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, 2011
Date of Reporting Period
 
 

 


 

Item 1. Reports to Stockholders

 


 

     
Eaton Vance
Municipal Income Trusts

Annual Report
November 30, 2011
 
(STOPWATCH GRAPHIC)

 
California (CEV) • Massachusetts (MMV) • Michigan (EMI) • New Jersey (EVJ)
New York (EVY) • Ohio (EVO) • Pennsylvania (EVP)
 
 
 
(EATON VANCE INVESTMENT MANAGERS LOGO)


 

 
 
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, 2011
Eaton Vance
Municipal Income Trusts
Table of Contents
         
Management’s Discussion of Fund Performance
    2  
 
       
Performance and Fund Profile
       
 
       
California
    4  
 
       
Massachusetts
    5  
 
       
Michigan
    6  
 
       
New Jersey
    7  
 
       
New York
    8  
 
       
Ohio
    9  
 
       
Pennsylvania
    10  
 
       
Endnotes and Additional Disclosures
    11  
 
       
Financial Statements
    12  
 
       
Report of Independent Registered Public Accounting Firm
    61  
 
       
Federal Tax Information
    62  
 
       
Notice to Shareholders
    63  
 
       
Dividend Reinvestment Plan
    64  
 
       
Management and Organization
    66  
 
       
Important Notices
    69  

 


 

Eaton Vance
Municipal Income Trusts
November 30, 2011
Management’s Discussion of Fund Performance1
 
Economic and Market Conditions
Early in the fiscal year, in the December 2010 through March 2011 timeframe, economic indicators seemed to show that a modest recovery was under way. But in the second quarter of 2011, Europe’s sovereign debt problems began to intensify, and investors worried about the potential impact on the U.S. economy and U.S. banks.
Meanwhile, unemployment remained stubbornly high, the housing market was not recovering, and Congressional wrangling over the debt ceiling led Standard & Poor’s to downgrade U.S. Treasuries. The potential for a double-dip recession began to look real. Reacting to this turmoil, the S&P 500 Index2 fell more than 15% in just over two weeks during late July and early August and spent the rest of the period trying to claw its way back.
Against this backdrop, Treasury and municipal interest rates began to rise in the first part of the fiscal year, as people believed an economic recovery was well underway. When economic indicators began to suggest that the U.S. economy was not as strong as first perceived and European sovereign debt problems intensified, we saw a flight to safety beginning in the second quarter. Treasury prices rose and yields fell significantly as equity markets declined. Municipal bonds rallied as well, but not to the same degree, because investors were still concerned about the perceived ability of state and local governments to address historically large fiscal deficits and balance their budgets.
As the period wore on, however, several factors caused performance of municipals to improve. The massive municipal defaults predicted by high-profile market analysts did not materialize, while the budget situation for many issuers began to recover. In addition, the supply-demand equation for municipal bonds improved as the number of new issues declined dramatically from that of 2010.
With extremely low Treasury yields driven by problems in Europe and the Fed’s Operation Twist (central bank’s swapping its short-term holdings for longer-term Treasury bonds), municipals during the period offered significantly higher taxable-equivalent yields than Treasuries. The ratio of AAA6 municipal yields to Treasury yields — which historically has averaged less than 100% because municipal yields are federally tax-exempt — rose from 103.9% at the start of the period to 125.9% at period-end. The result was a pickup in municipal sales and prices as investors moved to lock in attractive municipal yields. For the one-year period as a whole, the Barclays Capital Municipal Bond Index — a broad measure of U.S. municipal bond performance — rose 6.53%.
Fund Performance
For the fiscal year ending November 30, 2011, the Massachusetts, Michigan, New York, and Ohio Trusts’ shares at net asset value (NAV) outperformed the 8.32% return of the Barclays Capital Long (22+) Municipal Bond Index (the Index), the Funds’ benchmark, while the California, New Jersey, and Pennsylvania Trusts’ shares underperformed the Index at NAV.
The Funds were hedged during the period to help mitigate the potential interest-rate risk associated with the Funds’ overall investment strategy. Generally speaking, the Funds’ overall strategy is to invest primarily in bonds at the longer end of the maturity spectrum in order to capture their typically higher yields and greater income payments. The Funds tend to hedge to various degrees against the greater potential risk of volatility at the long end of the curve by using Treasury futures and interest-rate swaps to provide downside protection. For the 12-month period ending November 30, 2011, this hedging strategy was a drag on performance, as the ratio of municipal yields to U.S. Treasury yields of similar maturities remained relatively high and actually increased during the period. Thus, the more a Fund was hedged, the more that hedging detracted from the Fund’s performance. Hedging was a detractor from performance of all Funds except the Michigan Trust, where the negative effect of hedging was less.
In contrast, leverage5 aided performance. The use of leverage has the effect of providing additional exposure to the municipal market. Leverage magnifies a Fund’s exposure to its underlying investments in both up and down markets. During this period of strong performance by municipal bonds, leverage was a key positive contributor to all of the Funds’ relative performance versus the benchmark.
An overweighting in long-maturity bonds (20 years or more), which outperformed short- and medium-maturity issues during the period, also helped performance of all Funds except the Michigan Trust.
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

2


 

Eaton Vance
Municipal Income Trusts
November 30, 2011
Management’s Discussion of Fund Performancecontinued
 
Eaton Vance California Municipal Income Trust’s shares at NAV had a total return of 7.99%, underperforming the 8.32% return of the Index. A key detractor was security selection in hospital bonds. Performance was helped, however, by security selection in the transportation sector and an overweighting in zero-coupon bonds.
Eaton Vance Massachusetts Municipal Income Trust’s shares at NAV had a total return of 8.49%, outperforming the 8.32% return of the Index. Security selection in generally high quality general obligation bonds was positive for performance, while underweighting transportation as well as water & sewer, two sectors that did well over the period, hurt results.
Eaton Vance Michigan Municipal Income Trust’s shares at NAV had a total return of 11.66%, outpacing the 8.32% return of the Index. Key drivers of performance included overweights in generally high quality local general obligation bonds, hospital bonds, and zero-coupon bonds, all of which did well during the period. Security selection in hospitals helped as well. But overweighting bonds with 10-20 year maturities, which performed well but not as strongly as longer-maturity issues, detracted from performance.
Eaton Vance New Jersey Municipal Income Trust’s shares at NAV returned 5.64%, trailing the 8.32% return of the Index. An underweighting in general obligation bonds, which outpaced the overall market, held back results. Contributors included an overweighting in zero-coupon bonds and security selection in industrial development bonds.
Eaton Vance New York Municipal Income Trust’s shares at NAV returned 9.06%, outperforming the 8.32% return of the Index. An overweighting in zero-coupon bonds and in 5.50% and 5.75% coupon bonds, which performed well during the period, aided performance. Security selection in the industrial development and transportation sectors, however, detracted from results.
Eaton Vance Ohio Municipal Income Trust’s shares at NAV returned 9.21%, outperforming the 8.32% return of the Index. An overweighting in generally high quality local government general obligation bonds contributed to results, while exposure to lower-quality industrial development revenue bonds and an underweighting in the strong-performing transportation sector detracted.
Eaton Vance Pennsylvania Municipal Income Trust’s shares at NAV had a total return of 6.53%, underperforming the 8.32% return of the Index. Key detractors included security selection in the water & sewer and the industrial development sectors. In contrast, security selection and an overweighting in education bonds, as well as an overweighting in zero-coupon bonds, aided results.
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

3


 

Eaton Vance
California Municipal Income Trust
November 30, 2011
Portfolio Manager Cynthia J. Clemson
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       7.99 %     0.77 %     4.93 %
Fund at Market Price
          11.04       3.14       5.30  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            2.91 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.886  
Distribution Rate at NAV
                            7.14 %
Taxable-Equivalent Distribution Rate at NAV
                            12.25 %
Distribution Rate at Market Price
                            6.94 %
Taxable-Equivalent Distribution Rate at Market Price
                            11.90 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            31.83 %
Residual Interest Bond (RIB)
                            10.94  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, the Fund’s credit quality (% of total investments) is as follows:6
                     
 
AAA
    4.8 %   BBB     7.2 %
AA
    52.8     BB     0.8  
A
    27.5     Not Rated     6.9  
 
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

4


 

Eaton Vance
Massachusetts Municipal Income Trust
November 30, 2011
Portfolio Manager Craig R. Brandon, CFA
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       8.49 %     3.05 %     6.04 %
Fund at Market Price
          13.45       5.95       6.46  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            6.01 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.906  
Distribution Rate at NAV
                            6.49 %
Taxable-Equivalent Distribution Rate at NAV
                            10.54 %
Distribution Rate at Market Price
                            6.12 %
Taxable-Equivalent Distribution Rate at Market Price
                            9.94 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            31.67 %
Residual Interest Bond (RIB)
                            7.72  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, the Fund’s credit quality (% of total investments) is as follows:6
                     
 
AAA
    16.7 %   BBB     9.6 %
AA
    37.2     BB     1.4  
A
    31.5     Not Rated     3.6  
 
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

5


 

Eaton Vance
Michigan Municipal Income Trust
November 30, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       11.66 %     3.49 %     5.57 %
Fund at Market Price
          10.60       3.84       5.96  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            -6.94 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.839  
Distribution Rate at NAV
                            6.11 %
Taxable-Equivalent Distribution Rate at NAV
                            9.83 %
Distribution Rate at Market Price
                            6.57 %
Taxable-Equivalent Distribution Rate at Market Price
                            10.57 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            38.15 %
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

6


 

Eaton Vance
New Jersey Municipal Income Trust
November 30, 2011
Portfolio Manager Adam Weigold, CFA
Performance2,3
 

                             
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
  1/29/1999        5.64 %     1.93 %     5.85 %
Fund at Market Price
  —        6.39       3.95       6.55  
Barclays Capital Long (22+) Municipal Bond Index
  —        8.32 %     3.61 %     5.34 %
 
 
                           
% Premium/Discount to NAV
                           
 
 
                        2.69 %
 
                           
Distributions4
                           
 
Total Distributions per share for the period
                      $ 0.923  
Distribution Rate at NAV
                        6.90 %
Taxable-Equivalent Distribution Rate at NAV
                        11.66 %
Distribution Rate at Market Price
                        6.72 %
Taxable-Equivalent Distribution Rate at Market Price
                        11.36 %
 
 
                           
% Total Leverage5
                           
 
Auction Preferred Shares (APS)
                        32.26 %
Residual Interest Bond (RIB)
                        9.13  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, the Fund’s credit quality (% of total investments) is as follows:6
                     
 
AAA
    14.5 %   BB     3.0 %
AA
    26.2     B     1.1  
A
    43.4     Not Rated     0.8  
BBB
    11.0              
 
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

7


 

Eaton Vance
New York Municipal Income Trust
November 30, 2011
Portfolio Manager Craig R. Brandon, CFA
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       9.06 %     2.05 %     5.84 %
Fund at Market Price
          8.18       3.34       6.12  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            1.01 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.910  
Distribution Rate at NAV
                            6.84 %
Taxable-Equivalent Distribution Rate at NAV
                            11.56 %
Distribution Rate at Market Price
                            6.77 %
Taxable-Equivalent Distribution Rate at Market Price
                            11.44 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            26.58 %
Residual Interest Bond (RIB)
                            16.12  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, the Fund’s credit quality (% of total investments) is as follows:6
                     
 
AAA
    13.6 %   BBB     11.8 %
AA
    38.0     BB     1.2  
A
    27.3     Not Rated     8.1  
 
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

8


 

Eaton Vance
Ohio Municipal Income Trust
November 30, 2011
Portfolio Manager William H. Ahern, Jr., CFA
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       9.21 %     2.96 %     5.79 %
Fund at Market Price
          6.25       4.26       6.04  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            -0.86 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.861  
Distribution Rate at NAV
                            6.18 %
Taxable-Equivalent Distribution Rate at NAV
                            10.11 %
Distribution Rate at Market Price
                            6.24 %
Taxable-Equivalent Distribution Rate at Market Price
                            10.20 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            36.33 %
Residual Interest Bond (RIB)
                            2.33  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

9


 

Eaton Vance
Pennsylvania Municipal Income Trust
November 30, 2011
Portfolio Manager Adam Weigold, CFA
Performance2,3
 

                                 
% Average Annual Total Returns   Inception Date   1 Year   5 Years   10 Years
 
Fund at NAV
    1/29/1999       6.53 %     2.99 %     5.62 %
Fund at Market Price
          13.15       4.92       7.05  
Barclays Capital Long (22+) Municipal Bond Index
          8.32 %     3.61 %     5.34 %
 
 
                               
% Premium/Discount to NAV
                               
 
 
                            3.02 %
 
                               
Distributions4
                               
 
Total Distributions per share for the period
                          $ 0.867  
Distribution Rate at NAV
                            6.54 %
Taxable-Equivalent Distribution Rate at NAV
                            10.38 %
Distribution Rate at Market Price
                            6.35 %
Taxable-Equivalent Distribution Rate at Market Price
                            10.08 %
 
 
                               
% Total Leverage5
                               
 
Auction Preferred Shares (APS)
                            35.99 %
Residual Interest Bond (RIB)
                            2.80  
 
Fund Profile
 
Credit Quality (% of total investments)6
 
(BAR CHART)
The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, the Fund’s credit quality (% of total investments) is as follows:6
                     
 
AAA
    3.8 %   CC     0.6 %
AA
    47.7     C     0.1  
A
    35.6     Not Rated     6.9  
BBB
    5.3              
 
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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

10


 

Eaton Vance
Municipal Income Trusts
November 30, 2011
Endnotes and Additional Disclosures
 
1   The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as forward looking statements. The 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.
 
2   S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Barclays Capital Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Barclays Capital Long (22+) Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
 
3   Performance results reflect the effects of leverage.
 
4   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 composed of tax-exempt income, ordinary income, net realized capital gains and return of capital. Taxable-equivalent performance is based on the highest federal and state income tax rates, as applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rate(s) will vary depending on your income, exemptions and deductions. Rates do not include local taxes. The distribution declared on December 30, 2011 reflects a reduction of the monthly distribution for Massachusetts Municipal Income Trust, Michigan Municipal Income Trust and New Jersey Municipal Income Trust.
 
5   Fund employs RIB financing and/or APS leverage. The leverage created by RIB investments and APS provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.
 
6   Ratings are based on Moody’s, S&P or Fitch, as applicable. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency 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. If securities are rated differently by the rating agencies, the higher rating is applied.
    Fund profile subject to change due to active management.

11


 

 
Eaton Vance
California Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

                     
Tax-Exempt Investments — 164.1%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Education — 18.6%
 
California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39
  $ 3,135     $ 3,264,789      
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31
    195       208,867      
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36
    330       344,487      
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30
    745       762,157      
California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29
    2,625       2,520,052      
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23
    1,600       1,879,328      
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36
    235       260,042      
California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39
    2,490       2,676,725      
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31
    415       427,824      
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35
    285       288,850      
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26
    810       877,570      
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27
    850       908,880      
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28
    895       951,850      
University of California, 5.25%, 5/15/39
    1,250       1,331,213      
 
 
            $ 16,702,634      
 
 
 
 
Electric Utilities — 13.4%
 
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34
  $ 270     $ 297,478      
Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27
    2,275       2,350,576      
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32
    2,170       2,341,907      
Northern California Power Agency, 5.25%, 8/1/24
    1,500       1,654,095      
Sacramento Municipal Utility District, 5.00%, 8/15/27
    1,335       1,445,364      
Sacramento Municipal Utility District, 5.00%, 8/15/28
    1,795       1,926,933      
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35
    680       710,124      
Vernon, Electric System Revenue, 5.125%, 8/1/21
    1,300       1,296,477      
 
 
            $ 12,022,954      
 
 
 
 
Escrowed / Prerefunded — 0.0%(1)
 
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38
  $ 25     $ 32,813      
 
 
            $ 32,813      
 
 
 
 
General Obligations — 14.3%
 
California, 5.50%, 11/1/35
  $ 1,600     $ 1,691,728      
California, 6.00%, 4/1/38
    750       830,190      
California, (AMT), 5.05%, 12/1/36
    1,590       1,564,481      
California Department of Veterans Affairs, (AMT), 5.00%, 12/1/27
    1,500       1,516,185      
Palo Alto, (Election of 2008), 5.00%, 8/1/40(2)
    3,655       3,891,405      
Santa Clara County, (Election of 2008), 5.00%, 8/1/39(3)(4)
    3,180       3,367,620      
 
 
            $ 12,861,609      
 
 
 
 
Hospital — 16.8%
 
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27
  $ 1,000     $ 1,041,950      
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28
    190       196,673      
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32
    1,000       1,034,990      
California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38
    1,475       1,666,735      
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34
    640       634,374      
California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36
    445       439,064      
California Statewide Communities Development Authority, (Kaiser Permanente), 5.50%, 11/1/32
    1,565       1,572,778      
California Statewide Communities Development Authority, (Sonoma County Indian Health), 6.40%, 9/1/29
    1,700       1,700,272      
California Statewide Communities Development Authority, (Sutter Health), 5.50%, 8/15/28
    1,500       1,508,100      
Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31
    1,900       1,903,952      
Washington Township Health Care District, 5.00%, 7/1/32
    2,780       2,701,549      
Washington Township Health Care District, 5.25%, 7/1/29
    700       699,944      
 
 
            $ 15,100,381      
 
 
 

 
See Notes to Financial Statements.
12


 

 
Eaton Vance
California Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Housing — 1.1%
 
Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29
  $ 682     $ 650,274      
Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29
    402       376,678      
 
 
            $ 1,026,952      
 
 
 
 
Industrial Development Revenue — 3.5%
 
California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23
  $ 1,235     $ 1,268,975      
California Statewide Communities Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.80%, 9/1/46
    2,000       1,835,580      
 
 
            $ 3,104,555      
 
 
 
 
Insured – Education — 7.1%
 
California Educational Facilities Authority, (Pepperdine University), (AMBAC), 5.00%, 12/1/35
  $ 2,660     $ 2,750,041      
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23
    1,250       1,468,225      
California State University, (AMBAC), 5.00%, 11/1/33
    2,140       2,159,538      
 
 
            $ 6,377,804      
 
 
 
 
Insured – Electric Utilities — 3.3%
 
Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31
  $ 2,790     $ 2,932,485      
 
 
            $ 2,932,485      
 
 
 
 
Insured – Escrowed / Prerefunded — 3.5%
 
Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26
  $ 5,130     $ 3,179,574      
 
 
            $ 3,179,574      
 
 
 
 
Insured – General Obligations — 5.6%
 
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34
  $ 6,485     $ 1,625,401      
Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35
    4,825       1,135,419      
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25
    4,720       2,240,159      
 
 
            $ 5,000,979      
 
 
 
 
Insured – Hospital — 13.9%
 
California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37
  $ 2,900     $ 2,934,162      
California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(4)
    750       752,648      
California Statewide Communities Development Authority, (Sutter Health), (AGM), 5.75%, 8/15/27(4)
    3,735       3,738,660      
California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(4)
    5,000       5,051,000      
 
 
            $ 12,476,470      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 11.6%
 
Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17
  $ 5,410     $ 4,287,100      
Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27
    2,000       2,550,460      
San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(4)
    3,500       3,629,080      
 
 
            $ 10,466,640      
 
 
 
 
Insured – Special Tax Revenue — 2.5%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 21,285     $ 1,362,240      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    7,615       908,622      
 
 
            $ 2,270,862      
 
 
 
 
Insured – Transportation — 9.2%
 
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29
  $ 5,000     $ 1,607,350      
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31
    4,500       1,273,770      
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(4)
    740       743,848      
San Joaquin Hills Transportation Corridor Agency, Toll Road Bonds, (NPFG), 0.00%, 1/15/32
    10,000       1,905,400      
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37
    1,320       1,324,435      
San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47
    1,350       1,416,137      
 
 
            $ 8,270,940      
 
 
 

 
See Notes to Financial Statements.
13


 

 
Eaton Vance
California Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Insured – Water and Sewer — 4.1%
 
East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32(4)
  $ 2,000     $ 2,135,040      
Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30
    1,830       1,566,681      
 
 
            $ 3,701,721      
 
 
 
 
Other Revenue — 2.0%
 
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32
  $ 385     $ 388,234      
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37
    315       309,821      
Golden State Tobacco Securitization Corp., 5.30%, (0.00% until 12/1/12), 6/1/37
    980       611,706      
Golden State Tobacco Securitization Corp., 5.75%, 6/1/47
    640       452,442      
 
 
            $ 1,762,203      
 
 
 
 
Senior Living / Life Care — 1.9%
 
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31
  $ 290     $ 289,484      
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26
    175       158,002      
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36
    700       581,049      
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41
    600       643,554      
 
 
            $ 1,672,089      
 
 
 
 
Special Tax Revenue — 15.4%
 
Bonita Canyon Public Financing Authority, 5.375%, 9/1/28
  $ 1,000     $ 986,340      
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26
    285       240,477      
Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34
    460       352,981      
Corona Public Financing Authority, 5.80%, 9/1/20
    970       971,222      
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/27
    200       188,530      
Eastern California Municipal Water District, Special Tax Revenue, District No. 2004-27 Cottonwood, 5.00%, 9/1/36
    500       441,175      
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27
    1,590       1,591,081      
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24
    420       420,382      
Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29
    750       750,217      
Oakland Joint Powers Financing Authority, 5.40%, 9/2/18
    1,495       1,510,832      
Oakland Joint Powers Financing Authority, 5.50%, 9/2/24
    900       906,885      
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28
    2,400       2,645,280      
Santaluz Community Facilities District No. 2, 6.10%, 9/1/21
    250       250,838      
Santaluz Community Facilities District No. 2, 6.20%, 9/1/30
    490       490,652      
Temecula Unified School District, 5.00%, 9/1/27
    250       235,663      
Temecula Unified School District, 5.00%, 9/1/37
    400       351,636      
Tustin Community Facilities District, 6.00%, 9/1/37
    500       497,995      
Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23
    1,000       1,001,100      
 
 
            $ 13,833,286      
 
 
 
 
Transportation — 12.1%
 
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.00%, 4/1/31
  $ 2,000     $ 2,103,680      
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29
    1,000       1,087,020      
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(3)(4)
    2,120       2,234,247      
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30
    1,500       1,586,160      
Port of Redwood City, (AMT), 5.125%, 6/1/30
    1,170       1,060,160      
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35
    2,760       2,829,469      
 
 
            $ 10,900,736      
 
 
 

 
See Notes to Financial Statements.
14


 

 
Eaton Vance
California Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Water and Sewer — 4.2%
 
California Department of Water Resources, 5.00%, 12/1/29
  $ 1,840     $ 1,988,727      
San Mateo, Sewer Revenue, 5.00%, 8/1/36
    1,700       1,795,302      
 
 
            $ 3,784,029      
 
 
     
Total Tax-Exempt Investments — 164.1%
   
(identified cost $146,937,929)
  $ 147,481,716      
 
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.6)%
  $ (49,976,571 )    
 
 
             
Other Assets, Less Liabilities — (8.5)%
  $ (7,643,439 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 89,861,706      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AGM
 
- Assured Guaranty Municipal Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC
 
- Berkshire Hathaway Assurance Corp.
CIFG
 
- CIFG Assurance North America, Inc.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
RADIAN
 
- Radian Group, Inc.
 
The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 37.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 15.3% of total investments.
 
(1) Amount is less than 0.05%
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(3) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,626,867.
 
(4) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

 
See Notes to Financial Statements.
15


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 153.6%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 6.1%
 
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33
  $ 910     $ 1,118,144      
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34
    990       1,212,790      
 
 
            $ 2,330,934      
 
 
 
 
Education — 29.0%
 
Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33
  $ 600     $ 604,908      
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35
    1,080       1,146,323      
Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38
    895       891,142      
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32
    1,500       1,524,555      
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35
    1,640       1,966,163      
Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)
    1,500       1,620,570      
Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38
    415       442,162      
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35
    1,350       1,389,258      
Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38
    1,420       1,548,794      
 
 
            $ 11,133,875      
 
 
 
 
Electric Utilities — 2.7%
 
Massachusetts Development Finance Agency, (Devens Electric System), 6.00%, 12/1/30
  $ 1,000     $ 1,016,600      
 
 
            $ 1,016,600      
 
 
 
 
Escrowed / Prerefunded — 1.1%
 
Massachusetts Development Finance Agency, (Western New England College), Prefunded to 12/1/12, 6.125%, 12/1/32
  $ 400     $ 427,028      
 
 
            $ 427,028      
 
 
 
 
General Obligations — 13.6%
 
Boston, 4.00%, 4/1/24
  $ 300     $ 325,278      
Cambridge, 4.00%, 2/15/21
    595       690,432      
Danvers, 5.25%, 7/1/36
    885       974,925      
Newton, 5.00%, 4/1/36(2)
    750       811,350      
Plymouth, 5.00%, 5/1/31
    345       375,943      
Plymouth, 5.00%, 5/1/32
    315       342,216      
Wayland, 5.00%, 2/1/33
    510       564,269      
Wayland, 5.00%, 2/1/36
    770       846,253      
Winchester, 5.00%, 4/15/36
    245       269,721      
 
 
            $ 5,200,387      
 
 
 
 
Hospital — 25.8%
 
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32
  $ 600     $ 666,330      
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31
    370       375,905      
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36
    1,210       1,253,899      
Massachusetts Health and Educational Facilities Authority, (Berkshire Health System), 6.25%, 10/1/31
    400       402,192      
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39
    500       520,025      
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37
    1,135       1,154,783      
Massachusetts Health and Educational Facilities Authority, (Healthcare System-Covenant Health), 6.00%, 7/1/31
    885       894,222      
Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33
    755       757,937      
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35
    970       877,724      
Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)
    2,000       2,046,360      
Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29
    675       675,182      
Massachusetts Health and Educational Facilities Authority, (Winchester Hospital), 5.25%, 7/1/38
    290       272,794      
 
 
            $ 9,897,353      
 
 
 

 
See Notes to Financial Statements.
16


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Housing — 6.7%
 
Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48
  $ 2,100     $ 1,928,115      
Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28
    650       654,251      
 
 
            $ 2,582,366      
 
 
 
 
Industrial Development Revenue — 1.5%
 
Massachusetts Industrial Finance Agency, (American Hingham Water Co.), (AMT), 6.60%, 12/1/15
  $ 575     $ 576,029      
 
 
            $ 576,029      
 
 
 
 
Insured – Education — 10.3%
 
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39
  $ 1,000     $ 1,182,010      
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)
    1,365       1,611,437      
Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33
    1,165       1,171,536      
 
 
            $ 3,964,983      
 
 
 
 
Insured – Electric Utilities — 1.6%
 
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
  $ 570     $ 601,948      
 
 
            $ 601,948      
 
 
 
 
Insured – General Obligations — 3.2%
 
Massachusetts, (AMBAC), 5.50%, 8/1/30
  $ 1,000     $ 1,231,100      
 
 
            $ 1,231,100      
 
 
 
 
Insured – Hospital — 0.9%
 
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25
  $ 335     $ 348,685      
 
 
            $ 348,685      
 
 
 
 
Insured – Other Revenue — 2.0%
 
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42
  $ 705     $ 773,336      
 
 
            $ 773,336      
 
 
 
 
Insured – Special Tax Revenue — 12.5%
 
Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32
  $ 1,450     $ 1,487,932      
Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29
    1,000       1,118,930      
Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1)
    1,340       1,394,860      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    7,595       486,080      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    2,735       326,340      
 
 
            $ 4,814,142      
 
 
 
 
Insured – Student Loan — 5.7%
 
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30
  $ 405     $ 431,507      
Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33
    1,885       1,749,337      
 
 
            $ 2,180,844      
 
 
 
 
Insured – Transportation — 3.4%
 
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32
  $ 315     $ 312,389      
Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/38
    1,010       981,740      
 
 
            $ 1,294,129      
 
 
 
 
Nursing Home — 1.3%
 
Massachusetts Health and Educational Facilities Authority, (Christopher House), 6.875%, 1/1/29
  $ 535     $ 514,970      
 
 
            $ 514,970      
 
 
 
 
Other Revenue — 2.9%
 
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22
  $ 500     $ 563,195      
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25
    505       548,778      
 
 
            $ 1,111,973      
 
 
 

 
See Notes to Financial Statements.
17


 

 
Eaton Vance
Massachusetts Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Senior Living / Life Care — 5.8%
 
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31
  $ 250     $ 222,008      
Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29
    1,500       1,429,920      
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30
    125       127,336      
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.125%, 11/1/27
    140       112,616      
Massachusetts Development Finance Agency, (First Mortgage VOA Concord), 5.20%, 11/1/41
    475       344,612      
 
 
            $ 2,236,492      
 
 
 
 
Special Tax Revenue — 7.9%
 
Massachusetts Bay Transportation Authority, 5.25%, 7/1/34
  $ 140     $ 150,669      
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31
    1,665       662,570      
Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34
    5,195       1,778,404      
Virgin Islands Public Finance Authority, 5.00%, 10/1/39
    75       69,331      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    335       359,244      
 
 
            $ 3,020,218      
 
 
 
 
Transportation — 7.3%
 
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37
  $ 1,500     $ 1,552,875      
Massachusetts Port Authority, 5.00%, 7/1/28
    500       547,235      
Massachusetts Port Authority, 5.00%, 7/1/34
    670       703,594      
 
 
            $ 2,803,704      
 
 
 
 
Water and Sewer — 2.3%
 
Massachusetts Water Resources Authority, 4.00%, 8/1/46
  $ 960     $ 886,848      
 
 
            $ 886,848      
 
 
     
Total Tax-Exempt Investments — 153.6%
   
(identified cost $57,244,089)
  $ 58,947,944      
 
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (52.2)%
  $ (20,050,234 )    
 
 
             
Other Assets, Less Liabilities — (1.4)%
  $ (525,316 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 38,372,394      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
XLCA
 
- XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 25.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.3% to 14.8% of total investments.
 
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 
See Notes to Financial Statements.
18


 

 
Eaton Vance
Michigan Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 151.5%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 2.3%
 
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/29(1)
  $ 600     $ 652,824      
 
 
            $ 652,824      
 
 
 
 
Education — 10.0%
 
Grand Valley State University, 5.625%, 12/1/29
  $ 525     $ 563,456      
Grand Valley State University, 5.75%, 12/1/34
    525       558,574      
Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35
    200       200,470      
Michigan State University, 5.00%, 2/15/40
    1,000       1,048,270      
Michigan State University, 5.00%, 2/15/44
    460       477,687      
 
 
            $ 2,848,457      
 
 
 
 
Electric Utilities — 1.9%
 
Lansing Board of Water and Light, 5.50%, 7/1/41
  $ 500     $ 548,150      
 
 
            $ 548,150      
 
 
 
 
Escrowed / Prerefunded — 8.9%
 
Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34
  $ 560     $ 619,164      
Michigan Higher Education Facilities Authority, (Creative Studies), Prerefunded to 6/1/12, 5.90%, 12/1/27
    1,250       1,285,263      
Puerto Rico Electric Power Authority, Prerefunded to 7/1/12, 5.25%, 7/1/31
    600       623,712      
 
 
            $ 2,528,139      
 
 
 
 
General Obligations — 26.1%
 
Ann Arbor School District, 4.50%, 5/1/24
  $ 350     $ 364,133      
Charter County of Wayne, 6.75%, 11/1/39
    490       529,719      
Comstock Park Public Schools, 5.00%, 5/1/28
    230       244,460      
Comstock Park Public Schools, 5.125%, 5/1/31
    275       289,471      
Comstock Park Public Schools, 5.25%, 5/1/33
    220       231,081      
East Grand Rapids Public School District, 5.00%, 5/1/25
    500       507,490      
Jenison Public Schools, 5.00%, 5/1/28
    500       524,685      
Jenison Public Schools, 5.00%, 5/1/30
    500       519,590      
Kent County, 5.00%, 1/1/25
    1,500       1,639,590      
Kent County, (AMT), 5.00%, 1/1/28
    1,000       1,059,720      
Michigan, 5.00%, 11/1/20
    1,000       1,186,700      
Michigan, 5.50%, 11/1/25
    270       306,426      
 
 
            $ 7,403,065      
 
 
 
 
Hospital — 26.1%
 
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25
  $ 185     $ 165,864      
Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37
    125       106,969      
Kent Hospital Finance Authority, (Spectrum Health), 5.50% to 1/15/15 (Put Date), 1/15/47
    275       310,046      
Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18
    410       410,303      
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38
    675       657,916      
Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46
    1,000       978,510      
Michigan Hospital Finance Authority, (McLaren Healthcare), 5.00%, 8/1/35
    1,080       1,081,534      
Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21
    750       750,577      
Michigan Hospital Finance Authority, (Mid Michigan Obligation Group), 6.125%, 6/1/39
    500       526,685      
Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27
    1,000       1,057,540      
Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26
    425       417,239      
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30
    1,000       952,830      
 
 
            $ 7,416,013      
 
 
 
 
Housing — 1.8%
 
Michigan Housing Development Authority, 4.60%, 12/1/26
  $ 500     $ 516,015      
 
 
            $ 516,015      
 
 
 
 
Industrial Development Revenue — 4.9%
 
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21
  $ 750     $ 539,145      
Dickinson County Economic Development Corp., (International Paper Co.), 5.75%, 6/1/16
    800       813,616      
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26(2)
    125       23,781      
 
 
            $ 1,376,542      
 
 
 

 
See Notes to Financial Statements.
19


 

 
Eaton Vance
Michigan Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Education — 5.8%
 
Ferris State University, (AGC), 5.125%, 10/1/33
  $ 570     $ 594,989      
Ferris State University, (AGC), 5.25%, 10/1/38
    500       519,590      
Wayne State University, (AGM), 5.00%, 11/15/35
    500       516,745      
 
 
            $ 1,631,324      
 
 
 
 
Insured – Electric Utilities — 5.7%
 
Michigan Strategic Fund, (Detroit Edison Co.), (XLCA), 5.25%, 12/15/32
  $ 400     $ 401,652      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30
    220       228,630      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34
    500       513,020      
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29
    435       459,382      
 
 
            $ 1,602,684      
 
 
 
 
Insured – General Obligations — 18.8%
 
Battle Creek School District, (AGM), 5.00%, 5/1/37
  $ 1,105     $ 1,131,001      
Byron Center Public Schools, (AGM), 3.75%, 5/1/26
    650       625,059      
Byron Center Public Schools, (AGM), 4.00%, 5/1/28
    290       282,994      
Detroit School District, (AGM), 5.25%, 5/1/32
    300       303,561      
Detroit School District, (FGIC), 4.75%, 5/1/28
    650       643,760      
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29
    1,000       1,072,510      
Van Dyke Public Schools, (AGM), 5.00%, 5/1/38
    1,250       1,281,312      
 
 
            $ 5,340,197      
 
 
 
 
Insured – Hospital — 3.4%
 
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), (NPFG), 5.25%, 11/15/35
  $ 985     $ 977,672      
 
 
            $ 977,672      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 6.7%
 
Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29
  $ 1,000     $ 390,870      
Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30
    4,300       1,509,730      
 
 
            $ 1,900,600      
 
 
 
 
Insured – Special Tax Revenue — 2.1%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 5,160     $ 330,240      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    2,210       263,697      
 
 
            $ 593,937      
 
 
 
 
Insured – Student Loan — 3.4%
 
Michigan Higher Education Student Loan Authority, (AMBAC), (AMT), 5.00%, 3/1/31
  $ 1,000     $ 964,570      
 
 
            $ 964,570      
 
 
 
 
Insured – Transportation — 3.6%
 
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32
  $ 1,000     $ 1,006,950      
 
 
            $ 1,006,950      
 
 
 
 
Insured – Water and Sewer — 11.5%
 
Detroit Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36
  $ 560     $ 561,910      
Detroit Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30
    1,650       1,650,099      
Grand Rapids Water Supply System, (AGC), 5.10%, 1/1/39
    1,000       1,054,940      
 
 
            $ 3,266,949      
 
 
 
 
Other Revenue — 1.2%
 
Michigan Tobacco Settlement Finance Authority, 6.00%, 6/1/48
  $ 500     $ 352,765      
 
 
            $ 352,765      
 
 
 
 
Special Tax Revenue — 1.3%
 
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
  $ 115     $ 117,149      
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
    125       126,960      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    110       117,961      
 
 
            $ 362,070      
 
 
 

 
See Notes to Financial Statements.
20


 

 
Eaton Vance
Michigan Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Water and Sewer — 6.0%
 
Grand Rapids, (Sanitary Sewer System), 5.00%, 1/1/28
  $ 790     $ 898,680      
Michigan Municipal Bond Authority, (Clean Water Revenue), 5.00%, 10/1/30
    500       544,850      
Port Huron, Water Supply System, 5.25%, 10/1/31
    250       255,280      
 
 
            $ 1,698,810      
 
 
     
Total Tax-Exempt Investments — 151.5%
   
(identified cost $42,740,065)
  $ 42,987,733      
 
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (61.7)%
  $ (17,500,659 )    
 
 
             
Other Assets, Less Liabilities — 10.2%
  $ 2,879,256      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 28,366,330      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AGM
 
- Assured Guaranty Municipal Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
XLCA
 
- XL Capital Assurance, Inc.
 
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, 2011, 40.2% 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 ranged from 0.9% to 13.0% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Defaulted bond.

 
See Notes to Financial Statements.
21


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 160.1%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 1.2%
 
New Jersey Environmental Infrastructure Trust, 4.00%, 9/1/23
  $ 650     $ 707,603      
 
 
            $ 707,603      
 
 
 
 
Education — 20.1%
 
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27
  $ 250     $ 253,330      
New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33
    250       243,075      
New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37
    220       220,886      
New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36
    1,650       1,770,813      
New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)
    3,500       3,609,550      
New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27
    1,650       1,671,978      
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32
    965       1,127,873      
Rutgers State University, 5.00%, 5/1/39(1)
    3,150       3,324,510      
 
 
            $ 12,222,015      
 
 
 
 
Electric Utilities — 4.2%
 
Puerto Rico Electric Power Authority, 5.25%, 7/1/25
  $ 1,000     $ 1,059,830      
Salem County Pollution Control Financing Authority, (Public Service Enterprise Group, Inc.), (AMT), 5.75%, 4/1/31
    1,500       1,516,665      
 
 
            $ 2,576,495      
 
 
 
 
General Obligations — 9.2%
 
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/28(2)
  $ 1,850     $ 2,085,894      
Monmouth County Improvement Authority, (Governmental Pooled Loan), 5.00%, 1/15/30
    1,795       1,997,027      
West Morris Regional High School District, 4.50%, 5/1/23
    640       738,227      
West Morris Regional High School District, 4.50%, 5/1/24
    705       798,934      
 
 
            $ 5,620,082      
 
 
 
 
Hospital — 21.3%
 
Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35
  $ 90     $ 78,188      
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34
    1,415       1,365,871      
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27
    2,305       2,354,811      
New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37
    2,095       2,106,564      
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39
    915       924,177      
New Jersey Health Care Facilities Financing Authority, (Kennedy Health System), 5.625%, 7/1/31
    1,525       1,524,909      
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31
    1,000       1,027,740      
New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46
    2,440       2,398,105      
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33
    1,075       1,137,490      
 
 
            $ 12,917,855      
 
 
 
 
Housing — 3.8%
 
New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37
  $ 680     $ 667,481      
New Jersey Housing & Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37
    1,640       1,643,920      
 
 
            $ 2,311,401      
 
 
 
 
Industrial Development Revenue — 12.1%
 
Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32
  $ 500     $ 501,275      
Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34
    540       546,966      
New Jersey Economic Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 4.95%, 3/1/47
    1,070       1,043,945      
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 6.25%, 9/15/29
    215       203,510      
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00%, to 6/1/13 (Put Date), 6/1/33
    750       769,013      
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23
    220       238,700      

 
See Notes to Financial Statements.
22


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Industrial Development Revenue (continued)
 
                     
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39
  $ 2,235     $ 2,348,091      
Virgin Islands Public Finance Authority, (HOVENSA LLC), (AMT), 4.70%, 7/1/22
    2,080       1,681,202      
 
 
            $ 7,332,702      
 
 
 
 
Insured – Education — 1.2%
 
New Jersey Educational Facilities Authority, (Rowan University), (AGM), (FGIC), 3.00%, 7/1/28
  $ 825     $ 717,907      
 
 
            $ 717,907      
 
 
 
 
Insured – Gas Utilities — 7.8%
 
New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90%, to 10/1/25 (Put Date), 10/1/40
  $ 4,575     $ 4,742,079      
 
 
            $ 4,742,079      
 
 
 
 
Insured – General Obligations — 4.1%
 
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39
  $ 1,015     $ 1,077,463      
Lakewood Township, (AGC), 5.75%, 11/1/31
    1,240       1,395,335      
 
 
            $ 2,472,798      
 
 
 
 
Insured – Hospital — 5.3%
 
New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36(1)
  $ 750     $ 768,990      
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series II, (AGC), 5.00%, 7/1/38
    500       505,430      
New Jersey Health Care Facilities Financing Authority, (Meridian Health Center), Series V, (AGC), 5.00%, 7/1/38(1)
    500       505,430      
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38
    1,380       1,440,306      
 
 
            $ 3,220,156      
 
 
 
 
Insured – Housing — 5.6%
 
New Jersey Housing and Mortgage Finance Agency, (Multi-Family Housing), (AGM), (AMT), 5.05%, 5/1/34
  $ 3,390     $ 3,390,101      
 
 
            $ 3,390,101      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 4.5%
 
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34
  $ 1,500     $ 1,602,225      
New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28
    1,000       1,129,980      
 
 
            $ 2,732,205      
 
 
 
 
Insured – Special Tax Revenue — 11.5%
 
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25
  $ 5,550     $ 3,010,986      
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26
    4,300       2,035,104      
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27
    2,020       895,890      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    7,185       459,840      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    4,965       592,424      
 
 
            $ 6,994,244      
 
 
 
 
Insured – Student Loan — 3.8%
 
New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30(3)
  $ 2,225     $ 2,322,989      
 
 
            $ 2,322,989      
 
 
 
 
Insured – Transportation — 0.6%
 
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33
  $ 315     $ 344,667      
 
 
            $ 344,667      
 
 
 
 
Insured – Water and Sewer — 3.3%
 
New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25
  $ 1,940     $ 2,003,147      
 
 
            $ 2,003,147      
 
 
 
 
Lease Revenue / Certificates of Participation — 5.4%
 
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33
  $ 1,500     $ 1,573,680      
New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38
    1,700       1,730,634      
 
 
            $ 3,304,314      
 
 
 

 
See Notes to Financial Statements.
23


 

 
Eaton Vance
New Jersey Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Other Revenue — 5.6%
 
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/50
  $ 7,200     $ 332,136      
Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55
    13,280       327,352      
New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48
    2,040       2,145,549      
Tobacco Settlement Financing Corp., 5.00%, 6/1/41
    900       624,231      
 
 
            $ 3,429,268      
 
 
 
 
Senior Living / Life Care — 3.1%
 
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28
  $ 465     $ 467,111      
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38
    770       762,385      
New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36
    815       672,644      
 
 
            $ 1,902,140      
 
 
 
 
Special Tax Revenue — 2.2%
 
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27
  $ 100     $ 96,620      
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37
    175       161,765      
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37
    500       530,305      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    500       536,185      
 
 
            $ 1,324,875      
 
 
 
 
Student Loan — 4.1%
 
New Jersey Higher Education Student Assistance Authority, (AMT), 1.276%, 6/1/36(1)(4)(5)
  $ 2,500     $ 2,463,025      
 
 
            $ 2,463,025      
 
 
 
 
Transportation — 20.1%
 
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
  $ 1,060     $ 1,098,096      
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
    1,080       1,109,225      
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31(6)
    1,850       2,007,879      
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38
    250       274,893      
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38
    530       587,452      
New Jersey Turnpike Authority, 5.25%, 1/1/40
    3,600       3,778,812      
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)
    1,995       2,150,450      
South Jersey Port Authority, (Marine Terminal), 5.10%, 1/1/33
    1,175       1,182,156      
 
 
            $ 12,188,963      
 
 
     
Total Tax-Exempt Investments — 160.1%
   
(identified cost $95,027,586)
  $ 97,241,031      
 
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (55.0)%
  $ (33,426,048 )    
 
 
             
Other Assets, Less Liabilities — (5.1)%
  $ (3,080,505 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 60,734,478      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AGM
 
- Assured Guaranty Municipal Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
XLCA
 
- XL Capital Assurance, Inc.
 
The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 29.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.5% to 10.2% of total investments.
 
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
 
(4) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $463,025.
 
(5) Variable rate security. The stated interest rate represents the rate in effect at November 30, 2011.
 
(6) When-issued security.

 
See Notes to Financial Statements.
24


 

 
Eaton Vance
New York Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 166.8%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 6.3%
 
New York Environmental Facilities Corp., 5.00%, 10/15/39
  $ 1,730     $ 1,842,502      
New York Environmental Facilities Corp., Clean Water and Drinking Water, (Municipal Water Finance), 5.00%, 6/15/37(1)
    2,535       2,702,893      
 
 
            $ 4,545,395      
 
 
 
 
Cogeneration — 1.5%
 
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23
  $ 1,150     $ 1,117,168      
 
 
            $ 1,117,168      
 
 
 
 
Education — 26.1%
 
Geneva Industrial Development Agency, (Hobart & William Smith Project), 5.375%, 2/1/33
  $ 315     $ 325,883      
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34
    1,490       1,582,514      
New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39
    325       342,716      
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33
    510       551,417      
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38(2)
    1,000       1,073,220      
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41
    725       799,697      
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34
    510       543,242      
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39
    2,000       2,124,980      
New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36
    1,000       1,077,530      
New York Dormitory Authority, (Rochester Institute of Technology), 6.00%, 7/1/33
    2,250       2,477,430      
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40
    2,500       2,659,575      
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27
    325       353,220      
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29
    400       435,980      
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40
    1,495       1,501,787      
New York Dormitory Authority, (The New School), 5.50%, 7/1/40
    2,000       2,111,160      
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29
    280       285,129      
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40
    735       746,069      
 
 
            $ 18,991,549      
 
 
 
 
Electric Utilities — 4.5%
 
Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33(3)
  $ 1,420     $ 1,595,384      
Suffolk County Industrial Development Agency, (Keyspan-Port Jefferson), (AMT), 5.25%, 6/1/27
    1,645       1,672,176      
 
 
            $ 3,267,560      
 
 
 
 
General Obligations — 18.1%
 
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34
  $ 585     $ 212,454      
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35
    325       111,082      
New York, 5.00%, 2/15/34(1)
    4,000       4,345,480      
New York City, 5.25%, 9/15/33(1)
    6,000       6,303,300      
New York City, 6.25%, 10/15/28
    1,000       1,175,710      
Westchester County, 4.00%, 7/1/19
    850       992,868      
 
 
            $ 13,140,894      
 
 
 
 
Health Care – Miscellaneous — 2.8%
 
New York City Industrial Development Agency, (A Very Special Place, Inc.), 5.75%, 1/1/29
  $ 1,115     $ 945,788      
New York City Industrial Development Agency, (Ohel Children’s Home), 6.25%, 8/15/22
    1,200       945,756      
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15
    50       50,570      
Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15
    100       101,140      
 
 
            $ 2,043,254      
 
 
 
 
Hospital — 22.6%
 
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30
  $ 130     $ 135,948      
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40
    960       985,114      
Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18
    1,070       1,037,600      
Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25
    2,490       2,513,580      

 
See Notes to Financial Statements.
25


 

 
Eaton Vance
New York Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Hospital (continued)
 
                     
New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33
  $ 2,000     $ 2,004,920      
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26
    1,000       1,031,290      
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34
    845       847,341      
New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37
    1,250       1,272,675      
New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29
    415       416,216      
New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37
    835       835,701      
Oneida County Industrial Development Agency, (St. Elizabeth’s Medical Center), 5.75%, 12/1/19
    1,195       1,194,928      
Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32
    650       651,157      
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island), 5.00%, 7/1/28(4)
    1,250       1,272,337      
Suffolk County Industrial Development Agency, (Huntington Hospital), 6.00%, 11/1/22
    2,105       2,215,976      
 
 
            $ 16,414,783      
 
 
 
 
Housing — 16.7%
 
New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39
  $ 1,500     $ 1,497,705      
New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40
    2,620       2,641,406      
New York Housing Finance Agency, 5.25%, 11/1/41
    1,000       1,017,780      
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42
    2,625       2,671,016      
New York Mortgage Agency, (AMT), 4.875%, 10/1/30
    1,500       1,496,235      
New York Mortgage Agency, (AMT), 4.90%, 10/1/37
    1,850       1,821,880      
New York Mortgage Agency, (AMT), 5.125%, 10/1/37
    1,000       1,006,890      
 
 
            $ 12,152,912      
 
 
 
 
Industrial Development Revenue — 6.8%
 
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32
  $ 1,000     $ 1,063,210      
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35
    1,000       1,011,500      
Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34
    2,500       2,503,025      
Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15
    360       363,888      
 
 
            $ 4,941,623      
 
 
 
 
Insured – Education — 6.5%
 
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35
  $ 1,250     $ 1,296,237      
New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(1)
    1,500       1,579,395      
Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33
    5,365       1,880,111      
 
 
            $ 4,755,743      
 
 
 
 
Insured – Electric Utilities — 2.1%
 
Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33
  $ 1,365     $ 1,526,998      
 
 
            $ 1,526,998      
 
 
 
 
Insured – Escrowed / Prerefunded — 1.8%
 
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/26
  $ 855     $ 546,277      
New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), (NPFG), Escrowed to Maturity, 0.00%, 7/1/27
    1,280       778,611      
 
 
            $ 1,324,888      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 2.9%
 
Hudson Yards Infrastructure Corp., (NPFG), 4.50%, 2/15/47
  $ 2,350     $ 2,122,073      
 
 
            $ 2,122,073      
 
 
 
 
Insured – Other Revenue — 2.9%
 
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31
  $ 2,645     $ 917,603      
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32
    3,625       1,185,629      
 
 
            $ 2,103,232      
 
 
 

 
See Notes to Financial Statements.
26


 

 
Eaton Vance
New York Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Special Tax Revenue — 4.7%
 
New York Convention Center Development Corp., Hotel Occupancy Tax, (AMBAC), 4.75%, 11/15/45
  $ 525     $ 498,309      
Puerto Rico Infrastructure Financing Authority, (AMBAC), 0.00%, 7/1/34
    4,440       963,347      
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
    19,745       1,263,680      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    6,110       729,045      
 
 
            $ 3,454,381      
 
 
 
 
Insured – Transportation — 2.0%
 
Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29
  $ 1,475     $ 1,432,299      
 
 
            $ 1,432,299      
 
 
 
 
Insured – Water and Sewer — 1.3%
 
Nassau County Industrial Development Agency, (Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35
  $ 1,000     $ 966,770      
 
 
            $ 966,770      
 
 
 
 
Other Revenue — 6.6%
 
Albany Industrial Development Agency, Civic Facility, (Charitable Leadership), 5.75%, 7/1/26
  $ 1,285     $ 758,972      
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31
    3,120       1,014,936      
Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40
    380       395,793      
New York City Cultural Resource Trust, (Museum of Modern Art), 5.00%, 4/1/31
    1,415       1,509,734      
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31
    1,000       1,093,490      
 
 
            $ 4,772,925      
 
 
 
 
Senior Living / Life Care — 3.1%
 
Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29
  $ 1,450     $ 1,323,096      
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40
    905       912,819      
 
 
            $ 2,235,915      
 
 
 
 
Special Tax Revenue — 10.5%
 
Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34
  $ 1,500     $ 1,578,885      
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(5)
    2,100       2,348,493      
New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33
    1,000       1,068,500      
New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38
    1,000       1,067,560      
New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32
    900       949,734      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    545       584,442      
 
 
            $ 7,597,614      
 
 
 
 
Transportation — 10.8%
 
Metropolitan Transportation Authority, 5.00%, 11/15/37
  $ 790     $ 799,512      
Port Authority of New York and New Jersey, 5.00%, 11/15/37(1)
    1,900       1,989,034      
Port Authority of New York and New Jersey, (AMT), 4.75%, 6/15/33
    955       963,805      
Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)
    990       1,067,141      
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34
    10       10,901      
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(1)
    2,740       2,987,011      
 
 
            $ 7,817,404      
 
 
 
 
Water and Sewer — 6.2%
 
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)
  $ 3,105     $ 3,488,064      
Saratoga County Water Authority, 5.00%, 9/1/48
    1,000       1,036,670      
 
 
            $ 4,524,734      
 
 
     
Total Tax-Exempt Investments — 166.8%
   
(identified cost $117,989,587)
  $ 121,250,114      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid Dividends — (46.4)%
  $ (33,726,273 )    
 
 
             
Other Assets, Less Liabilities — (20.4)%
  $ (14,845,636 )    
 
 
             
Net Assets — 100.0%
  $ 72,678,205      
 
 

 
See Notes to Financial Statements.
27


 

 
Eaton Vance
New York Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC
 
- Berkshire Hathaway Assurance Corp.
FNMA
 
- Federal National Mortgage Association
MFMR
 
- Multi-Family Mortgage Revenue
NPFG
 
- National Public Finance Guaranty Corp.
 
The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2011, 14.6% 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 ranged from 1.7% to 6.2% of total investments.
 
(1) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(3) Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
 
(4) When-issued security.
 
(5) Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $773,493.

 
See Notes to Financial Statements.
28


 

 
Eaton Vance
Ohio Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 151.2%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Bond Bank — 12.4%
 
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25
  $ 550     $ 565,955      
Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22
    1,020       1,058,770      
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 12/1/28
    250       276,438      
Ohio Water Development Authority, Water Pollution Control, (Water Quality), 5.00%, 6/1/30
    250       272,245      
Rickenbacker Port Authority, Oasbo Expanded Asset Pool Loan, 5.375%, 1/1/32
    1,245       1,332,399      
Summit County Port Authority, (Twinsburg Township), 5.125%, 5/15/25
    295       263,724      
Toledo-Lucas County Port Authority, 5.40%, 5/15/19
    1,100       1,008,018      
 
 
            $ 4,777,549      
 
 
 
 
Education — 17.1%
 
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44
  $ 440     $ 446,890      
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44
    1,250       1,291,363      
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36
    1,000       1,049,400      
Ohio State University, 5.00%, 12/1/28
    500       572,945      
Ohio State University, 5.00%, 12/1/30
    1,675       1,912,147      
University of Cincinnati, 5.00%, 6/1/34
    500       518,525      
Wright State University, 5.00%, 5/1/31
    750       777,630      
 
 
            $ 6,568,900      
 
 
 
 
Electric Utilities — 1.9%
 
Clyde, Electric System Revenue, (AMT), 6.00%, 11/15/14
  $ 195     $ 195,045      
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40
    500       526,445      
 
 
            $ 721,490      
 
 
 
 
General Obligations — 21.8%
 
Barberton City School District, 4.50%, 12/1/33
  $ 900     $ 893,169      
Beavercreek City School District, 5.00%, 12/1/30
    1,750       1,877,120      
Central Ohio Solid Waste Authority, 5.125%, 9/1/27
    1,090       1,179,631      
Columbus, 5.00%, 7/1/23(1)
    500       545,620      
Columbus City School District, 5.00%, 12/1/29
    1,000       1,100,610      
Huber Heights City School District, 4.75%, 12/1/25
    595       642,552      
Maple Heights City School District, 5.00%, 1/15/37
    1,000       1,035,800      
Symmes Township, Hamilton County, (Parkland Acquisition & Improvement), 5.25%, 12/1/37
    1,000       1,104,460      
 
 
            $ 8,378,962      
 
 
 
 
Hospital — 14.0%
 
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31
  $ 500     $ 503,080      
Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34
    800       812,776      
Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34
    750       802,942      
Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26
    500       507,220      
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34
    500       528,155      
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39
    1,000       1,043,110      
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40
    595       593,733      
Ohio Higher Educational Facility Commission, (University Hospital Health Systems, Inc.), 4.75%, 1/15/46
    285       258,501      
Richland County, (MedCentral Health Systems), 6.375%, 11/15/22
    330       332,280      
 
 
            $ 5,381,797      
 
 
 
 
Housing — 10.8%
 
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.625%, 9/1/27
  $ 950     $ 926,069      
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 4.75%, 3/1/37
    425       411,307      
Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (AMT), 5.00%, 9/1/31
    295       296,227      
Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48
    2,500       2,501,200      
 
 
            $ 4,134,803      
 
 
 
 
Industrial Development Revenue — 7.7%
 
Cleveland Airport, (Continental Airlines), (AMT), 5.375%, 9/15/27
  $ 555     $ 480,058      
Ohio Water Development Authority, (Anheuser-Busch Cos., Inc.), (AMT), 6.00%, 8/1/38
    2,250       2,251,665      

 
See Notes to Financial Statements.
29


 

 
Eaton Vance
Ohio Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Industrial Development Revenue (continued)
 
                     
Ohio Water Development Authority, Solid Waste Disposal, (Allied Waste North America, Inc.), (AMT), 5.15%, 7/15/15
  $ 225     $ 229,399      
 
 
            $ 2,961,122      
 
 
 
 
Insured – Education — 13.0%
 
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30
  $ 750     $ 794,453      
Kent State University, (AGC), 5.00%, 5/1/26
    1,000       1,075,250      
Kent State University, (AGC), 5.00%, 5/1/29
    465       489,547      
Miami University, (AMBAC), 3.25%, 9/1/26
    635       585,299      
University of Akron, Series A, (AGM), 5.00%, 1/1/38
    1,500       1,541,490      
University of Akron, Series B, (AGM), 5.00%, 1/1/38
    500       513,565      
 
 
            $ 4,999,604      
 
 
 
 
Insured – Electric Utilities — 12.6%
 
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39
  $ 1,000     $ 1,084,150      
Cleveland Public Power System, (NPFG), 0.00%, 11/15/27
    710       324,101      
Cleveland Public Power System, (NPFG), 0.00%, 11/15/38
    2,000       465,780      
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25
    830       440,348      
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26
    3,000       1,488,270      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30
    210       218,238      
Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34
    250       256,510      
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26
    500       542,285      
 
 
            $ 4,819,682      
 
 
 
 
Insured – General Obligations — 17.8%
 
Brookfield Local School District, (AGM), 5.00%, 1/15/30
  $ 200     $ 209,158      
Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36
    500       529,180      
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30
    2,455       943,874      
Cincinnati School District, (FGIC), (NPFG), 5.25%, 12/1/30
    1,000       1,144,330      
Madeira City School District, (AGM), 3.50%, 12/1/27
    1,500       1,419,645      
Milford Exempt Village School District, (AGC), 5.25%, 12/1/36
    1,750       1,826,492      
St. Marys City School District, (AGM), 5.00%, 12/1/35
    750       771,150      
 
 
            $ 6,843,829      
 
 
 
 
Insured – Hospital — 5.9%
 
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32
  $ 280     $ 262,111      
Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28
    1,500       1,454,565      
Lorain County, (Catholic Healthcare Partners), (AGM), 17.943%, 2/1/29(2)(3)(4)
    485       537,011      
 
 
            $ 2,253,687      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 1.1%
 
Summit County, (Civic Theater Project), (AMBAC), 5.00%, 12/1/33
  $ 500     $ 407,085      
 
 
            $ 407,085      
 
 
 
 
Insured – Special Tax Revenue — 2.6%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 9,905     $ 633,920      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    3,040       362,733      
 
 
            $ 996,653      
 
 
 
 
Insured – Transportation — 6.2%
 
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24
  $ 1,000     $ 1,192,870      
Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26
    1,000       1,204,240      
 
 
            $ 2,397,110      
 
 
 
 
Lease Revenue / Certificates of Participation — 1.4%
 
Franklin County Convention Facilities Authority, 5.00%, 12/1/27
  $ 500     $ 535,675      
 
 
            $ 535,675      
 
 
 
 
Other Revenue — 3.7%
 
Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47
  $ 710     $ 497,206      
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27
    1,000       922,330      
 
 
            $ 1,419,536      
 
 
 

 
See Notes to Financial Statements.
30


 

 
Eaton Vance
Ohio Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Special Tax Revenue — 1.2%
 
Guam, Limited Obligation Bonds, 5.625%, 12/1/29
  $ 155     $ 157,897      
Guam, Limited Obligation Bonds, 5.75%, 12/1/34
    170       172,665      
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
    110       117,961      
 
 
            $ 448,523      
 
 
     
Total Tax-Exempt Investments — 151.2%
   
(identified cost $56,752,375)
  $ 58,046,007      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (59.2)%
  $ (22,725,125 )    
 
 
             
Other Assets, Less Liabilities — 8.0%
  $ 3,057,738      
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 38,378,620      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AGM
 
- Assured Guaranty Municipal Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
 
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, 2011, 39.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.8% to 17.7% of total investments.
 
(1) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2011, the aggregate value of these securities is $537,011 or 1.4% of the Trust’s net assets applicable to common shares.
 
(3) Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the
 
agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.
 
(4) Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at November 30, 2011.

 
See Notes to Financial Statements.
31


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments

 
 
                     
Tax-Exempt Investments — 159.5%
 
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Cogeneration — 2.0%
 
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.50%, 1/1/13(1)
  $ 100     $ 56,250      
Pennsylvania Economic Development Financing Authority, (Northampton Generating), (AMT), 6.60%, 1/1/19(1)
    500       283,520      
Pennsylvania Economic Development Financing Authority, (Resource Recovery-Colver), (AMT), 5.125%, 12/1/15
    375       368,992      
 
 
            $ 708,762      
 
 
 
 
Education — 18.0%
 
Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31
  $ 1,050     $ 1,121,705      
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39
    500       530,580      
Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39
    1,200       1,251,336      
Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39
    500       519,370      
Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40
    440       444,237      
Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40
    625       647,831      
State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31
    750       802,388      
University of Pittsburgh, 5.25%, 9/15/29
    500       557,930      
Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30
    575       607,608      
 
 
            $ 6,482,985      
 
 
 
 
Electric Utilities — 1.7%
 
York County Industrial Development Authority, Pollution Control Revenue, (Public Service Enterprise Group, Inc.), 5.50%, 9/1/20
  $ 600     $ 608,100      
 
 
            $ 608,100      
 
 
 
 
Escrowed / Prerefunded — 3.2%
 
Bucks County Industrial Development Authority, (Pennswood Village), Prerefunded to 10/1/12, 6.00%, 10/1/27
  $ 600     $ 634,128      
Washington County Hospital Authority, (Monongahela Hospital), Prerefunded to 6/1/12, 5.50%, 6/1/17
    500       518,280      
 
 
            $ 1,152,408      
 
 
 
 
General Obligations — 10.4%
 
Chester County, 5.00%, 7/15/27(2)
  $ 500     $ 564,600      
Daniel Boone Area School District, 5.00%, 8/15/32
    1,000       1,041,830      
Delaware Valley Regional Finance Authority, 5.75%, 7/1/32
    1,000       1,056,570      
Philadelphia School District, 6.00%, 9/1/38
    1,000       1,083,710      
 
 
            $ 3,746,710      
 
 
 
 
Hospital — 21.8%
 
Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34
  $ 500     $ 523,765      
Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40
    750       763,703      
Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29
    750       781,447      
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 5.25%, 7/1/32
    1,215       1,235,363      
Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39
    750       753,383      
Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43
    1,500       1,467,315      
Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33
    250       251,265      
Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(3)
    1,000       1,128,820      
Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31
    675       693,488      
South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29
    250       250,580      
 
 
            $ 7,849,129      
 
 
 
 
Housing — 16.9%
 
Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37
  $ 435     $ 433,408      
Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35
    1,115       1,122,638      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37
    840       835,590      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25
    500       503,710      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26
    885       890,628      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31
    500       499,970      

 
See Notes to Financial Statements.
32


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
Housing (continued)
 
                     
Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.90%, 10/1/37
  $ 970     $ 970,776      
Pennsylvania Housing Finance Agency, SFMR, (AMT), 5.15%, 10/1/37
    830       834,092      
 
 
            $ 6,090,812      
 
 
 
 
Industrial Development Revenue — 8.1%
 
Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39
  $ 200     $ 209,958      
Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42
    750       757,650      
Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39
    250       278,020      
Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31
    1,000       1,112,510      
Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27
    500       504,105      
Puerto Rico Port Authority, (American Airlines, Inc.), (AMT), 6.25%, 6/1/26(1)
    315       59,929      
 
 
            $ 2,922,172      
 
 
 
 
Insured – Education — 12.9%
 
Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37
  $ 500     $ 519,860      
Lycoming County Authority, (Pennsylvania College of Technology), (AMBAC), 5.25%, 5/1/32
    1,675       1,673,877      
Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37
    1,115       1,145,105      
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29
    375       393,964      
State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32
    875       905,415      
 
 
            $ 4,638,221      
 
 
 
 
Insured – Escrowed / Prerefunded — 9.2%
 
Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27
  $ 1,600     $ 1,615,936      
Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19
    2,000       1,691,780      
 
 
            $ 3,307,716      
 
 
 
 
Insured – General Obligations — 3.8%
 
Beaver County, (AGM), 5.55%, 11/15/31
  $ 500     $ 535,490      
Bethlehem Area School District, (AGM), 5.25%, 1/15/25
    750       819,075      
 
 
            $ 1,354,565      
 
 
 
 
Insured – Hospital — 11.2%
 
Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24
  $ 250     $ 304,188      
Delaware County General Authority, (Catholic Health East), (AMBAC), 4.875%, 11/15/26
    355       355,096      
Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35
    1,440       1,457,611      
Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital), (AMBAC), 5.00%, 6/1/28
    1,900       1,898,936      
 
 
            $ 4,015,831      
 
 
 
 
Insured – Lease Revenue / Certificates of Participation — 4.9%
 
Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31
  $ 500     $ 526,010      
Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27
    1,195       1,248,118      
 
 
            $ 1,774,128      
 
 
 
 
Insured – Special Tax Revenue — 2.8%
 
Puerto Rico Sales Tax Financing Corp., (AMBAC), 0.00%, 8/1/54
  $ 9,870     $ 631,680      
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45
    3,050       363,926      
 
 
            $ 995,606      
 
 
 
 
Insured – Transportation — 9.2%
 
Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27
  $ 500     $ 508,820      
Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29
    1,005       1,005,633      
Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(3)
    1,800       1,809,360      
 
 
            $ 3,323,813      
 
 
 

 
See Notes to Financial Statements.
33


 

 
Eaton Vance
Pennsylvania Municipal Income Trust
 
November 30, 2011
 
 
Portfolio of Investments — continued

 
 
                     
    Principal
           
    Amount
           
Security   (000’s omitted)     Value      
 
 
 
Insured – Water and Sewer — 3.9%
 
Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35
  $ 500     $ 522,670      
Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36
    525       527,478      
Philadelphia, Water and Wastewater Revenue, (FGIC), (NPFG), 5.00%, 11/1/31
    360       361,962      
 
 
            $ 1,412,110      
 
 
 
 
Senior Living / Life Care — 2.6%
 
Cliff House Trust, (AMT), 6.625%, 6/1/27(1)
  $ 1,000     $ 530,290      
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24
    200       201,040      
Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30
    200       193,566      
 
 
            $ 924,896      
 
 
 
 
Special Tax Revenue — 0.3%
 
Virgin Islands Public Finance Authority, 6.75%, 10/1/37
  $ 110     $ 117,961      
 
 
            $ 117,961      
 
 
 
 
Transportation — 11.2%
 
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35
  $ 465     $ 481,712      
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40
    285       292,712      
Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 6.25%, 11/1/31
    270       271,836      
Pennsylvania Turnpike Commission, 5.25%, 6/1/39
    1,000       1,017,040      
Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30
    1,430       1,176,318      
Pennsylvania Turnpike Commission, 5.625%, 6/1/29
    750       801,690      
 
 
            $ 4,041,308      
 
 
 
 
Utilities — 1.6%
 
Philadelphia Gas Works, 5.25%, 8/1/40
  $ 600     $ 589,050      
 
 
            $ 589,050      
 
 
 
 
Water and Sewer — 3.8%
 
Harrisburg Water Authority, 5.25%, 7/15/31
  $ 750     $ 604,890      
Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36
    750       771,765      
 
 
            $ 1,376,655      
 
 
     
Total Tax-Exempt Investments — 159.5%
   
(identified cost $56,716,086)
  $ 57,432,938      
 
 
             
Auction Preferred Shares Plus Cumulative Unpaid
Dividends — (58.8)%
  $ (21,175,248 )    
 
 
             
Other Assets, Less Liabilities — (0.7)%
  $ (246,701 )    
 
 
             
Net Assets Applicable to Common Shares — 100.0%
  $ 36,010,989      
 
 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets applicable to common shares.
 
     
AGC
 
- Assured Guaranty Corp.
AGM
 
- Assured Guaranty Municipal Corp.
AMBAC
 
- AMBAC Financial Group, Inc.
AMT
 
- Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CIFG
 
- CIFG Assurance North America, Inc.
FGIC
 
- Financial Guaranty Insurance Company
NPFG
 
- National Public Finance Guaranty Corp.
SFMR
 
- Single Family Mortgage Revenue
 
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, 2011, 36.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.2% to 12.5% of total investments.
 
(1) Defaulted bond.
 
(2) Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
 
(3) Security represents the municipal bond held by a trust that issues residual interest bonds (see Note 1H).

 
See Notes to Financial Statements.
34


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Assets and Liabilities

 
                                     
    November 30, 2011    
   
Assets   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
Investments —
                                   
Identified cost
  $ 146,937,929     $ 57,244,089     $ 42,740,065     $ 95,027,586      
Unrealized appreciation
    543,787       1,703,855       247,668       2,213,445      
 
 
Investments, at value
  $ 147,481,716     $ 58,947,944     $ 42,987,733     $ 97,241,031      
 
 
Cash
  $ 3,755,623     $ 3,351,271     $ 2,384,172     $ 6,782,903      
Interest receivable
    1,700,938       954,097       545,617       1,438,082      
Receivable for investments sold
    4,142,609       136,307       18,287       38,915      
Receivable for variation margin on open financial futures contracts
    110,562       23,438       15,750       253,750      
Deferred debt issuance costs
    29,473       3,101             3,582      
 
 
Total assets
  $ 157,220,921     $ 63,416,158     $ 45,951,559     $ 105,758,263      
 
 
                                     
                                     
 
Liabilities
 
Payable for floating rate notes issued
  $ 17,170,000     $ 4,885,000     $     $ 9,455,000      
Payable for when-issued securities
                      1,988,477      
Payable to affiliates:
                                   
Investment adviser fee
    82,032       33,061       25,324       54,449      
Administration fee
    24,487       9,869       7,559       16,253      
Trustees’ fees
    842       383       316       597      
Interest expense and fees payable
    25,118       10,510             17,906      
Accrued expenses
    80,165       54,707       51,371       65,055      
 
 
Total liabilities
  $ 17,382,644     $ 4,993,530     $ 84,570     $ 11,597,737      
 
 
Auction preferred shares at liquidation value plus cumulative unpaid dividends
  $ 49,976,571     $ 20,050,234     $ 17,500,659     $ 33,426,048      
 
 
Net assets applicable to common shares
  $ 89,861,706     $ 38,372,394     $ 28,366,330     $ 60,734,478      
 
 
                                     
                                     
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized
  $ 72,439     $ 27,466     $ 21,163     $ 46,649      
Additional paid-in capital
    104,964,981       39,669,177       30,027,968       66,836,219      
Accumulated net realized loss
    (16,998,841 )     (3,375,066 )     (2,140,028 )     (8,954,179 )    
Accumulated undistributed net investment income
    1,202,450       330,666       198,605       415,866      
Net unrealized appreciation
    620,677       1,720,151       258,622       2,389,923      
 
 
Net assets applicable to common shares
  $ 89,861,706     $ 38,372,394     $ 28,366,330     $ 60,734,478      
 
 
                                     
                                     
                                     
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,999       802       700       1,337      
 
 
                                     
                                     
                                     
Common Shares Outstanding     7,243,893       2,746,642       2,116,294       4,664,948      
 
 
                                     
                                     
 
Net Asset Value Per Common Share
 
Net assets applicable to common shares ¸ common shares issued and outstanding
  $ 12.41     $ 13.97     $ 13.40     $ 13.02      
 
 

 
See Notes to Financial Statements.
35


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Assets and Liabilities — continued

 
                             
    November 30, 2011    
   
Assets   New York Trust   Ohio Trust   Pennsylvania Trust    
 
Investments —
                           
Identified cost
  $ 117,989,587     $ 56,752,375     $ 56,716,086      
Unrealized appreciation
    3,260,527       1,293,632       716,852      
 
 
Investments, at value
  $ 121,250,114     $ 58,046,007     $ 57,432,938      
 
 
Cash
  $ 3,969,307     $ 954,912     $ 10,322      
Interest receivable
    1,632,920       986,423       790,423      
Receivable for investments sold
    1,430,469       1,179,589       618,119      
Receivable for variation margin on open financial futures contracts
    29,298       34,422       87,500      
Deferred debt issuance costs
    1,850                  
 
 
Total assets
  $ 128,313,958     $ 61,201,353     $ 58,939,302      
 
 
                             
                             
 
Liabilities
 
Payable for floating rate notes issued
  $ 20,455,000     $     $ 1,650,000      
Payable for when-issued securities
    1,264,150                  
Payable to affiliates:
                           
Investment adviser fee
    64,921       33,668       32,360      
Administration fee
    19,379       10,050       9,660      
Trustees’ fees
    683       397       388      
Interest expense and fees payable
    33,091             5,108      
Accrued expenses
    72,256       53,493       55,549      
 
 
Total liabilities
  $ 21,909,480     $ 97,608     $ 1,753,065      
 
 
Auction preferred shares at liquidation value plus cumulative unpaid dividends
  $ 33,726,273     $ 22,725,125     $ 21,175,248      
 
 
Net assets applicable to common shares
  $ 72,678,205     $ 38,378,620     $ 36,010,989      
 
 
                             
                             
 
Sources of Net Assets
 
Common shares, $0.01 par value, unlimited number of shares authorized
  $ 54,616     $ 28,551     $ 27,172      
Additional paid-in capital
    79,185,631       40,895,760       38,541,358      
Accumulated net realized loss
    (10,783,544 )     (4,195,583 )     (3,720,375 )    
Accumulated undistributed net investment income
    940,604       332,320       385,127      
Net unrealized appreciation
    3,280,898       1,317,572       777,707      
 
 
Net assets applicable to common shares
  $ 72,678,205     $ 38,378,620     $ 36,010,989      
 
 
                             
                             
                             
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,349       909       847      
 
 
                             
                             
                             
Common Shares Outstanding     5,461,594       2,855,064       2,717,198      
 
 
                             
                             
 
Net Asset Value Per Common Share
 
Net assets applicable to common shares ¸ common shares issued and outstanding
  $ 13.31     $ 13.44     $ 13.25      
 
 

 
See Notes to Financial Statements.
36


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Operations

 
                                     
    Year Ended November 30, 2011    
   
Investment Income   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
Interest
  $ 8,400,649     $ 3,161,765     $ 2,297,121     $ 5,311,215      
 
 
Total investment income
  $ 8,400,649     $ 3,161,765     $ 2,297,121     $ 5,311,215      
 
 
                                     
                                     
 
Expenses
 
Investment adviser fee
  $ 978,128     $ 391,800     $ 300,279     $ 659,732      
Administration fee
    289,367       115,912       88,837       195,158      
Trustees’ fees and expenses
    4,974       2,282       1,869       3,524      
Custodian fee
    78,032       39,920       36,273       57,657      
Transfer and dividend disbursing agent fees
    20,415       19,617       19,857       19,693      
Legal and accounting services
    50,127       39,268       35,721       45,016      
Printing and postage
    16,199       11,407       11,912       13,979      
Interest expense and fees
    143,080       38,489             87,470      
Preferred shares service fee
    69,843       29,182       23,553       48,968      
Miscellaneous
    60,481       33,531       32,112       34,761      
 
 
Total expenses
  $ 1,710,646     $ 721,408     $ 550,413     $ 1,165,958      
 
 
Deduct —
                                   
Reduction of custodian fee
  $ 745     $ 514     $ 595     $ 1,591      
 
 
Total expense reductions
  $ 745     $ 514     $ 595     $ 1,591      
 
 
                                     
Net expenses
  $ 1,709,901     $ 720,894     $ 549,818     $ 1,164,367      
 
 
                                     
Net investment income
  $ 6,690,748     $ 2,440,871     $ 1,747,303     $ 4,146,848      
 
 
                                     
                                     
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
                                   
Investment transactions
  $ (1,947,304 )   $ (587,391 )   $ (133,087 )   $ (1,096,361 )    
Extinguishment of debt
    (1,630 )                      
Financial futures contracts
    (3,069,857 )     (832,273 )     (153,381 )     (2,559,014 )    
Swap contracts
    (793,598 )     (378,607 )     (93,022 )     (660,818 )    
 
 
Net realized loss
  $ (5,812,389 )   $ (1,798,271 )   $ (379,490 )   $ (4,316,193 )    
 
 
Change in unrealized appreciation (depreciation) —
                                   
Investments
  $ 5,607,294     $ 2,402,924     $ 1,531,924     $ 3,308,257      
Financial futures contracts
    100,502       16,296       17,892       167,150      
Swap contracts
    132,762       (2,110 )     15,562       (2,686 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ 5,840,558     $ 2,417,110     $ 1,565,378     $ 3,472,721      
 
 
                                     
Net realized and unrealized gain (loss)
  $ 28,169     $ 618,839     $ 1,185,888     $ (843,472 )    
 
 
                                     
Distributions to preferred shareholders
                                   
 
 
From net investment income
  $ (156,530 )   $ (62,477 )   $ (53,546 )   $ (104,690 )    
 
 
                                     
Net increase in net assets from operations
  $ 6,562,387     $ 2,997,233     $ 2,879,645     $ 3,198,686      
 
 

 
See Notes to Financial Statements.
37


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Operations — continued

 
                             
    Year Ended November 30, 2011    
   
Investment Income   New York Trust   Ohio Trust   Pennsylvania Trust    
 
Interest
  $ 6,575,494     $ 3,137,457     $ 3,071,067      
 
 
Total investment income
  $ 6,575,494     $ 3,137,457     $ 3,071,067      
 
 
                             
                             
 
Expenses
 
Investment adviser fee
  $ 773,725     $ 405,220     $ 391,093      
Administration fee
    228,894       119,877       115,694      
Trustees’ fees and expenses
    4,041       2,348       2,296      
Custodian fee
    66,217       43,612       41,787      
Transfer and dividend disbursing agent fees
    19,903       19,558       20,102      
Legal and accounting services
    49,026       36,783       36,462      
Printing and postage
    16,564       12,694       13,287      
Interest expense and fees
    151,401       3,153       16,065      
Preferred shares service fee
    48,917       32,624       30,196      
Miscellaneous
    38,699       34,665       34,250      
 
 
Total expenses
  $ 1,397,387     $ 710,534     $ 701,232      
 
 
Deduct —
                           
Reduction of custodian fee
  $ 1,379     $ 923     $ 473      
 
 
Total expense reductions
  $ 1,379     $ 923     $ 473      
 
 
                             
Net expenses
  $ 1,396,008     $ 709,611     $ 700,759      
 
 
                             
Net investment income
  $ 5,179,486     $ 2,427,846     $ 2,370,308      
 
 
                             
                             
 
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) —
                           
Investment transactions
  $ (1,415,070 )   $ (432,132 )   $ (408,325 )    
Extinguishment of debt
    (10,425 )                
Financial futures contracts
    (650,292 )     (491,223 )     (977,936 )    
Swap contracts
    (1,387,906 )     (265,119 )     (334,422 )    
 
 
Net realized loss
  $ (3,463,693 )   $ (1,188,474 )   $ (1,720,683 )    
 
 
Change in unrealized appreciation (depreciation) —
                           
Investments
  $ 4,258,347     $ 2,053,103     $ 1,527,185      
Financial futures contracts
    65,113       44,817       57,124      
Swap contracts
    99,211       (23,174 )     (19,890 )    
 
 
Net change in unrealized appreciation (depreciation)
  $ 4,422,671     $ 2,074,746     $ 1,564,419      
 
 
                             
Net realized and unrealized gain (loss)
  $ 958,978     $ 886,272     $ (156,264 )    
 
 
                             
Distributions to preferred shareholders
                           
 
 
From net investment income
  $ (103,791 )   $ (70,672 )   $ (65,985 )    
 
 
                             
Net increase in net assets from operations
  $ 6,034,673     $ 3,243,446     $ 2,148,059      
 
 

 
See Notes to Financial Statements.
38


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Changes in Net Assets

 
                                     
    Year Ended November 30, 2011    
   
Increase (Decrease) in Net Assets   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
From operations —
                                   
Net investment income
  $ 6,690,748     $ 2,440,871     $ 1,747,303     $ 4,146,848      
Net realized loss from investment transactions, extinguishment of debt, financial futures contracts and swap contracts
    (5,812,389 )     (1,798,271 )     (379,490 )     (4,316,193 )    
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
    5,840,558       2,417,110       1,565,378       3,472,721      
Distributions to preferred shareholders —
                                   
From net investment income
    (156,530 )     (62,477 )     (53,546 )     (104,690 )    
 
 
Net increase in net assets from operations
  $ 6,562,387     $ 2,997,233     $ 2,879,645     $ 3,198,686      
 
 
Distributions to common shareholders —
                                   
From net investment income
  $ (6,404,210 )   $ (2,484,380 )   $ (1,775,591 )   $ (4,301,179 )    
 
 
Total distributions to common shareholders
  $ (6,404,210 )   $ (2,484,380 )   $ (1,775,591 )   $ (4,301,179 )    
 
 
Capital share transactions —
                                   
Reinvestment of distributions to common shareholders
  $ 308,410     $ 124,586     $     $ 120,167      
 
 
Net increase in net assets from capital share transactions
  $ 308,410     $ 124,586     $     $ 120,167      
 
 
                                     
Net increase (decrease) in net assets
  $ 466,587     $ 637,439     $ 1,104,054     $ (982,326 )    
 
 
                                     
                                     
 
Net Assets Applicable to Common Shares
 
At beginning of year
  $ 89,395,119     $ 37,734,955     $ 27,262,276     $ 61,716,804      
 
 
At end of year
  $ 89,861,706     $ 38,372,394     $ 28,366,330     $ 60,734,478      
 
 
                                     
                                     
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of year
  $ 1,202,450     $ 330,666     $ 198,605     $ 415,866      
 
 

 
See Notes to Financial Statements.
39


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Changes in Net Assets — continued

 
                             
    Year Ended November 30, 2011    
   
Increase (Decrease) in Net Assets   New York Trust   Ohio Trust   Pennsylvania Trust    
 
From operations —
                           
Net investment income
  $ 5,179,486     $ 2,427,846     $ 2,370,308      
Net realized loss from investment transactions, extinguishment of debt, financial futures contracts and swap contracts
    (3,463,693 )     (1,188,474 )     (1,720,683 )    
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
    4,422,671       2,074,746       1,564,419      
Distributions to preferred shareholders —
                           
From net investment income
    (103,791 )     (70,672 )     (65,985 )    
 
 
Net increase in net assets from operations
  $ 6,034,673     $ 3,243,446     $ 2,148,059      
 
 
Distributions to common shareholders —
                           
From net investment income
  $ (4,960,863 )   $ (2,454,993 )   $ (2,355,299 )    
 
 
Total distributions to common shareholders
  $ (4,960,863 )   $ (2,454,993 )   $ (2,355,299 )    
 
 
Capital share transactions —
                           
Reinvestment of distributions to common shareholders
  $ 232,016     $ 127,253     $ 7,823      
 
 
Net increase in net assets from capital share transactions
  $ 232,016     $ 127,253     $ 7,823      
 
 
                             
Net increase (decrease) in net assets
  $ 1,305,826     $ 915,706     $ (199,417 )    
 
 
                             
                             
 
Net Assets Applicable to Common Shares
 
At beginning of year
  $ 71,372,379     $ 37,462,914     $ 36,210,406      
 
 
At end of year
  $ 72,678,205     $ 38,378,620     $ 36,010,989      
 
 
                             
                             
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of year
  $ 940,604     $ 332,320     $ 385,127      
 
 

 
See Notes to Financial Statements.
40


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Changes in Net Assets — continued

 
                                     
    Year Ended November 30, 2010    
   
Increase (Decrease) in Net Assets   California Trust   Massachusetts Trust   Michigan Trust   New Jersey Trust    
 
From operations —
                                   
Net investment income
  $ 6,802,191     $ 2,529,497     $ 1,854,695     $ 4,440,964      
Net realized loss from investment transactions, financial futures contracts and swap contracts
    (614,616 )     (50,147 )     (57,158 )     (1,539,020 )    
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
    764,376       619,522       (38,495 )     171,740      
Distributions to preferred shareholders —
                                   
From net investment income
    (203,844 )     (81,604 )     (70,520 )     (136,338 )    
 
 
Net increase in net assets from operations
  $ 6,748,107     $ 3,017,268     $ 1,688,522     $ 2,937,346      
 
 
Distributions to common shareholders —
                                   
From net investment income
  $ (6,355,945 )   $ (2,473,535 )   $ (1,817,913 )   $ (4,399,126 )    
 
 
Total distributions to common shareholders
  $ (6,355,945 )   $ (2,473,535 )   $ (1,817,913 )   $ (4,399,126 )    
 
 
Capital share transactions —
                                   
Reinvestment of distributions to common shareholders
  $ 282,674     $ 180,515     $     $ 386,092      
 
 
Net increase in net assets from capital share transactions
  $ 282,674     $ 180,515     $     $ 386,092      
 
 
                                     
Net increase (decrease) in net assets
  $ 674,836     $ 724,248     $ (129,391 )   $ (1,075,688 )    
 
 
                                     
                                     
 
Net Assets Applicable to Common Shares
 
At beginning of year
  $ 88,720,283     $ 37,010,707     $ 27,391,667     $ 62,792,492      
 
 
At end of year
  $ 89,395,119     $ 37,734,955     $ 27,262,276     $ 61,716,804      
 
 
                                     
                                     
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of year
  $ 1,223,364     $ 464,800     $ 295,348     $ 731,612      
 
 

 
See Notes to Financial Statements.
41


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Changes in Net Assets — continued

 
                             
    Year Ended November 30, 2010    
   
Increase (Decrease) in Net Assets   New York Trust   Ohio Trust   Pennsylvania Trust    
 
From operations —
                           
Net investment income
  $ 5,176,320     $ 2,552,700     $ 2,472,980      
Net realized loss from investment transactions, financial futures contracts and swap contracts
    (1,029,790 )     (58,106 )     (465,417 )    
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and swap contracts
    1,939,142       (868,779 )     289,880      
Distributions to preferred shareholders —
                           
From net investment income
    (135,619 )     (92,648 )     (86,181 )    
 
 
Net increase in net assets from operations
  $ 5,950,053     $ 1,533,167     $ 2,211,262      
 
 
Distributions to common shareholders —
                           
From net investment income
  $ (4,909,382 )   $ (2,528,385 )   $ (2,351,411 )    
 
 
Total distributions to common shareholders
  $ (4,909,382 )   $ (2,528,385 )   $ (2,351,411 )    
 
 
Capital share transactions —
                           
Reinvestment of distributions to common shareholders
  $ 475,009     $ 162,675     $ 95,355      
 
 
Net increase in net assets from capital share transactions
  $ 475,009     $ 162,675     $ 95,355      
 
 
                             
Net increase (decrease) in net assets
  $ 1,515,680     $ (832,543 )   $ (44,794 )    
 
 
                             
                             
 
Net Assets Applicable to Common Shares
 
At beginning of year
  $ 69,856,699     $ 38,295,457     $ 36,255,200      
 
 
At end of year
  $ 71,372,379     $ 37,462,914     $ 36,210,406      
 
 
                             
                             
 
Accumulated undistributed net investment income
included in net assets applicable to common shares
 
At end of year
  $ 852,703     $ 436,643     $ 415,649      
 
 

 
See Notes to Financial Statements.
42


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Statements of Cash Flows*

 
                             
    Year Ended November 30, 2011    
   
Cash Flows From Operating Activities   California Trust   New Jersey Trust   New York Trust    
 
Net increase in net assets from operations
  $ 6,562,387     $ 3,198,686     $ 6,034,673      
Distributions to preferred shareholders
    156,530       104,690       103,791      
 
 
Net increase in net assets from operations excluding distributions to preferred shareholders
  $ 6,718,917     $ 3,303,376     $ 6,138,464      
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
                           
Investments purchased
    (33,845,507 )     (11,296,353 )     (15,711,387 )    
Investments sold
    49,142,859       23,526,345       21,109,161      
Net amortization/accretion of premium (discount)
    (1,421,860 )     (646,328 )     (520,199 )    
Amortization of deferred debt issuance costs
    1,463       392       7,053      
Decrease in interest receivable
    229,334       168,325       90,461      
Increase in receivable for investments sold
    (4,130,609 )     (14,273 )     (1,355,387 )    
Increase in receivable for variation margin on open financial futures contracts
    (110,562 )     (253,750 )     (29,298 )    
Decrease in receivable for open swap contracts
          87,790       103,093      
Increase (decrease) in payable for when-issued securities
    (1,615,120 )     1,988,477       (1,215,928 )    
Decrease in payable for variation margin on open financial futures contracts
    (19,001 )     (74,219 )     (35,625 )    
Decrease in payable for open swap contracts
    (132,762 )     (85,104 )     (202,304 )    
Decrease in payable to affiliate for investment adviser fee
    (2,956 )     (2,667 )     (1,387 )    
Increase (decrease) in payable to affiliate for administration fee
    (327 )     (423 )     19      
Decrease in payable to affiliate for Trustees’ fees
    (139 )     (92 )     (99 )    
Decrease in interest expense and fees payable
    (5,925 )     (22,745 )     (10,793 )    
Decrease in accrued expenses
    (10,096 )     (5,788 )     (3,633 )    
Net change in unrealized (appreciation) depreciation from investments
    (5,607,294 )     (3,308,257 )     (4,258,347 )    
Net realized loss from investments
    1,947,304       1,096,361       1,415,070      
Net realized loss on extinguishment of debt
    1,630             10,425      
 
 
Net cash provided by operating activities
  $ 11,139,349     $ 14,461,067     $ 5,529,359      
 
 
                             
                             
 
Cash Flows From Financing Activities
 
Distributions paid to common shareholders, net of reinvestments
  $ (6,095,800 )   $ (4,181,012 )   $ (4,728,847 )    
Cash distributions paid to preferred shareholders
    (157,381 )     (105,262 )     (104,561 )    
Proceeds from secured borrowings
    1,800,000             5,415,000      
Repayment of secured borrowings
    (5,165,000 )     (5,117,000 )     (5,435,000 )    
 
 
Net cash used in financing activities
  $ (9,618,181 )   $ (9,403,274 )   $ (4,853,408 )    
 
 
                             
Net increase in cash
  $ 1,521,168     $ 5,057,793     $ 675,951      
 
 
                             
Cash at beginning of year
  $ 2,234,455     $ 1,725,110     $ 3,293,356      
 
 
                             
Cash at end of year
  $ 3,755,623     $ 6,782,903     $ 3,969,307      
 
 
                             
                             
 
Supplemental disclosure of cash flow information:
 
Noncash financing activities not included herein consist of:
                           
Reinvestment of dividends and distributions
  $ 308,410     $ 120,167     $ 232,016      
Cash paid for interest and fees
    147,542       109,823       155,141      
 
 
 
* Statement of Cash Flows is not required for Massachusetts Trust, Michigan Trust, Ohio Trust and Pennsylvania Trust.

 
See Notes to Financial Statements.
43


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights
Selected data for a common share outstanding during the periods stated

 
                                             
    California Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 12.390     $ 12.330     $ 9.890     $ 15.120     $ 16.430      
 
 
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.926     $ 0.945     $ 0.947     $ 0.943     $ 0.936      
Net realized and unrealized gain (loss)
    0.002       0.026       2.321       (5.223 )     (1.294 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.022 )     (0.028 )     (0.047 )     (0.277 )     (0.280 )    
 
 
Total income (loss) from operations
  $ 0.906     $ 0.943     $ 3.221     $ (4.557 )   $ (0.638 )    
 
 
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.886 )   $ (0.883 )   $ (0.781 )   $ (0.673 )   $ (0.672 )    
 
 
Total distributions to common shareholders
  $ (0.886 )   $ (0.883 )   $ (0.781 )   $ (0.673 )   $ (0.672 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 12.410     $ 12.390     $ 12.330     $ 9.890     $ 15.120      
 
 
                                             
Market value — End of year (Common shares)
  $ 12.770     $ 12.400     $ 12.170     $ 9.150     $ 13.160      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    7.99 %     7.73 %     34.24 %     (30.70 )%     (3.65 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    11.04 %     9.25 %     43.19 %     (26.34 )%     (8.44 )%    
 
 
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 89,862     $ 89,395     $ 88,720     $ 71,065     $ 108,567      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.83 %     1.78 %     1.93 %     1.87 %     1.78 %(4)    
Interest and fee expense(5)
    0.17 %     0.18 %     0.23 %     0.37 %     0.34 %    
Total expenses before custodian fee reduction
    2.00 %     1.96 %     2.16 %     2.24 %     2.12 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.83 %     1.78 %     1.93 %     1.85 %     1.76 %(4)    
Net investment income
    7.81 %     7.34 %     8.35 %     6.91 %     5.94 %    
Portfolio Turnover
    22 %     14 %     18 %     31 %     40 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.15 %     1.16 %     1.19 %     1.18 %     1.17 %(4)    
Interest and fee expense(5)
    0.11 %     0.11 %     0.15 %     0.24 %     0.22 %    
Total expenses before custodian fee reduction
    1.26 %     1.27 %     1.34 %     1.42 %     1.39 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.15 %     1.16 %     1.19 %     1.17 %     1.16 %(4)    
Net investment income
    4.93 %     4.77 %     5.18 %     4.39 %     3.90 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    1,999       1,999       1,999       1,999       2,360      
Asset coverage per preferred share(6)
  $ 69,954     $ 69,721     $ 69,383     $ 60,552     $ 71,003      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
44


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    Massachusetts Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 13.790     $ 13.590     $ 10.160     $ 14.860     $ 16.170      
 
 
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.890     $ 0.926     $ 0.948     $ 0.947     $ 0.914      
Net realized and unrealized gain (loss)
    0.219       0.210       3.356       (4.720 )     (1.314 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.023 )     (0.030 )     (0.049 )     (0.278 )     (0.271 )    
 
 
Total income (loss) from operations
  $ 1.086     $ 1.106     $ 4.255     $ (4.051 )   $ (0.671 )    
 
 
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.906 )   $ (0.906 )   $ (0.825 )   $ (0.649 )   $ (0.639 )    
 
 
Total distributions to common shareholders
  $ (0.906 )   $ (0.906 )   $ (0.825 )   $ (0.649 )   $ (0.639 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.970     $ 13.790     $ 13.590     $ 10.160     $ 14.860      
 
 
                                             
Market value — End of year (Common shares)
  $ 14.810     $ 13.980     $ 13.260     $ 8.930     $ 13.050      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    8.49 %     8.16 %     43.29 %     (28.02 )%     (3.94 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    13.45 %     12.38 %     58.91 %     (27.89 )%     (8.57 )%    
 
 
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 38,372     $ 37,735     $ 37,011     $ 27,576     $ 40,341      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.87 %     1.83 %     2.02 %     2.06 %     1.91 %(4)    
Interest and fee expense(5)
    0.11 %     0.09 %     0.14 %     0.26 %     0.61 %    
Total expenses before custodian fee reduction
    1.98 %     1.92 %     2.16 %     2.32 %     2.52 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.87 %     1.82 %     2.02 %     2.04 %     1.89 %(4)    
Net investment income
    6.70 %     6.51 %     7.77 %     7.03 %     5.90 %    
Portfolio Turnover
    15 %     16 %     24 %     40 %     42 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.21 %     1.20 %     1.26 %     1.31 %     1.26 %(4)    
Interest and fee expense(5)
    0.07 %     0.06 %     0.09 %     0.16 %     0.40 %    
Total expenses before custodian fee reduction
    1.28 %     1.26 %     1.35 %     1.47 %     1.66 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.21 %     1.20 %     1.26 %     1.30 %     1.25 %(4)    
Net investment income
    4.32 %     4.29 %     4.85 %     4.47 %     3.91 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    802       802       802       802       860      
Asset coverage per preferred share(6)
  $ 72,846     $ 72,051     $ 71,150     $ 59,391     $ 71,920      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
45


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    Michigan Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 12.880     $ 12.940     $ 10.860     $ 14.510     $ 15.420      
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.826     $ 0.876     $ 0.918     $ 0.931     $ 0.913      
Net realized and unrealized gain (loss)
    0.558       (0.044 )     1.990       (3.669 )     (0.881 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.025 )     (0.033 )     (0.056 )     (0.301 )     (0.296 )    
 
 
Total income (loss) from operations
  $ 1.359     $ 0.799     $ 2.852     $ (3.039 )   $ (0.264 )    
 
 
                                             
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.839 )   $ (0.859 )   $ (0.772 )   $ (0.611 )   $ (0.646 )    
 
 
Total distributions to common shareholders
  $ (0.839 )   $ (0.859 )   $ (0.772 )   $ (0.611 )   $ (0.646 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.400     $ 12.880     $ 12.940     $ 10.860     $ 14.510      
 
 
                                             
Market value — End of year (Common shares)
  $ 12.470     $ 12.100     $ 11.530     $ 7.920     $ 12.430      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    11.66 %     6.57 %     28.08 %     (21.02 )%     (1.37 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    10.60 %     12.36 %     56.49 %     (32.76 )%     (7.66 )%    
 
 
                                             
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 28,366     $ 27,262     $ 27,392     $ 22,977     $ 30,710      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    2.04 %     1.98 %     2.18 %     2.15 %     2.03 %(4)    
Interest and fee expense(5)
                0.06 %     0.16 %     0.32 %    
Total expenses before custodian fee reduction
    2.04 %     1.98 %     2.24 %     2.31 %     2.35 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    2.04 %     1.98 %     2.18 %     2.13 %     2.01 %(4)    
Net investment income
    6.49 %     6.57 %     7.61 %     6.96 %     6.12 %    
Portfolio Turnover
    18 %     14 %     23 %     24 %     22 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.24 %     1.22 %     1.29 %     1.33 %     1.31 %(4)    
Interest and fee expense(5)
                0.04 %     0.10 %     0.21 %    
Total expenses before custodian fee reduction
    1.24 %     1.22 %     1.33 %     1.43 %     1.52 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.24 %     1.22 %     1.29 %     1.31 %     1.29 %(4)    
Net investment income
    3.93 %     4.06 %     4.52 %     4.30 %     3.94 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    700       700       700       700       700      
Asset coverage per preferred share(6)
  $ 65,524     $ 63,948     $ 64,132     $ 57,828     $ 68,878      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
46


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    New Jersey Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 13.260     $ 13.570     $ 9.400     $ 14.930     $ 16.200      
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.890     $ 0.957     $ 0.971     $ 0.968     $ 0.926      
Net realized and unrealized gain (loss)
    (0.185 )     (0.290 )     4.091       (5.579 )     (1.275 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.022 )     (0.029 )     (0.048 )     (0.289 )     (0.273 )    
 
 
Total income (loss) from operations
  $ 0.683     $ 0.638     $ 5.014     $ (4.900 )   $ (0.622 )    
 
 
                                             
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.923 )   $ (0.948 )   $ (0.844 )   $ (0.630 )   $ (0.648 )    
 
 
Total distributions to common shareholders
  $ (0.923 )   $ (0.948 )   $ (0.844 )   $ (0.630 )   $ (0.648 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.020     $ 13.260     $ 13.570     $ 9.400     $ 14.930      
 
 
                                             
Market value — End of year (Common shares)
  $ 13.370     $ 13.520     $ 14.040     $ 8.500     $ 12.790      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    5.64 %     4.62 %     55.43 %     (33.57 )%     (3.59 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    6.39 %     3.10 %     77.84 %     (29.88 )%     (11.28 )%    
 
 
                                             
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 60,734     $ 61,717     $ 62,792     $ 43,459     $ 69,001      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.81 %     1.79 %     1.99 %     1.96 %     1.84 %(4)    
Interest and fee expense(5)
    0.15 %     0.18 %     0.24 %     0.45 %     0.89 %    
Total expenses before custodian fee reduction
    1.96 %     1.97 %     2.23 %     2.41 %     2.73 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.81 %     1.79 %     1.99 %     1.94 %     1.81 %(4)    
Net investment income
    6.96 %     6.87 %     8.16 %     7.22 %     5.94 %    
Portfolio Turnover
    11 %     9 %     48 %     54 %     42 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.16 %     1.18 %     1.24 %     1.23 %     1.21 %(4)    
Interest and fee expense(5)
    0.09 %     0.12 %     0.15 %     0.28 %     0.58 %    
Total expenses before custodian fee reduction
    1.25 %     1.30 %     1.39 %     1.51 %     1.79 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.16 %     1.18 %     1.24 %     1.21 %     1.19 %(4)    
Net investment income
    4.46 %     4.53 %     5.08 %     4.51 %     3.89 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    1,337       1,337       1,337       1,366       1,520      
Asset coverage per preferred share(6)
  $ 70,427     $ 71,162     $ 71,966     $ 56,817     $ 70,395      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
47


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    New York Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 13.110     $ 12.920     $ 9.350     $ 15.240     $ 16.550      
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.950     $ 0.954     $ 0.960     $ 0.987     $ 0.991      
Net realized and unrealized gain (loss)
    0.179       0.166       3.493       (5.887 )     (1.293 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.019 )     (0.025 )     (0.042 )     (0.269 )     (0.287 )    
 
 
Total income (loss) from operations
  $ 1.110     $ 1.095     $ 4.411     $ (5.169 )   $ (0.589 )    
 
 
                                             
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.910 )   $ (0.905 )   $ (0.841 )   $ (0.721 )   $ (0.721 )    
 
 
Total distributions to common shareholders
  $ (0.910 )   $ (0.905 )   $ (0.841 )   $ (0.721 )   $ (0.721 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.310     $ 13.110     $ 12.920     $ 9.350     $ 15.240      
 
 
                                             
Market value — End of year (Common shares)
  $ 13.450     $ 13.350     $ 13.200     $ 7.900     $ 14.100      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    9.06 %     8.48 %     49.00 %     (35.07 )%     (3.42 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    8.18 %     8.16 %     80.12 %     (40.71 )%     (5.81 )%    
 
 
                                             
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 72,678     $ 71,372     $ 69,857     $ 50,325     $ 81,931      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.78 %     1.74 %     1.98 %     1.92 %     1.80 %(4)    
Interest and fee expense(5)
    0.22 %     0.21 %     0.24 %     0.55 %     0.98 %    
Total expenses before custodian fee reduction
    2.00 %     1.95 %     2.22 %     2.47 %     2.78 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.78 %     1.74 %     1.98 %     1.89 %     1.78 %(4)    
Net investment income
    7.40 %     7.02 %     8.40 %     7.21 %     6.23 %    
Portfolio Turnover
    13 %     13 %     20 %     48 %     29 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.20 %     1.18 %     1.28 %     1.23 %     1.18 %(4)    
Interest and fee expense(5)
    0.15 %     0.15 %     0.15 %     0.35 %     0.65 %    
Total expenses before custodian fee reduction
    1.35 %     1.33 %     1.43 %     1.58 %     1.83 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.20 %     1.18 %     1.28 %     1.21 %     1.17 %(4)    
Net investment income
    5.00 %     4.82 %     5.43 %     4.63 %     4.10 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    1,349       1,349       1,349       1,349       1,780      
Asset coverage per preferred share(6)
  $ 78,877     $ 77,909     $ 76,785     $ 62,309     $ 71,032      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
48


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    Ohio Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 13.170     $ 13.520     $ 10.450     $ 14.830     $ 15.690      
 
 
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.851     $ 0.899     $ 0.945     $ 0.961     $ 0.938      
Net realized and unrealized gain (loss)
    0.305       (0.325 )     2.974       (4.410 )     (0.845 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.025 )     (0.033 )     (0.055 )     (0.303 )     (0.297 )    
 
 
Total income (loss) from operations
  $ 1.131     $ 0.541     $ 3.864     $ (3.752 )   $ (0.204 )    
 
 
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.861 )   $ (0.891 )   $ (0.794 )   $ (0.628 )   $ (0.656 )    
 
 
Total distributions to common shareholders
  $ (0.861 )   $ (0.891 )   $ (0.794 )   $ (0.628 )   $ (0.656 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.440     $ 13.170     $ 13.520     $ 10.450     $ 14.830      
 
 
                                             
Market value — End of year (Common shares)
  $ 13.320     $ 13.420     $ 13.430     $ 8.550     $ 12.850      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    9.21 %     3.96 %     38.58 %     (25.69 )%     (1.06 )%    
 
 
                                             
Total Investment Return on Market Value(2)
    6.25 %     6.64 %     68.25 %     (29.83 )%     (7.93 )%    
 
 
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 38,379     $ 37,463     $ 38,295     $ 29,563     $ 41,953      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.93 %     1.85 %     2.08 %     2.08 %     1.93 %(4)    
Interest and fee expense(5)
    0.01 %     0.02 %     0.02 %     0.26 %     0.72 %    
Total expenses before custodian fee reduction
    1.94 %     1.87 %     2.10 %     2.34 %     2.65 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.93 %     1.85 %     2.08 %     2.06 %     1.91 %(4)    
Net investment income
    6.64 %     6.53 %     7.77 %     7.12 %     6.17 %    
Portfolio Turnover
    11 %     17 %     20 %     27 %     24 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.19 %     1.17 %     1.26 %     1.29 %     1.25 %(4)    
Interest and fee expense(5)
    0.01 %     0.01 %     0.01 %     0.16 %     0.46 %    
Total expenses before custodian fee reduction
    1.20 %     1.18 %     1.27 %     1.45 %     1.71 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.19 %     1.17 %     1.26 %     1.28 %     1.23 %(4)    
Net investment income
    4.09 %     4.13 %     4.68 %     4.41 %     3.99 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    909       909       909       918       940      
Asset coverage per preferred share(6)
  $ 67,221     $ 66,215     $ 67,131     $ 57,209     $ 69,640      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
49


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Financial Highlights — continued
Selected data for a common share outstanding during the periods stated

 
                                             
    Pennsylvania Trust
   
    Year Ended November 30,
   
    2011   2010   2009   2008   2007    
 
Net asset value — Beginning of year (Common shares)
  $ 13.330     $ 13.380     $ 10.320     $ 14.840     $ 15.510      
 
 
                                             
                                             
 
Income (Loss) From Operations
 
Net investment income(1)
  $ 0.873     $ 0.912     $ 0.928     $ 0.986     $ 0.953      
Net realized and unrealized gain (loss)
    (0.062 )     (0.063 )     2.973       (4.555 )     (0.661 )    
Distributions to preferred shareholders
                                           
From net investment income(1)
    (0.024 )     (0.032 )     (0.053 )     (0.299 )     (0.300 )    
 
 
Total income (loss) from operations
  $ 0.787     $ 0.817     $ 3.848     $ (3.868 )   $ (0.008 )    
 
 
                                             
                                             
 
Less Distributions to Common Shareholders
 
From net investment income
  $ (0.867 )   $ (0.867 )   $ (0.788 )   $ (0.652 )   $ (0.662 )    
 
 
Total distributions to common shareholders
  $ (0.867 )   $ (0.867 )   $ (0.788 )   $ (0.652 )   $ (0.662 )    
 
 
                                             
Net asset value — End of year (Common shares)
  $ 13.250     $ 13.330     $ 13.380     $ 10.320     $ 14.840      
 
 
                                             
Market value — End of year (Common shares)
  $ 13.660     $ 12.930     $ 13.050     $ 9.600     $ 12.790      
 
 
                                             
Total Investment Return on Net Asset Value(2)
    6.53 %     6.13 %     39.16 %     (26.57 )%     0.27 %    
 
 
                                             
Total Investment Return on Market Value(2)
    13.15 %     5.57 %     45.88 %     (20.75 )%     (7.95 )%    
 
 
                                             
                                             
 
Ratios/Supplemental Data
 
Net assets applicable to common shares, end of year (000’s omitted)
  $ 36,011     $ 36,210     $ 36,255     $ 27,944     $ 40,182      
Ratios (as a percentage of average daily net assets applicable to common shares):(3)
                                           
Expenses excluding interest and fees
    1.93 %     1.88 %     2.11 %     2.06 %     1.95 %(4)    
Interest and fee expense(5)
    0.05 %     0.06 %     0.21 %     0.37 %     0.70 %    
Total expenses before custodian fee reduction
    1.98 %     1.94 %     2.32 %     2.43 %     2.65 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.93 %     1.88 %     2.11 %     2.04 %     1.94 %(4)    
Net investment income
    6.71 %     6.61 %     7.61 %     7.23 %     6.28 %    
Portfolio Turnover
    8 %     17 %     23 %     25 %     23 %    
 
 
The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:
Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(3)
                                           
Expenses excluding interest and fees
    1.21 %     1.20 %     1.28 %     1.28 %     1.27 %(4)    
Interest and fee expense(5)
    0.03 %     0.04 %     0.13 %     0.23 %     0.45 %    
Total expenses before custodian fee reduction
    1.24 %     1.24 %     1.41 %     1.51 %     1.72 %(4)    
Expenses after custodian fee reduction excluding interest and fees
    1.21 %     1.20 %     1.28 %     1.27 %     1.26 %(4)    
Net investment income
    4.19 %     4.22 %     4.63 %     4.50 %     4.06 %    
 
 
Senior Securities:
                                           
Total preferred shares outstanding
    847       847       847       889       900      
Asset coverage per preferred share(6)
  $ 67,516     $ 67,752     $ 67,806     $ 56,439     $ 69,658      
Involuntary liquidation preference per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
Approximate market value per preferred share(7)
  $ 25,000     $ 25,000     $ 25,000     $ 25,000     $ 25,000      
 
 
 
(1) Computed using average common shares outstanding.
(2) Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.
(3) Ratios do not reflect the effect of dividend payments to preferred shareholders.
(4) The investment adviser was allocated a portion of the Trust’s operating expenses (equal to less than 0.01% of average daily net assets for the year ended November 30, 2007). Absent this allocation, total return would be lower.
(5) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).
(6) Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.
(7) Plus accumulated and unpaid dividends.

 
See Notes to Financial Statements.
50


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements

 
 
1 Significant Accounting Policies
 
Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust), (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. Each Trust seeks to provide current income exempt from regular federal income tax and taxes in its specified state.
 
The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America.
 
A Investment Valuation — Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Interest rate swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows are discounted to their present value using swap rates provided by electronic data services or by broker/dealers. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
 
B Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
 
C Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in municipal obligations, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.
 
At November 30, 2011, the following Trusts, for federal income tax purposes, had capital loss carryforwards which will reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The amounts and expiration dates of the capital loss carryforwards are as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
Expiration Date   Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
November 30, 2012
  $ 995,999     $     $ 697,198     $     $     $ 764,355     $ 502,868      
November 30, 2013
                224,050                   588,403       389,289      
November 30, 2016
    6,689,345       692,532       517,712             2,354,581       736,482       800,874      
November 30, 2017
    4,084,290       991,790       337,540       3,185,143       3,171,310       840,450            
November 30, 2018
    355,871             34,334       1,512,852       671,928       41,243       329,527      
November 30, 2019
    5,299,748       1,780,081       345,052       4,137,608       3,607,489       1,169,431       1,724,760      
                                                             
 
 
    $ 17,425,253     $ 3,464,403     $ 2,155,886     $ 8,835,603     $ 9,805,308     $ 4,140,364     $ 3,747,318      
                                                             
 
 

 
51


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
As of November 30, 2011, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Trusts’ federal tax returns filed in the 3-year period ended November 30, 2011 remains subject to examination by the Internal Revenue Service.
 
D Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the respective custodian agreements, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.
 
E Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.
 
F Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
 
G Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.
 
H Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Interest expense related to the Trusts’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At November 30, 2011, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:
 
                                                     
    California
  Massachusetts
  New Jersey
  New York
  Pennsylvania
       
    Trust   Trust   Trust   Trust   Trust        
 
 
Floating Rate Notes Outstanding
  $ 17,170,000     $ 4,885,000     $ 9,455,000     $ 20,455,000     $ 1,650,000              
Interest Rate or Range of Interest Rates (%)
    0.14 - 0.20       0.14 - 0.24       0.14 - 0.34       0.12 - 0.20       0.14 - 0.19              
Collateral for Floating Rate Notes Outstanding
  $ 21,652,143     $ 6,673,227     $ 12,821,955     $ 26,810,811     $ 2,938,180              
                                                     
 
 

 
52


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
For the year ended November 30, 2011, the Trusts’ average Floating Rate Notes outstanding and the average interest rate including fees and amortization of deferred debt issuance costs were as follows:
 
                                                     
    California
  Massachusetts
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Average Floating Rate Notes Outstanding
  $ 18,971,123     $ 4,885,000     $ 11,394,729     $ 20,502,137     $ 336,548     $ 1,803,863      
Average Interest Rate
    0.75 %     0.79 %     0.77 %     0.74 %     0.94 %     0.89 %    
                                                     
 
 
 
The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of November 30, 2011.
 
The Trusts may also purchase residual interest bonds from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.
 
The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statements of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.
 
I Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the purchase price (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
 
J Interest Rate Swaps — Pursuant to interest rate swap agreements, a Trust makes periodic payments at a fixed interest rate and, in exchange, receives payments based on the interest rate of a benchmark industry index. Payments received or made are recorded as realized gains or losses. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. The value of the swap is determined by changes in the relationship between two rates of interest. A Trust is exposed to credit loss in the event of non-performance by the swap counterparty. Risk may also arise from movements in interest rates.
 
K When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
 
L Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand at its custodian and does not include any short-term investments.
 
2 Auction Preferred Shares
 
Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction.

 
53


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts’ By-laws and the 1940 Act. Each Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.
 
3 Distributions to Shareholders
 
Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years, if any). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at November 30, 2011, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year then ended were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
APS Dividend Rates at November 30, 2011
    0.23 %     0.21 %     0.23 %     0.23 %     0.23 %     0.20 %     0.21 %    
Dividends Accrued to APS Shareholders
  $ 156,530     $ 62,477     $ 53,546     $ 104,690     $ 103,791     $ 70,672     $ 65,985      
Average APS Dividend Rates
    0.31 %     0.31 %     0.31 %     0.31 %     0.31 %     0.31 %     0.31 %    
Dividend Rate Ranges (%)
    0.11 - 0.69       0.11 - 0.69       0.11 - 0.50       0.11 - 0.69       0.11 -0.69       0.11 - 0.69       0.11 - 0.69      
                                                             
 
 
 
Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each Trust as of November 30, 2011.
 
The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
 
The tax character of distributions declared for the years ended November 30, 2011 and November 30, 2010 was as follows:
 
                                                             
    Year Ended November 30, 2011
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Distributions declared from:
                                                           
Tax-exempt income
  $ 6,556,616     $ 2,546,610     $ 1,829,137     $ 4,405,869     $ 5,061,545     $ 2,516,322     $ 2,381,612      
Ordinary income
  $ 4,124     $ 247     $     $     $ 3,109     $ 9,343     $ 39,672      
                                                             
 
 
 
                                                             
    Year Ended November 30, 2010
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Distributions declared from:
                                                           
Tax-exempt income
  $ 6,548,819     $ 2,554,569     $ 1,888,433     $ 4,529,949     $ 5,039,476     $ 2,604,159     $ 2,437,121      
Ordinary income
  $ 10,970     $ 570     $     $ 5,515     $ 5,525     $ 16,874     $ 471      
                                                             
 
 

 
54


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
During the year ended November 30, 2011, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for accretion of market discount:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Change in:
                                                           
Paid-in capital
  $     $     $ (443,883 )   $ (177,350 )   $     $     $      
Accumulated net realized loss
  $ 150,922     $ 28,148     $ 458,792     $ 234,075     $ 26,931     $ 6,504     $ (20,454 )    
Accumulated undistributed net investment income
  $ (150,922 )   $ (28,148 )   $ (14,909 )   $ (56,725 )   $ (26,931 )   $ (6,504 )   $ 20,454      
                                                             
 
 
 
These reclassifications had no effect on the net assets or net asset value per share of the Trusts.
 
As of November 30, 2011, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Undistributed tax-exempt income
  $ 1,204,021     $ 330,900     $ 203,127     $ 416,914     $ 941,877     $ 332,445     $ 463,278      
Capital loss carryforward
  $ (17,425,253 )   $ (3,464,403 )   $ (2,155,886 )   $ (8,835,603 )   $ (9,805,308 )   $ (4,140,364 )   $ (3,747,318 )    
Net unrealized appreciation
  $ 1,047,089     $ 1,809,488     $ 270,617     $ 2,271,347     $ 2,302,662     $ 1,262,353     $ 726,747      
Other temporary differences
  $ (1,571 )   $ (234 )   $ (659 )   $ (1,048 )   $ (1,273 )   $ (125 )   $ (248 )    
                                                             
 
 
 
The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, accretion of market discount, futures contracts, the timing of recognizing distributions to shareholders, defaulted bond interest and residual interest bonds.
 
4 Investment Adviser Fee and Other Transactions with Affiliates
 
The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.670% (0.685% prior to May 1, 2011) of each Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee will be reduced by 0.015% every May 1 thereafter for the next nineteen years. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the year ended November 30, 2011, the investment adviser fees and administration fees were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Investment Adviser Fee
  $ 978,128     $ 391,800     $ 300,279     $ 659,732     $ 773,725     $ 405,220     $ 391,093      
Administration Fee
  $ 289,367     $ 115,912     $ 88,837     $ 195,158     $ 228,894     $ 119,877     $ 115,694      
                                                             
 
 
 
Except for Trustees of the Trusts who are not members of EVM’s organization, officers and Trustees receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2011, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

 
55


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
5 Purchases and Sales of Investments
 
Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2011 were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Purchases
  $ 33,845,507     $ 9,132,091     $ 7,789,439     $ 11,296,353     $ 15,711,387     $ 6,518,375     $ 4,649,017      
Sales
  $ 49,142,859     $ 13,806,713     $ 9,444,716     $ 23,526,345     $ 21,109,161     $ 6,456,561     $ 6,598,865      
                                                             
 
 
 
6 Common Shares of Beneficial Interest
 
Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the years ended November 30, 2011 and November 30, 2010 were as follows:
 
                                                             
    California
  Massachusetts
  New Jersey
  New York
  Ohio
  Pennsylvania
       
    Trust   Trust   Trust   Trust   Trust   Trust        
 
 
Year Ended November 30, 2011
    26,037       9,543       9,594       18,118       10,146       590              
Year Ended November 30, 2010
    22,026       12,738       27,868       35,153       11,892       6,938              
                                                             
 
 
 
7 Federal Income Tax Basis of Investments
 
The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2011, as determined on a federal income tax basis, were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Aggregate cost
  $ 129,264,627     $ 52,253,456     $ 42,717,116     $ 85,514,684     $ 98,492,452     $ 56,783,654     $ 55,056,191      
                                                             
 
 
Gross unrealized appreciation
  $ 7,185,125     $ 2,869,174     $ 1,540,957     $ 4,511,744     $ 5,570,153     $ 2,697,177     $ 2,619,282      
Gross unrealized depreciation
    (6,138,036 )     (1,059,686 )     (1,270,340 )     (2,240,397 )     (3,267,491 )     (1,434,824 )     (1,892,535 )    
                                                             
 
 
Net unrealized appreciation
  $ 1,047,089     $ 1,809,488     $ 270,617     $ 2,271,347     $ 2,302,662     $ 1,262,353     $ 726,747      
                                                             
 
 
 
8 Financial Instruments
 
The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and interest rate swaps and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

 
56


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
A summary of obligations under these financial instruments at November 30, 2011 is as follows:
 
                                         
Futures Contracts
                        Net
   
    Expiration
          Aggregate
      Unrealized
   
Trust   Month/Year   Contracts   Position   Cost   Value   Appreciation    
 
 
California   3/12   68
U.S. 10-Year Treasury Note
  Short   $ (8,813,844 )   $ (8,795,375 )   $ 18,469      
    3/12   48
U.S. 30-Year Treasury Bond
  Short     (6,844,420 )     (6,785,999 )     58,421      
                                         
 
 
Massachusetts
  3/12   60
U.S. 10-Year Treasury Note
  Short   $ (7,776,921 )   $ (7,760,625 )   $ 16,296      
                                         
 
 
Michigan
  3/12   9
U.S. 30-Year Treasury Bond
  Short   $ (1,283,329 )   $ (1,272,375 )   $ 10,954      
                                         
 
 
New Jersey
  3/12   145
U.S. 30-Year Treasury Bond
  Short   $ (20,675,853 )   $ (20,499,375 )   $ 176,478      
                                         
 
 
New York
  3/12   75
U.S. 10-Year Treasury Note
  Short   $ (9,721,152 )   $ (9,700,781 )   $ 20,371      
                                         
 
 
Ohio
  3/12   3
U.S. 10-Year Treasury Note
  Short   $ (388,846 )   $ (388,031 )   $ 815      
    3/12   19
U.S. 30-Year Treasury Bond
  Short     (2,709,250 )     (2,686,125 )     23,125      
                                         
 
 
Pennsylvania
  3/12   50
U.S. 30-Year Treasury Bond
  Short   $ (7,129,605 )   $ (7,068,750 )   $ 60,855      
                                         
 
 
 
At November 30, 2011, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.
 
Each Trust is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. To hedge against this risk, each Trust enters into interest rate swap contracts. The Trusts also purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.
 
The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at November 30, 2011 were as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Asset Derivative:
                                                           
Futures Contracts
  $ 76,890 (1)   $ 16,296 (1)   $ 10,954 (1)   $ 176,478 (1)   $ 20,371 (1)   $ 23,940 (1)   $ 60,855 (1)    
                                                             
 
 
Total
  $ 76,890     $ 16,296     $ 10,954     $ 176,478     $ 20,371     $ 23,940     $ 60,855      
                                                             
 
 
 
(1) Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

 
57


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the year ended November 30, 2011 was as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Realized Gain (Loss) on Derivatives Recognized in Income(1)
  $ (3,863,455 )   $ (1,210,880 )   $ (246,403 )   $ (3,219,832 )   $ (2,038,198 )   $ (756,342 )   $ (1,312,358 )    
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
  $ 233,264     $ 14,186     $ 33,454     $ 164,464     $ 164,324     $ 21,643     $ 37,234      
                                                             
 
 
 
(1) Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Swap contracts.
(2) Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Swap contracts.
 
The average notional amounts of futures contracts and interest rate swaps outstanding during the year ended November 30, 2011, which are indicative of the volume of these derivative types, were approximately as follows:
 
                                                             
    California
  Massachusetts
  Michigan
  New Jersey
  New York
  Ohio
  Pennsylvania
   
    Trust   Trust   Trust   Trust   Trust   Trust   Trust    
 
 
Average Notional Amount:
                                                           
Futures Contracts
  $ 12,077,000     $ 5,077,000     $ 608,000     $ 13,115,000     $ 7,269,000     $ 1,977,000     $ 5,000,000      
Interest Rate Swaps
  $ 2,888,000     $ 1,603,000     $ 338,000     $ 2,794,000     $ 5,508,000     $ 1,197,000     $ 1,478,000      
                                                             
 
 
 
9 Fair Value Measurements
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
•  Level 1 – quoted prices in active markets for identical investments
 
•  Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
•  Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At November 30, 2011, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:
 
                                     
California Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 147,481,716     $      —     $ 147,481,716      
                                     
 
 
Total Investments
  $     $ 147,481,716     $     $ 147,481,716      
                                     
 
 
Futures Contracts
  $ 76,890     $     $     $ 76,890      
                                     
 
 
Total
  $ 76,890     $ 147,481,716     $     $ 147,558,606      
                                     
 
 
 

 
58


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
                                     
Massachusetts Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 58,947,944     $      —     $ 58,947,944      
                                     
 
 
Total Investments
  $     $ 58,947,944     $     $ 58,947,944      
                                     
 
 
Futures Contracts
  $ 16,296     $     $     $ 16,296      
                                     
 
 
Total
  $ 16,296     $ 58,947,944     $     $ 58,964,240      
                                     
 
 
                                     
                                     
Michigan Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 42,987,733     $     $ 42,987,733      
                                     
 
 
Total Investments
  $     $ 42,987,733     $     $ 42,987,733      
                                     
 
 
Futures Contracts
  $ 10,954     $     $     $ 10,954      
                                     
 
 
Total
  $ 10,954     $ 42,987,733     $     $ 42,998,687      
                                     
 
 
                                     
                                     
New Jersey Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 97,241,031     $     $ 97,241,031      
                                     
 
 
Total Investments
  $     $ 97,241,031     $     $ 97,241,031      
                                     
 
 
Futures Contracts
  $ 176,478     $     $     $ 176,478      
                                     
 
 
Total
  $ 176,478     $ 97,241,031     $     $ 97,417,509      
                                     
 
 
                                     
                                     
New York Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 121,250,114     $     $ 121,250,114      
                                     
 
 
Total Investments
  $     $ 121,250,114     $     $ 121,250,114      
                                     
 
 
Futures Contracts
  $ 20,371     $     $     $ 20,371      
                                     
 
 
Total
  $ 20,371     $ 121,250,114     $     $ 121,270,485      
                                     
 
 
                                     
                                     
Ohio Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 58,046,007     $     $ 58,046,007      
                                     
 
 
Total Investments
  $     $ 58,046,007     $     $ 58,046,007      
                                     
 
 
Futures Contracts
  $ 23,940     $     $     $ 23,940      
                                     
 
 
Total
  $ 23,940     $ 58,046,007     $     $ 58,069,947      
                                     
 
 
 

 
59


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notes to Financial Statements — continued

 
                                     
Pennsylvania Trust
Asset Description   Level 1   Level 2   Level 3   Total    
 
 
Tax-Exempt Investments
  $     $ 57,432,938     $      —     $ 57,432,938      
                                     
 
 
Total Investments
  $     $ 57,432,938     $     $ 57,432,938      
                                     
 
 
Futures Contracts
  $ 60,855     $     $     $ 60,855      
                                     
 
 
Total
  $ 60,855     $ 57,432,938     $     $ 57,493,793      
                                     
 
 
 
The Trusts held no investments or other financial instruments as of November 30, 2010 whose fair value was determined using Level 3 inputs. At November 30, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the year then ended was not significant.

 
60


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Report of Independent Registered Public Accounting Firm

 
 
To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:
 
We have audited the accompanying statements of assets and liabilities of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (collectively the “Trusts”), including the portfolios of investments, as of November 30, 2011, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the statements of cash flows of Eaton Vance California Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended. These financial statements and financial highlights are the responsibility of each Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. Each Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of each Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2011, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30 2011, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the cash flows of Eaton Vance California Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust and Eaton Vance New York Municipal Income Trust for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
 
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 17, 2012

 
61


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Federal Tax Information (Unaudited)

 
 
The Form 1099-DIV you receive in January 2012 will show the tax status of all distributions paid to your account in calendar year 2011. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trusts. As required by the Internal Revenue Code and/or regulations, shareholders must be notified within 60 days of the Trusts’ fiscal year end regarding exempt-interest dividends.
 
Exempt-Interest Dividends. The Trusts designate the following percentages of dividends from net investment income as exempt-interest dividends:
 
             
Eaton Vance California Municipal Income Trust
    99.94 %    
Eaton Vance Massachusetts Municipal Income Trust
    99.99 %    
Eaton Vance Michigan Municipal Income Trust
    100.00 %    
Eaton Vance New Jersey Municipal Income Trust
    100.00 %    
Eaton Vance New York Municipal Income Trust
    99.94 %    
Eaton Vance Ohio Municipal Income Trust
    99.63 %    
Eaton Vance Pennsylvania Municipal Income Trust
    98.36 %    

 
62


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Notice to Shareholders

 
 
At the August 4, 2011 Board Meeting, the Trustees approved the following defensive investing policy: “During unusual market conditions, the Funds may invest up to 100% of assets in cash or cash equivalents temporarily, which may be inconsistent with a Fund’s investment objective(s) and other policies.”

 
63


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Dividend Reinvestment Plan

 
Each Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.
 
If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.
 
The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.
 
Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.
 
If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 
64


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Application for Participation in Dividend Reinvestment Plan

 
 
This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.
 
The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.
 
Please print exact name on account:
Shareholder signature                                   Date
Shareholder signature                                   Date
 
Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.
 
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
 
This authorization form, when signed, should be mailed to the following address:
 
Eaton Vance Municipal Income Trusts
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
 
Number of Employees
Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.
 
Number of Shareholders
As of November 30, 2011, Trust records indicate that there are 102, 90, 61, 113, 101, 83 and 105 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,323, 1,165, 1,184, 1,871, 2,218, 1,450 and 1,369 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.
 
If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:
 
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
 
NYSE Amex symbols
 
 
     
California Municipal Income Trust
  CEV
Massachusetts Municipal Income Trust
  MMV
Michigan Municipal Income Trust
  EMI
New Jersey Municipal Income Trust
  EVJ
New York Municipal Income Trust
  EVY
Ohio Municipal Income Trust
  EVO
Pennsylvania Municipal Income Trust
  EVP

 
65


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Management and Organization

 
Fund Management. The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP) (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 179 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.
 
             
    Position(s)
       
    with the
  Term of Office;
  Principal Occupation(s) and Directorships
Name and Year of Birth   Trusts   Length of Service   During Past Five Years and Other Relevant Experience
 
 
 
Interested Trustee
             
Thomas E. Faust Jr.
1958
  Class II
Trustee
  Until 2013. 3 years. Trustee since 2007.   Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 179 registered investment companies and 1 private investment company managed by EVM or BMR. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts.
Directorships in the Last Five Years.(1) Director of EVC.
 
Noninterested Trustees
             
Scott E. Eston
1956
  Class II
Trustee
  Until 2013. 2 years. Trustee since 2011.   Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).
Directorships in the Last Five Years. None.
             
Benjamin C. Esty(A)
1963
  Class I
Trustee
  Until 2012. 3 years. Trustee since 2006.   Roy and Elizabeth Simmons Professor of Business Administration and Finance Unit Head, Harvard University Graduate School of Business Administration.
Directorships in the Last Five Years.(1) None.
             
Allen R. Freedman
1940
  Class II
Trustee
  Until 2013. 3 years. Trustee since 2007.   Private Investor. Former Chairman (2002-2004) and a Director (1983-2004) of Systems & Computer Technology Corp. (provider of software to higher education). Formerly, a Director of Loring Ward International (fund distributor) (2005-2007). Former Chairman and a Director of Indus International, Inc. (provider of enterprise management software to the power generating industry) (2005-2007). Former Chief Executive Officer of Assurant, Inc. (insurance provider) (1979-2000).
Directorships in the Last Five Years.(1) Director of Stonemor Partners, L.P. (owner and operator of cemeteries). Formerly, Director of Assurant, Inc. (insurance provider) (1979-2011).
             
William H. Park
1947
  Class III
Trustee
  Until 2014. 3 years. Trustee since 2003.   Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).
Directorships in the Last Five Years.(1) None.

 
66


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Management and Organization — continued

 
             
    Position(s)
       
    with the
  Term of Office;
  Principal Occupation(s) and Directorships
Name and Year of Birth   Trusts   Length of Service   During Past Five Years and Other Relevant Experience
 
 
Noninterested Trustees (continued)
             
Ronald A. Pearlman
1940
  Class I
Trustee
  Until 2012. 3 years. Trustee since 2003.   Professor of Law, Georgetown University Law Center. Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990).
Directorships in the Last Five Years.(1) None.
             
Helen Frame Peters
1948
  Class III
Trustee
  Until 2014. 3 years. Trustee since 2008.   Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).
Directorships in the Last Five Years.(1) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
             
Lynn A. Stout
1957
  Class I
Trustee
  Until 2012. 3 years. Trustee since 1998.   Paul Hastings Professor of Corporate and Securities Law (since 2006) and Professor of Law (2001-2006), University of California at Los Angeles School of Law.
Directorships in the Last Five Years.(1) None.
             
Harriett Tee Taggart
1948
  Class III
Trustee
  Until 2014. 3 years. Trustee since 2011.   Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).
Directorships in the Last Five Years. Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
             
Ralph F. Verni(A)
1943
  Chairman of the Board and Class II Trustee   Until 2013. 3 years. Trustee since 2005. Chairman of the Board since 2007.   Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).
Directorships in the Last Five Years.(1) None.
 
Principal Officers who are not Trustees
    Position(s)
       
    with the
  Length of
  Principal Occupation(s)
Name and Year of Birth   Trusts   Service   During Past Five Years
 
 
Cynthia J. Clemson
1963
  President of CEV, EMI, EVY, EVO and EVP   Since 2005   Vice President of EVM and BMR.
             
Thomas M. Metzold
1958
  President of MMV and EVJ   Since 2010   Vice President of EVM and BMR.
             
Payson F. Swaffield
1956
  Vice President   Since 2011   Chief Income Investment Officer of EVC. Vice President of EVM and BMR.
             
Barbara E. Campbell
1957
  Treasurer   Since 2005   Vice President of EVM and BMR.

 
67


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
Management and Organization — continued

 
             
    Position(s)
       
    with the
  Length of
  Principal Occupation(s)
Name and Year of Birth   Trusts   Service   During Past Five Years
 
 
Principal Officers who are not Trustees (continued)
             
Maureen A. Gemma
1960
  Vice President, Secretary and Chief Legal Officer   Vice President since 2011, Secretary since 2007 and Chief Legal Officer since 2008   Vice President of EVM and BMR.
             
Paul M. O’Neil
1953
  Chief Compliance Officer   Since 2004   Vice President of EVM and BMR.
 
(1) During their respective tenures, the Trustees (except Mr. Eston and Ms. Taggart) also served as trustees of one or more of the following Eaton Vance funds (which operated in the years noted): Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009).
(A) APS Trustee.

 
68


 

 
Eaton Vance
Municipal Income Trusts
 
November 30, 2011
 
 
IMPORTANT NOTICES

 
 
Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:
 
•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.
 
•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.
 
•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.
 
•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.
 
Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.
 
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.
 
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).
 
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
 
Additional Notice to Shareholders. A Fund may redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary. A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount.
 
Closed-End Fund Information. The Eaton Vance closed-end funds make certain quarterly fund performance data and information about portfolio characteristics (such as top holdings and asset allocation) available on the Eaton Vance website after the end of each calendar quarter-end. Certain month-end fund performance data for the funds, including total returns, are posted to the website shortly after the end of each calendar month. Portfolio holdings for the most recent calendar quarter-end are also posted to the website approximately 30 days following the end of the quarter. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors – Closed-End Funds”.

 
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Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
 
Custodian
State Street Bank and Trust Company
200 Clarendon Street
Boston, MA 02116
 
Transfer Agent
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
 
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
 
Fund Offices
Two International Place
Boston, MA 02110
 


 

 
 
(EATON VANCE INVESTMENT MANAGERS LOGO)
 
147-1/12 CE-MUNISRC7


 

Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).
Item 4. Principal Accountant Fees and Services
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended November 30, 2010 and November 30, 2011 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
                 
Fiscal Years Ended   11/30/10   11/30/11
Audit Fees
  $ 23,160     $ 23,390  
 
Audit-Related Fees(1)
  $ 3,915     $ 3,915  
 
Tax Fees(2)
  $ 7,130     $ 7,200  
 
All Other Fees(3)
  $ 500     $ 300  
 
     
 
Total
  $ 34,705     $ 34,805  
 
   
 
(1)   Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred shares.
 
(2)   Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
 
(3)   All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended November 30,

 


 

2010 and November 30, 2011; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
                 
Fiscal Years Ended   11/30/10   11/30/11
Registrant
  $ 11,545     $ 11,415  
 
Eaton Vance(1)
  $ 278,901     $ 287,931  
 
(1)   Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrant’s investment adviser and administrator.
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Scott E. Eston, Helen Frame Peters, Lynn A. Stout and Ralph F. Verni are the members of the registrant’s audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.
The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required

 


 

to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Cynthia J. Clemson, portfolio manager of Eaton Vance California Municipal Income Trust, William H. Ahern, Jr., portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Ohio Municipal Income Trust, Craig R. Brandon, portfolio manager of Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New York Municipal Income Trust and Adam A. Weigold, portfolio manager of Eaton Vance New Jersey Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Fund’s investments.
Ms. Clemson has been an Eaton Vance portfolio manager since 1991 and is a co-Director of Municipal Investments and Vice President of Eaton Vance Management (“EVM”) and Boston Management and Research (“BMR”), an Eaton Vance subsidiary. Mr. Ahern has been an Eaton Vance portfolio manager since 1993 and is a Vice President of EVM and BMR. Mr. Brandon has been an Eaton Vance analyst since 1998 and a portfolio manager since 2004, and is a Vice President of EVM and BMR. Mr. Weigold has been a credit analyst with Eaton Vance since 1991 and a portfolio manager since 2007, and is a Vice President of EVM and BMR. This information is provided as of the date of filing of this report.
The following table shows, as of each Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

 


 

                                 
                    Number of Accounts   Total Assets of
    Number of   Total Assets   Paying a   Accounts
    All   of All   Performance   Paying a Performance
    Accounts   Accounts   Fee   Fee
Cynthia J. Clemson
                               
Registered Investment Companies
    10     $ 1,433.8       0     $ 0  
Other Pooled Investment Vehicles
    0     $ 0       0     $ 0  
Other Accounts
    0     $ 0       0     $ 0  
 
                               
William H. Ahern
                               
Registered Investment Companies
    13     $ 1,325.1       0     $ 0  
Other Pooled Investment Vehicles
    0     $ 0       0     $ 0  
Other Accounts
    1     $ 22.0       0     $ 0  
 
                               
Craig R. Brandon
                               
Registered Investment Companies
    13     $ 556.8       0     $ 0  
Other Pooled Investment Vehicles
    0     $ 0       0     $ 0  
Other Accounts
    0     $ 0       0     $ 0  
 
                               
Adam A. Weigold
                               
Registered Investment Companies
    13     $ 303.3       0     $ 0  
Other Pooled Investment Vehicles
    0     $ 0       0     $ 0  
Other Accounts
    1     $ 22.0       0     $ 0  
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of each Fund’s most recent fiscal year end.
         
    Dollar Range of Equity  
    Securities Owned in the  
Portfolio Manager and Fund Name   Fund  
Cynthia J. Clemson
       
California Municipal Income Trust
  None
 
       
William H. Ahern, Jr.
       
Michigan Municipal Income Trust
  None
Ohio Municipal Income Trust
  None
 
       
Craig R. Brandon
       
Massachusetts Municipal Income Trust
  None
New York Municipal Income Trust
  None
 
       
Adam A. Weigold
       
New Jersey Municipal Income Trust
  None
Pennsylvania Municipal Income Trust
  None

 


 

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate

 


 

basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits
     
(a)(1)
  Registrant’s Code of Ethics — Not applicable (please see Item 2).
 
(a)(2)(i)
  Treasurer’s Section 302 certification.
 
(a)(2)(ii)
  President’s Section 302 certification.
 
(b)
  Combined Section 906 certification.

 


 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Michigan Municipal Income Trust
         
By:
  /s/ Cynthia J. Clemson    
 
 
 
Cynthia J. Clemson
   
 
  President    
 
       
Date:
  January 17, 2012    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Barbara E. Campbell    
 
 
 
Barbara E. Campbell
   
 
  Treasurer    
 
       
Date:
  January 17, 2012    
 
       
By:
  /s/ Cynthia J. Clemson    
 
 
 
Cynthia J. Clemson
   
 
  President    
 
       
Date:
  January 17, 2012