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, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2018

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

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

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

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

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

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, 2018

Eaton Vance

Municipal Income Trusts

Table of Contents


Management’s Discussion of Fund Performance			2

Performance and Fund Profile


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



Endnotes and Additional Disclosures			11

Financial Statements			12

Report of Independent Registered Public Accounting Firm			67

Federal Tax Information			68

Dividend Reinvestment Plan			69

Management and Organization			71

Important Notices			74

Eaton Vance

Municipal Income Trusts

November 30, 2018

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The fiscal year that began December 1, 2017, was characterized by a flattening of the municipal bond yield curve.⁷ Driven by four federal funds rate hikes by the U.S. Federal Reserve Board (the Fed) — starting in December 2017, and continuing in March, June, and September 2018 — rates generally rose across the entire U.S. Treasury yield curve, more so at the short end of the curve.

In the opening month of the period, the municipal market experienced considerable volatility after the GOP-controlled House and Senate passed new tax legislation. The most significant change to the municipal market was the elimination of an issuer’s ability to refinance debt prior to its call date through the issuance of advanced refunding bonds, which accounted for about 20% of new issuances over the previous decade. As a result, December 2017 witnessed the largest one-month issuance of new municipal debt, as issuers rushed to beat the December 31, 2017 deadline. Investors sold short maturity bonds to buy new-issue longer-maturity bonds in anticipation of lower supply going forward. The net result was a rise in prices on longer-term debt that drove a flattening of the yield curve in December 2017.

At the start of the new year, however, bond prices reversed direction. Signs of inflation, wage growth, and fears that new tax legislation might overheat the economy pushed short-term interest rates higher and longer-term bond prices lower. Upward pressure on short-term rates continued in March and June 2018 as the Fed delivered its first two rate hikes of the year. From April through the end of August 2018, fluctuating perceptions of geopolitical risk were a primary driver of rates at the long end of the curve. Investor sentiment toggled between concerns over a global trade war, optimism about economic growth, and uncertainties surrounding the strained relationship between the U.S. and North Korea.

In September 2018, the Fed hiked rates again and both U.S. Treasury and municipal rates rose across the curve. In October 2018, a strong U.S. employment report and easing concerns over Italy’s national budget continued the upward pressure on longer-term rates. In the final month of the period, however, longer-term rates declined after the Fed made dovish comments about the future direction of interest rates and the Democrats won a majority in the House of Representatives, decreasing the possibility of further tax cuts in 2019.

During the 12-month period, the Bloomberg Barclays Municipal Bond Index (the Index),² a broad measure of the asset class, returned 1.13% as coupon income modestly outweighed the

negative effects of falling bond prices. While rates for AAA-rated⁸ bonds rose across the yield curve, rate increases were greater at the shorter end of the curve.

On a total return basis, bonds with 15 years or less remaining to maturity generally outperformed bonds with 20 or more years to maturity. At the same time, lower-rated bonds generally outperformed higher-rated issues. Municipal bonds, in general, outperformed comparable U.S. Treasurys during the period, with the exception of the 30-year area of the curve where municipals performed in line with U.S. Treasurys.

Fund Performance

For the fiscal year ended November 30, 2018, shares of the California, Massachusetts, Michigan, New York, Ohio, and Pennsylvania Trusts (the Funds) at net asset value (NAV) underperformed the 1.13% return of the Funds’ benchmark, the Index, while the New Jersey Trust at NAV outperformed the Index.

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

As a risk management tactic within each individual Fund, interest rate hedging is used to moderate performance on both the upside and downside of the market. During this period of declining municipal bond prices, the Funds’ Treasury futures hedge mitigated some of the price declines, and contributed modestly to performance relative to the unhedged Index for the New Jersey and Pennsylvania Funds. The California, Massachusetts, Michigan, New York, and Ohio Funds did not employ a hedging strategy during the period.

During the fiscal year ended November 30, 2018, management employed leverage through Residual Interest Bond financing,⁶ Auction Preferred Shares (APS) and Institutional MuniFund Term Preferred Shares (iMTP) to seek to enhance the Funds’ tax-exempt income. In general, the use of leverage has the effect of achieving additional exposure to the municipal market, and magnifying a Fund’s exposure to its underlying investments in both up and down markets. During this period of rising rates and falling bond prices, the use of leverage amplified the relatively minor declines in the price of bonds owned by the Funds but also generated additional tax-exempt income. As of November 30, 2018, the Funds had no APS and iMTP Shares outstanding.

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, 2018

Management’s Discussion of Fund Performance — continued

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned –0.70%, underperforming the 1.13% return of the Index. Detractors from Fund performance versus the Index included leveraged investments used by the Fund, and security selections in the health care sector and general obligation (GO) bonds. In contrast, performance relative to the Index was helped by security selection in A-rated and BBB-rated bonds, security selection and an overweight position in zero-coupon bonds, and security selection in insured Puerto Rico bonds.

Returns were supported by the relatively strong performance of Puerto Rico’s debt structure during the period as ongoing bankruptcy negotiations signaled that bondholder recoveries may exceed initial expectations by the market. The 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 conduit issuers were no longer included in the Index. As Puerto Rico continued to deal with its ongoing fiscal crisis during the period, bonds issued by different legal entities were influenced by a number of factors, including monetary default. As the period ended, Puerto Rico continued to negotiate with creditors to address its current debt structure under the Puerto Rico Oversight, Management, and Economic Stability Act passed by the U.S. Congress.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned –0.82%, underperforming the 1.13% return of the Index. Leveraged investments used by the Fund, security selection in the education sector, and security selection in AA-rated bonds detracted from performance relative to the Index. During a period when lower-rated bonds outperformed higher-rated issues, an overweight in BBB-rated bonds and below contributed to performance versus the Index. Additional contributors to relative results included security selection and an overweight position in insured Puerto Rico bonds and holdings that were prerefunded during the period.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned –0.20%, underperforming the 1.13% return of the Index. Detractors from performance relative to the Index included leveraged investments used by the Fund, an underweight in BBB-rated issues and security selection in the health care sector. In contrast, performance versus the Index was aided by an overweight position and security selection in insured Puerto Rico bonds, security selection in the water and sewer sector, and holdings that were prerefunded during the period.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 1.53%, outperforming the 1.13% return of the Index. Security selection and an overweight position in insured and uninsured Puerto Rico bonds, security selection and an overweight position in BBB-rated bonds, and security selection in zero-coupon bonds all contributed to Fund performance versus the Index. Detractors from Fund performance relative to the Index included leveraged investments used by the Fund, security selection in state GO bonds, and security selection in AA-rated bonds.

Eaton Vance New York Municipal Income Trust shares at NAV returned –0.61%, underperforming the 1.13% return of the Index. Leveraged investments used by the Fund detracted from performance relative to the Index, as did security selection in the lease revenue/certificates of participation sector and security selection in 4.0% coupon bonds. Contributors to performance versus the Index included security selection in insured Puerto Rico bonds, an overweight position in BBB-rated bonds and below, and security selection in the housing sector.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned –0.66%, underperforming the 1.13% return of the Index. Performance versus the Index was hurt by leveraged investments used by the Fund, security selection in local GO bonds, and an overweight and security selection in zero-coupon bonds. Contributors to results versus the Index included security selection and an overweight position in insured Puerto Rico bonds, security selection in the industrial development revenue sector, and security selection in the education sector.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned –0.05%, underperforming the 1.13% return of the Index. Leveraged investments used by the Fund, security selection in local GO bonds, and security selection in AAA-rated bonds all detracted from Fund performance versus the Index. Contributors to performance relative to the Index included security selection and an overweight position in insured Puerto Rico bonds, an overweight position in the health care sector, and holdings that were prerefunded during the period.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

California Municipal Income Trust

November 30, 2018

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		–0.70	%		5.85	%		9.05	%
Fund at Market Price		—		–4.76			4.89			8.01
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.99	%


Distributions⁵
Total Distributions per share for the period									$	0.465
Distribution Rate at NAV										3.85	%
Taxable-Equivalent Distribution Rate at NAV										7.50	%
Distribution Rate at Market Price										4.58	%
Taxable-Equivalent Distribution Rate at Market Price										8.92	%


% Total Leverage⁶
Residual Interest Bond (RIB) Financing										38.72	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2018

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		–0.82	%		5.23	%		9.05	%
Fund at Market Price		—		–4.33			4.70			8.67
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.00	%


Distributions⁵
Total Distributions per share for the period									$	0.466
Distribution Rate at NAV										3.27	%
Taxable-Equivalent Distribution Rate at NAV										5.82	%
Distribution Rate at Market Price										3.85	%
Taxable-Equivalent Distribution Rate at Market Price										6.85	%


% Total Leverage⁶
RIB Financing										35.02	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

Michigan Municipal Income Trust

November 30, 2018

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		–0.20	%		6.76	%		8.62	%
Fund at Market Price		—		–2.13			6.91			10.41
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–14.16	%


Distributions⁵
Total Distributions per share for the period									$	0.469
Distribution Rate at NAV										3.31	%
Taxable-Equivalent Distribution Rate at NAV										5.84	%
Distribution Rate at Market Price										3.85	%
Taxable-Equivalent Distribution Rate at Market Price										6.79	%


% Total Leverage⁶
RIB Financing										38.68	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		6

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2018

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		1.53	%		5.58	%		9.68	%
Fund at Market Price		—		–0.64			4.76			8.99
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.08	%


Distributions⁵
Total Distributions per share for the period									$	0.548
Distribution Rate at NAV										4.19	%
Taxable-Equivalent Distribution Rate at NAV										7.78	%
Distribution Rate at Market Price										4.93	%
Taxable-Equivalent Distribution Rate at Market Price										9.15	%


% Total Leverage⁶
RIB Financing										35.29	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		7

Eaton Vance

New York Municipal Income Trust

November 30, 2018

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		–0.61	%		5.78	%		10.20	%
Fund at Market Price		—		–6.42			4.14			10.18
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.63	%


Distributions⁵
Total Distributions per share for the period									$	0.580
Distribution Rate at NAV										3.85	%
Taxable-Equivalent Distribution Rate at NAV										7.13	%
Distribution Rate at Market Price										4.56	%
Taxable-Equivalent Distribution Rate at Market Price										8.45	%


% Total Leverage⁶
RIB Financing										37.29	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		8

Eaton Vance

Ohio Municipal Income Trust

November 30, 2018

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		–0.66	%		5.87	%		8.91	%
Fund at Market Price		—		–6.03			5.16			9.29
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.28	%


Distributions⁵
Total Distributions per share for the period									$	0.541
Distribution Rate at NAV										3.83	%
Taxable-Equivalent Distribution Rate at NAV										6.81	%
Distribution Rate at Market Price										4.52	%
Taxable-Equivalent Distribution Rate at Market Price										8.04	%


% Total Leverage⁶
RIB Financing										36.25	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		9

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2018

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		–0.02	%		5.60	%		8.42	%
Fund at Market Price		—		–5.06			5.34			7.41
Bloomberg Barclays Municipal Bond Index		—		1.13	%		3.52	%		4.88	%


% Premium/Discount to NAV⁴
										–15.28	%


Distributions⁵
Total Distributions per share for the period									$	0.505
Distribution Rate at NAV										3.90	%
Taxable-Equivalent Distribution Rate at NAV										6.80	%
Distribution Rate at Market Price										4.60	%
Taxable-Equivalent Distribution Rate at Market Price										8.02	%


% Total Leverage⁶
RIB Financing										38.58	%

Fund Profile

Credit Quality (% of total investments)^8,9

LOGO

See Endnotes and Additional Disclosures in this report.


		10

Eaton Vance

Municipal Income Trusts

November 30, 2018

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. 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 Auction Preferred Shares (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 leverage. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus Floating Rate Notes. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

⁷	Yield curve is a graphical representation of the yields offered by bonds of various maturities. The yield curve flattens when long-term rates fall and/or short-term rates increase, and the yield curve steepens when long-term rates increase and/or short-term rates fall.

⁸

Ratings are based on Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the 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” (if any) are not rated by the national ratings agencies stated above.

⁹	The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

Fund profiles subject to change due to active management.

Important Notice to Shareholders

On April 26, 2018, the Boards of Trustees of the Eaton Vance Michigan Municipal Income Trust and Eaton Vance Municipal Income Trust have approved proposals to merge the Funds.

As of the close of business on December 14, 2018, Eaton Vance Municipal Income Trust acquired the net assets of Eaton Vance Michigan Municipal Income Trust, pursuant to a plan of reorganization approved by the shareholders of Michigan Municipal Income Trust on November 15, 2018.

On July 26, 2018, the Boards of Trustees of the following Funds approved the following mergers: Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust into Eaton Vance Municipal Income Trust. At Special Meetings of Shareholders held on December 20, 2018, shareholders of Massachusetts Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust approved each merger into Eaton Vance Municipal Income Trust. Each merger is currently expected to be completed as of the close of business of the New York Stock Exchange on or about January 18, 2019, subject to the satisfaction of customary closing conditions.

At a Special Meeting of Shareholders held on January 10, 2019, shareholders of New Jersey Municipal Income Trust approved the merger into Eaton Vance Municipal Income Trust. The merger is expected to be completed as of the close of business of the New York Stock Exchange on or about February 22, 2019, subject to the satisfaction of customary closing conditions.


		11

Eaton Vance

California Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Municipal Securities — 152.6%
Security	Principal Amount (000’s omitted)		Value

Education — 18.6%
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31	$	195	$	212,891
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		357,974
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		762,835
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36		115		128,400
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		445,610
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		305,050
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		877,797
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		920,176
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		967,862
California State University, 5.00%, 11/1/41⁽¹⁾		6,275		7,022,478
University of California, 5.00%, 5/15/46⁽¹⁾		4,075		4,521,987
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		205		208,364
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		690		701,323
			$	17,432,747

Electric Utilities — 8.1%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	273,953
Los Angeles Department of Water and Power, 5.00%, 7/1/42⁽¹⁾		4,000		4,531,720
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,555,980
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		709,886
Vernon, Electric System Revenue, 5.125%, 8/1/21		480		488,793
			$	7,560,332

Escrowed / Prerefunded — 4.4%
California, Prerefunded to 4/1/19, 6.00%, 4/1/38	$	265	$	268,853
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39		3,135		3,143,339
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36		120		134,159


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded (continued)
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39	$	355	$	360,826
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		220		224,994
			$	4,132,171

General Obligations — 43.1%
Alameda City Unified School District, (Election of 2014), 5.00%, 8/1/42⁽¹⁾	$	3,325	$	3,783,783
California, 5.50%, 11/1/35		1,600		1,703,040
California, 6.00%, 4/1/38		485		491,402
Illinois, 5.00%, 12/1/35		2,000		2,061,340
La Canada Unified School District, (Election of 2017), 5.00%, 8/1/47⁽¹⁾		6,750		7,747,042
Long Beach Unified School District, (Election of 2008), 5.00%, 8/1/41⁽¹⁾		3,500		3,951,325
Oxnard Union High School District, (Election of 2018), 5.00%, 8/1/42⁽¹⁾		6,000		6,734,640
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		3,833,803
San Diego Unified School District, (Election of 2012), 5.00%, 7/1/47⁽¹⁾		6,000		6,781,020
Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39⁽¹⁾		3,180		3,250,660
			$	40,338,055

Hospital — 26.0%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,066,330
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		202,688
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		692,201
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		988,770
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44⁽¹⁾		6,000		6,130,620
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44		430		439,361
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,260,233
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		585,301
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46⁽¹⁾		6,000		6,557,160
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		500		532,890


		12		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47	$	1,000	$	1,053,720
California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47⁽¹⁾		3,750		4,184,587
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48⁽²⁾		600		642,234
			$	24,336,095

Insured – Escrowed / Prerefunded — 4.6%
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	4,297,042
			$	4,297,042

Insured – General Obligations — 4.2%
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25	$	4,720	$	3,950,687
			$	3,950,687

Insured – Transportation — 6.5%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	3,301,950
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		2,790,810
			$	6,092,760

Lease Revenue / Certificates of Participation — 1.1%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,003,856
			$	1,003,856

Other Revenue — 0.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	385,886
			$	385,886

Senior Living / Life Care — 1.6%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	312,817
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41⁽³⁾		600		625,464
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		535		594,498
			$	1,532,779


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue — 8.2%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	500	$	556,675
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		518,203
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		258,902
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		361,107
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		258,434
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42⁽¹⁾		2,100		2,396,058
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28		2,400		2,521,776
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		784,929
			$	7,656,084

Transportation — 10.5%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29	$	1,000	$	1,012,120
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43		3,000		3,224,820
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽¹⁾		2,120		2,209,549
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		2,864,245
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		500		540,940
			$	9,851,674

Water and Sewer — 15.3%
Rancho California Water District Financing Authority, 5.00%, 8/1/46⁽¹⁾	$	5,250	$	5,906,722
San Francisco City and County Public Utilities Commission, Water Revenue, Green Bonds, 5.00%, 11/1/45⁽¹⁾		6,000		6,638,160
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,816,110
			$	14,360,992

Total Tax-Exempt Municipal Securities — 152.6% (identified cost $138,460,759)			$	142,931,160


		13		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Taxable Municipal Securities — 8.7%
Security	Principal Amount (000’s omitted)		Value

Education — 3.2%
California Educational Facilities Authority, (Loyola Marymount University), 4.842%, 10/1/48	$	3,000	$	3,040,620
			$	3,040,620

Hospital — 5.5%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	2,500	$	2,617,525
California Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45		2,500		2,509,925
			$	5,127,450

Total Taxable Municipal Securities — 8.7% (identified cost $8,076,598)			$	8,168,070

Corporate Bonds & Notes — 1.1%
Security	Principal Amount (000’s omitted)		Value

Other — 1.1%
Morongo Band of Mission Indians, 7.00%, 10/1/39⁽³⁾	$	1,040	$	1,044,170

Total Corporate Bonds & Notes — 1.1% (identified cost $1,040,000)			$	1,044,170

Total Investments — 162.4% (identified cost $147,577,357)			$	152,143,400

Other Assets, Less Liabilities — (62.4)%			$	(58,448,048	)

Net Assets Applicable to Common Shares — 100.0%			$	93,695,352

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, 2018, 9.4% 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 1.8% to 5.4% of total investments.

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

⁽²⁾	When-issued security.

⁽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, 2018, the aggregate value of these securities is $1,669,634 or 1.8% 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.
NPFG	–	National Public Finance Guaranty Corp.


		14		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Municipal Securities — 147.8%
Security	Principal Amount (000’s omitted)		Value

Education — 41.7%
Massachusetts Development Finance Agency, (Boston College), 5.00%, 7/1/42⁽¹⁾	$	950	$	1,067,952
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/33⁽¹⁾		4,500		5,193,945
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,130,220
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770		842,873
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/37		1,000		1,084,740
Massachusetts Development Finance Agency, (Williams College), 5.00%, 7/1/46⁽¹⁾		3,000		3,335,700
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		105		105,261
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,057,872
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,410,237
			$	16,228,800

Escrowed / Prerefunded — 10.2%
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32	$	360	$	396,979
Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31		525		568,958
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), Prerefunded to 7/1/19, 5.75%, 7/1/36		1,210		1,237,406
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/22		500		506,365
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25		505		511,429
Newton, Prerefunded to 4/1/19, 5.00%, 4/1/36		750		757,868
			$	3,979,005

General Obligations — 20.0%
Boston, 5.00%, 5/1/38⁽¹⁾	$	3,000	$	3,477,930
Danvers, 5.25%, 7/1/36		885		948,056
Illinois, 5.00%, 11/1/23		1,000		1,053,240
Plymouth, 5.00%, 5/1/31		345		367,028
Plymouth, 5.00%, 5/1/32		315		334,962
Wayland, 5.00%, 2/1/33		510		539,040


Security	Principal Amount (000’s omitted)		Value

General Obligations (continued)
Wayland, 5.00%, 2/1/36	$	770	$	812,504
Winchester, 5.00%, 4/15/36		245		259,778
			$	7,792,538

Hospital — 18.4%
Massachusetts Development Finance Agency, (Partners HealthCare System), 5.00%, 7/1/47⁽¹⁾	$	3,550	$	3,855,229
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		240		264,024
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		30		31,977
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		516,175
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,137,962
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,004,930
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		355,796
			$	7,166,093

Industrial Development Revenue — 1.3%
National Finance Authority, NH, (Covanta), 4.625%, 11/1/42⁽²⁾	$	245	$	233,243
National Finance Authority, NH, (Covanta), (AMT), 4.875%, 11/1/42⁽²⁾		270		260,925
			$	494,168

Insured – Education — 7.6%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,269,940
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽¹⁾		1,365		1,693,023
			$	2,962,963

Insured – Electric Utilities — 1.5%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	550	$	579,123
			$	579,123

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	$	344,765
			$	344,765


		15		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – General Obligations — 3.2%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,250,960
			$	1,250,960

Insured – Other Revenue — 2.0%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	763,731
			$	763,731

Insured – Special Tax Revenue — 3.2%
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	1,000	$	1,229,650
			$	1,229,650

Insured – Transportation — 0.8%
Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	315,769
			$	315,769

Senior Living / Life Care — 2.4%
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30	$	125	$	128,442
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/33⁽²⁾		100		102,519
Massachusetts Development Finance Agency, (Linden Ponds, Inc.), 5.00%, 11/15/38⁽²⁾		100		100,934
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27⁽²⁾		135		135,018
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41⁽²⁾		475		461,966
			$	928,879

Special Tax Revenue — 20.3%
Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46⁽¹⁾	$	4,100	$	4,568,507
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47⁽¹⁾		3,000		3,353,790
			$	7,922,297

Transportation — 5.7%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,539,510
Massachusetts Port Authority, 5.00%, 7/1/34		670		699,406
			$	2,238,916


Security	Principal Amount (000’s omitted)		Value

Water and Sewer — 8.6%
Massachusetts Water Resources Authority, Green Bonds, 5.00%, 8/1/40⁽¹⁾	$	3,000	$	3,353,280
			$	3,353,280

Total Tax-Exempt Municipal Securities — 147.8% (identified cost $55,957,878)			$	57,550,937

Taxable Municipal Securities — 1.9%
Security	Principal Amount (000’s omitted)		Value

Student Loan — 1.9%
Massachusetts Educational Financing Authority, 4.70%, 1/1/30	$	710	$	734,325

Total Taxable Municipal Securities — 1.9% (identified cost $698,062)			$	734,325

Corporate Bonds & Notes — 2.0%
Security	Principal Amount (000’s omitted)		Value

Hospital — 2.0%
Boston Medical Center Corp., 4.581%, 7/1/47	$	835	$	788,118

Total Corporate Bonds & Notes — 2.0% (identified cost $835,000)			$	788,118

Total Investments — 151.7% (identified cost $57,490,940)			$	59,073,380

Other Assets, Less Liabilities — (51.7)%			$	(20,122,496	)

Net Assets Applicable to Common Shares — 100.0%			$	38,950,884

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, 2018, 12.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 6.3% of total investments.


		16		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued

⁽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, 2018, the aggregate value of these securities is $1,294,605 or 3.3% of the Trust’s net assets applicable to common shares.

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.
NPFG	–	National Public Finance Guaranty Corp.
XLCA	–	XL Capital Assurance, Inc.


		17		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Investments — 160.1%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 2.1%
Michigan Municipal Bond Authority, Prerefunded to 10/1/19, 5.00%, 10/1/29	$	600	$	615,540
			$	615,540

Education — 9.6%
Michigan State University, 5.00%, 2/15/40	$	1,000	$	1,032,430
University of Michigan, 5.00%, 4/1/48⁽¹⁾		1,500		1,702,185
			$	2,734,615

Electric Utilities — 4.7%
Lansing Board of Water and Light, 5.50%, 7/1/41	$	500	$	538,895
Michigan Public Power Agency, 5.00%, 1/1/43		775		805,682
			$	1,344,577

Escrowed / Prerefunded — 7.7%
Comstock Park Public Schools, Prerefunded to 5/1/21, 5.25%, 5/1/33	$	80	$	85,926
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		115		119,200
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		125		129,717
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/28		500		535,335
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/30		500		535,335
Michigan, Prerefunded to 5/1/19, 5.50%, 11/1/25		270		274,039
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39		500		510,510
			$	2,190,062

General Obligations — 54.9%
Comstock Park Public Schools, 5.125%, 5/1/31	$	275	$	293,004
Comstock Park Public Schools, 5.25%, 5/1/33		140		149,404
Jackson Public Schools, 5.00%, 5/1/48⁽¹⁾		2,850		3,135,057
Kent County, 5.00%, 1/1/25		1,500		1,503,705
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,070,560
Massachusetts, 5.00%, 9/1/38⁽¹⁾		2,500		2,858,200
Trenton Public Schools, 5.00%, 5/1/42⁽¹⁾		2,850		3,170,540
Walled Lake Consolidated School District, 5.00%, 5/1/34		365		402,376
Will County, IL, 5.00%, 11/15/45⁽¹⁾		2,850		3,115,620
			$	15,698,466


Security	Principal Amount (000’s omitted)		Value

Hospital — 17.0%
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32	$	500	$	541,570
Michigan Finance Authority, (Trinity Health Credit Group), 5.00%, 12/1/42⁽¹⁾		2,850		3,140,272
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39		130		139,373
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,038,420
			$	4,859,635

Industrial Development Revenue — 2.6%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	746,445
			$	746,445

Insured – Electric Utilities — 3.8%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	630	$	663,358
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		250		261,478
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		161,073
			$	1,085,909

Insured – Escrowed / Prerefunded — 3.5%
Grand Rapids, Water Supply System, (AGC), Prerefunded to 1/1/19, 5.10%, 1/1/39	$	1,000	$	1,002,540
			$	1,002,540

Insured – General Obligations — 13.7%
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38	$	500	$	548,980
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		150		152,387
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		240		243,002
Detroit School District, (AGM), 5.25%, 5/1/32		300		356,961
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,066,920
Livonia Public Schools, (AGM), 5.00%, 5/1/43		910		994,521
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34		500		543,565
			$	3,906,336

Insured – Transportation — 3.5%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,000,970
			$	1,000,970


		18		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Water and Sewer — 1.7%
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28	$	475	$	491,839
			$	491,839

Lease Revenue / Certificates of Participation — 10.9%
Michigan State Building Authority, 5.00%, 10/15/51⁽¹⁾	$	2,850	$	3,105,873
			$	3,105,873

Water and Sewer — 24.4%
Dallas, Waterworks and Sewer System Revenue, 4.00%, 10/1/43⁽¹⁾	$	1,775	$	1,798,927
Detroit, Water Supply System, 5.25%, 7/1/41		750		795,960
Grand Rapids, Sanitary Sewer System Revenue, 5.00%, 1/1/48⁽¹⁾		2,500		2,794,950
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,250		1,316,537
Port Huron, Water Supply System, 5.25%, 10/1/31		250		268,010
			$	6,974,384

Total Tax-Exempt Investments — 160.1% (identified cost $45,147,362)			$	45,757,191

Other Assets, Less Liabilities — (60.1)%			$	(17,185,479	)

Net Assets Applicable to Common Shares — 100.0%			$	28,571,712

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, 2018, 16.4% 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 6.1% of total investments.

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

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.


		19		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Municipal Securities — 147.3%
Security	Principal Amount (000’s omitted)		Value

Education — 10.9%
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/29⁽¹⁾	$	2,825	$	3,356,439
New Jersey Educational Facilities Authority, (Princeton University), 5.00%, 7/1/31⁽¹⁾		1,875		2,209,743
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32		965		991,750
			$	6,557,932

Escrowed / Prerefunded — 9.8%
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/28	$	1,510	$	1,604,889
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		105		106,898
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32		250		274,550
New Jersey Educational Facilities Authority, (Kean University), Prerefunded to 9/1/19, 5.50%, 9/1/36		1,650		1,694,600
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39		915		935,459
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		205		231,781
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), Prerefunded to 1/1/20, 5.00%, 7/1/31		1,000		1,032,280
			$	5,880,457

General Obligations — 19.4%
Massachusetts, 5.00%, 9/1/38⁽¹⁾	$	4,000	$	4,573,120
Monmouth County Improvement Authority, 5.00%, 1/15/28		340		360,281
Monmouth County Improvement Authority, 5.00%, 1/15/30		340		359,917
Ocean County, 3.00%, 9/1/35		1,530		1,452,429
Ocean County, 3.00%, 9/1/36		625		587,450
Ocean County, 4.00%, 9/1/30⁽¹⁾		1,300		1,426,061
Ocean County, 5.00%, 9/1/28		10		11,968
Ocean County, 5.00%, 9/1/28⁽¹⁾		1,175		1,406,181
Ocean County, 5.00%, 9/1/29		20		23,829
Ocean County, 5.00%, 9/1/29⁽¹⁾		1,225		1,459,551
			$	11,660,787

Hospital — 10.6%
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42	$	650	$	697,983


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27	$	100	$	100,255
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44		650		656,565
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		45		50,774
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39⁽¹⁾		3,425		3,762,431
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,098,758
			$	6,366,766

Industrial Development Revenue — 7.7%
Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45⁽²⁾	$	1,085	$	1,088,038
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		50		53,551
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		135		145,510
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33		750		820,567
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		228,331
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,289,713
			$	4,625,710

Insured – Electric Utilities — 2.1%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	135	$	142,149
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		490		509,198
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		595		615,807
			$	1,267,154

Insured – General Obligations — 1.7%
Hudson County Improvement Authority, (Harrison Parking), (AGC), Prerefunded to 1/1/19, 5.25%, 1/1/39	$	1,015	$	1,017,659
			$	1,017,659

Insured – Hospital — 2.3%
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38	$	1,380	$	1,407,738
			$	1,407,738


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Lease Revenue / Certificates of Participation — 1.9%
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28	$	1,000	$	1,175,390
			$	1,175,390

Insured – Special Tax Revenue — 11.3%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	4,294,290
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26		760		582,608
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		1,477,590
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,020		488,113
			$	6,842,601

Insured – Transportation — 7.4%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	850	$	917,405
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39		1,500		1,602,330
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		2,400		1,591,128
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33		315		324,220
			$	4,435,083

Lease Revenue / Certificates of Participation — 2.3%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	995	$	1,008,661
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		400		407,232
			$	1,415,893

Senior Living / Life Care — 3.6%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	465,614
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		770,886
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38		700		701,127
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		215		225,971
			$	2,163,598

Special Tax Revenue — 10.3%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	95	$	95,051


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue (continued)
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37	$	175	$	175,063
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45⁽¹⁾		5,600		5,678,512
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37⁽³⁾		500		241,250
			$	6,189,876

Student Loan — 1.3%
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43	$	740	$	767,299
			$	767,299

Transportation — 31.9%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/37	$	5	$	5,646
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/37⁽¹⁾		1,825		2,060,845
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47		15		16,689
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47⁽¹⁾		5,300		5,896,833
Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/40		1,080		1,115,446
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47		750		787,050
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,100		1,166,088
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		250,303
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		530,662
Port Authority of New York and New Jersey, 5.00%, 10/15/42⁽¹⁾		6,250		6,986,875
South Jersey Transportation Authority, 5.00%, 11/1/39		400		424,956
			$	19,241,393

Water and Sewer — 12.8%
Atlanta, GA, Water and Wastewater Revenue, 5.00%, 11/1/43⁽¹⁾	$	6,250	$	7,053,812
Sussex County Municipal Utilities Authority, 0.00%, 12/1/36		1,250		656,675
			$	7,710,487

Total Tax-Exempt Municipal Securities — 147.3% (identified cost $87,177,105)			$	88,725,823


		21		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Taxable Municipal Securities — 4.5%
Security	Principal Amount (000’s omitted)		Value

General Obligations — 3.1%
Atlantic City, 7.50%, 3/1/40	$	1,445	$	1,861,059
			$	1,861,059

Transportation — 1.4%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28⁽⁴⁾	$	750	$	818,348
			$	818,348

Total Taxable Municipal Securities — 4.5% (identified cost $2,288,550)			$	2,679,407

Total Investments — 151.8% (identified cost $89,465,655)			$	91,405,230

Other Assets, Less Liabilities — (51.8)%			$	(31,181,635	)

Net Assets Applicable to Common Shares — 100.0%			$	60,223,595

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, 2018, 17.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 7.5% 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, 2018, the aggregate value of these securities is $1,088,038 or 1.8% of the Trust’s net assets applicable to common shares.

⁽³⁾	Issuer is in default with respect to interest payments.

⁽⁴⁾	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.

Abbreviations:


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


		22		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Investments — 152.4%
Security	Principal Amount (000’s omitted)		Value

Cogeneration — 2.3%
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28	$	500	$	504,715
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36		500		504,715
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23		705		705,092
			$	1,714,522

Education — 29.0%
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34	$	1,490	$	1,493,710
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39		325		325,809
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		518,655
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38⁽¹⁾		4,000		4,632,280
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		767,521
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		518,813
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,033,980
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		243,245
New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36		1,000		1,090,040
New York Dormitory Authority, (New York University), 5.00%, 7/1/39⁽¹⁾		4,000		4,550,760
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		346,391
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		429,540
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40		2,000		2,111,480
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		290,716
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		758,542
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,333,610
			$	21,445,092

Electric Utilities — 10.3%
Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33	$	1,420	$	1,444,594


Security	Principal Amount (000’s omitted)		Value

Electric Utilities (continued)
Long Island Power Authority, Electric System Revenue, 5.00%, 9/1/37	$	1,500	$	1,698,855
Utility Debt Securitization Authority, 5.00%, 12/15/36⁽¹⁾		4,000		4,503,680
			$	7,647,129

Escrowed / Prerefunded — 5.6%
Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$	380	$	398,685
Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34		1,500		1,545,585
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32		1,000		1,071,640
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		1,000		1,100,810
			$	4,116,720

General Obligations — 7.5%
Illinois, 5.00%, 10/1/33	$	1,300	$	1,345,851
New York, 5.00%, 2/15/34⁽¹⁾		4,000		4,225,560
			$	5,571,411

Hospital — 5.8%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	138,469
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,019,136
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47		1,000		937,910
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,043,000
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,065		1,129,401
			$	4,267,916

Housing — 4.9%
New York Housing Finance Agency, 5.25%, 11/1/41	$	1,000	$	1,011,110
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,627,835
			$	3,638,945

Industrial Development Revenue — 4.9%
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	980	$	1,181,302
Niagara Area Development Corp., (Covanta), (AMT), 4.75%, 11/1/42⁽²⁾		2,500		2,406,525
			$	3,587,827


		23		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Education — 2.1%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,523,812
			$	1,523,812

Insured – Electric Utilities — 1.9%
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	1,365	$	1,382,977
			$	1,382,977

Insured – Other Revenue — 5.4%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,715,150
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		2,245,434
			$	3,960,584

Insured – Transportation — 3.0%
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37	$	1,000	$	1,004,650
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/46		1,250		1,232,087
			$	2,236,737

Lease Revenue / Certificates of Participation — 13.9%
Hudson Yards Infrastructure Corp., 5.00%, 2/15/42⁽¹⁾	$	4,000	$	4,445,240
Monroe County Industrial Development Agency, (Rochester Schools Modernization), 5.00%, 5/1/31⁽¹⁾		5,000		5,845,550
			$	10,290,790

Other Revenue — 15.2%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,893,185
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37⁽¹⁾		5,200		5,909,228
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44⁽²⁾		1,300		1,328,795
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,125,920
			$	11,257,128

Senior Living / Life Care — 2.2%
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42	$	120	$	121,397
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40		905		952,974


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care (continued)
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34	$	100	$	97,952
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		231,435
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		231,578
			$	1,635,336

Special Tax Revenue — 20.0%
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾	$	1,185	$	1,258,814
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35⁽¹⁾		915		974,649
New York Dormitory Authority, Personal Income Tax Revenue, Prerefunded to 3/15/19, 5.25%, 3/15/38		1,000		1,009,770
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43⁽¹⁾		4,000		4,495,360
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		6,511,500
Sales Tax Asset Receivable Corp., 4.00%, 10/15/32		485		514,638
			$	14,764,731

Transportation — 6.1%
Port Authority of New York and New Jersey, 5.00%, 10/15/36⁽¹⁾	$	4,000	$	4,527,680
			$	4,527,680

Water and Sewer — 12.3%
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46⁽¹⁾	$	4,000	$	4,433,240
Suffolk County Water Authority, 5.00%, 6/1/36⁽¹⁾		4,000		4,663,720
			$	9,096,960

Total Tax-Exempt Investments — 152.4% (identified cost $108,702,615)			$	112,666,297

Corporate Bonds & Notes — 2.0%
Security	Principal Amount (000’s omitted)		Value

Hospital — 2.0%
NYU Hospitals Center, 4.168%, 7/1/37	$	1,500	$	1,459,742

Total Corporate Bonds & Notes — 2.0% (identified cost $1,520,133)			$	1,459,742


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Miscellaneous — 1.0%
Security	Units		Value

Real Estate — 1.0%
CMS Liquidating Trust^(2)(3)(4)		257	$	749,046

Total Miscellaneous — 1.0% (identified cost $822,400)			$	749,046

Total Investments — 155.4% (identified cost $111,045,148)			$	114,875,085

Other Assets, Less Liabilities — (55.4)%			$	(40,936,212	)

Net Assets Applicable to Common Shares — 100.0%			$	73,938,873

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, 2018, 7.9% 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 1.2% to 3.4% 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, 2018, the aggregate value of these securities is $4,484,366 or 6.1% of the Trust’s net assets applicable to common shares.

⁽³⁾	Non-income producing.

⁽⁴⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

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


		25		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Investments — 152.6%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 1.7%
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32	$	585	$	663,068
			$	663,068

Education — 4.4%
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44	$	285	$	296,759
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		400		418,040
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33		500		549,305
University of Cincinnati, 5.00%, 6/1/34		500		525,135
			$	1,789,239

Electric Utilities — 1.3%
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40	$	500	$	534,500
			$	534,500

Escrowed / Prerefunded — 12.9%
Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21, 5.25%, 12/1/33	$	335	$	366,259
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		155		160,661
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		170		176,416
Hancock County, (Blanchard Valley Regional Health Center), Prerefunded to 6/1/21, 6.25%, 12/1/34		750		825,368
Montgomery County, (Catholic Health Initiatives), Prerefunded to 5/1/19, 5.50%, 5/1/34		175		177,546
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), Prerefunded to 1/1/19, 5.50%, 1/1/39		1,000		1,002,720
Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.00%, 7/1/44		155		162,122
Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.25%, 7/1/44		850		892,338
Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40		350		368,319
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28		20		24,200
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), Prerefunded to 12/1/20, 5.25%, 12/1/37		1,000		1,064,360
			$	5,220,309


Security	Principal Amount (000’s omitted)		Value

General Obligations — 38.1%
Cleveland, 5.00%, 12/1/43⁽¹⁾	$	2,775	$	3,094,458
Forest Hills Local School District, 5.00%, 12/1/46⁽¹⁾		2,775		3,061,297
Ohio, 5.00%, 2/1/37⁽¹⁾		2,775		3,107,250
Upper Arlington City School District, 5.00%, 12/1/48⁽¹⁾		2,775		3,114,216
Will County, IL, 5.00%, 11/15/45⁽¹⁾		2,775		3,033,630
			$	15,410,851

Hospital — 21.9%
Allen County, (Mercy Health), 4.00%, 8/1/47⁽¹⁾	$	1,000	$	976,790
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31		500		528,450
Franklin County, (Nationwide Children’s Hospital), Prerefunded to 11/1/19, 5.00%, 11/1/34		800		821,632
Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47⁽¹⁾		2,800		3,069,248
Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34		250		274,870
Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45		315		275,414
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		536,815
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		857,408
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		325		329,400
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		205		213,112
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27		565		614,494
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		165		177,746
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43		90		90,202
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43		80		82,650
			$	8,848,231

Housing — 2.5%
Ohio Housing Finance Agency, (GNMA, FNMA, FHLMC), 3.80%, 9/1/38	$	1,000	$	1,001,430
			$	1,001,430

Industrial Development Revenue — 1.4%
Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	556,637
			$	556,637


		26		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Education — 1.9%
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	779,978
			$	779,978

Insured – Electric Utilities — 12.7%
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/27	$	710	$	522,808
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/38		2,000		860,080
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		815		676,841
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		2,392,290
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		305		321,693
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		200		210,590
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		161,073
			$	5,145,375

Insured – Escrowed / Prerefunded — 4.0%
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39	$	1,000	$	1,007,900
Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38		555		587,462
			$	1,595,362

Insured – General Obligations — 4.0%
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30	$	2,455	$	1,625,136
			$	1,625,136

Insured – Transportation — 9.2%
Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30	$	600	$	642,156
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39		140		150,613
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		1,000		1,123,610
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/26		1,000		1,176,140
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		590		629,902
			$	3,722,421

Insured – Water and Sewer — 1.7%
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28	$	665	$	688,574
			$	688,574


Security	Principal Amount (000’s omitted)		Value

Other Revenue — 2.2%
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27	$	875	$	876,663
			$	876,663

Senior Living / Life Care — 3.4%
Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44	$	650	$	672,262
Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32		375		386,543
Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		275		306,350
			$	1,365,155

Special Tax Revenue — 15.5%
Cleveland, Income Tax Revenue, 5.00%, 10/1/39⁽¹⁾	$	550	$	616,061
Cleveland, Income Tax Revenue, 5.00%, 10/1/43⁽¹⁾		2,200		2,447,566
Franklin County, Sales Tax Revenue, 5.00%, 6/1/38⁽¹⁾		1,400		1,606,108
Franklin County, Sales Tax Revenue, 5.00%, 6/1/43⁽¹⁾		1,400		1,591,366
			$	6,261,101

Water and Sewer — 13.8%
Texas Water Development Board, 4.00%, 10/15/47⁽¹⁾	$	5,500	$	5,565,285
			$	5,565,285

Total Tax-Exempt Investments — 152.6% (identified cost $59,893,715)			$	61,649,315

Other Assets, Less Liabilities — (52.6)%			$	(21,243,564	)

Net Assets Applicable to Common Shares — 100.0%			$	40,405,751

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 Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2018, 22.0% 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 14.7% of total investments.

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


		27		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued

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.
FHLMC	–	Federal Home Loan Mortgage Corp.
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
NPFG	–	National Public Finance Guaranty Corp.


		28		See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2018

Portfolio of Investments


Tax-Exempt Municipal Securities — 160.8%
Security	Principal Amount (000’s omitted)		Value

Cogeneration — 0.3%
Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23⁽¹⁾	$	378	$	113,437
			$	113,437

Education — 25.1%
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39	$	500	$	510,385
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24		45		50,081
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25		65		72,966
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26		85		95,576
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30		70		76,678
Pennsylvania State University, 5.00%, 9/1/42⁽²⁾		3,250		3,693,820
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31		750		799,230
Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38		250		278,163
Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/46⁽²⁾		2,525		2,885,620
			$	8,462,519

Escrowed / Prerefunded — 18.8%
Allegheny County Higher Education Building Authority, (Duquesne University), Prerefunded to 3/1/21, 5.50%, 3/1/31	$	1,050	$	1,128,697
Cumberland County Municipal Authority, (Dickinson College), Prerefunded to 11/1/19, 5.00%, 11/1/39		1,200		1,232,988
Dauphin County General Authority, (Pinnacle Health System), Prerefunded to 6/1/19, 6.00%, 6/1/29		360		367,348
Northampton County General Purpose Authority, (Lehigh University), Prerefunded to 5/15/19, 5.00%, 11/15/39		500		507,200
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), Prerefunded to 3/1/20, 5.00%, 3/1/40		625		647,550
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		515		523,631
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		420		427,039
Pennsylvania Turnpike Commission, Prerefunded to 6/1/19, 5.25%, 6/1/39		65		66,089
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		385		410,137
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		495		527,319


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded (continued)
Philadelphia, Gas Works Revenue, Prerefunded to 8/1/20, 5.25%, 8/1/40	$	235	$	247,312
South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29		250		263,215
			$	6,348,525

General Obligations — 40.6%
Allegheny County, 5.00%, 11/1/43⁽²⁾	$	2,875	$	3,210,398
Chester County, 5.00%, 7/15/27		105		106,975
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32		1,000		1,245,140
Pennsylvania, 5.00%, 3/1/32⁽²⁾		2,250		2,550,510
Peters Township School District, 5.00%, 9/1/40⁽²⁾		2,750		3,078,240
State College Area School District, 5.00%, 5/15/44⁽²⁾		3,100		3,492,522
			$	13,683,785

Hospital — 23.5%
Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34	$	500	$	511,215
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29		390		397,063
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39		750		766,620
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33		250		261,870
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 4.00%, 8/15/42⁽²⁾		5,250		5,285,962
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31		675		701,251
			$	7,923,981

Housing — 0.6%
East Hempfield Township Industrial Development Authority, (Student Services, Inc.), 5.00%, 7/1/39	$	175	$	181,185
			$	181,185

Industrial Development Revenue — 7.1%
Delaware County Industrial Development Authority, (Covanta), 5.00%, 7/1/43⁽³⁾	$	750	$	753,577
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39		200		206,020
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39		250		253,168
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31		1,000		1,182,050
			$	2,394,815


		29		See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Electric Utilities — 3.3%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34	$	1,080	$	1,122,314
			$	1,122,314

Insured – Escrowed / Prerefunded — 7.4%
Bucks County Water and Sewer Authority, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/35	$	500	$	529,750
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19		2,000		1,973,400
			$	2,503,150

Insured – Hospital — 0.9%
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24	$	250	$	294,107
			$	294,107

Insured – Lease Revenue / Certificates of Participation — 1.5%
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31	$	500	$	506,460
			$	506,460

Insured – Special Tax Revenue — 0.9%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	1,235	$	298,425
			$	298,425

Insured – Transportation — 8.9%
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29	$	1,005	$	1,007,754
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		1,800		1,980,612
			$	2,988,366

Senior Living / Life Care — 0.3%
Lancaster Industrial Development Authority, (Garden Spot Village), 5.375%, 5/1/28	$	100	$	107,426
			$	107,426

Special Tax Revenue — 11.0%
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue, 5.25%, 12/1/44⁽²⁾	$	3,250	$	3,714,262
			$	3,714,262

Transportation — 9.5%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47⁽²⁾	$	1,225	$	1,362,947


Security	Principal Amount (000’s omitted)		Value

Transportation (continued)
Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/35	$	465	$	480,261
Delaware River Port Authority of Pennsylvania and New Jersey, Prerefunded to 1/1/20, 5.00%, 1/1/40		285		294,354
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41		450		475,286
Pennsylvania Turnpike Commission, Prerefunded to 12/1/20, 5.35%, 12/1/30		550		584,243
			$	3,197,091

Utilities — 1.1%
Philadelphia, Gas Works Revenue, 5.25%, 8/1/40	$	365	$	382,286
			$	382,286

Total Tax-Exempt Municipal Securities — 160.8% (identified cost $53,453,608)			$	54,222,134

Taxable Municipal Securities — 0.1%
Security	Principal Amount (000’s omitted)		Value

Cogeneration — 0.1%
Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23⁽¹⁾	$	69	$	20,641

Total Taxable Municipal Securities — 0.1% (identified cost $68,803)			$	20,641

Total Investments — 160.9% (identified cost $53,522,411)			$	54,242,775

Other Assets, Less Liabilities — (60.9)%			$	(20,529,517	)

Net Assets Applicable to Common Shares — 100.0%			$	33,713,258

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 Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2018, 14.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 4.6% of total investments.


		30		See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2018

Portfolio of Investments — continued

⁽¹⁾	Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

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

⁽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, 2018, the aggregate value of these securities is $753,577 or 2.2% 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.
FGIC	–	Financial Guaranty Insurance Company
NPFG	–	National Public Finance Guaranty Corp.


		31		See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2018

Statements of Assets and Liabilities


	November 30, 2018
Assets	California Trust			Massachusetts Trust		Michigan Trust		New Jersey Trust
Investments —
Identified cost	$	147,577,357		$	57,490,940	$	45,147,362	$	89,465,655
Unrealized appreciation		4,566,043			1,582,440		609,829		1,939,575
Investments, at value	$	152,143,400		$	59,073,380	$	45,757,191	$	91,405,230
Cash	$	182,744		$	220,516	$	462,967	$	681,176
Interest receivable		1,553,332			848,718		536,469		1,239,169
Total assets	$	153,879,476		$	60,142,614	$	46,756,627	$	93,325,575

Liabilities
Payable for floating rate notes issued	$	59,212,070		$	20,995,015	$	18,020,376	$	32,845,195
Payable for when-issued securities		637,686			—		—		—
Payable to affiliates:
Investment adviser fee		49,295			19,559		15,054		30,367
Administration fee		24,647			9,780		7,527		15,184
Trustees’ fees		995			467		388		788
Interest expense and fees payable		176,574			106,818		69,473		136,344
Accrued expenses		82,857			60,091		72,097		74,102
Total liabilities	$	60,184,124		$	21,191,730	$	18,184,915	$	33,101,980
Net assets applicable to common shares	$	93,695,352		$	38,950,884	$	28,571,712	$	60,223,595

Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$	71,336		$	27,370	$	20,130	$	45,982
Additional paid-in capital		94,006,350			38,439,922		27,523,126		62,788,648
Distributable earnings (accumulated loss)		(382,334	)		483,592		1,028,456		(2,611,035	)
Net assets applicable to common shares	$	93,695,352		$	38,950,884	$	28,571,712	$	60,223,595

Common Shares Outstanding		7,133,575			2,737,021		2,012,994		4,598,158

Net Asset Value Per Common Share
Net assets applicable to common shares ÷ common shares issued and outstanding	$	13.13		$	14.23	$	14.19	$	13.10


		32		See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

November 30, 2018

Statements of Assets and Liabilities — continued


	November 30, 2018
Assets	New York Trust		Ohio Trust		Pennsylvania Trust
Investments —
Identified cost	$	111,045,148	$	59,893,715	$	53,522,411
Unrealized appreciation		3,829,937		1,755,600		720,364
Investments, at value	$	114,875,085	$	61,649,315	$	54,242,775
Cash	$	759,774	$	—	$	100,915
Interest receivable		1,432,455		904,078		758,399
Receivable for investments sold		1,250,000		1,065,000		—
Total assets