
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44		750		787,328
New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 4.00%, 7/1/34		500		523,915
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47		1,600		1,646,176
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26		265		297,775
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		45		52,834
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32		990		1,128,263
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/33		120		136,084
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39		2,305		2,570,006
New Jersey Health Care Facilities Financing Authority, (Trinitas Regional Medical Center Obligated Group), 5.00%, 7/1/30		1,000		1,129,230
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,149,325

			$	10,243,925


Housing — 0.8%
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	320	$	320,243
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		180		181,039

			$	501,282


Industrial Development Revenue — 7.6%
Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45⁽¹⁾	$	1,085	$	1,091,434
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		50		54,909


		21		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Industrial Development Revenue (continued)
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29	$	135	$	147,734
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		750		838,410
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		235,442
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,385,326

			$	4,753,255


Insured – Electric Utilities — 1.8%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	135	$	131,149
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		490		453,426
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		595		545,383

			$	1,129,958


Insured – Escrowed / Prerefunded — 5.2%
Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31	$	1,240	$	1,289,538
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34		520		542,230
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34		970		1,011,972
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38		370		377,944

			$	3,221,684


Insured – General Obligations — 6.6%
Atlantic City, (BAM), 5.00%, 3/1/37	$	500	$	564,235
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39		1,015		1,052,321
Irvington Township, (AGM), 5.00%, 7/15/31		1,000		1,127,450
Paterson, (BAM), 5.00%, 1/15/26		1,240		1,351,811

			$	4,095,817


Insured – Hospital — 2.4%
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38	$	1,380	$	1,467,423

			$	1,467,423


Security	Principal Amount (000’s omitted)		Value

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	$	1,983,669

			$	1,983,669


Insured – Lease Revenue / Certificates of Participation — 1.9%
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28	$	1,000	$	1,197,560

			$	1,197,560


Insured – Special Tax Revenue — 14.8%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	4,220,212
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		4,300		3,215,024
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		1,446,280
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,020		360,994

			$	9,242,510


Insured – Student Loan — 2.0%
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30	$	1,200	$	1,220,292

			$	1,220,292


Insured – Transportation — 8.2%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	850	$	957,831
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39		2,000		2,227,320
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		2,400		1,572,504
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33		315		336,640

			$	5,094,295


Lease Revenue / Certificates of Participation — 4.5%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	995	$	1,033,695
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		400		421,924
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38		1,320		1,352,578

			$	2,808,197


Other Revenue — 0.5%
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32	$	250	$	284,950

			$	284,950


		22		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care — 3.5%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	470,980
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		778,855
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38		700		715,911
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		215		233,133

			$	2,198,879


Special Tax Revenue — 1.0%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	100	$	100,065
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		175,100
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40⁽²⁾		750		299,250
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37⁽²⁾		500		50,000

			$	624,415


Student Loan — 2.1%
New Jersey Higher Education Student Assistance Authority, (AMT), 2.266%, (3 mo. USD LIBOR + 0.95%), 6/1/36⁽³⁾	$	575	$	575,472
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		740		760,838

			$	1,336,310


Transportation — 26.1%
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35	$	1,060	$	1,124,300
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,144,832
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,100		1,201,101
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		260,433
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		552,960
Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37		1,500		1,608,510
Port Authority of New York and New Jersey, 5.00%, 10/15/41⁽⁴⁾		5,000		5,829,000
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34		1,825		2,080,299
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽⁴⁾		1,995		2,019,618
South Jersey Transportation Authority, 5.00%, 11/1/39		400		436,524

			$	16,257,577


Security	Principal Amount (000’s omitted)		Value

Water and Sewer — 3.1%
North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,220	$	1,326,091
Sussex County Municipal Utilities Authority, 0.00%, 12/1/36		1,250		627,713

			$	1,953,804


Total Tax-Exempt Municipal Securities — 155.7% (identified cost $92,816,862)			$	96,904,560


Taxable Municipal Securities — 4.1%


Security	Principal Amount (000’s omitted)		Value

General Obligations — 2.7%
Atlantic City, 7.50%, 3/1/40	$	1,445	$	1,710,230

			$	1,710,230


Transportation — 1.4%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28⁽⁵⁾	$	750	$	862,350

			$	862,350


Total Taxable Municipal Securities — 4.1% (identified cost $2,294,086)			$	2,572,580


Total Investments — 159.8% (identified cost $95,110,948)			$	99,477,140


Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.1)%			$	(4,425,448	)


Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (46.4)%			$	(28,881,791	)


Other Assets, Less Liabilities — (6.3)%			$	(3,910,153	)


Net Assets Applicable to Common Shares — 100.0%			$	62,259,748

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, 2017, 28.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 8.6% of total investments.


		23		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued

⁽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, 2017, the aggregate value of these securities is $1,091,434 or 1.8% of the Trust’s net assets applicable to common shares.

⁽²⁾	Issuer is in default with respect to interest payments.

⁽³⁾	Floating rate security. The stated interest rate represents the rate in effect at November 30, 2017.

⁽⁴⁾	Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1G).

⁽⁵⁾	Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.

Futures Contracts

Description

Number of
Contracts

Position

Expiration
Month/Year

Notional
Amount

Value/Net
Unrealized
Appreciation

Interest Rate Futures

U.S. Long Treasury Bond

Short

Mar-18

(4,551,563

)

47,756

47,756

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.
LIBOR	–	London Interbank Offered Rate
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.

Currency Abbreviations:


USD		–		United States Dollar


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2017

Portfolio of Investments


Tax-Exempt Municipal Securities — 155.3%


Security	Principal Amount (000’s omitted)		Value

Bond Bank — 5.7%
New York Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,850,045
New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37⁽¹⁾		2,535		2,585,928

			$	4,435,973


Cogeneration — 2.3%
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28	$	500	$	498,525
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36		500		499,720
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23		805		805,306

			$	1,803,551


Education — 28.0%
Hempstead Local Development Corp., (Molloy College), 5.00%, 7/1/39	$	700	$	798,231
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,544,415
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39		325		336,762
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		540,564
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,021,350
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		797,558
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		537,923
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,104,360
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		256,760
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36		1,000		1,120,900
New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33		2,250		2,311,537
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,628,050
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		360,968
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		447,568
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,695		1,829,583


Security	Principal Amount (000’s omitted)		Value

Education (continued)
New York Dormitory Authority, (The New School), 4.00%, 7/1/43	$	500	$	520,865
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40		2,000		2,193,840
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		295,005
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		780,938
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,379,604

			$	21,806,781


Electric Utilities — 4.5%
Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33	$	1,420	$	1,507,046
Utility Debt Securitization Authority, 5.00%, 12/15/33		1,735		2,012,201

			$	3,519,247


Escrowed / Prerefunded — 10.8%
Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$	380	$	417,411
Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34		1,500		1,598,880
New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28		955		995,626
New York City Cultural Resources Trust, (Museum of Modern Art), Prerefunded to 10/1/18, 5.00%, 4/1/31		625		644,269
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32		1,000		1,107,760
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 4.50%, 7/1/32		395		442,925
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		1,000		1,143,230
Saratoga County Water Authority, Prerefunded to 9/1/18, 5.00%, 9/1/48		1,000		1,027,350
Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.25%, 11/15/34⁽¹⁾		1,025		1,063,673

			$	8,441,124


General Obligations — 7.8%
New York, 5.00%, 2/15/34⁽¹⁾	$	4,000	$	4,406,360
New York City, 4.00%, 10/1/40		1,500		1,610,910
New York City, 6.25%, 10/15/28		45		46,954

			$	6,064,224


Hospital — 10.3%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	144,496


		25		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40	$	960	$	1,061,386
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47		1,000		985,200
Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37		1,000		1,079,780
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,086,750
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32⁽²⁾		800		890,056
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/35⁽²⁾		100		108,779
New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.125%, 12/1/29		415		434,538
New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.25%, 12/1/37		835		875,339
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,065		1,170,584
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21, 5.00%, 7/1/28		185		206,086

			$	8,042,994


Housing — 9.1%
New York City Housing Development Corp., MFMR, 3.45%, 11/1/37	$	1,000	$	1,003,300
New York City Housing Development Corp., MFMR, 3.75%, 11/1/40		500		511,005
New York City Housing Development Corp., MFMR, 3.95%, 11/1/36		750		783,675
New York Housing Finance Agency, 3.80%, 11/1/35		650		671,496
New York Housing Finance Agency, 5.25%, 11/1/41		1,000		1,043,140
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,628,517
New York Mortgage Agency, 3.90%, 10/1/36		480		496,507

			$	7,137,640


Industrial Development Revenue — 7.7%
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,038,620
New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44⁽²⁾		500		440,225
New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44⁽²⁾		1,075		1,073,602


Security	Principal Amount (000’s omitted)		Value

Industrial Development Revenue (continued)
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	1,000	$	1,265,810
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.50%, 10/1/37		300		394,422
Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42⁽²⁾		1,800		1,801,188

			$	6,013,867


Insured – Education — 2.0%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,593,425

			$	1,593,425


Insured – Electric Utilities — 1.8%
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	1,365	$	1,440,239

			$	1,440,239


Insured – General Obligations — 2.3%
Oyster Bay, (AGM), 4.00%, 8/1/28	$	1,680	$	1,793,938

			$	1,793,938


Insured – Other Revenue — 5.1%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,710,283
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		2,252,213

			$	3,962,496


Insured – Special Tax Revenue — 0.6%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	2,475	$	442,307

			$	442,307


Insured – Transportation — 3.0%
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37	$	1,000	$	1,041,050
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/46		1,250		1,293,087

			$	2,334,137


Other Revenue — 8.3%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,889,004


		26		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Other Revenue (continued)
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31	$	1,000	$	1,027,080
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44⁽²⁾		1,300		1,398,553
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,154,480

			$	6,469,117


Senior Living / Life Care — 9.1%
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24	$	80	$	93,278
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25		205		243,763
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26		225		269,366
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36		530		603,924
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29		830		937,817
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		855		962,867
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29		280		291,844
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42		120		124,528
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		985,925
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34		100		100,328
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		236,249
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		235,338
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		1,830		1,977,791

			$	7,063,018


Special Tax Revenue — 20.6%
New York City Transitional Finance Authority, Future Tax Revenue, 4.00%, 8/1/43	$	500	$	534,710
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾		1,185		1,313,655
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35⁽¹⁾		915		1,014,616
New York Dormitory Authority, Personal Income Tax Revenue, 4.00%, 2/15/36		1,500		1,607,265


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue (continued)
New York Dormitory Authority, Personal Income Tax Revenue, Series 2011A, 5.00%, 3/15/33	$	1,000	$	1,101,130
New York Dormitory Authority, Personal Income Tax Revenue, Prerefunded to 3/15/19, 5.25%, 3/15/38		1,000		1,046,970
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34		2,380		2,681,332
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		6,792,660

			$	16,092,338


Transportation — 12.7%
Metropolitan Transportation Authority, 5.00%, 11/15/38	$	1,500	$	1,689,030
New York Thruway Authority, 5.00%, 1/1/37		695		769,010
New York Thruway Authority, 5.00%, 1/1/42		1,000		1,104,030
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35		1,665		1,894,171
Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/44		500		562,590
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35⁽¹⁾		990		1,002,217
Triborough Bridge and Tunnel Authority, Subseries 2008B-3, 5.00%, 11/15/38		680		795,423
Triborough Bridge and Tunnel Authority, 5.00%, 11/15/42		250		294,135
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		1,715		1,780,376

			$	9,890,982


Water and Sewer — 3.6%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	348,063
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾		2,385		2,441,954

			$	2,790,017


Total Tax-Exempt Municipal Securities — 155.3% (identified cost $111,707,351)			$	121,137,415


Taxable Municipal Securities — 2.0%


Security	Principal Amount (000’s omitted)		Value

Education — 2.0%
New York Dormitory Authority, (New York University), 3.998%, 7/1/39	$	1,500	$	1,544,280


Total Taxable Municipal Securities — 2.0% (identified cost $1,522,299)			$	1,544,280


		27		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2017

Portfolio of Investments — continued