Eaton Vance California Municipal Income Trust (CEV) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:811-09157

Eaton Vance California 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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2019

California (CEV)    •    New York (EVY)

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

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

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

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 ReportMay 31, 2019

Eaton Vance

Municipal Income Trusts

Table of Contents

Performance and Fund Profile
California Municipal Income Trust	2
New York Municipal Income Trust	3
Endnotes and Additional Disclosures	4
Financial Statements	5
Annual Meeting of Shareholders	25
Board of Trustees’ Contract Approval	26
Officers and Trustees	29
Important Notices	30

Eaton Vance

California Municipal Income Trust

May 31, 2019

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		9.73	%		8.16	%		5.34	%		7.77	%
Fund at Market Price		—		13.84			11.85			4.22			6.98
Bloomberg Barclays Municipal Bond Index		—		5.96	%		6.40	%		3.58	%		4.58	%
% Premium/Discount to NAV3
													–12.85	%
Distributions4
Total Distributions per share for the period												$	0.263
Distribution Rate at NAV													3.80	%
Taxable-Equivalent Distribution Rate at NAV													8.28	%
Distribution Rate at Market Price													4.36	%
Taxable-Equivalent Distribution Rate at Market Price													9.50	%
% Total Leverage5
Residual Interest Bond (RIB) Financing													37.07	%

Fund Profile

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

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

New York Municipal Income Trust

May 31, 2019

Performance^1,2

Portfolio ManagerCraig R. Brandon, CFA

% Average Annual Total Returns	Inception Date		Six Months			One Year			Five Years			Ten Years
Fund at NAV		01/29/1999		10.24	%		9.00	%		5.46	%		8.18	%
Fund at Market Price		—		17.13			11.41			3.48			6.45
Bloomberg Barclays Municipal Bond Index		—		5.96	%		6.40	%		3.58	%		4.58	%
% Premium/Discount to NAV3
													–10.36	%
Distributions4
Total Distributions per share for the period												$	0.260
Distribution Rate at NAV													3.57	%
Taxable-Equivalent Distribution Rate at NAV													7.09	%
Distribution Rate at Market Price													3.98	%
Taxable-Equivalent Distribution Rate at Market Price													7.90	%
% Total Leverage5
RIB Financing													36.17	%

Fund Profile

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

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.

3

Eaton Vance

Municipal Income Trusts

May 31, 2019

Endnotes and Additional Disclosures

¹  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.

²  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. The leverage created by RIB investments provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets plus Floating Rate Notes. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

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.

4

Eaton Vance

California Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Municipal Securities — 146.5%
Security	Principal Amount (000’s omitted)		Value
Education — 16.9%
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31	$	195	$	213,195
California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36		330		358,760
California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30		745		755,154
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31		415		446,349
California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35		285		306,629
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26		810		877,919
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27		850		920,456
California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28		895		968,327
California State University, 5.00%, 11/1/41(1)		6,275		7,372,937
University of California, 5.00%, 5/15/46(1)		4,075		4,760,496
			$	16,980,222
Electric Utilities — 7.8%
Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34	$	270	$	270,948
Los Angeles Department of Water and Power, Power System Revenue, 5.00%, 7/1/42(1)		4,000		4,790,800
Northern California Power Agency, 5.25%, 8/1/24		1,500		1,536,885
Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35		680		704,602
Vernon, Electric System Revenue, 5.125%, 8/1/21		480		482,587
			$	7,785,822
Escrowed / Prerefunded — 0.5%
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36	$	120	$	133,450
California Educational Facilities Authority, (University of San Francisco), Prerefunded to 10/1/21, 6.125%, 10/1/36		115		127,749
Vernon, Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21		220		221,322
			$	482,521
General Obligations — 41.4%
Alameda City Unified School District, (Election of 2014), 5.00%, 8/1/42(1)	$	3,325	$	3,988,271
California, 5.50%, 11/1/35		1,600		1,690,832
Illinois, 5.00%, 12/1/35		2,000		2,230,420

Security	Principal Amount (000’s omitted)		Value
General Obligations (continued)
La Canada Unified School District, (Election of 2017), 5.00%, 8/1/47(1)	$	6,750	$	8,291,970
Long Beach Unified School District, (Election of 2008), 5.00%, 8/1/41(1)		3,500		4,144,175
Oxnard Union High School District, (Election of 2018), 5.00%, 8/1/42(1)		6,000		7,070,520
Palo Alto, (Election of 2008), 5.00%, 8/1/40		3,655		3,803,795
San Diego Unified School District, (Election of 2012), 5.00%, 7/1/47(1)		6,000		7,135,560
Santa Clara County, (Election of 2008), Prerefunded to 8/1/19, 5.00%, 8/1/39(1)		3,180		3,198,985
			$	41,554,528
Hospital — 25.5%
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27	$	1,000	$	1,062,300
California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28		190		201,871
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32		635		700,843
California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35		910		1,001,482
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44		430		468,296
California Health Facilities Financing Authority, (Kaiser Permanente), 4.00%, 11/1/44(1)		6,000		6,534,360
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33		1,145		1,288,331
California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37		535		600,404
California Health Facilities Financing Authority, (Sutter Health), 5.00%, 11/15/46(1)		6,000		6,992,400
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/37		500		562,220
California Public Finance Authority, (Henry Mayo Newhall Hospital), 5.00%, 10/15/47		1,000		1,108,780
California Public Finance Authority, (Sharp HealthCare), 5.00%, 8/1/47(1)		3,750		4,434,600
California Statewide Communities Development Authority, (Methodist Hospital of Southern California), 5.00%, 1/1/48		600		692,304
			$	25,648,191
Housing — 1.8%
California Department of Veterans Affairs, Home Purchase Revenue, 3.45%, 12/1/39	$	940	$	981,642

5 See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Housing (continued)
California Department of Veterans Affairs, Home Purchase Revenue, 3.60%, 12/1/43	$	830	$	868,637
			$	1,850,279
Insured – Escrowed / Prerefunded — 4.6%
Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26	$	5,130	$	4,607,663
			$	4,607,663
Insured – General Obligations — 4.2%
Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25	$	4,720	$	4,184,044
			$	4,184,044
Insured – Transportation — 6.9%
Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29	$	5,000	$	3,742,150
Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31		4,500		3,154,185
			$	6,896,335
Lease Revenue / Certificates of Participation — 1.0%
California Public Works Board, 5.00%, 11/1/38	$	915	$	1,035,130
			$	1,035,130
Other Revenue — 2.8%
California Infrastructure and Economic Development Bank, (Academy of Motion Picture Arts and Sciences Obligated Group), 4.00%, 11/1/45	$	2,350	$	2,463,787
California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32		385		386,016
			$	2,849,803
Senior Living / Life Care — 1.5%
ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31	$	290	$	314,000
California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(2)		600		614,430
California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35		535		608,900
			$	1,537,330

Security	Principal Amount (000’s omitted)		Value
Special Tax Revenue — 7.8%
Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30	$	500	$	566,540
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23		480		518,193
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24		240		258,876
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25		335		361,194
Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26		240		258,490
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Green Bonds, 5.00%, 7/1/42(1)		2,100		2,528,883
San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, Prerefunded to 7/1/20, 5.00%, 7/1/28		2,400		2,495,784
South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28		725		792,766
			$	7,780,726
Transportation — 9.0%
California Municipal Finance Authority, (LINXS Automated People Mover), (AMT), 5.00%, 12/31/43	$	3,000	$	3,484,740
Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)		2,120		2,191,550
San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35		2,760		2,841,696
San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34		500		568,220
			$	9,086,206
Water and Sewer — 14.8%
Rancho California Water District Financing Authority, 5.00%, 8/1/46(1)	$	5,250	$	6,228,810
San Francisco City and County Public Utilities Commission, Water Revenue, Green Bonds, 5.00%, 11/1/45(1)		6,000		6,854,220
San Mateo, Sewer Revenue, 5.00%, 8/1/36		1,700		1,817,572
			$	14,900,602
Total Tax-Exempt Municipal Securities — 146.5% (identified cost $136,465,441)			$	147,179,402

6 See Notes to Financial Statements.

Eaton Vance

California Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited) — continued

Taxable Municipal Securities — 8.6%
Security	Principal Amount (000’s omitted)		Value
Education — 3.2%
California Educational Facilities Authority, (Loyola Marymount University), 4.842%, 10/1/48	$	3,000	$	3,237,360
			$	3,237,360
Hospital — 5.4%
California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24	$	2,500	$	2,689,200
California Statewide Communities Development Authority, (Marin General Hospital), 4.821%, 8/1/45		2,500		2,699,475
			$	5,388,675
Total Taxable Municipal Securities — 8.6% (identified cost $8,071,604)			$	8,626,035
Corporate Bonds & Notes — 1.1%
Security	Principal Amount (000’s omitted)		Value
Other — 1.1%
Morongo Band of Mission Indians, 7.00%, 10/1/39(2)	$	1,040	$	1,134,609
Total Corporate Bonds & Notes — 1.1% (identified cost $1,040,000)			$	1,134,609
Total Investments — 156.2% (identified cost $145,577,045)			$	156,940,046
Other Assets, Less Liabilities — (56.2)%			$	(56,460,390	)
Net Assets — 100.0%			$	100,479,656

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

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, 2019, 10.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.0% to 5.6% of total investments.

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

⁽²⁾ Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2019, the aggregate value of these securities is $1,749,039 or 1.7% of the Trust’s net assets.

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 Guarantee Corp.

7 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited)

Tax-Exempt Investments — 152.4%
Security	Principal Amount (000’s omitted)		Value
Cogeneration — 0.7%
Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23	$	595	$	595,351
			$	595,351
Education — 25.6%
New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33	$	510	$	511,663
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/38(1)		4,000		4,937,320
New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41		725		767,833
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34		510		511,398
New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39		2,000		2,005,480
New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33		220		249,803
New York Dormitory Authority, (Fordham University), Prerefunded to 7/1/21, 5.50%, 7/1/36		1,000		1,086,560
New York Dormitory Authority, (New York University), 5.00%, 7/1/39(1)		4,000		4,922,680
New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27		325		347,100
New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29		400		428,996
New York Dormitory Authority, (The New School), Prerefunded to 7/1/20, 5.50%, 7/1/40		2,000		2,089,360
Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29		280		290,870
Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40		735		759,534
Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38		1,205		1,370,386
			$	20,278,983
Electric Utilities — 6.0%
Utility Debt Securitization Authority, 5.00%, 12/15/36(1)	$	4,000	$	4,733,480
			$	4,733,480
Escrowed / Prerefunded — 5.1%
Brooklyn Arena Local Development Corp., (Barclays Center), Prerefunded to 1/15/20, 6.25%, 7/15/40	$	380	$	391,624
Metropolitan Transportation Authority, Dedicated Tax Revenue, Prerefunded to 11/15/19, 5.00%, 11/15/34		1,500		1,524,930

Security	Principal Amount (000’s omitted)		Value
Escrowed / Prerefunded (continued)
New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 5/1/21, 5.00%, 5/1/32	$	1,000	$	1,069,310
Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42		1,000		1,107,970
			$	4,093,834
General Obligations — 7.2%
Illinois, 5.00%, 10/1/33	$	1,300	$	1,473,550
New York, 5.00%, 2/15/34(1)		4,000		4,225,840
			$	5,699,390
Hospital — 9.5%
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30	$	130	$	136,555
Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40		960		1,006,070
Jefferson County Civic Facility Development Corp., (Samaritan Medical Center), 4.00%, 11/1/47		1,000		1,019,120
New York Dormitory Authority, (Catholic Health System Obligated Group), 4.00%, 7/1/45		2,960		3,186,410
New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26		1,000		1,035,960
Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28		1,065		1,138,741
			$	7,522,856
Housing — 3.3%
New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42	$	2,625	$	2,629,620
			$	2,629,620
Industrial Development Revenue — 4.9%
New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35	$	980	$	1,291,630
Niagara Area Development Corp., (Covanta), (AMT), 4.75%, 11/1/42(2)		2,500		2,580,225
			$	3,871,855
Insured – Education — 2.1%
New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35	$	1,250	$	1,667,587
			$	1,667,587

8 See Notes to Financial Statements.

Eaton Vance

New York Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited) — continued

Security	Principal Amount (000’s omitted)		Value
Insured – General Obligations — 4.0%
Nassau County, (AGM), 5.00%, 7/1/42	$	1,400	$	1,679,706
Nassau County, (AGM), 5.00%, 4/1/43		20		24,274
Nassau County, (AGM), 5.00%, 4/1/43(1)		1,200		1,456,428
			$	3,160,408
Insured – Other Revenue — 5.6%
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31	$	2,645	$	1,926,512
New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32		3,625		2,535,978
			$	4,462,490
Insured – Transportation — 9.1%
Metropolitan Transportation Authority, Green Bonds, (AGM), 4.00%, 11/15/46	$	2,000	$	2,196,700
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/37		1,000		1,057,050
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/41		2,500		2,625,925
New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 7/1/46		1,250		1,308,900
			$	7,188,575
Lease Revenue / Certificates of Participation — 16.0%
Hudson Yards Infrastructure Corp., 4.00%, 2/15/44	$	1,500	$	1,628,445
Hudson Yards Infrastructure Corp., 5.00%, 2/15/42(1)		4,000		4,731,000
Monroe County Industrial Development Agency, (Rochester Schools Modernization), 5.00%, 5/1/31(1)		5,000		6,329,500
			$	12,688,945
Other Revenue — 15.2%
Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31	$	3,120	$	2,120,321
New York City Transitional Finance Authority, (Building Aid), 5.00%, 7/15/37(1)		5,200		6,325,488
New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(2)		1,300		1,421,537
New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44		2,000		2,160,420
			$	12,027,766
Senior Living / Life Care — 2.1%
New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42	$	120	$	120,325

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	$	950,141
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.00%, 7/1/34		100		101,367
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32		230		236,682
Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42		230		236,895
			$	1,645,410
Special Tax Revenue — 17.2%
New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)	$	1,185	$	1,250,898
New York City Transitional Finance Authority, Future Tax Revenue, Prerefunded to 11/1/20, 5.50%, 11/1/35(1)		915		968,445
New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/43(1)		4,000		4,815,640
New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30(1)		6,000		6,575,340
			$	13,610,323
Transportation — 6.6%
Niagara Frontier Transportation Authority, (Buffalo Niagara International Airport), (AMT), 5.00%, 4/1/39	$	350	$	412,895
Port Authority of New York and New Jersey, 5.00%, 10/15/36(1)		4,000		4,838,800
			$	5,251,695
Water and Sewer — 12.2%
New York City Municipal Water Finance Authority, (Water and Sewer System), 5.00%, 6/15/46(1)	$	4,000	$	4,680,000
Suffolk County Water Authority, 5.00%, 6/1/36(1)		4,000		4,980,960
			$	9,660,960
Total Tax-Exempt Investments — 152.4% (identified cost $111,321,215)			$	120,789,528
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	$	1,587,843
Total Corporate Bonds & Notes — 2.0% (identified cost $1,519,764)			$	1,587,843

9 See Notes to Financial Statements.

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New York Municipal Income Trust

May 31, 2019

Portfolio of Investments (Unaudited) — continued

Miscellaneous — 0.9%
Security	Units		Value
Real Estate— 0.9%
CMS Liquidating Trust(2)(3)(4)		257	$	736,351
Total Miscellaneous — 0.9% (identified cost $822,400)			$	736,351
Total Investments — 155.3% (identified cost $113,663,379)			$	123,113,722
Other Assets, Less Liabilities — (55.3)%			$	(43,833,065	)
Net Assets — 100.0%			$	79,280,657

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

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, 2019, 13.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 8.4% of total investments.

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

⁽²⁾  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2019, the aggregate value of these securities is $4,738,113 or 6.0% of the Trust’s net assets.

⁽³⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 6).

⁽⁴⁾  Non-income producing.

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.
FNMA	–	Federal National Mortgage Association

10 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2019

Statements of Assets and Liabilities (Unaudited)

	May 31, 2019
Assets	California Trust		New York Trust
Investments —
Identified cost	$	145,577,045	$	113,663,379
Unrealized appreciation		11,363,001		9,450,343
Investments, at value	$	156,940,046	$	123,113,722
Cash	$	1,730,816	$	188,530
Interest receivable		1,575,100		1,445,403
Total assets	$	160,245,962	$	124,747,655
Liabilities
Payable for floating rate notes issued	$	59,342,651	$	45,040,896
Payable for Trust shares repurchased		—		47,059
Payable to affiliates:
Investment adviser fee		53,740		41,652
Administration fee		26,870		20,826
Trustees’ fees		1,525		1,200
Interest expense and fees payable		296,291		272,956
Accrued expenses		45,229		42,409
Total liabilities	$	59,766,306	$	45,466,998
Net assets	$	100,479,656	$	79,280,657
Sources of Net Assets
Common shares, $0.01 par value, unlimited number of shares authorized	$	71,336	$	54,428
Additionalpaid-in capital		94,006,350		73,829,800
Distributable earnings		6,401,970		5,396,429
Net assets	$	100,479,656	$	79,280,657
Common Shares Outstanding		7,133,575		5,442,751
Net Asset Value Per Common Share
Net assets ÷ common shares issued and outstanding	$	14.09	$	14.57

11 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2019

Statements of Operations (Unaudited)

	Six Months Ended May 31, 2019
Investment Income	California Trust		New York Trust
Interest	$	3,029,768	$	2,299,860
Total investment income	$	3,029,768	$	2,299,860
Expenses
Investment adviser fee	$	309,699	$	239,866
Administration fee		154,849		119,933
Trustees’ fees and expenses		5,110		3,932
Custodian fee		28,638		24,537
Transfer and dividend disbursing agent fees		9,088		9,126
Legal and accounting services		26,005		23,634
Printing and postage		2,240		2,219
Interest expense and fees		630,227		481,535
Miscellaneous		11,532		6,345
Total expenses	$	1,177,388	$	911,127
Net investment income	$	1,852,380	$	1,388,733
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	8,243	$	183,955
Net realized gain	$	8,243	$	183,955
Change in unrealized appreciation (depreciation) —
Investments	$	6,796,958	$	5,620,406
Net change in unrealized appreciation (depreciation)	$	6,796,958	$	5,620,406
Net realized and unrealized gain	$	6,805,201	$	5,804,361
Net increase in net assets from operations	$	8,657,581	$	7,193,094

12 See Notes to Financial Statements.

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Municipal Income Trusts

May 31, 2019

Statements of Changes in Net Assets

	Six Months Ended May 31, 2019 (Unaudited)
Increase (Decrease) in Net Assets	California Trust			New York Trust
From operations —
Net investment income	$	1,852,380		$	1,388,733
Net realized gain		8,243			183,955
Net change in unrealized appreciation (depreciation)		6,796,958			5,620,406
Net increase in net assets from operations	$	8,657,581		$	7,193,094
Distributions to common shareholders	$	(1,873,277	)	$	(1,422,600	)
Capital share transactions —
Cost of shares repurchased (see Note 5)	$	—		$	(428,710	)
Net decrease in net assets from capital share transactions	$	—		$	(428,710	)
Net increase in net assets	$	6,784,304		$	5,341,784
Net Assets
At beginning of period	$	93,695,352		$	73,938,873
At end of period	$	100,479,656		$	79,280,657

13 See Notes to Financial Statements.

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Municipal Income Trusts

May 31, 2019

Statements of Changes in Net Assets — continued

	Year Ended November 30, 2018
Increase (Decrease) in Net Assets	California Trust			New York Trust
From operations —
Net investment income	$	3,317,191		$	3,116,684
Net realized gain		120,329			1,559,226
Net change in unrealized appreciation (depreciation)		(4,851,375	)		(5,562,057	)
Distributions to auction preferred shareholders		(18,865	)		(25,202	)
Net decrease in net assets from operations	$	(1,432,720	)	$	(911,349	)
Distributions to common shareholders	$	(3,323,028	)	$	(3,175,388	)
Capital share transactions —
Cost of shares repurchased (see Note 5)	$	(1,478,804	)	$	—
Net decrease in net assets from capital share transactions	$	(1,478,804	)	$	—
Net decrease in net assets	$	(6,234,552	)	$	(4,086,737	)
Net Assets
At beginning of year	$	99,929,904		$	78,025,610
At end of year	$	93,695,352		$	73,938,873

14 See Notes to Financial Statements.

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Municipal Income Trusts

May 31, 2019

Statements of Cash Flows (Unaudited)

	Six Months Ended May 31, 2019
Cash Flows From Operating Activities	California Trust			New York Trust
Net increase in net assets from operations	$	8,657,581		$	7,193,094
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Investments purchased		(5,902,056	)		(23,742,443	)
Investments sold		7,269,235			22,423,537
Net amortization/accretion of premium (discount)		134,271			221,131
Increase in interest receivable		(21,768	)		(12,948	)
Increase in payable to affiliate for investment adviser fee		4,445			3,000
Increase in payable to affiliate for administration fee		2,223			1,500
Increase in payable to affiliate for Trustees’ fees		530			335
Increase in interest expense and fees payable		119,717			25,878
Decrease in accrued expenses		(37,628	)		(35,716	)
Net change in unrealized (appreciation) depreciation from investments		(6,796,958	)		(5,620,406	)
Net realized gain from investments		(8,243	)		(183,955	)
Net cash provided by operating activities	$	3,421,349		$	273,007
Cash Flows From Financing Activities
Repurchase of common shares	$	—		$	(381,651	)
Cash distributions paid to common shareholders		(1,873,277	)		(1,422,600	)
Proceeds from secured borrowings		—			960,000
Net cash used in financing activities	$	(1,873,277	)	$	(844,251	)
Net increase (decrease) in cash	$	1,548,072		$	(571,244	)
Cash at beginning of period	$	182,744		$	759,774
Cash at end of period	$	1,730,816		$	188,530
Supplemental disclosure of cash flow information:
Cash paid for interest and fees	$	510,510		$	455,657

15 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2019

Financial Highlights

Selected data for a common share outstanding during the periods stated

	California Trust
	Six Months Ended May 31, 2019 (Unaudited)			Year Ended November 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period (Common shares)	$	13.130		$	13.770		$	13.600		$	14.020		$	14.080		$	12.580
Income (Loss) From Operations
Net investment income(1)	$	0.260		$	0.464		$	0.496		$	0.586		$	0.737		$	0.756
Net realized and unrealized gain (loss)		0.963			(0.663	)		0.175			(0.681	)		(0.057	)		1.507
Distributions to APS shareholders
From net investment income(1)		—			(0.003	)		(0.006	)		(0.009	)		(0.009	)		(0.007	)
Discount on redemption and repurchase of APS(1)		—			—			—			0.291			—			—
Total income (loss) from operations	$	1.223		$	(0.202	)	$	0.665		$	0.187		$	0.671		$	2.256
Less Distributions to Common Shareholders
From net investment income	$	(0.263	)	$	(0.465	)	$	(0.495	)	$	(0.607	)	$	(0.731	)	$	(0.757	)
Total distributions to common shareholders	$	(0.263	)	$	(0.465	)	$	(0.495	)	$	(0.607	)	$	(0.731	)	$	(0.757	)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$	—		$	0.027		$	—		$	—		$	—		$	0.001
Net asset value — End of period (Common shares)	$	14.090		$	13.130		$	13.770		$	13.600		$	14.020		$	14.080
Market value — End of period (Common shares)	$	12.280		$	11.030		$	12.060		$	12.260		$	12.900		$	12.670
Total Investment Return on Net Asset Value(2)		9.73	%(3)		(0.70	)%		5.33	%		1.38	%(4)		5.28	%		19.06	%
Total Investment Return on Market Value(2)		13.84	%(3)		(4.76	)%		2.34	%		(0.68	)%		7.65	%		21.86	%
Ratios/Supplemental Data
Net assets applicable to common shares, end of period (000’s omitted)	$	100,480		$	93,695		$	99,930		$	98,633		$	101,732		$	102,129
Ratios (as a percentage of average daily net assets applicable to common shares):(5)
Expenses excluding interest and fees(6)		1.14	%(7)		1.28	%		1.46	%		1.50	%		1.54	%		1.60	%
Interest and fee expense(8)		1.31	%(7)		1.50	%		1.32	%		0.87	%		0.08	%		0.09	%
Total expenses(6)		2.45	%(7)		2.78	%		2.78	%		2.37	%		1.62	%		1.69	%
Net investment income		3.85	%(7)		3.45	%		3.57	%		4.05	%		5.26	%		5.64	%
Portfolio Turnover		3	%(3)		129	%		19	%		12	%		9	%		11	%
Senior Securities:
Total preferred shares outstanding		—			—			1,999	(9)		1,999	(9)		1,999	(9)		1,999	(9)
Asset coverage per preferred share	$	—		$	—		$	74,990	(10)	$	74,341	(10)	$	75,892	(10)	$	76,091	(10)
Involuntary liquidation preference per preferred share	$	—		$	—		$	25,000	(11)	$	25,000	(11)	$	25,000	(11)	$	25,000	(11)
Approximate market value per preferred share	$	—		$	—		$	25,000	(11)	$	25,000	(11)	$	25,000	(11)	$	25,000	(11)

⁽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. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

⁽³⁾  Not annualized.

⁽⁴⁾  The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.80)%.

⁽⁵⁾  Ratios do not reflect the effect of dividend payments to APS shareholders, if any.

16 See Notes to Financial Statements.

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Municipal Income Trusts

May 31, 2019

Financial Highlights — continued

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and/or iMTP Shares issued to redeem a portion of the Trust’s APS. As of November 30, 2018, the Trust had no APS and iMTP Shares outstanding.

⁽⁹⁾  Preferred shares represent iMTP Shares and APS as of November 30, 2017 and 2016 and APS as of November 30, 2015 and 2014.

⁽¹⁰⁾  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.

⁽¹¹⁾  Plus accumulated and unpaid dividends.

APS	–	Auction Preferred Shares
iMTP Shares	–	Institutional MuniFund Term Preferred Shares

17 See Notes to Financial Statements.

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Municipal Income Trusts

May 31, 2019

Financial Highlights — continued

Selected data for a common share outstanding during the periods stated

	New York Trust
	Six Months Ended May 31, 2019 (Unaudited)			Year Ended November 30,
				2018			2017			2016			2015			2014
Net asset value — Beginning of period (Common shares)	$	13.500		$	14.250		$	14.100		$	14.520		$	14.590		$	13.260
Income (Loss) From Operations
Net investment income(1)	$	0.254		$	0.569		$	0.628		$	0.665		$	0.814		$	0.840
Net realized and unrealized gain (loss)		1.067			(0.734	)		0.137			(0.651	)		(0.063	)		1.359
Distributions to APS shareholders
From net investment income(1)		—			(0.005	)		(0.010	)		(0.010	)		(0.008	)		(0.007	)
Discount on redemption and repurchase of APS(1)		—			—			—			0.243			—			—
Total income (loss) from operations	$	1.321		$	(0.170	)	$	0.755		$	0.247		$	0.743		$	2.192
Less Distributions to Common Shareholders
From net investment income	$	(0.260	)	$	(0.580	)	$	(0.605	)	$	(0.667	)	$	(0.813	)	$	(0.862	)
Total distributions to common shareholders	$	(0.260	)	$	(0.580	)	$	(0.605	)	$	(0.667	)	$	(0.813	)	$	(0.862	)
Anti-dilutive effect of share repurchase program (see Note 5)(1)	$	0.009		$	—		$	—		$	—		$	—		$	—
Net asset value — End of period (Common shares)	$	14.570		$	13.500		$	14.250		$	14.100		$	14.520		$	14.590
Market value — End of period (Common shares)	$	13.060		$	11.390		$	12.770		$	13.040		$	13.730		$	13.730
Total Investment Return on Net Asset Value(2)		10.24	%(3)		(0.61	)%		5.84	%		1.69	%(4)		5.63	%		17.25	%
Total Investment Return on Market Value(2)		17.13	%(3)		(6.42	)%		2.56	%		(0.53	)%		6.13	%		20.92	%
Ratios/Supplemental Data
Net assets applicable to common shares, end of period (000’s omitted)	$	79,281		$	73,939		$	78,026		$	77,190		$	79,518		$	79,860
Ratios (as a percentage of average daily net assets applicable to common shares):(5)
Expenses excluding interest and fees(6)		1.13	%(7)		1.19	%		1.37	%		1.52	%		1.53	%		1.60	%
Interest and fee expense(8)		1.26	%(7)		1.54	%		1.25	%		0.82	%		0.14	%		0.15	%
Total expenses(6)		2.39	%(7)		2.73	%		2.62	%		2.34	%		1.67	%		1.75	%
Net investment income		3.64	%(7)		4.11	%		4.37	%		4.43	%		5.60	%		5.96	%
Portfolio Turnover		18	%(3)		57	%		18	%		15	%		7	%		4	%
Senior Securities:
Total preferred shares outstanding		—			—			1,349	(9)		1,349	(9)		1,349	(9)		1,349	(9)
Asset coverage per preferred share	$	—		$	—		$	82,841	(10)	$	82,220	(10)	$	83,946	(10)	$	84,200	(10)
Involuntary liquidation preference per preferred share	$	—		$	—		$	25,000	(11)	$	25,000	(11)	$	25,000	(11)	$	25,000	(11)
Approximate market value per preferred share	$	—		$	—		$	25,000	(11)	$	25,000	(11)	$	25,000	(11)	$	25,000	(11)

⁽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. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

⁽³⁾  Not annualized.

⁽⁴⁾  The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been (0.06)%.

⁽⁵⁾  Ratios do not reflect the effect of dividend payments to APS shareholders, if any.

18 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2019

Financial Highlights — continued

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1G) and/or iMTP Shares issued to redeem a portion of the Trust’s APS. As of November 30, 2018, the Trust had no APS and iMTP Shares outstanding.

⁽⁹⁾  Preferred shares represent iMTP Shares and APS as of November 30, 2017 and 2016 and APS as of November 30, 2015 and 2014.

⁽¹⁰⁾  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.

⁽¹¹⁾  Plus accumulated and unpaid dividends.

APS	–	Auction Preferred Shares
iMTP Shares	–	Institutional MuniFund Term Preferred Shares

19 See Notes to Financial Statements.

Eaton Vance

Municipal Income Trusts

May 31, 2019

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust) and Eaton Vance New York Municipal Income Trust (New York 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), asnon-diversified,closed-end management investment companies. The Trusts’ investment objective is 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 (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations.Debt obligations 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 ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, 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 debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Fair Valuation. 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 most fairly reflects the security’s “fair value”, which is 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 companies or 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 company’s or entity’s financial statements, 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, andtax-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 innon-taxable municipal securities, 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.

As of May 31, 2019, the Trusts had no uncertain tax positions that would require financial statement recognition,de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  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.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP 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.

F  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 theBy-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Trust shareholders. Moreover, theBy-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.

G  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 for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a

20

Eaton Vance

Municipal Income Trusts

May 31, 2019

Notes to Financial Statements (Unaudited) — continued

trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV 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 Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV 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 (net of unamortized deferred debt issuance costs, if any) 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 SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 6) at May 31, 2019. Interest expense related to a Trust’s 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 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. At May 31, 2019, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

	California Trust		New York Trust
Floating Rate Notes Outstanding	$	59,342,651	$	45,040,896
Interest Rate or Range of Interest Rates (%)		1.36 - 1.54		1.42 - 1.45
Collateral for Floating Rate Notes Outstanding	$	86,518,537	$	65,771,819

For the six months ended May 31, 2019, the Trusts’ average settled Floating Rate Notes outstanding and the average interest rate (annualized) including fees were as follows:

	California Trust			New York Trust
Average Floating Rate Notes Outstanding	$	59,195,000		$	44,101,593
Average Interest Rate		2.14	%		2.19	%

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker 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 May 31, 2019.

The Trusts may also purchase residual interest bonds 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’ Statement 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.

H  Interim Financial Statements — The interim financial statements relating to May 31, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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Municipal Income Trusts

May 31, 2019

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

Each Trust intends to make monthly distributions of net investment income to common shareholders. 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). Distributions to shareholders are recorded on theex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified topaid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At November 30, 2018, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would 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 would 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. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

Expiration Date	California Trust		New York Trust
November 30, 2019	$	5,299,748	$	3,607,489
Total capital loss carryforwards	$	5,299,748	$	3,607,489
Deferred capital losses:
Short-term	$	—	$	839,181

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2019, as determined on a federal income tax basis, were as follows:

	California Trust		New York Trust
Aggregate cost	$	86,220,256	$	68,665,725
Gross unrealized appreciation	$	11,377,139	$	9,493,150
Gross unrealized depreciation		—		(86,049	)
Net unrealized appreciation	$	11,377,139	$	9,407,101

3  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. Pursuant to the investment advisory agreements between the Trusts and EVM, the investment advisory fee payable by each Trust is 0.70% of the 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 investment adviser fee was reduced by 0.015% every May 1 thereafter for the next nineteen years. This annual fee reduction was accelerated for California Trust (effective June 1, 2018) and New York Trust (effective July 1, 2017), each of which is currently subject to an advisory fee of 0.40% of average weekly gross assets. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust. Pursuant to a fee reduction agreement between each Trust and EVM, average weekly gross assets are calculated by adding to net assets the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the Auction Preferred Shares (APS) outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business

22

Eaton Vance

Municipal Income Trusts

May 31, 2019

Notes to Financial Statements (Unaudited) — continued

affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the six months ended May 31, 2019, the investment adviser fees and administration fees were as follows:

	California Trust		New York Trust
Investment Adviser Fee	$	309,699	$	239,866
Administration Fee	$	154,849	$	119,933

Trustees and officers of the Trusts who are members of EVM’s organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with EVM 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 six months ended May 31, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

4  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2019 were as follows:

	California Trust		New York Trust
Purchases	$	5,264,370	$	23,742,443
Sales	$	7,269,235	$	21,173,537

5  Common Shares of Beneficial Interest

The Trusts may issue common shares pursuant to their dividend reinvestment plans. There were no common shares issued by the Trusts for the six months ended May 31, 2019 and the year ended November 30, 2018.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Trusts. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, each Trust is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value (NAV). The repurchase program does not obligate the Trusts to purchase a specific amount of shares. During the six months ended May 31, 2019, the New York Trust repurchased 33,000 of its common shares under the share repurchase program at a cost, including brokerage commissions, of $428,710 and an average price per share of $12.99. The weighted average discount per share to NAV on these repurchases amounted to 10.21% for the six months ended May 31, 2019.

During the year ended November 30, 2018, the California Trust repurchased 121,000 of its common shares under the share repurchase program at a cost, including brokerage commissions, of $1,478,804 and an average price per share of $12.22. The weighted average discount per share to NAV on these repurchases amounted to 11.81% for the year ended November 30, 2018.

6  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.

23

Eaton Vance

Municipal Income Trusts

May 31, 2019

Notes to Financial Statements (Unaudited) — continued

At May 31, 2019, the hierarchy of inputs used in valuing the Trusts’ investments, which are carried at value, were as follows:

California Trust
Asset Description	Level 1		Level 2		Level 3		Total
Tax-Exempt Municipal Securities	$	—	$	147,179,402	$	—	$	147,179,402
Taxable Municipal Securities		—		8,626,035		—		8,626,035
Corporate Bonds & Notes		—		1,134,609		—		1,134,609
Total Investments	$	—	$	156,940,046	$	—	$	156,940,046
New York Trust
Asset Description	Level 1		Level 2		Level 3*		Total
Tax-Exempt Investments	$	—	$	120,789,528	$	—	$	120,789,528
Corporate Bonds & Notes		—		1,587,843		—		1,587,843
Miscellaneous		—		—		736,351		736,351
Total Investments	$	—	$	122,377,371	$	736,351	$	123,113,722

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Trust.

Level 3 investments held by the New York Trust at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended May 31, 2019 is not presented.

24

Eaton Vance

Municipal Income Trusts

May 31, 2019

Annual Meeting of Shareholders (Unaudited)

Each Trust held its Annual Meeting of Shareholders on April 18, 2019. The following action was taken by the shareholders:

Item 1.  The election of Thomas E. Faust Jr., Mark R. Fetting and Scott E. Wennerholm as Class II Trustees of the Trust for a three-year term expiring in 2022.

Trust	Nominee for Class II Trustee: Thomas E. Faust Jr.		Nominee for Class II Trustee: Mark R. Fetting		Nominee for Class II Trustee: Scott E. Wennerholm
California Trust
For		5,551,781		5,584,456		5,342,121
Withheld		1,122,305		1,089,630		1,331,965
New York Trust
For		4,615,497		4,615,497		4,605,093
Withheld		563,102		563,102		573,506

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Eaton Vance

Municipal Income Trusts

May 31, 2019

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect fromyear-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory andsub-advisory agreements for each of the Eaton Vance Funds for an additionalone-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory andsub-advisory agreements.

Among other things, the information the Board considered included the following (for funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and related fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance relative to benchmark indices and, in certain instances, to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser andsub-adviser (where applicable) to each fund in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser andsub-adviser (where applicable) to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser andsub-adviser (where applicable and in the context of asub-adviser with trading responsibilities) to each fund as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser andSub-adviser

• Reports detailing the financial results and condition of the adviser andsub-adviser (where applicable) to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, if applicable;

• The Code of Ethics of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and thesub-adviser (where applicable) of each fund, if any;

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Municipal Income Trusts

May 31, 2019

Board of Trustees’ Contract Approval — continued

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight ofsub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and othernon-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by the adviser or administrator to each of the funds; and

• The terms of each investment advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers andsub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its Committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fundsub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory andsub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory andsub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory andsub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory andsub-advisory agreement. In evaluating each investment advisory andsub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser andsub-adviser (where applicable) to each of the Eaton Vance Funds.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreements between each of Eaton Vance California Municipal Income Trust and Eaton Vance New York Municipal Income Trust (together, the “Funds”) and Eaton Vance Management (the “Adviser”), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreements for the Funds, the Board evaluated the nature, extent and quality of services provided to the Funds by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing each Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

27

Eaton Vance

Municipal Income Trusts

May 31, 2019

Board of Trustees’ Contract Approval — continued

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreements.

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data with respect to each Fund for theone-, three-, five- andten-year periods ended September 30, 2018. In this regard, the Board noted that the performance of each Fund was lower than the median performance of such Fund’s peer group for the three-year period. The Board also noted that the performance of the Eaton Vance New York Municipal Income Trust was higher than its benchmark index for the three-year period, and that the performance of the Eaton Vance California Municipal Income Trust was lower than its benchmark index for the three-year period. The Board considered, among other things, the Adviser’s efforts to generate competitive levels oftax-exempt current income over time through investments that focus on higher quality municipal bonds that often have longer maturities. On the basis of the foregoing, the performance of each Fund over other periods and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for theone-year period ended September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on each Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. Additionally, the Board took into account the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of each Fund’s life. The Board also considered that, following discussions with the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which had been fully implemented as of September 30, 2018.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisoryand related services are reasonable.

Profitability and“Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirectfall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that each Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Funds are not continuously offered and that the Funds’ assets are not expected to increase materially in the foreseeable future. Accordingly, the Board concluded that the implementation of breakpoints in the advisory fee schedules is not warranted at this time.

28

Eaton Vance

Municipal Income Trusts

May 31, 2019

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton⁽¹⁾

Marcus L. Smith⁽¹⁾

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

⁽¹⁾  Messrs. Quinton and Smith began serving as Trustees effective October 1, 2018.

29

Eaton Vance Funds

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 (International) Limited, Eaton Vance Advisers International Ltd., 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 call1-800-262-1122.

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. American Stock Transfer & Trust Company, LLC (“AST”), theclosed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vanceclosed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recentmonth-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors —Closed-End Funds”.

30

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15^th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

7694    5.31.19

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.    

Item 5. Audit Committee of Listed Registrants

Not required in this filing.    

Item 6. Schedule of Investments

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this FormN-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies

Not required in this filing.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities byClosed-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. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies

No activity to report for the registrant’s most recent fiscal year end.

Item 13. 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 California Municipal Income Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	July 24, 2019

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/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	July 24, 2019
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	July 24, 2019