Edgar Filing: EATON VANCE MASSACHUSETTS MUNICIPAL INCOME TRUST

Eaton Vance Massachusetts Municipal Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09147

Eaton Vance Massachusetts Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2018

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2018

California (CEV) • Massachusetts (MMV) • Michigan (EMI) • New Jersey (EVJ) New York (EVY) • Ohio (EVO) • Pennsylvania (EVP)

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Semiannual Report May 31, 2018

Eaton Vance

Municipal Income Trusts

Table of Contents


Performance and Fund Profile


California Municipal Income Trust			2
Massachusetts Municipal Income Trust			3
Michigan Municipal Income Trust			4
New Jersey Municipal Income Trust			5
New York Municipal Income Trust			6
Ohio Municipal Income Trust			7
Pennsylvania Municipal Income Trust			8



Endnotes and Additional Disclosures			9

Financial Statements			10

Annual Meeting of Shareholders			65

Board of Trustees’ Contract Approval			66

Officers and Trustees			70

Important Notices			71

Eaton Vance

California Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		0.74	%		0.44	%		4.72	%		5.45	%
Fund at Market Price		—		–3.06			–5.47			2.92			4.23
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–15.72	%


Distributions⁴
Total Distributions per share for the period												$	0.223
Distribution Rate at NAV													3.27	%
Taxable-Equivalent Distribution Rate at NAV													6.37	%
Distribution Rate at Market Price													3.88	%
Taxable-Equivalent Distribution Rate at Market Price													7.56	%


% Total Leverage⁵
Institutional MuniFund Term Preferred (iMTP) Shares													30.77	%
Residual Interest Bond (RIB) Financing													5.67

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		0.62	%		0.71	%		4.10	%		5.85	%
Fund at Market Price		—		–3.20			–4.69			2.42			4.39
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–15.23	%


Distributions⁴
Total Distributions per share for the period												$	0.233
Distribution Rate at NAV													3.17	%
Taxable-Equivalent Distribution Rate at NAV													5.64	%
Distribution Rate at Market Price													3.73	%
Taxable-Equivalent Distribution Rate at Market Price													6.64	%


% Total Leverage⁵
iMTP Shares													27.43	%
RIB Financing													6.84

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Cynthia J. Clemson


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		0.99	%		0.73	%		5.37	%		6.42	%
Fund at Market Price		—		1.58			0.64			4.42			6.33
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–11.96	%


Distributions⁴
Total Distributions per share for the period												$	0.235
Distribution Rate at NAV													3.21	%
Taxable-Equivalent Distribution Rate at NAV													5.66	%
Distribution Rate at Market Price													3.64	%
Taxable-Equivalent Distribution Rate at Market Price													6.42	%


% Total Leverage⁵
iMTP Shares													35.48	%
RIB Financing													2.53

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		1.45	%		1.87	%		4.33	%		5.52	%
Fund at Market Price		—		–1.57			–3.43			1.92			4.75
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–15.81	%


Distributions⁴
Total Distributions per share for the period												$	0.274
Distribution Rate at NAV													4.09	%
Taxable-Equivalent Distribution Rate at NAV													7.59	%
Distribution Rate at Market Price													4.86	%
Taxable-Equivalent Distribution Rate at Market Price													9.02	%


% Total Leverage⁵
iMTP Shares													29.25	%
RIB Financing													8.55

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		5

Eaton Vance

New York Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Craig R. Brandon, CFA


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		0.52	%		0.93	%		4.64	%		5.82	%
Fund at Market Price		—		–1.62			–2.27			2.49			4.62
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–12.30	%


Distributions⁴
Total Distributions per share for the period												$	0.300
Distribution Rate at NAV													4.29	%
Taxable-Equivalent Distribution Rate at NAV													7.95	%
Distribution Rate at Market Price													4.89	%
Taxable-Equivalent Distribution Rate at Market Price													9.06	%


% Total Leverage⁵
iMTP Shares													23.52	%
RIB Financing													15.66

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		6

Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Cynthia J. Clemson


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		0.36	%		–0.28	%		4.76	%		6.10	%
Fund at Market Price		—		–4.15			–5.54			2.69			5.50
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–14.45	%


Distributions⁴
Total Distributions per share for the period												$	0.271
Distribution Rate at NAV													3.71	%
Taxable-Equivalent Distribution Rate at NAV													6.60	%
Distribution Rate at Market Price													4.33	%
Taxable-Equivalent Distribution Rate at Market Price													7.70	%


% Total Leverage⁵
iMTP Shares													28.17	%
RIB Financing													7.96

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		7

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2018

Performance^1,2

Portfolio Manager Adam A. Weigold, CFA


% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		1.13	%		0.35	%		4.62	%		5.31	%
Fund at Market Price		—		–3.04			–2.48			3.22			4.84
Bloomberg Barclays Municipal Bond Index		—		0.71	%		1.11	%		2.92	%		4.30	%


% Premium/Discount to NAV³
													–14.47	%


Distributions⁴
Total Distributions per share for the period												$	0.253
Distribution Rate at NAV													3.77	%
Taxable-Equivalent Distribution Rate at NAV													6.57	%
Distribution Rate at Market Price													4.40	%
Taxable-Equivalent Distribution Rate at Market Price													7.67	%


% Total Leverage⁵
iMTP Shares													30.28	%
RIB Financing													7.49

Fund Profile

Credit Quality (% of total investments)^6,7

LOGO

See Endnotes and Additional Disclosures in this report.


		8

Eaton Vance

Municipal Income Trusts

May 31, 2018

Endnotes and Additional Disclosures

Bloomberg Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Included in the average annual total return at NAV for the five and ten year periods is the impact of the tender and repurchase of a portion of the Fund’s Auction Preferred Shares (APS) at 95.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.

³	The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to http://eatonvance.com/closedend.

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 comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

⁵

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

⁶

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

⁷	The chart includes the municipal bonds held by a trust that issues residual interest bonds, consistent with the Portfolio of Investments.

Fund profiles subject to change due to active management.

Important Notice to Shareholders

On April 26, 2018, the Boards of Trustees of the Eaton Vance Michigan Municipal Income Trust (EMI) (the Acquired Fund) and Eaton Vance Municipal Income Trust (EVN) (the Acquiring Fund) have approved proposals to merge the Funds.

The proposed merger is subject to approval by the Acquired Fund shareholders at a Special Meeting of Shareholders scheduled for Friday, August 24, 2018. Proxy materials containing information about the meeting and the proposed merger will be mailed to the Acquired Fund’s common shareholders of record as of June 15, 2018.

The merger is currently expected to be completed in the third calendar quarter of 2018, subject to required shareholder approvals and the satisfaction of applicable regulatory requirements and customary closing conditions.

If the merger is approved, the Acquired Fund shareholders will be issued common shares of the Acquiring Fund at an exchange ratio based on the Funds’ respective net asset values per share.


		9

Eaton Vance

California Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Municipal Securities — 147.4%
Security	Principal Amount (000’s omitted)		Value

Education — 21.2%
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31	$	195	$	216,200
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		363,416
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		775,657
California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23		1,600		1,785,248
California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36		120		135,801
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36		115		131,139
California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30		630		682,643
California Municipal Finance Authority, (Pomona College), 5.00%, 1/1/48		6,000		7,112,880
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		452,466
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		309,584
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		892,604
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		935,527
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		983,847
University of California, 5.00%, 5/15/36⁽¹⁾		4,085		4,879,900
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		205		212,181
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		690		714,840
			$	20,583,933

Electric Utilities — 8.2%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	280,465
Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32		2,170		2,176,488
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,583,130
Sacramento Municipal Utility District, 5.00%, 8/15/27		995		1,090,212
Sacramento Municipal Utility District, 5.00%, 8/15/28		1,335		1,461,878
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		721,392
Vernon, Electric System Revenue, 5.125%, 8/1/21		635		657,289
			$	7,970,854


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded — 6.7%
California, Prerefunded to 4/1/19, 6.00%, 4/1/38	$	265	$	275,004
California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39		3,135		3,200,647
California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38		1,475		1,499,219
Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/27		340		373,538
Sacramento Municipal Utility District, Prerefunded to 8/15/21, 5.00%, 8/15/28		460		505,374
University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39		355		367,436
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		275		283,398
			$	6,504,616

General Obligations — 20.4%
California, 5.50%, 11/1/35	$	1,600	$	1,738,880
California, 6.00%, 4/1/38		485		502,203
Illinois, 5.00%, 12/1/34		2,000		2,108,160
Lake Tahoe Community College District, (Election of 2014), 4.00%, 8/1/48		2,650		2,766,971
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		3,883,803
San Bernardino Community College District, 4.00%, 8/1/30		2,890		3,086,953
Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39⁽²⁾		3,180		3,309,140
Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35		2,150		2,426,318
			$	19,822,428

Hospital — 18.2%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,084,020
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		206,070
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		709,359
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,012,475
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,289,923
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		597,825
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46		6,000		6,889,440
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		500		544,495


		10		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47	$	1,000	$	1,080,780
California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47⁽²⁾		3,750		4,283,400
			$	17,697,787

Housing — 3.5%
California Statewide Communities Development Authority, (University of California, Irvine East Campus Apartments), 5.00%, 5/15/50	$	3,000	$	3,374,970
			$	3,374,970

Insured – Education — 1.4%
California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23	$	1,250	$	1,394,725
			$	1,394,725

Insured – Escrowed / Prerefunded — 4.4%
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	4,272,264
			$	4,272,264

Insured – General Obligations — 4.1%
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25	$	4,720	$	3,925,907
			$	3,925,907

Insured – Special Tax Revenue — 1.5%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	4,850	$	1,030,334
Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28		370		419,476
			$	1,449,810

Insured – Transportation — 7.0%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	3,207,050
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		2,808,270
Puerto Rico Highway and Transportation Authority, (AGC), 5.25%, 7/1/41		740		819,402
			$	6,834,722

Lease Revenue / Certificates of Participation — 1.1%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,026,090
			$	1,026,090


Security	Principal Amount (000’s omitted)		Value

Other Revenue — 0.4%
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32	$	385	$	385,966
			$	385,966

Senior Living / Life Care — 1.6%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	319,945
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41⁽³⁾		600		642,558
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		535		603,769
			$	1,566,272

Special Tax Revenue — 19.6%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	770	$	853,206
Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27		1,590		1,610,161
Irvine Community Facilities District No. 2013-3, (Great Park), 4.00%, 9/1/49		1,500		1,513,575
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22		240		262,642
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		524,808
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		262,166
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		365,612
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		261,694
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41		20		23,592
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/41⁽²⁾		2,100		2,477,160
San Diego County Regional Transportation Commission, Sales Tax Revenue, 5.00%, 4/1/48		6,000		6,926,160
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28		2,400		2,567,904
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27		485		535,256
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		794,912
			$	18,978,848


		11		See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Transportation — 14.3%
Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29	$	1,000	$	1,031,620
Long Beach, Harbor Revenue, Green Bonds, (AMT), 5.00%, 5/15/43		1,575		1,803,265
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35⁽²⁾		2,120		2,250,889
Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41		1,500		1,675,875
Sacramento County, Airport System Revenue, 5.00%, 7/1/41		1,500		1,722,960
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		2,906,777
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		2,265		2,500,537
			$	13,891,923

Water and Sewer — 13.8%
East Bay Municipal Utility District, Green Bonds, 5.00%, 6/1/42	$	5,850	$	6,907,563
San Francisco City and County Public Utilities Commission, 5.00%, 11/1/42		4,075		4,620,480
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,844,415
			$	13,372,458

Total Tax-Exempt Municipal Securities — 147.4% (identified cost $135,795,363)			$	143,053,573

Taxable Municipal Securities — 7.4%
Security	Principal Amount (000’s omitted)		Value

Education — 2.0%
California Educational Facilities Authority, (Santa Clara University), 3.836%, 4/1/47	$	2,000	$	1,958,060
			$	1,958,060


Security	Principal Amount (000’s omitted)		Value

Hospital — 5.4%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	2,500	$	2,660,000
California Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45		2,500		2,559,450
			$	5,219,450

Total Taxable Municipal Securities — 7.4% (identified cost $6,981,445)			$	7,177,510

Total Investments — 154.8% (identified cost $142,776,808)			$	150,231,083

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (48.3)%			$	(46,847,006	)

Other Assets, Less Liabilities — (6.5)%			$	(6,330,555	)

Net Assets Applicable to Common Shares — 100.0%			$	97,053,522

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 11.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.3% to 5.5% of total investments.

⁽¹⁾	When-issued security.

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

⁽³⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $642,558 or 0.7% of the Trust’s net assets applicable to common shares.

Abbreviations:


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


		12		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Municipal Securities — 139.7%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 6.1%
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33	$	910	$	1,183,819
Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34		990		1,282,426
			$	2,466,245

Education — 38.7%
Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/34	$	1,665	$	1,840,691
Massachusetts Development Finance Agency, (Emerson College), 5.00%, 1/1/43		500		553,695
Massachusetts Development Finance Agency, (Emerson College), 5.00%, 1/1/48		1,000		1,103,140
Massachusetts Development Finance Agency, (Harvard University), 5.00%, 7/15/33		4,500		5,306,985
Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35		1,080		1,147,954
Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33		770		857,510
Massachusetts Development Finance Agency, (Wentworth Institute of Technology), 5.00%, 10/1/37		1,000		1,099,890
Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32		105		105,285
Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35		1,640		2,129,868
Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35		1,350		1,431,067
			$	15,576,085

Escrowed / Prerefunded — 6.9%
Massachusetts Development Finance Agency, (Tufts Medical Center), Prerefunded to 1/1/21, 7.25%, 1/1/32	$	360	$	405,842
Massachusetts Development Finance Agency, (UMass Memorial), Prerefunded to 7/1/21, 5.50%, 7/1/31		525		579,527
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/22		500		514,570
Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25		505		519,716
Newton, Prerefunded to 4/1/19, 5.00%, 4/1/36		750		770,677
			$	2,790,332

General Obligations — 19.8%
Boston, 5.00%, 5/1/38	$	3,000	$	3,584,760
Danvers, 5.25%, 7/1/36		885		967,579


Security	Principal Amount (000’s omitted)		Value

General Obligations (continued)
Illinois, 5.00%, 11/1/23	$	1,000	$	1,064,670
Plymouth, 5.00%, 5/1/31		345		372,673
Plymouth, 5.00%, 5/1/32		315		340,080
Wayland, 5.00%, 2/1/33		510		548,444
Wayland, 5.00%, 2/1/36		770		827,419
Winchester, 5.00%, 4/15/36		245		264,642
			$	7,970,267

Hospital — 15.8%
Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33	$	180	$	200,003
Massachusetts Development Finance Agency, (South Shore Hospital), 5.00%, 7/1/41		500		551,240
Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32		240		270,948
Massachusetts Development Finance Agency, (UMass Memorial Health Care Obligated Group), 4.00%, 7/1/44		1,000		1,006,800
Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31		30		32,527
Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), Prerefunded to 7/1/19, 5.75%, 7/1/36		1,210		1,262,223
Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39		500		524,895
Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37		1,135		1,155,396
Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35		970		1,020,353
Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29		350		361,298
			$	6,385,683

Industrial Development Revenue — 2.0%
Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27⁽¹⁾	$	800	$	800,624
			$	800,624

Insured – Education — 7.6%
Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39	$	1,000	$	1,326,850
Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32⁽²⁾		1,365		1,738,846
			$	3,065,696


		13		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Electric Utilities — 1.4%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	550	$	561,803
			$	561,803

Insured – Escrowed / Prerefunded — 0.9%
Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), Prerefunded to 11/15/19, 5.00%, 11/15/25	$	335	$	350,095
			$	350,095

Insured – General Obligations — 3.2%
Massachusetts, (AMBAC), 5.50%, 8/1/30	$	1,000	$	1,278,750
			$	1,278,750

Insured – Other Revenue — 2.0%
Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42	$	590	$	797,456
			$	797,456

Insured – Special Tax Revenue — 3.6%
Massachusetts, Special Obligation, Dedicated Tax Revenue, (NPFG), 5.50%, 1/1/29	$	1,000	$	1,234,280
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		1,105		234,746
			$	1,469,026

Insured – Student Loan — 0.4%
Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30	$	145	$	146,179
			$	146,179

Insured – Transportation — 0.8%
Massachusetts Port Authority, (Bosfuel Project), (NPFG), (AMT), 5.00%, 7/1/32	$	315	$	315,668
			$	315,668

Senior Living / Life Care — 4.5%
Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30	$	125	$	130,854
Massachusetts Development Finance Agency, (NewBridge on the Charles, Inc.), 5.00%, 10/1/47⁽¹⁾		1,000		1,069,910
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27⁽¹⁾		140		140,056


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care (continued)
Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41⁽¹⁾	$	475	$	475,047
			$	1,815,867

Special Tax Revenue — 20.4%
Massachusetts School Building Authority, Sales Tax Revenue, 5.00%, 11/15/46⁽²⁾	$	4,100	$	4,727,628
Massachusetts, (Rail Enhancement and Accelerated Bridge Programs), 5.00%, 6/1/47		3,000		3,472,350
			$	8,199,978

Transportation — 5.6%
Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37	$	1,500	$	1,562,025
Massachusetts Port Authority, 5.00%, 7/1/34		670		710,642
			$	2,272,667

Total Tax-Exempt Municipal Securities — 139.7% (identified cost $53,021,183)			$	56,262,421

Taxable Municipal Securities — 4.3%
Security	Principal Amount (000’s omitted)		Value

Education — 2.4%
Massachusetts College Building Authority, 3.609%, 5/1/38	$	1,000	$	957,020
			$	957,020

Student Loan — 1.9%
Massachusetts Educational Financing Authority, 4.70%, 1/1/30	$	740	$	774,373
			$	774,373

Total Taxable Municipal Securities — 4.3% (identified cost $1,727,140)			$	1,731,393


		14		See Notes to Financial Statements.

Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Corporate Bonds & Notes — 2.1%
Security	Principal Amount (000’s omitted)		Value

Hospital — 2.1%
Boston Medical Center Corp., 4.581%, 7/1/47	$	835	$	825,281

Total Corporate Bonds & Notes — 2.1% (identified cost $835,000)			$	825,281

Total Investments — 146.1% (identified cost $55,583,323)			$	58,819,095

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (41.6)%			$	(16,745,206	)

Other Assets, Less Liabilities — (4.5)%			$	(1,808,854	)

Net Assets Applicable to Common Shares — 100.0%			$	40,265,035

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 13.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 6.5% of total investments.

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $2,485,637 or 6.2% of the Trust’s net assets applicable to common shares.

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

Abbreviations:


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


		15		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 167.9%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 2.1%
Michigan Municipal Bond Authority, Prerefunded to 10/1/19, 5.00%, 10/1/29	$	600	$	625,656
			$	625,656

Education — 15.2%
Michigan State University, 5.00%, 2/15/40	$	1,000	$	1,044,320
Oakland University, 5.00%, 3/1/42		500		540,275
University of Michigan, 5.00%, 4/1/48⁽¹⁾		1,500		1,770,375
Wayne State University, 5.00%, 11/15/40		370		414,026
Wayne State University, 5.00%, 11/15/43		600		691,224
			$	4,460,220

Electric Utilities — 8.9%
Holland, Electric Utility System, 5.00%, 7/1/39	$	1,135	$	1,224,756
Lansing Board of Water and Light, 5.50%, 7/1/41		500		548,320
Michigan Public Power Agency, 5.00%, 1/1/43		800		839,704
			$	2,612,780

Escrowed / Prerefunded — 10.5%
Comstock Park Public Schools, Prerefunded to 5/1/21, 5.25%, 5/1/33	$	80	$	87,333
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		115		121,410
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		125		132,196
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/28		500		543,795
Jenison Public Schools, Prerefunded to 5/1/21, 5.00%, 5/1/30		500		543,795
Lansing Community College, Prerefunded to 5/1/22, 5.00%, 5/1/30		775		861,978
Michigan, Prerefunded to 5/1/19, 5.50%, 11/1/25		270		279,205
Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39		500		521,615
			$	3,091,327

General Obligations — 27.0%
Battle Creek, 5.00%, 12/1/41	$	1,000	$	1,132,120
Comstock Park Public Schools, 5.125%, 5/1/31		275		297,536
Comstock Park Public Schools, 5.25%, 5/1/33		140		151,757
East Grand Rapids Public Schools, 5.00%, 5/1/39		435		483,516
Kent County, 5.00%, 1/1/25		1,500		1,528,185
Kent County, (AMT), 5.00%, 1/1/28		1,000		1,087,460
Lakeview School District, 5.00%, 5/1/40		750		852,060


Security	Principal Amount (000’s omitted)		Value

General Obligations (continued)
Lansing Community College, 5.00%, 5/1/30	$	230	$	254,079
Marysville Public Schools District, 5.00%, 5/1/37		565		638,071
Walled Lake Consolidated School District, 5.00%, 5/1/34		365		408,530
Watervliet Public Schools, 5.00%, 5/1/38		1,000		1,111,530
			$	7,944,844

Hospital — 22.1%
Grand Traverse County Hospital Finance Authority, (Munson Healthcare), 5.00%, 7/1/47	$	1,000	$	1,082,560
Michigan Finance Authority, (Henry Ford Health System), 5.00%, 11/15/41		1,000		1,120,500
Michigan Finance Authority, (McLaren Health Care), 5.00%, 6/1/35		250		270,438
Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32		500		548,355
Michigan Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27		990		1,062,092
Michigan Finance Authority, (Trinity Health Corp.), Prerefunded to 12/1/20, 5.00%, 12/1/27		10		10,761
Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39		1,250		1,367,787
Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30		1,000		1,053,340
			$	6,515,833

Housing — 1.5%
Michigan Housing Development Authority, 3.60%, 12/1/33	$	425	$	430,550
			$	430,550

Industrial Development Revenue — 2.5%
Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21	$	750	$	749,985
			$	749,985

Insured – Electric Utilities — 3.6%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	630	$	643,520
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/32		250		252,245
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		155,135
			$	1,050,900

Insured – Escrowed / Prerefunded — 6.2%
Ferris State University, (AGC), Prerefunded to 10/1/18, 5.25%, 10/1/38	$	500	$	505,910
Grand Rapids, Water Supply System, (AGC), Prerefunded to 1/1/19, 5.10%, 1/1/39		1,000		1,020,110


		16		See Notes to Financial Statements.

Eaton Vance

Michigan Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Insured – Escrowed / Prerefunded (continued)
Wayne State University, (AGM), Prerefunded to 11/15/18, 5.00%, 11/15/35	$	165	$	167,524
Wayne State University, (AGM), Prerefunded to 11/15/18, 5.00%, 11/15/35		135		137,066
			$	1,830,610

Insured – General Obligations — 20.0%
Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38	$	500	$	556,975
Byron Center Public Schools, (AGM), 3.75%, 5/1/26		150		153,330
Byron Center Public Schools, (AGM), 4.00%, 5/1/28		240		244,594
Detroit School District, (AGM), 5.25%, 5/1/32		300		365,940
Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29		1,000		1,084,270
Livonia Public Schools, (AGM), 5.00%, 5/1/43		910		1,008,680
South Haven Public Schools, (AGM), 5.00%, 5/1/40		500		558,325
South Haven Public Schools, (BAM), 5.00%, 5/1/41		1,200		1,349,772
Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34		500		550,875
			$	5,872,761

Insured – Special Tax Revenue — 0.6%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	895	$	190,134
			$	190,134

Insured – Transportation — 3.5%
Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32	$	1,000	$	1,015,390
			$	1,015,390

Insured – Water and Sewer — 5.1%
Coldwater, Water Supply and Wastewater System Revenue, (AGM), 4.00%, 8/1/41	$	1,000	$	1,035,180
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28		475		475,570
			$	1,510,750

Lease Revenue / Certificates of Participation — 14.4%
Michigan Building Authority, 5.00%, 10/15/51	$	2,850	$	3,197,073
Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30		1,000		1,045,360
			$	4,242,433

Special Tax Revenue — 3.7%
Michigan Trunk Line Fund, 5.00%, 11/15/36	$	1,000	$	1,085,860
			$	1,085,860


Security	Principal Amount (000’s omitted)		Value

Water and Sewer — 21.0%
Detroit, Water Supply System, 5.25%, 7/1/41	$	750	$	807,203
Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28		735		885,734
Grand Rapids, Sanitary Sewer System Revenue, 5.00%, 1/1/48⁽²⁾		2,500		2,887,775
Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44		1,250		1,342,712
Port Huron, Water Supply System, 5.25%, 10/1/31		250		272,045
			$	6,195,469

Total Tax-Exempt Investments — 167.9% (identified cost $47,215,943)			$	49,425,502

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (57.1)%			$	(16,796,704	)

Other Assets, Less Liabilities — (10.8)%			$	(3,187,804	)

Net Assets Applicable to Common Shares — 100.0%			$	29,440,994

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 23.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.5% to 9.6% of total investments.

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

⁽²⁾	When-issued security.

Abbreviations:


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


		17		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Municipal Securities — 152.8%
Security	Principal Amount (000’s omitted)		Value

Education — 10.9%
Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32	$	1,270	$	1,414,729
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33		620		703,111
New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34		380		429,795
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37		640		697,722
New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40		1,230		1,363,406
New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32		965		1,019,706
Rutgers State University, 5.00%, 5/1/33		1,000		1,114,290
			$	6,742,759

Escrowed / Prerefunded — 25.0%
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/28	$	1,510	$	1,625,183
Monmouth County Improvement Authority, Prerefunded to 1/15/21, 5.00%, 1/15/30		1,455		1,565,987
New Jersey Economic Development Authority, (Duke Farms Foundation), Prerefunded to 7/1/19, 5.00%, 7/1/48		2,040		2,111,828
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		105		108,780
New Jersey Economic Development Authority, (The Seeing Eye, Inc.), Prerefunded to 6/1/22, 5.00%, 6/1/32		250		278,128
New Jersey Educational Facilities Authority, (Kean University), Prerefunded to 9/1/19, 5.50%, 9/1/36		1,730		1,806,881
New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39		915		953,997
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		205		235,609
New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), Prerefunded to 1/1/20, 5.00%, 7/1/31		1,000		1,048,340
New Jersey Turnpike Authority, Prerefunded to 1/1/19, 5.25%, 1/1/40		3,600		3,675,492
North Hudson Sewerage Authority, Prerefunded to 6/1/22, 5.00%, 6/1/29		55		61,188
Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39		1,900		1,957,114
			$	15,428,527


Security	Principal Amount (000’s omitted)		Value

General Obligations — 2.1%
Jersey City, 4.00%, 11/1/35	$	500	$	535,625
Monmouth County Improvement Authority, 5.00%, 1/15/28		340		366,023
Monmouth County Improvement Authority, 5.00%, 1/15/30		340		365,575
			$	1,267,223

Hospital — 14.6%
Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42	$	650	$	713,395
New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27		100		100,277
New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44		750		775,545
New Jersey Health Care Facilities Financing Authority, (Hackensack Meridian Health Obligated Group), 4.00%, 7/1/34		500		528,450
New Jersey Health Care Facilities Financing Authority, (Inspira Health Obligated Group), 4.00%, 7/1/47		1,600		1,625,568
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26		265		292,568
New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), Prerefunded to 7/1/23, 5.25%, 7/1/31		45		51,602
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32		965		1,092,119
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/33		120		135,170
New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/39		2,305		2,549,745
New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33		1,075		1,121,290
			$	8,985,729

Housing — 0.6%
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37	$	295	$	295,221
New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37		70		70,094
			$	365,315

Industrial Development Revenue — 7.6%
Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45⁽¹⁾	$	1,085	$	1,098,335
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23		50		54,336
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29		135		147,276


		18		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Industrial Development Revenue (continued)
New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33	$	750	$	835,035
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23		220		231,748
New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39		2,235		2,329,943
			$	4,696,673

Insured – Electric Utilities — 2.0%
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29	$	135	$	137,897
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		490		490,426
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/35		595		592,864
			$	1,221,187

Insured – Escrowed / Prerefunded — 3.5%
Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31	$	1,240	$	1,261,092
New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34		520		530,613
New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), Prerefunded to 7/1/18, 5.00%, 7/1/38		370		370,977
			$	2,162,682

Insured – General Obligations — 4.4%
Atlantic City, (BAM), 5.00%, 3/1/37	$	500	$	558,430
Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39		1,015		1,034,397
Irvington Township, (AGM), 5.00%, 7/15/31		1,000		1,113,290
			$	2,706,117

Insured – Hospital — 2.3%
New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38	$	1,380	$	1,434,248
			$	1,434,248

Insured – Lease Revenue / Certificates of Participation — 1.9%
New Jersey Economic Development Authority, (School Facilities Construction), (NPFG), 5.50%, 9/1/28	$	1,000	$	1,180,290
			$	1,180,290

Insured – Special Tax Revenue — 15.1%
Garden State Preservation Trust, (AGM), 0.00%, 11/1/25	$	5,250	$	4,210,710


Security	Principal Amount (000’s omitted)		Value

Insured – Special Tax Revenue (continued)
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26	$	4,300	$	3,205,779
New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27		2,020		1,444,441
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45		2,020		429,129
			$	9,290,059

Insured – Transportation — 8.1%
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31	$	850	$	942,182
New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39		2,000		2,200,460
New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28		2,400		1,544,448
South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33		315		329,736
			$	5,016,826

Lease Revenue / Certificates of Participation — 2.3%
New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33	$	995	$	1,023,377
New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33		400		414,400
			$	1,437,777

Senior Living / Life Care — 3.5%
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28	$	465	$	465,758
New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38		770		771,147
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 4.50%, 7/1/38		700		715,911
New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29		215		231,652
			$	2,184,468

Special Tax Revenue — 11.1%
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27	$	95	$	95,059
New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37		175		175,101
New York State Urban Development Corp., Personal Income Tax Revenue, 4.00%, 3/15/45⁽²⁾		5,600		5,856,200
Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40⁽³⁾		750		532,500
Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37⁽³⁾		500		160,000
			$	6,818,860


		19		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Student Loan — 3.6%
New Jersey Higher Education Student Assistance Authority, (AMT), 3.25%, 12/1/30	$	500	$	487,440
New Jersey Higher Education Student Assistance Authority, (AMT), 3.75%, 12/1/33		150		150,978
New Jersey Higher Education Student Assistance Authority, (AMT), 4.00%, 12/1/35		800		819,896
New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43		740		776,882
			$	2,235,196

Transportation — 28.7%
Delaware River Joint Toll Bridge Commission of Pennsylvania and New Jersey, 5.00%, 7/1/47	$	2,180	$	2,494,269
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35		1,060		1,106,015
Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40		1,080		1,126,375
New Jersey Economic Development Authority, (Port Newark Container Terminal, LLC), (AMT), 5.00%, 10/1/47		750		814,545
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31		1,100		1,168,904
New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38		250		254,750
New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38		530		540,563
New Jersey Turnpike Authority, 3.25%, 1/1/38		1,500		1,438,920
New Jersey Turnpike Authority, 4.00%, 1/1/43		1,000		1,036,240
Newark Housing Authority, (Newark Marine Terminal), 4.00%, 1/1/37		1,500		1,588,980
Port Authority of New York and New Jersey, 5.00%, 10/15/41⁽²⁾		5,000		5,666,750
South Jersey Transportation Authority, 5.00%, 11/1/39		400		436,564
			$	17,672,875

Water and Sewer — 5.5%
North Hudson Sewerage Authority, 5.00%, 6/1/29	$	1,220	$	1,325,018
Passaic County Utilities Authority, 5.00%, 3/1/37		1,180		1,447,447
Sussex County Municipal Utilities Authority, 0.00%, 12/1/36		1,250		616,137
			$	3,388,602

Total Tax-Exempt Municipal Securities — 152.8% (identified cost $91,049,257)			$	94,235,413


Taxable Municipal Securities — 4.4%
Security	Principal Amount (000’s omitted)		Value

General Obligations — 3.0%
Atlantic City, 7.50%, 3/1/40	$	1,445	$	1,872,821
			$	1,872,821

Transportation — 1.4%
New Jersey Transportation Trust Fund Authority, 5.754%, 12/15/28⁽⁴⁾	$	750	$	835,013
			$	835,013

Total Taxable Municipal Securities — 4.4% (identified cost $2,291,353)			$	2,707,834

Total Investments — 157.2% (identified cost $93,340,610)			$	96,943,247

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (46.9)%			$	(28,915,363	)

Other Assets, Less Liabilities — (10.3)%			$	(6,361,161	)

Net Assets Applicable to Common Shares — 100.0%			$	61,666,723

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 23.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.6% to 8.7% of total investments.

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $1,098,335 or 1.8% of the Trust’s net assets applicable to common shares.

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

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

⁽⁴⁾	Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support.


		20		See Notes to Financial Statements.

Eaton Vance

New Jersey Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued

Abbreviations:


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


		21		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Municipal Securities — 158.8%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 5.7%
New York State Environmental Facilities Corp., 5.00%, 10/15/39	$	1,730	$	1,821,846
New York State Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37⁽¹⁾		2,535		2,541,616
			$	4,363,462

Cogeneration — 2.2%
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.65%, 10/1/28	$	500	$	504,840
New York City Industrial Development Agency, (Brooklyn Navy Yard Cogeneration Partners, L.P.), (AMT), 5.75%, 10/1/36		500		504,840
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23		705		705,275
			$	1,714,955

Education — 37.2%
Monroe County Industrial Development Corp., (Nazareth College of Rochester), 4.00%, 10/1/47	$	1,155	$	1,160,313
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/34		1,490		1,519,293
New York City Cultural Resources Trust, (The Juilliard School), 5.00%, 1/1/39		325		331,012
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33		510		527,518
New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38		1,000		1,002,680
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38		4,000		4,773,920
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		782,565
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		527,345
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,065,860
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		248,915
New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36		1,000		1,109,550
New York Dormitory Authority, (New York University), 5.00%, 7/1/39		4,000		4,717,760
New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40		2,500		2,585,025
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		351,809


Security	Principal Amount (000’s omitted)		Value

Education (continued)
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29	$	400	$	436,824
New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40		1,695		1,790,073
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40		2,000		2,146,200
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		295,596
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		773,338
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,353,420
			$	28,499,016

Electric Utilities — 1.9%
Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33	$	1,420	$	1,475,565
			$	1,475,565

Escrowed / Prerefunded — 8.7%
Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$	380	$	407,337
Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34		1,500		1,571,115
New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28		955		971,121
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32		1,000		1,088,480
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 4.50%, 7/1/32		395		434,105
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		1,000		1,118,490
Triborough Bridge and Tunnel Authority, Prerefunded to 11/15/18, 5.25%, 11/15/34⁽¹⁾		1,025		1,042,107
			$	6,632,755

General Obligations — 7.5%
Illinois, 5.00%, 12/1/34	$	1,300	$	1,370,304
New York, 5.00%, 2/15/34⁽¹⁾		4,000		4,294,880
New York City, 6.25%, 10/15/28		45		45,773
			$	5,710,957

Hospital — 8.5%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	141,524
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,040,563


		22		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47	$	1,000	$	988,030
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,059,400
New York Dormitory Authority, (Orange Regional Medical Center), 5.00%, 12/1/32⁽²⁾		800		882,792
New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.125%, 12/1/29		415		424,242
New York Dormitory Authority, (Orange Regional Medical Center), Prerefunded to 12/1/18, 6.25%, 12/1/37		835		854,105
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,065		1,151,851
			$	6,542,507

Housing — 5.4%
New York Housing Finance Agency, 5.25%, 11/1/41	$	1,000	$	1,025,800
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42		2,625		2,628,544
New York Mortgage Agency, 3.90%, 10/1/36		480		488,870
			$	4,143,214

Industrial Development Revenue — 5.5%
Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32	$	1,000	$	1,012,060
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35		980		1,232,076
Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42⁽²⁾		1,940		1,941,319
			$	4,185,455

Insured – Education — 2.1%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,569,488
			$	1,569,488

Insured – Electric Utilities — 1.8%
Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33	$	1,365	$	1,411,669
			$	1,411,669

Insured – General Obligations — 2.3%
Oyster Bay, (AGM), 4.00%, 8/1/28	$	1,680	$	1,770,048
			$	1,770,048


Security	Principal Amount (000’s omitted)		Value

Insured – Other Revenue — 5.2%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,734,327
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		2,277,805
			$	4,012,132

Insured – Special Tax Revenue — 0.7%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	2,475	$	525,789
			$	525,789

Insured – Transportation — 3.0%
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37	$	1,000	$	1,026,580
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/46		1,250		1,274,988
			$	2,301,568

Other Revenue — 16.4%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	1,921,670
New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31		1,000		1,004,280
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37⁽¹⁾		5,200		6,096,376
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44⁽²⁾		1,300		1,382,316
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,155,220
			$	12,559,862

Senior Living / Life Care — 7.7%
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.00%, 11/1/24	$	80	$	91,062
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/25		205		238,835
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/26		130		152,859
Brookhaven Local Development Corp., (Jeffersons Ferry), 5.25%, 11/1/36		530		605,329
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29		830		918,437
Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30		855		942,543
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42		120		123,212


		23		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Senior Living / Life Care (continued)
Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40	$	905	$	974,459
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34		100		100,746
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		235,440
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		235,582
Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34		1,180		1,272,831
			$	5,891,335

Special Tax Revenue — 14.4%
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35⁽¹⁾	$	1,185	$	1,286,104
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35⁽¹⁾		915		991,265
New York Dormitory Authority, Personal Income Tax Revenue, Series 2011A, 5.00%, 3/15/33		1,000		1,076,490
New York Dormitory Authority, Personal Income Tax Revenue, Prerefunded to 3/15/19, 5.25%, 3/15/38		1,000		1,028,250
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30⁽¹⁾		6,000		6,636,120
			$	11,018,229

Transportation — 13.1%
New York Thruway Authority, 5.00%, 1/1/42	$	1,000	$	1,085,680
New York Transportation Development Corp., (Delta Air Lines, Inc. - LaGuardia Airport Terminals C & D Redevelopment), (AMT), 4.00%, 1/1/36		2,500		2,531,725
Port Authority of New York and New Jersey, 5.00%, 10/15/36		4,000		4,642,120
Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34⁽¹⁾		1,715		1,743,469
			$	10,002,994

Water and Sewer — 9.5%
Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34	$	585	$	340,107
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46		4,000		4,564,040
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40⁽¹⁾		2,385		2,392,322
			$	7,296,469

Total Tax-Exempt Municipal Securities — 158.8% (identified cost $114,153,222)			$	121,627,469


Taxable Municipal Securities — 2.0%
Security	Principal Amount (000’s omitted)		Value

Education — 2.0%
New York Dormitory Authority, (New York University), 3.998%, 7/1/39	$	1,500	$	1,512,090

Total Taxable Municipal Securities — 2.0% (identified cost $1,521,321)			$	1,512,090

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

Hospital — 2.0%
NYU Hospitals Center, 4.168%, 7/1/37	$	1,500	$	1,503,301

Total Corporate Bonds & Notes — 2.0% (identified cost $1,520,493)			$	1,503,301

Miscellaneous — 1.0%
Security	Units		Value

Real Estate — 1.0%
CMS Liquidating Trust^(2)(3)(4)		257	$	736,351

Total Miscellaneous — 1.0% (identified cost $822,400)			$	736,351

Total Investments — 163.8% (identified cost $118,017,436)			$	125,379,211

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (38.5)%			$	(29,514,124	)

Other Assets, Less Liabilities — (25.3)%			$	(19,299,417	)

Net Assets Applicable to Common Shares — 100.0%			$	76,565,670

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 9.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty


		24		See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued

assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 3.2% of total investments.

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

⁽²⁾

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2018, the aggregate value of these securities is $4,942,778 or 6.5% of the Trust’s net assets applicable to common shares.

⁽³⁾	Non-income producing.

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

Abbreviations:


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


		25		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Investments — 160.0%
Security	Principal Amount (000’s omitted)		Value

Bond Bank — 1.8%
Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32	$	665	$	747,400
			$	747,400

Education — 13.6%
Miami University, 4.00%, 9/1/39	$	500	$	520,725
Miami University, 5.00%, 9/1/33		1,000		1,083,520
Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44		285		298,195
Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44		400		421,268
Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33		500		557,455
Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36		1,000		1,018,920
Ohio State University, 5.00%, 12/1/28		480		586,666
Ohio State University, 5.00%, 12/1/30		545		670,650
University of Cincinnati, 5.00%, 6/1/34		500		532,510
			$	5,689,909

Electric Utilities — 2.5%
American Municipal Power, Inc., (AMP Fremont Energy Center), 5.00%, 2/15/32	$	470	$	510,885
Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40		500		546,715
			$	1,057,600

Escrowed / Prerefunded — 19.6%
Apollo Career Center Joint Vocational School District, Prerefunded to 12/1/21, 5.25%, 12/1/33	$	335	$	372,379
Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30		1,750		1,807,242
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.625%, 12/1/29		155		163,640
Guam, Limited Obligation Bonds, Prerefunded to 12/1/19, 5.75%, 12/1/34		170		179,787
Hancock County, (Blanchard Valley Regional Health Center), Prerefunded to 6/1/21, 6.25%, 12/1/34		750		842,348
Huber Heights City School District, Prerefunded to 12/1/19, 4.75%, 12/1/25		595		620,270
Lakewood City School District, Prerefunded to 11/1/22, 5.00%, 11/1/39		400		450,568
Montgomery County, (Catholic Health Initiatives), Prerefunded to 5/1/19, 5.50%, 5/1/34		175		180,885


Security	Principal Amount (000’s omitted)		Value

Escrowed / Prerefunded (continued)
Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), Prerefunded to 1/1/19, 5.50%, 1/1/39	$	1,000	$	1,022,100
Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.00%, 7/1/44		155		164,729
Ohio Higher Educational Facility Commission, (Kenyon College), Prerefunded to 7/1/20, 5.25%, 7/1/44		850		907,655
Ohio Higher Educational Facility Commission, (Summa Health System), Prerefunded to 5/15/20, 5.75%, 11/15/40		350		375,358
Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28		20		24,610
Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), Prerefunded to 12/1/20, 5.25%, 12/1/37		1,000		1,082,170
			$	8,193,741

General Obligations — 20.0%
Cuyahoga Community College District, 3.50%, 12/1/39	$	575	$	575,000
Ohio, 5.00%, 2/1/37		2,775		3,188,974
Oregon City School District, 4.00%, 12/1/30		1,250		1,335,225
Upper Arlington City School District, 5.00%, 12/1/48		2,775		3,235,456
			$	8,334,655

Hospital — 26.9%
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32	$	1,075	$	1,174,986
Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38		560		617,629
Allen County, (Mercy Health), 4.00%, 8/1/47⁽¹⁾		1,000		1,014,380
Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31		500		535,985
Butler County, (UC Health), 4.00%, 11/15/37		315		321,968
Franklin County, (Nationwide Children’s Hospital), Prerefunded to 11/1/19, 5.00%, 11/1/34		800		835,656
Franklin County, (Trinity Health Credit Group), 5.00%, 12/1/47		2,800		3,187,632
Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34		250		283,007
Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45		315		318,843
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36		500		545,630
Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41		800		871,216
Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34		325		333,843
Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40		205		217,181


		26		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Hospital (continued)
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27	$	565	$	621,263
Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29		165		180,157
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43		90		93,639
Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43		80		86,279
			$	11,239,294

Industrial Development Revenue — 1.3%
Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27	$	555	$	556,676
			$	556,676

Insured – Education — 2.1%
Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30	$	750	$	789,803
Kent State University, (AGC), 5.00%, 5/1/26		85		87,430
			$	877,233

Insured – Electric Utilities — 12.3%
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/27	$	710	$	518,257
Cleveland, Public Power System Revenue, (NPFG), 0.00%, 11/15/38		2,000		886,500
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25		815		668,977
Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26		3,000		2,363,910
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26		305		314,543
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29		200		204,292
Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/34		155		155,135
			$	5,111,614

Insured – Escrowed / Prerefunded — 8.4%
American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39	$	1,000	$	1,028,700
Brooklyn City School District, (AGM), Prerefunded to 12/1/20, 5.00%, 12/1/38		555		596,536
Buckeye Valley Local School District, (AGC), Prerefunded to 12/1/18, 5.00%, 12/1/36		500		508,365
Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26		915		942,084
Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29		425		437,580
			$	3,513,265


Security	Principal Amount (000’s omitted)		Value

Insured – General Obligations — 6.9%
Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30	$	2,455	$	1,633,115
Cincinnati School District, (NPFG), 5.25%, 12/1/30		1,000		1,257,960
			$	2,891,075

Insured – Special Tax Revenue — 0.3%
Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45	$	540	$	114,718
			$	114,718

Insured – Transportation — 8.9%
Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30	$	600	$	649,698
Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39		140		154,157
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/24		1,000		1,131,660
Ohio Turnpike Commission, (NPFG), 5.50%, 2/15/26		1,000		1,181,600
Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38		590		604,355
			$	3,721,470

Insured – Water and Sewer — 1.6%
Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28	$	665	$	665,798
			$	665,798

Other Revenue — 3.5%
Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27	$	940	$	942,002
Summit County Port Authority, 5.00%, 12/1/31		445		494,587
			$	1,436,589

Senior Living / Life Care — 4.0%
Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44	$	650	$	690,397
Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32		375		397,928
Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30		230		251,986
Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33		275		314,663
			$	1,654,974

Special Tax Revenue — 10.6%
Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35	$	500	$	547,055
Franklin County, Sales Tax Revenue, 5.00%, 6/1/38⁽²⁾		1,400		1,665,412


		27		See Notes to Financial Statements.

Eaton Vance

Ohio Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited) — continued


Security	Principal Amount (000’s omitted)		Value

Special Tax Revenue (continued)
Franklin County, Sales Tax Revenue, 5.00%, 6/1/43⁽²⁾	$	1,400	$	1,657,376
Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/26		180		202,921
Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/28		290		326,134
			$	4,398,898

Transportation — 0.6%
Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43	$	690	$	267,099
			$	267,099

Water and Sewer — 15.1%
Hamilton County, Sewer System, 5.00%, 12/1/38	$	500	$	559,955
Texas Water Development Board, 4.00%, 10/15/47⁽¹⁾		5,500		5,740,130
			$	6,300,085

Total Tax-Exempt Investments — 160.0% (identified cost $62,815,314)			$	66,772,093

Institutional MuniFund Term Preferred Shares, at Liquidation Value (net of unamortized deferred offering costs) — (44.0)%			$	(18,340,718	)

Other Assets, Less Liabilities — (16.0)%			$	(6,710,740	)

Net Assets Applicable to Common Shares — 100.0%			$	41,720,635

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2018, 25.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 15.6% of total investments.

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

⁽²⁾	When-issued security.

Abbreviations:


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


		28		See Notes to Financial Statements.

Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2018

Portfolio of Investments (Unaudited)


Tax-Exempt Municipal Securities — 164.0%
Security	Principal Amount (000’s omitted)		Value

Cogeneration — 0.3%
Northampton County Industrial Development Authority, (Northampton Generating), (AMT), 5.00%, 12/31/23⁽¹⁾	$	378	$	113,438
			$	113,438

Education — 24.0%
Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39	$	500	$	518,014
Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32		750		838,245
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24		45		50,673
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25		65		73,809
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26		215		244,087
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/27		90		101,824
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30		130		144,866
Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/31		110		122,074