Eaton Vance Massachusetts Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09147

 

 

Eaton Vance Massachusetts Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

November 30

Date of Fiscal Year End

May 31, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2013

 

 

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

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

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator.

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


Semiannual Report May 31, 2013

Eaton Vance

Municipal Income Trusts

 

Table of Contents   

Performance and Fund Profile

  
  

California Municipal Income Trust

     2   

Massachusetts Municipal Income Trust

     3   

Michigan Municipal Income Trust

     4   

New Jersey Municipal Income Trust

     5   

New York Municipal Income Trust

     6   

Ohio Municipal Income Trust

     7   

Pennsylvania Municipal Income Trust

     8   
  

Endnotes and Additional Disclosures

     9   

Financial Statements

     10   

Annual Meeting of Shareholders

     64   

Board of Trustees’ Contract Approval

     65   

Officers and Trustees

     68   

Important Notices

     69   


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         –2.24      6.60      6.20      4.96

Fund at Market Price

             –10.31         –2.61         5.55         4.68   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.11
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.403   

Distribution Rate at NAV

                 5.64

Taxable-Equivalent Distribution Rate at NAV

                 11.49

Distribution Rate at Market Price

                 6.14

Taxable-Equivalent Distribution Rate at Market Price

                 12.51
              
% Total Leverage4                                        

Auction Preferred Shares (APS)

                 30.14

Residual Interest Bond (RIB)

                 8.85   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection withthe RIB financing.4 Absent such securities, credit quality (%of total investments) is as follows:5

 

AAA

    6.8   

BB

    0.7

AA

    57.9      

B

    0.6   

A

    21.0      

Not Rated

    4.4   

BBB

    8.6        

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Performance1,2

 

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         –4.00      4.42      7.64      5.63

Fund at Market Price

             –12.54         –2.20         6.39         4.43   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.05
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.395   

Distribution Rate at NAV

                 5.12

Taxable-Equivalent Distribution Rate at NAV

                 9.55

Distribution Rate at Market Price

                 5.57

Taxable-Equivalent Distribution Rate at Market Price

                 10.39
              
% Total Leverage4                                        

APS

                 30.10

RIB

                 7.33   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    18.2   

BB

    1.3

AA

    41.4      

B

    1.3   

A

    29.1      

Not Rated

    1.0   

BBB

    7.7        

    

 

 

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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager William H. Ahern, Jr., CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         –3.27      4.84      7.49      5.41

Fund at Market Price

             –7.17         3.34         8.28         4.32   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –7.91
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.381   

Distribution Rate at NAV

                 5.20

Taxable-Equivalent Distribution Rate at NAV

                 9.60

Distribution Rate at Market Price

                 5.64

Taxable-Equivalent Distribution Rate at Market Price

                 10.41
              
% Total Leverage4                                        

APS

                 36.46

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         –1.33      7.04      6.73      5.50

Fund at Market Price

             –15.71         –1.48         7.66         4.67   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –5.39
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.394   

Distribution Rate at NAV

                 5.55

Taxable-Equivalent Distribution Rate at NAV

                 10.77

Distribution Rate at Market Price

                 5.87

Taxable-Equivalent Distribution Rate at Market Price

                 11.39
              
% Total Leverage4                                        

APS

                 30.78

RIB

                 8.03   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    12.3   

BBB

    11.1

AA

    26.9      

B

    2.3   

A

    46.5      

Not Rated

    0.9   

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Performance1,2

 

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         –2.81      6.52      7.02      5.48

Fund at Market Price

             –9.03         2.31         6.79         5.44   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –2.73
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.448   

Distribution Rate at NAV

                 5.93

Taxable-Equivalent Distribution Rate at NAV

                 11.49

Distribution Rate at Market Price

                 6.10

Taxable-Equivalent Distribution Rate at Market Price

                 11.82
              
% Total Leverage4                                        

APS

                 25.30

RIB

                 14.49   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    12.2   

BBB

    13.0

AA

    34.7      

BB

    3.1   

A

    30.3      

Not Rated

    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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager William H. Ahern, Jr., CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         –4.15      5.13      7.45      5.68

Fund at Market Price

             –14.52         –1.61         8.39         4.20   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –5.47
Distributions3                                        

Total Distributions per share for the period

               $ 0.374   

Distribution Rate at NAV

                 4.93

Taxable-Equivalent Distribution Rate at NAV

                 9.26

Distribution Rate at Market Price

                 5.22

Taxable-Equivalent Distribution Rate at Market Price

                 9.80
              
% Total Leverage4                                        

APS

                 34.17

RIB

                 2.19   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2013

 

Performance1,2

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         –2.56      4.84      6.00      5.19

Fund at Market Price

             –12.73         –3.46         6.49         4.34   

Barclays Long (22+) Year Municipal Bond Index

             –1.55      4.69      6.52      5.39
              
% Premium/Discount to NAV                                        
                 –8.50
              
Distributions3                                        

Total Distributions per share for the period

               $ 0.399   

Distribution Rate at NAV

                 5.55

Taxable-Equivalent Distribution Rate at NAV

                 10.12

Distribution Rate at Market Price

                 6.07

Taxable-Equivalent Distribution Rate at Market Price

                 11.06
              
% Total Leverage4                                        

APS

                 34.76

RIB

                 2.71   

Fund Profile

 

 

LOGO

 

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.4 Absent such securities, credit quality (% of total investments) is as follows:5

 

AAA

    3.2   

BBB

    5.3

AA

    38.6      

Not Rated

    3.2   

A

    49.7        

    

 

 

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. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance less than one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month end, please refer to www.eatonvance.com.

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Endnotes and Additional Disclosures

 

 

1 

Barclays Long (22+) Year Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. with maturities of 22 years or more. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

 

2 

Performance results reflect the effects of leverage.

 

3 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be composed of ordinary income, tax- exempt income, net realized capital gains and return of capital. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. 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.

 

4 

Fund employs RIB financing and/or APS leverage. The leverage created by RIB investments and APS provides an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater price volatility). The cost of leverage rises and falls with changes in short-term interest rates. See “Floating Rate Notes Issued in Conjunction with Securities Held” in the notes to the financial statements for more information about RIB financing. RIB leverage represents the amount of Floating Rate Notes outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. APS leverage represents the liquidation value of the Fund’s APS outstanding at period end as a percentage of Fund net assets applicable to common shares plus APS and Floating Rate Notes. The Fund is required to maintain prescribed asset coverage for its APS, which could be reduced if Fund asset values decline. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

5 

Ratings are based on Moody’s, S&P or Fitch, as applicable. 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 Standard and Poor’s or Fitch (Baa or higher by Moody’s) are considered to be investment grade quality. Credit ratings are based largely on the rating 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. If securities are rated differently by the rating agencies, the higher rating is applied. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.

Fund profile subject to change due to active management.

 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 20.9%

  

California Educational Facilities Authority, (Claremont McKenna College), 5.00%, 1/1/39

  $ 3,135      $ 3,435,615   

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/31

    195        223,997   

California Educational Facilities Authority, (Harvey Mudd College), 5.25%, 12/1/36

    330        372,016   

California Educational Facilities Authority, (Loyola Marymount University), 5.00%, 10/1/30

    745        813,927   

California Educational Facilities Authority, (Lutheran University), 5.00%, 10/1/29

    2,580        2,637,818   

California Educational Facilities Authority, (Santa Clara University), 5.00%, 9/1/23

    1,600        1,976,768   

California Educational Facilities Authority, (Stanford University), 5.00%, 6/1/43

    2,100        2,657,004   

California Educational Facilities Authority, (University of San Francisco), 6.125%, 10/1/36

    235        283,915   

California Educational Facilities Authority, (University of Southern California), 5.25%, 10/1/39

    2,490        2,871,144   

California Educational Facilities Authority, (University of the Pacific), 5.00%, 11/1/30

    630        704,939   

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/31

    415        459,480   

California Municipal Finance Authority, (University of San Diego), 5.00%, 10/1/35

    285        308,478   

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/26

    810        932,504   

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/27

    850        975,196   

California Municipal Finance Authority, (University of San Diego), 5.25%, 10/1/28

    895        1,022,260   

University of California, 5.25%, 5/15/39

    1,250        1,434,325   
                 
    $ 21,109,386   
                 

Electric Utilities — 14.3%

  

Chula Vista, (San Diego Gas and Electric), 5.875%, 2/15/34

  $ 270      $ 322,056   

Chula Vista, (San Diego Gas and Electric), (AMT), 5.00%, 12/1/27

    2,275        2,429,177   

Colton Public Financing Authority, Electric System Revenue, 5.00%, 4/1/27

    1,500        1,679,310   

Los Angeles Department of Water and Power, Electric System Revenue, 5.25%, 7/1/32

    2,170        2,476,534   

Northern California Power Agency, 5.25%, 8/1/24

    1,500        1,708,890   

Sacramento Municipal Utility District, 5.00%, 8/15/27

    1,335        1,543,901   

Sacramento Municipal Utility District, 5.00%, 8/15/28

    1,795        2,067,714   

Southern California Public Power Authority, (Tieton Hydropower), 5.00%, 7/1/35

    680        759,982   

Vernon, Electric System Revenue, 5.125%, 8/1/21

    1,300        1,466,972   
                 
    $ 14,454,536   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 23.5%

  

California, 5.50%, 11/1/35

  $ 1,600      $ 1,872,864   

California, 6.00%, 4/1/38

    750        888,727   

California, (AMT), 5.05%, 12/1/36

    745        755,385   

Cupertino Union School District, (Election of 2012), 5.00%, 8/1/35

    1,000        1,133,910   

Cupertino Union School District, (Election of 2012), 5.00%, 8/1/36

    1,630        1,842,764   

Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/33

    215        225,453   

Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/34

    235        245,911   

Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/35

    230        245,606   

Larkspur-Corte Madera School District, (Election of 2011), 4.25%, 8/1/36

    280        298,379   

Larkspur-Corte Madera School District, (Election of 2011), 4.50%, 8/1/39

    1,000        1,087,870   

Palo Alto, (Election of 2008), 5.00%, 8/1/40

    3,655        4,081,904   

San Bernardino Community College District, 4.00%, 8/1/30

    2,890        2,944,361   

San Dieguito Union High School District, (Election of 2012), 4.00%, 8/1/30

    2,545        2,671,894   

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/33

    740        849,187   

San Jose-Evergreen Community College District, (Election of 2010), 5.00%, 8/1/35

    860        982,473   

Santa Clara County, (Election of 2008), 5.00%, 8/1/39(1)(2)

    3,180        3,591,651   
                 
    $ 23,718,339   
                 

Hospital — 17.8%

  

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/27

  $ 1,000      $ 1,132,470   

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.25%, 3/1/28

    190        213,693   

California Health Facilities Financing Authority, (Catholic Healthcare West), 5.625%, 7/1/32

    1,000        1,088,070   

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/35

    910        1,025,707   

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/39

    910        1,009,399   

California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/27

    2,000        2,313,740   

California Health Facilities Financing Authority, (Memorial Health Services), 5.00%, 10/1/33

    1,000        1,128,280   

California Health Facilities Financing Authority, (Providence Health System), 6.50%, 10/1/38

    1,475        1,770,059   

California Health Facilities Financing Authority, (Stanford Hospital and Clinics), 5.00%, 8/15/51

    1,530        1,673,285   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/34

  $ 600      $ 645,432   

California Statewide Communities Development Authority, (John Muir Health), 5.00%, 8/15/36

    445        472,519   

Torrance, (Torrance Memorial Medical Center), 5.50%, 6/1/31

    1,900        1,904,066   

Washington Township Health Care District, 5.00%, 7/1/32

    2,780        2,878,912   

Washington Township Health Care District, 5.25%, 7/1/29

    700        700,938   
                 
    $ 17,956,570   
                 

Housing — 1.0%

  

Commerce, (Hermitage III Senior Apartments), 6.50%, 12/1/29

  $ 655      $ 662,526   

Commerce, (Hermitage III Senior Apartments), 6.85%, 12/1/29

    387        390,920   
                 
    $ 1,053,446   
                 

Industrial Development Revenue — 1.3%

  

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23

  $ 1,235      $ 1,324,883   
                 
    $ 1,324,883   
                 

Insured – Education — 1.5%

  

California Educational Facilities Authority, (Santa Clara University), (NPFG), 5.00%, 9/1/23

  $ 1,250      $ 1,544,350   
                 
    $ 1,544,350   
                 

Insured – Electric Utilities — 3.0%

  

Glendale, Electric System Revenue, (AGC), 5.00%, 2/1/31

  $ 2,790      $ 3,034,376   
                 
    $ 3,034,376   
                 

Insured – Escrowed / Prerefunded — 3.6%

  

Foothill/Eastern Transportation Corridor Agency, Toll Road Bonds, (AGM), (RADIAN), Escrowed to Maturity, 0.00%, 1/1/26

  $ 5,130      $ 3,608,750   
                 
    $ 3,608,750   
                 

Insured – General Obligations — 8.8%

  

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/34

  $ 6,485      $ 2,151,399   

Coast Community College District, (Election of 2002), (AGM), 0.00%, 8/1/35

    4,825        1,512,252   

Riverside Community College District, (Election of 2004), (AGM), (NPFG), 5.00%, 8/1/32

    2,005        2,236,898   

Sweetwater Union High School District, (Election of 2000), (AGM), 0.00%, 8/1/25

    4,720        2,949,339   
                 
    $ 8,849,888   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 9.3%

  

California Health Facilities Financing Authority, (Kaiser Permanente), (BHAC), 5.00%, 4/1/37

  $ 2,900      $ 3,151,169   

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC),
5.00%, 3/1/41(1)

    750        800,888   

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(1)

    5,000        5,453,350   
                 
    $ 9,405,407   
                 

Insured – Lease Revenue / Certificates of Participation — 10.4%

  

Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17

  $ 4,410      $ 4,038,413   

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27

    2,000        2,658,080   

San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(1)

    3,500        3,853,675   
                 
    $ 10,550,168   
                 

Insured – Special Tax Revenue — 0.8%

  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 4,850      $ 817,662   
                 
    $ 817,662   
                 

Insured – Transportation — 11.4%

  

Alameda Corridor Transportation Authority, (AMBAC), 0.00%, 10/1/29

  $ 5,000      $ 2,222,950   

Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31

    4,500        1,967,130   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG), 5.25%, 7/1/41(1)(2)

    740        741,591   

San Joaquin Hills Transportation Corridor Agency, (NPFG), 0.00%, 1/15/32

    10,000        3,720,800   

San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 5.00%, 3/1/37

    1,320        1,394,936   

San Jose Airport, (AGM), (AMBAC), (BHAC), (AMT), 6.00%, 3/1/47

    1,350        1,526,985   
                 
    $ 11,574,392   
                 

Insured – Water and Sewer — 3.9%

  

East Bay Municipal Utility District, Water System Revenue, (FGIC), (NPFG), 5.00%, 6/1/32(1)

  $ 2,000      $ 2,235,020   

Los Angeles Department of Water and Power, (NPFG), 3.00%, 7/1/30

    1,830        1,725,470   
                 
    $ 3,960,490   
                 
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 1.6%

  

California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/32

  $ 385      $ 403,052   

California Infrastructure and Economic Development Bank, (Performing Arts Center of Los Angeles), 5.00%, 12/1/37

    315        327,134   

Golden State Tobacco Securitization Corp., 5.30%, 6/1/37

    980        919,348   
                 
    $ 1,649,534   
                 

Senior Living / Life Care — 1.9%

  

ABAG Finance Authority for Nonprofit Corporations, (Episcopal Senior Communities), 6.00%, 7/1/31

  $ 290      $ 335,675   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26

    175        176,773   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36

    700        694,666   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41

    600        693,174   
                 
    $ 1,900,288   
                 

Special Tax Revenue — 12.4%

  

Brentwood Infrastructure Financing Authority, 5.00%, 9/2/26

  $ 285      $ 285,761   

Brentwood Infrastructure Financing Authority, 5.00%, 9/2/34

    460        439,668   

Corona Public Financing Authority, 5.80%, 9/1/20

    935        939,105   

Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/27

    190        194,127   

Eastern Municipal Water District, Community Facilities District No. 2004-27, (Cottonwood Ranch), Special Tax Revenue, 5.00%, 9/1/36

    480        485,990   

Fontana Redevelopment Agency, (Jurupa Hills), 5.60%, 10/1/27

    1,590        1,596,583   

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/22

    240        270,876   

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/23

    480        537,936   

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/24

    240        265,982   

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/25

    335        368,912   

Los Angeles County Community Facilities District No. 3, (Valencia/Newhall Area), 5.00%, 9/1/26

    240        262,798   

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.75%, 9/1/24

    420        421,663   

Moreno Valley Unified School District, (Community School District No. 2003-2), 5.90%, 9/1/29

    750        752,737   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

San Francisco Bay Area Rapid Transit District, Sales Tax Revenue, 5.00%, 7/1/28

  $ 2,400      $ 2,751,168   

Santaluz Community Facilities District No. 2, 6.10%, 9/1/21

    250        251,572   

Santaluz Community Facilities District No. 2, 6.20%, 9/1/30

    490        492,323   

Temecula Unified School District, 5.00%, 9/1/27

    250        256,230   

Temecula Unified School District, 5.00%, 9/1/37

    400        404,752   

Tustin Community Facilities District, 6.00%, 9/1/37

    500        522,775   

Whittier Public Financing Authority, (Greenleaf Avenue Redevelopment), 5.50%, 11/1/23

    1,000        1,001,220   
                 
    $ 12,502,178   
                 

Transportation — 11.5%

  

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), 5.25%, 4/1/29

  $ 1,000      $ 1,183,820   

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/16, 5.00%, 4/1/31

    2,000        2,251,660   

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(1)(2)

    2,120        2,362,528   

Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.375%, 5/15/30

    1,500        1,687,635   

Port of Redwood City, (AMT), 5.125%, 6/1/30

    1,170        1,172,831   

San Francisco City and County Airport Commission, (San Francisco International Airport), 5.00%, 5/1/35

    2,760        3,013,175   
                 
    $ 11,671,649   
                 

Water and Sewer — 2.7%

  

California Department of Water Resources, 5.00%, 12/1/29

  $ 740      $ 858,674   

San Mateo, Sewer Revenue, 5.00%, 8/1/36

    1,700        1,908,573   
                 
    $ 2,767,247   
                 

Total Tax-Exempt Investments — 161.6%
(identified cost $150,798,232)

   

  $ 163,453,539   
                 

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (49.4)%

   

  $ (49,977,019)   
                 

Other Assets, Less Liabilities — (12.2)%

  

  $ (12,323,006)   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 101,153,514   
                 

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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
AMT     Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
BHAC     Berkshire Hathaway Assurance Corp.
CIFG     CIFG Assurance North America, Inc.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
RADIAN     Radian Group, Inc.

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 32.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 0.5% to 14.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,350,770.

 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 157.1%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 5.8%

  

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/33

  $ 910      $ 1,158,093   

Massachusetts Water Pollution Abatement Trust, 5.25%, 8/1/34

    990        1,265,616   
   
    $ 2,423,709   
   

Education — 29.6%

  

Massachusetts Development Finance Agency, (Middlesex School), 5.00%, 9/1/33

  $ 600      $ 605,250   

Massachusetts Development Finance Agency, (Milton Academy), 5.00%, 9/1/35

    1,080        1,197,839   

Massachusetts Development Finance Agency, (New England Conservatory of Music), 5.25%, 7/1/38

    625        660,888   

Massachusetts Health and Educational Facilities Authority, (Berklee College of Music), 5.00%, 10/1/32

    1,500        1,658,250   

Massachusetts Health and Educational Facilities Authority, (Boston College), 5.50%, 6/1/35

    1,640        2,068,794   

Massachusetts Health and Educational Facilities Authority, (Harvard University), 5.00%, 10/1/38(1)

    1,500        1,699,860   

Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), 5.00%, 7/1/38

    415        467,842   

Massachusetts Health and Educational Facilities Authority, (Northeastern University), 5.00%, 10/1/35

    1,350        1,481,287   

Massachusetts Health and Educational Facilities Authority, (Tufts University), 5.375%, 8/15/38

    1,420        1,648,450   

University of Massachusetts Building Authority, 5.00%, 11/1/39

    750        842,445   
   
    $ 12,330,905   
   

General Obligations — 16.2%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 337,791   

Cambridge, 4.00%, 2/15/21

    595        688,207   

Danvers, 5.25%, 7/1/36

    885        1,015,670   

Lexington, 4.00%, 2/1/21

    415        481,811   

Lexington, 4.00%, 2/1/22

    430        498,658   

Lexington, 4.00%, 2/1/23

    355        412,652   

Newton, 5.00%, 4/1/36

    750        845,693   

Plymouth, 5.00%, 5/1/31

    345        391,344   

Plymouth, 5.00%, 5/1/32

    315        356,605   

Wayland, 5.00%, 2/1/33

    510        584,072   

Wayland, 5.00%, 2/1/36

    770        873,334   

Winchester, 5.00%, 4/15/36

    245        278,663   
   
    $ 6,764,500   
   

Hospital — 28.4%

  

Massachusetts Development Finance Agency, (Berkshire Health Systems), 5.00%, 10/1/31

  $ 1,000      $ 1,098,840   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

Massachusetts Development Finance Agency, (Tufts Medical Center), 7.25%, 1/1/32

  $ 600      $ 741,714   

Massachusetts Development Finance Agency, (UMass Memorial), 5.50%, 7/1/31

    1,655        1,859,591   

Massachusetts Health and Educational Facilities Authority, (Baystate Medical Center, Inc.), 5.75%, 7/1/36

    1,210        1,342,931   

Massachusetts Health and Educational Facilities Authority, (Children’s Hospital), 5.25%, 12/1/39

    500        550,235   

Massachusetts Health and Educational Facilities Authority, (Dana-Farber Cancer Institute), 5.00%, 12/1/37

    1,135        1,232,633   

Massachusetts Health and Educational Facilities Authority, (Jordan Hospital), 6.75%, 10/1/33

    755        764,362   

Massachusetts Health and Educational Facilities Authority, (Lowell General Hospital), 5.125%, 7/1/35

    970        1,025,358   

Massachusetts Health and Educational Facilities Authority, (Partners Healthcare System), 5.00%, 7/1/32(1)

    2,000        2,172,080   

Massachusetts Health and Educational Facilities Authority, (South Shore Hospital), 5.75%, 7/1/29

    675        677,578   

Massachusetts Health and Educational Facilities Authority, (Southcoast Health System), 5.00%, 7/1/29

    350        373,296   
   
    $ 11,838,618   
   

Housing — 6.7%

  

Massachusetts Housing Finance Agency, (AMT), 4.75%, 12/1/48

  $ 2,100      $ 2,127,846   

Massachusetts Housing Finance Agency, (AMT), 5.00%, 12/1/28

    650        665,450   
   
    $ 2,793,296   
   

Industrial Development Revenue — 2.0%

  

Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27

  $ 800      $ 814,752   
   
    $ 814,752   
   

Insured – Education — 10.2%

  

Massachusetts College Building Authority, (XLCA), 5.50%, 5/1/39

  $ 1,000      $ 1,344,920   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)(2)

    1,365        1,716,187   

Massachusetts Development Finance Agency, (Franklin W. Olin College), (XLCA), 5.25%, 7/1/33

    1,165        1,169,835   
   
    $ 4,230,942   
   

Insured – Electric Utilities — 1.3%

  

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

  $ 550      $ 561,077   
   
    $ 561,077   
   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,293,430   
   
    $ 1,293,430   
   

Insured – Hospital — 0.9%

  

Massachusetts Health and Educational Facilities Authority, (Cape Cod Healthcare), (AGC), 5.00%, 11/15/25

  $ 335      $ 367,585   
   
    $ 367,585   
   

Insured – Other Revenue — 1.8%

  

Massachusetts Development Finance Agency, (WGBH Educational Foundation), (AMBAC), 5.75%, 1/1/42

  $ 590      $ 742,149   
   
    $ 742,149   
   

Insured – Special Tax Revenue — 10.5%

  

Martha’s Vineyard Land Bank, (AMBAC), 5.00%, 5/1/32

  $ 1,450      $ 1,473,345   

Massachusetts, Special Obligation, Dedicated Tax Revenue, (FGIC), (NPFG), 5.50%, 1/1/29

    1,000        1,231,150   

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(1)

    1,340        1,497,209   

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    1,105        186,292   
   
    $ 4,387,996   
   

Insured – Student Loan — 4.8%

  

Massachusetts Educational Financing Authority, (AGC), (AMT), 6.35%, 1/1/30

  $ 345      $ 377,951   

Massachusetts Educational Financing Authority, (AMBAC), (AMT), 4.70%, 1/1/33

    1,625        1,628,315   
   
    $ 2,006,266   
   

Insured – Transportation — 0.8%

  

Massachusetts Port Authority, (Bosfuel Project), (FGIC), (NPFG), (AMT), 5.00%, 7/1/32

  $ 315      $ 337,418   
   
    $ 337,418   
   

Other Revenue — 2.8%

  

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/22

  $ 500      $ 577,650   

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), 5.00%, 5/1/25

    505        573,044   
   
    $ 1,150,694   
   

Senior Living / Life Care — 6.0%

  

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.15%, 7/1/31

  $ 250      $ 250,047   
Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

Massachusetts Development Finance Agency, (Berkshire Retirement Community, Inc.), 5.625%, 7/1/29

  $ 1,500      $ 1,501,080   

Massachusetts Development Finance Agency, (Carleton-Willard Village), 5.625%, 12/1/30

    125        137,464   

Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27

    140        140,104   

Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41

    475        457,387   
   
    $ 2,486,082   
   

Special Tax Revenue — 8.1%

  

Massachusetts Bay Transportation Authority, 5.25%, 7/1/34

  $ 140      $ 160,139   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/31

    1,665        750,599   

Massachusetts Bay Transportation Authority, Sales Tax Revenue, 0.00%, 7/1/34

    5,195        2,002,828   

Virgin Islands Public Finance Authority, 5.00%, 10/1/39

    75        78,154   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    335        390,449   
   
    $ 3,382,169   
   

Transportation — 7.1%

  

Massachusetts Department of Transportation, (Metropolitan Highway System), 5.00%, 1/1/37

  $ 1,500      $ 1,639,995   

Massachusetts Port Authority, 5.00%, 7/1/28

    500        581,170   

Massachusetts Port Authority, 5.00%, 7/1/34

    670        755,700   
   
    $ 2,976,865   
   

Water and Sewer — 11.0%

               

Boston Water and Sewer Commission, 5.00%, 11/1/26

  $ 2,005      $ 2,337,690   

Boston Water and Sewer Commission, 5.00%, 11/1/29

    495        570,948   

Boston Water and Sewer Commission, 5.00%, 11/1/31

    225        257,794   

Massachusetts Water Resources Authority, 5.00%, 8/1/28

    1,195        1,395,664   
   
    $ 4,562,096   
   

Total Tax-Exempt Investments — 157.1%
(identified cost $59,957,978)

   

  $ 65,450,549   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (48.1)%

   

  $ (20,050,540
   

Other Assets, Less Liabilities — (9.0)%

  

  $ (3,732,702
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,667,307   
   

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

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 21.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.1% to 12.8% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $806,187.

 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 158.5%     
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 4.2%

  

Michigan Municipal Bond Authority, 5.00%, 10/1/29

  $ 600      $ 706,440   

Michigan Municipal Bond Authority, 5.00%, 10/1/30

    500        583,520   
                 
    $ 1,289,960   
                 

Education — 15.6%

  

Grand Valley State University, 5.625%, 12/1/29

  $ 525      $ 586,268   

Grand Valley State University, 5.75%, 12/1/34

    525        588,756   

Michigan Higher Education Facilities Authority, (Hillsdale College), 5.00%, 3/1/35

    200        201,414   

Michigan State University, 5.00%, 2/15/40

    1,000        1,099,890   

Michigan State University, 5.00%, 2/15/44

    460        504,500   

Michigan Technological University, 4.00%, 10/1/36

    700        687,967   

Oakland University, 5.00%, 3/1/42

    500        536,385   

Wayne State University, 5.00%, 11/15/40(1)

    500        552,045   
                 
    $ 4,757,225   
                 

Electric Utilities — 4.7%

  

Lansing Board of Water and Light, 5.50%, 7/1/41

  $ 500      $ 575,370   

Michigan Public Power Agency, 5.00%, 1/1/43

    800        845,400   
                 
    $ 1,420,770   
                 

Escrowed / Prerefunded — 1.9%

  

Macomb County Hospital Finance Authority, (Mount Clemens General Hospital), Prerefunded to 11/15/13, 5.875%, 11/15/34

  $ 560      $ 574,426   
                 
    $ 574,426   
                 

General Obligations — 41.3%

  

Allegan Public Schools, 5.00%, 5/1/31

  $ 1,000      $ 1,099,640   

Ann Arbor Public Schools, 4.50%, 5/1/24

    350        381,146   

Bloomfield Hills Schools, 4.00%, 5/1/37(1)

    750        777,667   

Comstock Park Public Schools, 5.00%, 5/1/28

    230        256,616   

Comstock Park Public Schools, 5.125%, 5/1/31

    275        305,759   

Comstock Park Public Schools, 5.25%, 5/1/33

    220        244,405   

HealthSource Saginaw, Inc., Saginaw County, 4.00%, 5/1/29

    500        513,015   

Howell Public Schools, 4.50%, 5/1/29

    620        683,854   

Jenison Public Schools, 5.00%, 5/1/28

    500        552,000   

Jenison Public Schools, 5.00%, 5/1/30

    500        549,460   

Kent County, 5.00%, 1/1/25

    1,500        1,677,255   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,120,100   

Livingston County, 4.00%, 6/1/28

    310        328,389   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Livingston County, 4.00%, 6/1/30

  $ 335      $ 351,134   

Michigan, 5.00%, 11/1/20

    1,000        1,222,110   

Michigan, 5.50%, 11/1/25

    270        321,562   

Northview Public Schools, 5.00%, 5/1/32

    725        796,644   

Northview Public Schools, 5.00%, 5/1/41

    275        299,698   

St. Clair County, (Convention Center), 3.75%, 4/1/42

    375        345,615   

Whitmore Lake Public School District, 4.00%, 5/1/32

    750        754,792   
                 
    $ 12,580,861   
                 

Hospital — 28.2%

  

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.20%, 1/1/25

  $ 185      $ 189,569   

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), 6.50%, 1/1/37

    125        127,718   

Kent Hospital Finance Authority, (Spectrum Health),
5.50% to 1/15/15 (Put Date), 1/15/47

    275        297,432   

Mecosta County, (Michigan General Hospital), 6.00%, 5/15/18(2)

    310        310,645   

Michigan Finance Authority, (Oakwood Obligated Group), 5.00%, 11/1/32

    500        546,490   

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.00%, 11/15/38

    675        702,871   

Michigan Hospital Finance Authority, (Henry Ford Health System), 5.25%, 11/15/46

    1,000        1,045,630   

Michigan Hospital Finance Authority, (McLaren Health Care), 5.00%, 6/1/35

    250        271,595   

Michigan Hospital Finance Authority, (McLaren Health Care), 5.00%, 8/1/35

    1,080        1,144,811   

Michigan Hospital Finance Authority, (Memorial Healthcare Center), 5.875%, 11/15/21(2)

    750        751,245   

Michigan Hospital Finance Authority, (MidMichigan Obligated Group), 6.125%, 6/1/39

    500        573,245   

Michigan Hospital Finance Authority, (Trinity Health Corp.), 5.00%, 12/1/27

    1,000        1,138,830   

Monroe County Hospital Finance Authority, (Mercy Memorial Hospital Corp.), 5.375%, 6/1/26(2)

    425        452,599   

Saginaw Hospital Finance Authority, (Covenant Medical Center, Inc.), 5.00%, 7/1/30

    1,000        1,058,910   
                 
    $ 8,611,590   
                 

Housing — 0.9%

  

Michigan Housing Development Authority, 4.60%, 12/1/26

  $ 265      $ 281,385   
                 
    $ 281,385   
                 
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue — 2.3%

  

Detroit Local Development Finance Authority, (Chrysler Corp.), 5.375%, 5/1/21

  $ 750      $ 715,080   
                 
    $ 715,080   
                 

Insured – Education — 5.0%

  

Ferris State University, (AGC), 5.125%, 10/1/33

  $ 570      $ 632,375   

Ferris State University, (AGC), 5.25%, 10/1/38

    500        556,165   

Wayne State University, (AGM), 5.00%, 11/15/35

    300        332,277   
                 
    $ 1,520,817   
                 

Insured – Electric Utilities — 3.5%

  

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30

  $ 220      $ 223,346   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/32

    250        251,640   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34

    155        155,879   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/29

    420        428,459   
                 
    $ 1,059,324   
                 

Insured – General Obligations — 16.4%

  

Battle Creek School District, (AGM), 5.00%, 5/1/37

  $ 1,105      $ 1,203,511   

Byron Center Public Schools, (AGM), 3.75%, 5/1/26

    650        665,320   

Byron Center Public Schools, (AGM), 4.00%, 5/1/28

    290        299,463   

Detroit School District, (AGM), 5.25%, 5/1/32

    300        339,768   

Hartland Consolidated Schools, (AGM), 5.25%, 5/1/29

    1,000        1,143,470   

Van Dyke Public Schools, (AGM), 5.00%, 5/1/38

    1,250        1,344,512   
                 
    $ 4,996,044   
                 

Insured – Lease Revenue / Certificates of Participation — 7.8%

  

Michigan Building Authority, (AGM), (FGIC), 0.00%, 10/15/29

  $ 1,000      $ 461,380   

Michigan Building Authority, (FGIC), (NPFG), 0.00%, 10/15/30

    4,300        1,923,390   
                 
    $ 2,384,770   
                 

Insured – Special Tax Revenue — 0.5%

  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 895      $ 150,888   
                 
    $ 150,888   
                 

Insured – Transportation — 3.7%

  

Wayne County Airport Authority, (AGC), (AMT), 5.375%, 12/1/32

  $ 1,000      $ 1,122,500   
                 
    $ 1,122,500   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Water and Sewer — 10.9%

  

Detroit, Sewage Disposal System, (AGC), (FGIC), 5.00%, 7/1/36

  $ 560      $ 569,811   

Detroit, Water Supply System, (FGIC), (NPFG), 5.00%, 7/1/30

    1,650        1,652,013   

Grand Rapids, Water Supply System, (AGC), 5.10%, 1/1/39

    1,000        1,104,220   
                 
    $ 3,326,044   
                 

Special Tax Revenue — 5.0%

  

Guam, Limited Obligation Bonds, 5.625%, 12/1/29

  $ 115      $ 125,776   

Guam, Limited Obligation Bonds, 5.75%, 12/1/34

    125        136,926   

Michigan Trunk Line Fund, 5.00%, 11/15/36

    1,000        1,128,860   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    110        128,207   
                 
    $ 1,519,769   
                 

Water and Sewer — 6.6%

  

Detroit, Water Supply System, 5.25%, 7/1/41

  $ 750      $ 786,180   

Grand Rapids, Sanitary Sewer System, 5.00%, 1/1/28

    790        963,444   

Port Huron, Water Supply System, 5.25%, 10/1/31

    250        272,225   
                 
    $ 2,021,849   
                 

Total Tax-Exempt Investments — 158.5%
(identified cost $45,411,401)

   

  $ 48,333,302   
                 

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (57.4)%

   

  $ (17,500,236
                 

Other Assets, Less Liabilities — (1.1)%

  

  $ (330,927
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 30,502,139   
                 

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

 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 30.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 8.2% to 12.0% of total investments.

 

(1) 

When-issued security.

 

(2)

Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 159.9%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 24.7%

  

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/27

  $ 250      $ 262,543   

New Jersey Educational Facilities Authority, (Georgian Court University), 5.00%, 7/1/33

    250        260,615   

New Jersey Educational Facilities Authority, (Georgian Court University), 5.25%, 7/1/37

    220        230,384   

New Jersey Educational Facilities Authority, (Kean University), 5.50%, 9/1/36

    1,730        1,936,527   

New Jersey Educational Facilities Authority, (Princeton University), 4.50%, 7/1/38(1)

    3,500        3,745,070   

New Jersey Educational Facilities Authority, (Ramapo College), 4.00%, 7/1/27

    1,325        1,390,349   

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/37

    640        707,571   

New Jersey Educational Facilities Authority, (Stevens Institute of Technology), 5.00%, 7/1/27

    1,650        1,741,113   

New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), 7.50%, 12/1/32

    965        1,179,577   

New Jersey Institute of Technology, 5.00%, 7/1/42

    1,295        1,435,961   

Rutgers State University, 5.00%, 5/1/39(1)

    3,150        3,539,435   
   
    $ 16,429,145   
   

Electric Utilities — 2.3%

  

Puerto Rico Electric Power Authority, 5.00%, 7/1/29

  $ 500      $ 494,265   

Puerto Rico Electric Power Authority, 5.25%, 7/1/25

    1,000        1,021,590   
   
    $ 1,515,855   
   

General Obligations — 17.0%

  

Burlington County Bridge Commission, 4.00%, 8/15/23

  $ 320      $ 352,445   

Monmouth County Improvement Authority, 5.00%, 1/15/28

    1,850        2,148,904   

Monmouth County Improvement Authority, 5.00%, 1/15/30

    1,795        2,078,305   

Monmouth County Improvement Authority, 5.00%, 8/1/33(2)

    500        582,520   

Monroe Township Board of Education, Middlesex County, 4.00%, 8/1/24

    2,500        2,780,700   

Montgomery Township Board of Education, 3.00%, 9/1/20

    1,085        1,168,621   

Paterson, 5.00%, 1/15/26(2)

    750        850,005   

Tenafly Board of Education, 4.00%, 7/15/27

    1,235        1,327,267   
   
    $ 11,288,767   
   

Hospital — 22.4%

  

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

  $ 85      $ 87,252   

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/34

    1,335        1,393,486   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — (continued)

  

New Jersey Health Care Facilities Financing Authority, (AHS Hospital Corp.), 5.00%, 7/1/27

  $ 2,290      $ 2,461,338   

New Jersey Health Care Facilities Financing Authority, (Atlanticare Regional Medical Center), 5.00%, 7/1/37

    2,090        2,221,754   

New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), 5.75%, 7/1/39

    1,415        1,564,778   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/21

    1,000        1,196,910   

New Jersey Health Care Facilities Financing Authority, (Robert Wood Johnson University Hospital), 5.00%, 7/1/31

    2,055        2,237,936   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), 5.00%, 7/1/46

    2,440        2,507,539   

New Jersey Health Care Facilities Financing Authority, (Virtua Health), 5.75%, 7/1/33

    1,075        1,208,655   
   
    $ 14,879,648   
   

Housing — 3.0%

  

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 4.70%, 10/1/37

  $ 620      $ 635,196   

New Jersey Housing and Mortgage Finance Agency, (Single Family Housing), (AMT), 5.00%, 10/1/37

    1,315        1,356,396   
   
    $ 1,991,592   
   

Industrial Development Revenue — 8.1%

  

Middlesex County Pollution Control Authority, (Amerada Hess), 5.75%, 9/15/32

  $ 500      $ 500,915   

Middlesex County Pollution Control Authority, (Amerada Hess), 6.05%, 9/15/34

    540        541,042   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.125%, 9/15/23

    50        53,655   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.25%, 9/15/29

    135        143,563   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 9.00% to 6/1/13 (Put Date), 6/1/33

    750        772,470   

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.10%, 6/1/23

    220        244,708   

New Jersey Economic Development Authority, (New Jersey-American Water Co., Inc.), (AMT), 5.70%, 10/1/39

    2,235        2,457,003   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey Obilgated Group), 4.50%, 7/1/38(2)

    700        677,971   
   
    $ 5,391,327   
   

Insured – Electric Utilities — 0.9%

  

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/35

  $ 595      $ 598,463   
                 
  $ 598,463   
                 
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Gas Utilities — 5.6%

               

New Jersey Economic Development Authority, (New Jersey Natural Gas Co.), (FGIC), (NPFG), (AMT), 4.90% to 10/1/25 (Put Date), 10/1/40

  $ 3,540      $ 3,692,185   
   
    $ 3,692,185   
   

Insured – General Obligations — 3.8%

  

Hudson County Improvement Authority, (Harrison Parking), (AGC), 5.25%, 1/1/39

  $ 1,015      $ 1,107,842   

Lakewood Township, (AGC), 5.75%, 11/1/31

    1,240        1,413,823   
   
    $ 2,521,665   
   

Insured – Hospital — 5.4%

  

New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/20

  $ 100      $ 80,851   

New Jersey Economic Development Authority, (Hillcrest Health Service System), (AMBAC), 0.00%, 1/1/21

    300        230,508   

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36

    750        805,605   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series II, (AGC), 5.00%, 7/1/38

    390        411,528   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38(1)

    500        527,600   

New Jersey Health Care Facilities Financing Authority, (Virtua Health), (AGC), 5.50%, 7/1/38

    1,380        1,495,782   
   
    $ 3,551,874   
   

Insured – Industrial Development Revenue — 3.1%

  

New Jersey Economic Development Authority, (United Water New Jersey, Inc.), (AMBAC), (AMT), 4.875%, 11/1/25

  $ 1,940      $ 2,062,298   
   
    $ 2,062,298   
   

Insured – Lease Revenue / Certificates of Participation — 4.5%

  

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), 5.50%, 12/15/34

  $ 1,500      $ 1,728,645   

New Jersey Economic Development Authority, (School Facilities Construction), (FGIC), (NPFG), 5.50%, 9/1/28

    1,000        1,270,900   
   
    $ 2,999,545   
   

Insured – Special Tax Revenue — 11.6%

  

Garden State Preservation Trust, (AGM), 0.00%, 11/1/25

  $ 5,250      $ 3,618,457   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/26

    4,300        2,607,563   

New Jersey Economic Development Authority, (Motor Vehicle Surcharges), (XLCA), 0.00%, 7/1/27

    2,020        1,160,409   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue (continued)

  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 2,020      $ 340,552   
   
    $ 7,726,981   
   

Insured – Student Loan — 3.6%

  

New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30(3)

  $ 2,215      $ 2,421,682   
   
    $ 2,421,682   
   

Insured – Transportation — 0.5%

  

South Jersey Transportation Authority, (AGC), 5.50%, 11/1/33

  $ 315      $ 357,402   
   
    $ 357,402   
   

Lease Revenue / Certificates of Participation — 5.7%

  

New Jersey Economic Development Authority, (School Facilities Construction), 5.25%, 12/15/33

  $ 1,500      $ 1,667,190   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.25%, 10/1/38

    1,700        1,829,370   

New Jersey Health Care Facilities Financing Authority, (Hospital Asset Transformation Program), 5.75%, 10/1/31

    250        294,502   
   
    $ 3,791,062   
   

Other Revenue — 5.8%

  

Children’s Trust Fund, PR, Tobacco Settlement, 0.00%, 5/15/55

  $ 13,280      $ 543,418   

New Jersey Economic Development Authority, (Duke Farms Foundation), 5.00%, 7/1/48

    2,040        2,204,281   

New Jersey Economic Development Authority, (The Seeing Eye, Inc.), 5.00%, 6/1/32

    250        281,927   

Tobacco Settlement Financing Corp., 5.00%, 6/1/41

    900        799,767   
   
    $ 3,829,393   
   

Senior Living / Life Care — 3.2%

  

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 5.875%, 7/1/28

  $ 465      $ 492,119   

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38(3)

    770        811,734   

New Jersey Economic Development Authority, (Seabrook Village), 5.25%, 11/15/36

    815        836,573   
   
    $ 2,140,426   
   

Special Tax Revenue — 3.3%

  

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/27

  $ 100      $ 105,376   

New Jersey Economic Development Authority, (Newark Downtown District Management Corp.), 5.125%, 6/15/37

    175        181,480   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

Puerto Rico Sales Tax Financing Corp., 5.00%, 8/1/40

  $ 750      $ 791,873   

Puerto Rico Sales Tax Financing Corp., 5.75%, 8/1/37

    500        539,575   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    500        582,760   
   
    $ 2,201,064   
   

Student Loan — 4.9%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.237%, 6/1/36(1)(4)(5)

  $ 2,500      $ 2,515,175   

New Jersey Higher Education Student Assistance Authority, (AMT), 4.75%, 12/1/43(2)

    750        730,545   
   
    $ 3,245,720   
   

Transportation — 18.4%

  

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35

  $ 1,060      $ 1,167,463   

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

    1,080        1,178,140   

New Jersey Transportation Trust Fund Authority, (Transportation System), 5.50%, 6/15/31

    1,850        2,147,350   

New Jersey Transportation Trust Fund Authority, (Transportation System), 5.875%, 12/15/38

    250        293,490   

New Jersey Transportation Trust Fund Authority, (Transportation System), 6.00%, 12/15/38

    530        627,409   

New Jersey Turnpike Authority, 5.00%, 1/1/43

    500        538,740   

New Jersey Turnpike Authority, 5.25%, 1/1/40

    3,600        3,950,388   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)

    1,995        2,298,978   
   
    $ 12,201,958   
   

Water and Sewer — 2.1%

  

North Hudson Sewerage Authority, 5.00%, 6/1/29

  $ 1,275      $ 1,421,039   
   
    $ 1,421,039   
   

Total Tax-Exempt Municipal Securities — 159.9%
(identified cost $97,986,212)

   

  $ 106,259,091   
                 
Taxable Municipal Securities — 1.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 1.5%

  

Port Authority of New York and New Jersey, 4.458%, 10/1/62

  $ 1,000      $ 990,990   
                 

Total Taxable Municipal Securities — 1.5%
(identified cost $989,033)

   

  $ 990,990   
                 

Total Investments — 161.4%
(identified cost $98,975,245)

    $ 107,250,081   
                 

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (50.3)%

   

  $ (33,426,350
                 

Other Assets, Less Liabilities — (11.1)%

    $ (7,392,615
                 

Net Assets Applicable to Common Shares — 100.0%

    $ 66,431,116   
                 

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

 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 24.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 2.2% to 9.6% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

 

(3) 

Security (or a portion thereof) has been segregated to cover payable for when-issued securities.

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $515,175.

 

(5) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2013.

 

 

  21   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 5.9%

  

New York Environmental Facilities Corp., 5.00%, 10/15/39

  $ 1,730      $ 1,931,424   

New York Environmental Facilities Corp., (New York City Municipal Water Finance Authority), 5.00%, 6/15/37(1)

    2,535        2,834,916   
   
    $ 4,766,340   
   

Cogeneration — 1.4%

  

Suffolk County Industrial Development Agency, (Nissequogue Cogeneration Partners Facility), (AMT), 5.50%, 1/1/23

  $ 1,150      $ 1,149,908   
   
    $ 1,149,908   
   

Education — 26.6%

  

Geneva Development Corp., (Hobart and William Smith Colleges), 5.00%, 9/1/32

  $ 775      $ 878,920   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/23

    150        170,593   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/24

    80        89,573   

Monroe County Industrial Development Corp., (St. John Fisher College), 5.00%, 6/1/25

    50        55,334   

New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/34

    1,490        1,692,938   

New York City Cultural Resource Trust, (The Juilliard School), 5.00%, 1/1/39

    325        367,071   

New York Dormitory Authority, (Brooklyn Law School), 5.75%, 7/1/33

    510        574,602   

New York Dormitory Authority, (Columbia University), 5.00%, 7/1/38

    1,000        1,126,260   

New York Dormitory Authority, (Columbia University), 5.00%, 10/1/41

    725        820,932   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/34

    510        581,374   

New York Dormitory Authority, (Cornell University), 5.00%, 7/1/39

    2,000        2,254,980   

New York Dormitory Authority, (Fordham University), 5.50%, 7/1/36

    1,000        1,139,340   

New York Dormitory Authority, (Rochester Institute of Technology), Prerefunded to 7/1/18, 6.00%, 7/1/33

    2,250        2,801,182   

New York Dormitory Authority, (Rockefeller University), 5.00%, 7/1/40

    2,500        2,757,800   

New York Dormitory Authority, (Skidmore College), 5.00%, 7/1/27

    325        369,470   

New York Dormitory Authority, (Skidmore College), 5.25%, 7/1/29

    400        457,220   

New York Dormitory Authority, (St. Francis College), 5.00%, 10/1/40

    1,695        1,834,736   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

New York Dormitory Authority, (The New School), 5.50%, 7/1/40

  $ 2,000      $ 2,246,960   

Onondaga Civic Development Corp., (Le Moyne College), 5.20%, 7/1/29

    280        302,061   

Onondaga Civic Development Corp., (Le Moyne College), 5.375%, 7/1/40

    735        796,542   
   
    $ 21,317,888   
   

Electric Utilities — 5.8%

  

Long Island Power Authority, Electric System Revenue, 6.00%, 5/1/33

  $ 1,420      $ 1,689,005   

Puerto Rico Electric Power Authority, 5.25%, 7/1/30

    1,310        1,317,244   

Suffolk County Industrial Development Agency, (KeySpan-Port Jefferson Energy Center, LLC), (AMT), 5.25%, 6/1/27

    1,645        1,650,297   
   
    $ 4,656,546   
   

General Obligations — 7.6%

  

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/34

  $ 585      $ 269,007   

Dutchess County Water and Wastewater Authority, 0.00%, 10/1/35

    325        143,471   

New York, 5.00%, 2/15/34(1)

    4,000        4,498,240   

New York City, 6.25%, 10/15/28

    1,000        1,226,040   
   
    $ 6,136,758   
   

Health Care – Miscellaneous — 0.2%

  

Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class H, 7.50%, 9/1/15

  $ 50      $ 50,410   

Suffolk County Industrial Development Agency, (Alliance of Long Island Agencies), Series A, Class I, 7.50%, 9/1/15

    100        100,819   
   
    $ 151,229   
   

Hospital — 22.3%

  

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/30

  $ 130      $ 151,889   

Dutchess County Local Development Corp., (Health Quest Systems, Inc.), 5.75%, 7/1/40

    960        1,102,550   

Fulton County Industrial Development Agency, (Nathan Littauer Hospital), 6.00%, 11/1/18

    975        976,969   

Monroe County Industrial Development Agency, (Highland Hospital), 5.00%, 8/1/25

    2,490        2,645,700   

Nassau County Local Economic Assistance Corp., (South Nassau Communities Hospital), 5.00%, 7/1/37

    1,000        1,079,060   

New York Dormitory Authority, (Memorial Sloan-Kettering Cancer Center), 4.375%, 7/1/34

    500        541,045   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

New York Dormitory Authority, (Methodist Hospital), 5.25%, 7/1/33

  $ 2,000      $ 2,040,140   

New York Dormitory Authority, (Mount Sinai Hospital), 5.00%, 7/1/26

    1,000        1,113,590   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 11/1/34

    845        884,766   

New York Dormitory Authority, (NYU Hospital Center), 5.00%, 7/1/36

    750        800,828   

New York Dormitory Authority, (NYU Hospital Center), 5.625%, 7/1/37

    1,250        1,358,150   

New York Dormitory Authority, (Orange Regional Medical Center), 6.125%, 12/1/29

    415        461,617   

New York Dormitory Authority, (Orange Regional Medical Center), 6.25%, 12/1/37

    835        921,306   

Oneida County Industrial Development Agency, (St. Elizabeth Medical Center), 5.75%, 12/1/19

    1,085        1,087,105   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 4.50%, 7/1/32

    395        380,760   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), 5.00%, 7/1/42

    255        256,469   

Saratoga County Industrial Development Agency, (Saratoga Hospital), 5.25%, 12/1/32

    650        690,443   

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), 5.00%, 7/1/28

    1,250        1,399,187   
   
    $ 17,891,574   
   

Housing — 14.9%

  

New York City Housing Development Corp., MFMR, (AMT), 5.05%, 11/1/39

  $ 1,500      $ 1,533,630   

New York City Housing Development Corp., MFMR, (AMT), 5.20%, 11/1/40

    2,620        2,732,372   

New York Housing Finance Agency, 5.25%, 11/1/41

    1,000        1,062,540   

New York Housing Finance Agency, (FNMA), (AMT), 5.40%, 11/15/42

    2,625        2,758,796   

New York Mortgage Agency, (AMT), 4.875%, 10/1/30

    1,500        1,553,970   

New York Mortgage Agency, (AMT), 4.90%, 10/1/37

    1,440        1,481,299   

New York Mortgage Agency, (AMT), 5.125%, 10/1/37

    785        812,318   
   
    $ 11,934,925   
   

Industrial Development Revenue — 8.1%

  

Essex County Industrial Development Agency, (International Paper Company), (AMT), 6.625%, 9/1/32

  $ 1,000      $ 1,139,100   

New York Liberty Development Corp., (Goldman Sachs Group, Inc.), 5.25%, 10/1/35

    1,000        1,166,310   

Niagara Area Development Corp., (Covanta Energy), 5.25%, 11/1/42

    1,350        1,378,607   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

Onondaga County Industrial Development Agency, (Anheuser-Busch Cos., Inc.), (AMT), 6.25%, 12/1/34

  $ 2,500      $ 2,505,275   

Port Authority of New York and New Jersey, (Continental Airlines), (AMT), 9.125%, 12/1/15

    280        286,980   
   
    $ 6,476,272   
   

Insured – Education — 6.6%

  

New York Dormitory Authority, (City University), (AMBAC), 5.50%, 7/1/35

  $ 1,250      $ 1,483,350   

New York Dormitory Authority, (State University), (BHAC), 5.00%, 7/1/38(1)

    1,500        1,632,900   

Oneida County Industrial Development Agency, (Hamilton College), (NPFG), 0.00%, 7/1/33

    5,365        2,223,524   
   
    $ 5,339,774   
   

Insured – Electric Utilities — 2.0%

  

Long Island Power Authority, Electric System Revenue, (BHAC), 5.75%, 4/1/33

  $ 1,365      $ 1,614,522   
   
    $ 1,614,522   
   

Insured – Other Revenue — 3.6%

  

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/31

  $ 2,645      $ 1,257,089   

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32

    3,625        1,612,146   
   
    $ 2,869,235   
   

Insured – Special Tax Revenue — 0.5%

  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 2,475      $ 417,260   
   
    $ 417,260   
   

Insured – Transportation — 1.9%

  

Niagara Frontier Airport Authority, (Buffalo Niagara International Airport), (NPFG), (AMT), 5.625%, 4/1/29

  $ 1,475      $ 1,491,564   
   
    $ 1,491,564   
   

Insured – Water and Sewer — 1.3%

  

Nassau County Industrial Development Agency, (New York Water Services Corp.), (AMBAC), (AMT), 5.00%, 12/1/35

  $ 1,000      $ 1,052,000   
   
    $ 1,052,000   
   

Other Revenue — 8.4%

  

Brooklyn Arena Local Development Corp., (Barclays Center), 0.00%, 7/15/31

  $ 3,120      $ 1,416,542   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue (continued)

  

Brooklyn Arena Local Development Corp., (Barclays Center), 6.25%, 7/15/40

  $ 380      $ 442,248   

New York City Cultural Resources Trust, (Museum of Modern Art), 5.00%, 4/1/31

    1,415        1,627,731   

New York City Transitional Finance Authority, (Building Aid), 5.50%, 7/15/31

    1,000        1,151,060   

New York Liberty Development Corp., (7 World Trade Center), 5.00%, 3/15/44

    2,000        2,112,680   
   
    $ 6,750,261   
   

Senior Living / Life Care — 6.6%

  

Mount Vernon Industrial Development Agency, (Wartburg Senior Housing, Inc.), 6.20%, 6/1/29

  $ 1,450      $ 1,451,189   

New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/29

    280        301,473   

New York Dormitory Authority, (Miriam Osborn Memorial Home Association), 5.00%, 7/1/42

    120        127,183   

Suffolk County Economic Development Corp., (Peconic Landing at Southold, Inc.), 6.00%, 12/1/40

    905        1,016,614   

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.25%, 7/1/32

    230        223,399   

Tompkins County Development Corp., (Kendal at Ithaca, Inc.), 4.50%, 7/1/42

    230        224,701   

Westchester County Local Development Corp., (Kendal on Hudson), 5.00%, 1/1/34

    1,800        1,927,998   
   
    $ 5,272,557   
   

Special Tax Revenue — 18.6%

  

Metropolitan Transportation Authority, Dedicated Tax Revenue, 5.00%, 11/15/34

  $ 1,500      $ 1,655,865   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(2)

    2,100        2,452,044   

New York Dormitory Authority, Personal Income Tax Revenue, 5.00%, 3/15/33

    1,000        1,120,620   

New York Dormitory Authority, Personal Income Tax Revenue, (University & College Improvements), 5.25%, 3/15/38

    1,000        1,152,850   

New York Thruway Authority, Fuel Tax Revenue, 5.00%, 4/1/30(1)

    6,000        6,902,280   

New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32

    900        999,306   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    545        635,208   
   
    $ 14,918,173   
   

Transportation — 13.1%

  

Metropolitan Transportation Authority, 5.00%, 11/15/37

  $ 790      $ 851,494   

Metropolitan Transportation Authority, 5.00%, 11/15/38

    1,500        1,626,645   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

New York Bridge Authority, 5.00%, 1/1/26

  $ 270      $ 317,175   

New York Thruway Authority, 5.00%, 1/1/37

    1,200        1,319,808   

Port Authority of New York and New Jersey, 5.00%, 11/15/37(1)

    1,900        2,117,493   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(1)

    990        1,140,846   

Triborough Bridge and Tunnel Authority, 5.25%, 11/15/34(1)

    2,740        3,173,687   
   
    $ 10,547,148   
   

Water and Sewer — 5.9%

  

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(2)

  $ 3,105      $ 3,646,171   

Saratoga County Water Authority, 5.00%, 9/1/48

    1,000        1,065,850   
   
    $ 4,712,021   
   

Total Tax-Exempt Investments — 161.3%
(identified cost $117,466,416)

   

  $ 129,465,955   
   
Miscellaneous — 1.0%    
   
Security   Units     Value  

Real Estate — 1.0%

               

CMS Liquidating Trust(3)(4)(5)

    257      $ 822,400   
                 

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

    $ 822,400   
   

Total Investments — 162.3%
(identified cost $118,288,816)

    $ 130,288,355   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (42.0)%

   

  $ (33,725,227
   

Other Assets, Less Liabilities — (20.3)%

    $ (16,302,412
   

Net Assets Applicable to Common Shares — 100.0%

    $ 80,260,716   
   

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

 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 9.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.9% to 3.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,453,214.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2013, the aggregate value of these securities is $822,400 or 1.0% of the Trust’s net assets applicable to common shares.

 

(4) 

Non-income producing.

 

(5) 

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

 

 

  25   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 152.1%    
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Bond Bank — 7.9%

  

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 4.85%, 6/1/25

  $ 550      $ 568,832   

Ohio Economic Development Commission, (Ohio Enterprise Bond Fund), (AMT), 5.85%, 12/1/22

    1,020        1,054,639   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 12/1/28

    250        291,390   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), 5.00%, 6/1/30

    250        288,400   

Rickenbacker Port Authority, (OASBO Expanded Asset Pooled Financing Program), 5.375%, 1/1/32

    1,060        1,156,270   
                 
    $ 3,359,531   
                 

Education — 19.0%

  

Miami University, 5.00%, 9/1/33

  $ 1,000      $ 1,126,090   

Ohio Higher Educational Facility Commission, (Kenyon College), 5.00%, 7/1/44

    440        463,426   

Ohio Higher Educational Facility Commission, (Kenyon College), 5.25%, 7/1/44

    1,250        1,343,512   

Ohio Higher Educational Facility Commission, (University of Dayton), 5.50%, 12/1/36

    1,000        1,145,520   

Ohio State University, 5.00%, 12/1/28

    480        593,914   

Ohio State University, 5.00%, 12/1/30

    1,605        1,988,611   

University of Cincinnati, 5.00%, 6/1/34

    500        558,705   

Wright State University, 5.00%, 5/1/31

    750        824,190   
                 
    $ 8,043,968   
                 

Electric Utilities — 2.5%

  

American Municipal Power, Inc., (AMP Fremont Energy Center), 5.00%, 2/15/32

  $ 470      $ 517,855   

Ohio Air Quality Development Authority, (Buckeye Power, Inc.), 6.00%, 12/1/40

    500        557,900   
                 
    $ 1,075,755   
                 

Escrowed / Prerefunded — 2.0%

  

Columbus, Prerefunded to 7/1/14, 5.00%, 7/1/23

  $ 500      $ 525,090   

Maple Heights City School District, Prerefunded to 1/15/17, 5.00%, 1/15/37

    180        206,942   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/28

    20        26,139   

Ohio State University, Escrowed to Maturity, 5.00%, 12/1/30

    70        92,288   
                 
    $ 850,459   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  
   

General Obligations — 27.1%

  

Barberton City School District, 4.50%, 12/1/33

  $ 900      $ 941,589   

Beavercreek City School District, 5.00%, 12/1/30

    1,750        1,970,027   

Central Ohio Solid Waste Authority, 5.125%, 9/1/27

    1,090        1,237,553   

Columbus City School District, 5.00%, 12/1/29

    1,000        1,141,080   

Cuyahoga County, 4.00%, 12/1/37

    500        506,635   

Dayton, 4.00%, 12/1/30

    500        519,880   

Huber Heights City School District, 4.75%, 12/1/25

    595        665,329   

Maple Heights City School District, 5.00%, 1/15/37

    820        895,071   

Mason City School District, 4.00%, 12/1/31

    665        699,454   

Ohio, 4.50%, 2/1/32

    400        440,876   

Oregon City School District, 4.00%, 12/1/30

    1,250        1,293,488   

Symmes Township, Hamilton County, (Parkland Acquisition and Improvement), 5.25%, 12/1/37

    1,000        1,152,650   
                 
    $ 11,463,632   
                 

Hospital — 17.7%

  

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/38

  $ 700      $ 758,506   

Butler County, (Kettering Health Network Obligated Group), 5.25%, 4/1/31

    500        547,810   

Franklin County, (Nationwide Children’s Hospital), 5.00%, 11/1/34

    800        869,656   

Hancock County, (Blanchard Valley Regional Health Center), 6.25%, 12/1/34

    750        877,148   

Miami County, (Upper Valley Medical Center), 5.25%, 5/15/26

    500        528,685   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/36

    500        546,245   

Middleburg Heights, (Southwest General Health Center), 5.25%, 8/1/41

    800        870,496   

Montgomery County, (Catholic Health Initiatives), 5.50%, 5/1/34

    500        580,765   

Muskingum County, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33

    155        157,492   

Ohio Higher Educational Facility Commission, (Cleveland Clinic Health System), 5.50%, 1/1/39

    1,000        1,147,270   

Ohio Higher Educational Facility Commission, (Summa Health System), 5.75%, 11/15/40

    555        618,264   
   
    $ 7,502,337   
   

Housing — 7.8%

  

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 4.625%, 9/1/27

  $ 620      $ 642,866   

Ohio Housing Finance Agency, (Residential Mortgage-Backed Securities), (FNMA), (GNMA), (AMT), 5.00%, 9/1/31

    25        25,631   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Housing (continued)

  

Ohio Housing Finance Agency, (Uptown Community Partners), (AMT), 5.25%, 4/20/48

  $ 2,500      $ 2,634,475   
   
    $ 3,302,972   
   

Industrial Development Revenue — 1.3%

  

Cleveland, (Continental Airlines), (AMT), 5.375%, 9/15/27

  $ 555      $ 554,956   
   
    $ 554,956   
   

Insured – Education — 12.5%

  

Hamilton County, (University Heights Community Urban Development Corp.), (AGM), 5.00%, 6/1/30

  $ 750      $ 830,348   

Kent State University, (AGC), 5.00%, 5/1/26

    1,000        1,134,330   

Kent State University, (AGC), 5.00%, 5/1/29

    465        515,727   

Miami University, (AMBAC), 3.25%, 9/1/26

    635        639,794   

University of Akron, Series A, (AGM), 5.00%, 1/1/38

    1,500        1,612,425   

University of Akron, Series B, (AGM), 5.00%, 1/1/38

    500        537,475   
   
    $ 5,270,099   
   

Insured – Electric Utilities — 12.3%

  

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), 5.75%, 2/15/39

  $ 1,000      $ 1,119,510   

Cleveland Public Power System, (NPFG), 0.00%, 11/15/27

    710        394,597   

Cleveland Public Power System, (NPFG), 0.00%, 11/15/38

    2,000        603,160   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/25

    815        535,602   

Ohio Municipal Electric Generation Agency, (NPFG), 0.00%, 2/15/26

    3,000        1,874,400   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/30

    210        213,194   

Puerto Rico Electric Power Authority, (FGIC), (NPFG), 5.25%, 7/1/34

    155        155,879   

Puerto Rico Electric Power Authority, (NPFG), 5.25%, 7/1/26

    305        314,912   
   
    $ 5,211,254   
   

Insured – General Obligations — 17.4%

  

Buckeye Valley Local School District, (AGC), 5.00%, 12/1/36

  $ 500      $ 562,085   

Canal Winchester Local School District, (NPFG), 0.00%, 12/1/30

    2,455        1,254,186   

Cincinnati School District, (FGIC), (NPFG), 5.25%, 12/1/30

    1,000        1,264,570   

Madeira City School District, (AGM), 3.50%, 12/1/27

    1,500        1,506,180   

Milford Exempt Village School District, (AGC), 5.25%, 12/1/36

    1,750        1,946,962   

St. Marys City School District, (AGM), 5.00%, 12/1/35

    750        811,380   
   
    $ 7,345,363   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Insured – Hospital — 5.8%

  

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.00%, 5/15/32

  $ 280      $ 282,895   

Hamilton County, (Cincinnati Children’s Hospital), (FGIC), (NPFG), 5.125%, 5/15/28

    1,500        1,517,955   

Lorain County, (Catholic Healthcare Partners), (AGM), 15.316%,
2/1/29(1)(2)(3)

    485        639,094   
   
    $ 2,439,944   
   

Insured – Special Tax Revenue — 0.5%

  

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

  $ 1,230      $ 207,366   
   
    $ 207,366   
   

Insured – Transportation — 7.5%

  

Cleveland, Airport System Revenue, (AGM), 5.00%, 1/1/30

  $ 600      $ 665,976   

Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/24

    1,000        1,246,380   

Ohio Turnpike Commission, (FGIC), (NPFG), 5.50%, 2/15/26

    1,000        1,255,070   
   
    $ 3,167,426   
   

Lease Revenue / Certificates of Participation — 1.3%

  

Franklin County Convention Facilities Authority, 5.00%, 12/1/27

  $ 500      $ 569,600   
   
    $ 569,600   
   

Other Revenue — 3.6%

  

Riversouth Authority, (Lazarus Building Redevelopment), 5.75%, 12/1/27

  $ 1,000      $ 1,023,180   

Summit County Port Authority, 5.00%, 12/1/31

    445        496,460   
   
    $ 1,519,640   
   

Senior Living / Life Care — 1.5%

  

Hamilton County, (Life Enriching Communities), 5.00%, 1/1/32

  $ 375      $ 394,672   

Lorain County Port Authority, (Kendal at Oberlin), 5.00%, 11/15/30

    230        252,899   
   
    $ 647,571   
   

Special Tax Revenue — 2.4%

  

Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/26

  $ 180      $ 207,583   

Green, Income Tax Revenue, (Community Learning Centers), 5.00%, 12/1/28

    290        328,785   

Guam, Limited Obligation Bonds, 5.625%, 12/1/29

    155        169,523   

Guam, Limited Obligation Bonds, 5.75%, 12/1/34

    170        186,220   

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

    110        128,207   
   
    $ 1,020,318   
   
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Water and Sewer — 2.0%

  

Hamilton County, Sewer System, 5.00%, 12/1/32

  $ 750      $ 834,285   
   
    $ 834,285   
   

Total Tax-Exempt Investments — 152.1%
(identified cost $58,468,287)

   

  $ 64,386,476   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (53.7)%

   

  $ (22,725,460
   

Other Assets, Less Liabilities — 1.6%

  

  $ 672,567   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 42,333,583   
   

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

 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 36.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 1.0% to 17.3% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2013, the aggregate value of these securities is $639,094 or 1.5% of the Trust’s net assets applicable to common shares.

 

(2) 

Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at May 31, 2013.

 

(3) 

Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security held by the trust that issued the residual interest bond. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $1,455,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security held by the trust that issued the residual interest bond.

 

 

  28   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 156.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Cogeneration — 1.7%

  

       

Pennsylvania Economic Development Financing Authority, (Colver), (AMT), 5.125%, 12/1/15

  $ 275      $ 279,463   

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23

    420        379,651   
   
    $ 659,114   
   

Education — 27.2%

  

       

Allegheny County Higher Education Building Authority, (Carnegie Mellon University), 5.00%, 3/1/28

  $ 500      $ 588,365   

Allegheny County Higher Education Building Authority, (Duquesne University), 5.50%, 3/1/31

    1,050        1,207,164   

Bucks County Industrial Development Authority, (George School), 5.00%, 9/15/39

    500        539,785   

Cumberland County Municipal Authority, (Dickinson College), 5.00%, 11/1/39

    1,200        1,314,528   

Northampton County General Purpose Authority, (Lehigh University), 5.00%, 11/15/39

    500        539,855   

Pennsylvania Higher Educational Facilities Authority, (Saint Joseph’s University), 5.00%, 11/1/40

    440        475,160   

Pennsylvania Higher Educational Facilities Authority, (Temple University), 5.00%, 4/1/35

    750        832,103   

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/40

    625        677,569   

Pennsylvania Higher Educational Facilities Authority, (Thomas Jefferson University), 5.00%, 3/1/42

    600        657,396   

Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/29

    560        614,180   

Pennsylvania Higher Educational Facilities Authority, (Ursinus College), 5.00%, 1/1/30

    750        822,015   

State Public School Building Authority, (Northampton County Area Community College), 5.50%, 3/1/31

    750        850,192   

University of Pittsburgh, 5.25%, 9/15/29

    500        585,570   

Washington County Industrial Development Authority, (Washington and Jefferson College), 5.25%, 11/1/30

    575        636,140   
   
    $ 10,340,022   
   

Electric Utilities — 2.8%

  

       

Puerto Rico Electric Power Authority, 5.00%, 7/1/29

  $ 1,095      $ 1,082,440   
   
    $ 1,082,440   
   

Escrowed / Prerefunded — 3.2%

  

       

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), Prerefunded to 7/1/13, 5.25%, 7/1/32

  $ 1,215      $ 1,232,241   
   
    $ 1,232,241   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 10.5%

  

       

Chester County, 5.00%, 7/15/27

  $ 500      $ 569,915   

Daniel Boone Area School District, 5.00%, 8/15/32

    1,000        1,107,370   

Delaware Valley Regional Finance Authority, 5.75%, 7/1/32

    1,000        1,165,250   

Philadelphia School District, 6.00%, 9/1/38

    1,000        1,161,620   
   
    $ 4,004,155   
   

Hospital — 23.1%

  

       

Allegheny County Hospital Development Authority, (University of Pittsburgh Medical Center), 5.50%, 8/15/34

  $ 500      $ 576,050   

Chester County Health and Education Facilities Authority, (Jefferson Health System), 5.00%, 5/15/40

    750        813,848   

Dauphin County General Authority, (Pinnacle Health System), 6.00%, 6/1/29

    750        841,845   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), 4.00%, 7/1/33

    500        507,415   

Lycoming County Authority, (Susquehanna Health System), 5.75%, 7/1/39

    750        815,790   

Monroe County Hospital Authority, (Pocono Medical Center), 5.25%, 1/1/43

    1,500        1,557,150   

Montgomery County Higher Education and Health Authority, (Abington Memorial Hospital Obligated Group), 5.00%, 6/1/31

    1,095        1,206,208   

Northampton County General Purpose Authority, (Saint Luke’s Hospital), 5.50%, 8/15/33

    250        271,710   

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), 6.00%, 8/15/26(1)

    1,000        1,182,500   

Pennsylvania Higher Educational Facilities Authority, (UPMC Health System), 5.00%, 5/15/31

    675        741,609   

South Fork Municipal Authority, (Conemaugh Health System), 5.50%, 7/1/29

    250        272,200   
   
    $ 8,786,325   
   

Housing — 10.3%

  

       

Allegheny County Residential Finance Authority, SFMR, (AMT), 4.95%, 11/1/37

  $ 345      $ 359,259   

Allegheny County Residential Finance Authority, SFMR, (AMT), 5.00%, 5/1/35

    910        938,456   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.70%, 10/1/37

    730        748,688   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.75%, 10/1/25

    500        527,210   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 4/1/26

    830        849,538   

Pennsylvania Housing Finance Agency, SFMR, (AMT), 4.875%, 10/1/31

    500        511,475   
   
    $ 3,934,626   
   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue — 8.4%

  

       

Luzerne County Industrial Development Authority, (Pennsylvania-American Water Co.), 5.50%, 12/1/39

  $ 200      $ 220,206   

Montgomery County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (AMT), 5.25%, 7/1/42

    750        798,210   

Pennsylvania Economic Development Financing Authority, (Pennsylvania-American Water Co.), 6.20%, 4/1/39

    250        286,388   

Pennsylvania Economic Development Financing Authority, (Procter & Gamble Paper Products Co.), (AMT), 5.375%, 3/1/31

    1,115        1,356,386   

Pennsylvania Economic Development Financing Authority, (Waste Management, Inc.), (AMT), 5.10%, 10/1/27

    500        533,870   
   
    $ 3,195,060   
   

Insured – Education — 8.1%

  

       

Lycoming County Authority, (Pennsylvania College of Technology), (AGC), 5.50%, 10/1/37

  $ 500      $ 539,815   

Pennsylvania Higher Educational Facilities Authority, (Drexel University), (NPFG), 5.00%, 5/1/37

    1,110        1,178,442   

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/29

    375        403,684   

State Public School Building Authority, (Delaware County Community College), (AGM), 5.00%, 10/1/32

    875        951,020   
   
    $ 3,072,961   
   

Insured – Escrowed / Prerefunded — 9.2%

  

       

Pennsylvania Turnpike Commission, Oil Franchise Tax, (AMBAC), Escrowed to Maturity, 4.75%, 12/1/27

  $ 1,600      $ 1,673,376   

Westmoreland Municipal Authority, (FGIC), Escrowed to Maturity, 0.00%, 8/15/19

    2,000        1,824,900   
   
    $ 3,498,276   
   

Insured – General Obligations — 3.7%

  

       

Beaver County, (AGM), 5.55%, 11/15/31

  $ 500      $ 568,500   

Bethlehem Area School District, (AGM), 5.25%, 1/15/25

    750        845,048   
   
    $ 1,413,548   
   

Insured – Hospital — 4.8%

  

       

Allegheny County Hospital Development Authority, (UPMC Health System), (NPFG), 6.00%, 7/1/24

  $ 250      $ 323,280   

Lehigh County General Purpose Authority, (Lehigh Valley Health Network), (AGM), 5.00%, 7/1/35

    1,440        1,522,483   
   
    $ 1,845,763   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Lease Revenue / Certificates of Participation — 4.8%

  

Commonwealth Financing Authority, (AGC), 5.00%, 6/1/31

  $ 500      $ 547,780   

Philadelphia Authority for Industrial Development, (One Benjamin Franklin), (AGM), 4.75%, 2/15/27

    1,195        1,290,170   
   
    $ 1,837,950   
   

Insured – Special Tax Revenue — 2.3%

  

       

Pittsburgh and Allegheny County Sports & Exhibition Authority, Sales Tax Revenue, (AGM), 5.00%, 2/1/31

  $ 610      $ 671,793   

Puerto Rico Sales Tax Financing Corp., (NPFG), 0.00%, 8/1/45

    1,235        208,209   
   
    $ 880,002   
   

Insured – Transportation — 8.9%

  

       

Philadelphia, Airport Revenue, (AGM), (AMT), 5.00%, 6/15/27

  $ 525      $ 564,506   

Philadelphia Parking Authority, (AMBAC), 5.25%, 2/15/29

    1,005        1,008,156   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(1)(2)

    1,800        1,803,870   
   
    $ 3,376,532   
   

Insured – Water and Sewer — 2.9%

  

       

Bucks County Water and Sewer Authority, (AGM), 5.00%, 12/1/35

  $ 500      $ 549,615   

Delaware County Industrial Development Authority, (Aqua Pennsylvania, Inc.), (FGIC), (NPFG), (AMT), 5.00%, 11/1/36

    525        549,040   
   
    $ 1,098,655   
   

Senior Living / Life Care — 2.5%

  

       

Cliff House Trust, (AMT), 6.625%, 6/1/27(3)

  $ 1,000      $ 525,110   

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/24

    200        208,706   

Montgomery County Industrial Development Authority, (Foulkeways at Gwynedd), 5.00%, 12/1/30

    200        206,000   
   
    $ 939,816   
   

Special Tax Revenue — 0.3%

  

       

Virgin Islands Public Finance Authority, 6.75%, 10/1/37

  $ 110      $ 128,207   
   
    $ 128,207   
   

Transportation — 16.1%

  

       

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/35

  $ 465      $ 512,142   

Delaware River Port Authority of Pennsylvania and New Jersey, 5.00%, 1/1/40

    285        310,898   

Pennsylvania Economic Development Financing Authority, (Amtrak), (AMT), 5.00%, 11/1/41

    455        481,058   
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2013

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

       

Pennsylvania Turnpike Commission, 5.25%, 6/1/39

  $ 1,000      $ 1,071,880   

Pennsylvania Turnpike Commission, 5.35%, (0.00% until 12/1/15), 12/1/30

    1,430        1,375,159   

Pennsylvania Turnpike Commission, 5.625%, 6/1/29

    750        858,165   

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/23

    410        464,104   

Philadelphia, Airport Revenue, (AMT), 5.00%, 6/15/27

    970        1,058,803   
   
    $ 6,132,209   
   

Utilities — 1.7%

  

       

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 633,096   
   
    $ 633,096   
   

Water and Sewer — 4.0%

  

       

Harrisburg Water Authority, 5.25%, 7/15/31

  $ 750      $ 689,865   

Philadelphia, Water and Wastewater Revenue, 5.00%, 1/1/36

    750        826,702   
   
    $ 1,516,567   
   

Total Tax-Exempt Investments — 156.5%
(identified cost $55,756,743)

   

  $ 59,607,565   
                 

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (55.6)%

   

  $ (21,175,571
                 

Other Assets, Less Liabilities — (0.9)%

  

  $ (341,296
                 

Net Assets Applicable to Common Shares — 100.0%

    $ 38,090,698   
                 

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

 

AGC     Assured Guaranty Corp.
AGM     Assured Guaranty Municipal Corp.
AMBAC     AMBAC Financial Group, Inc.
AMT     Interest earned from these securities may be considered a tax preference item for purposes of the Federal Alternative Minimum Tax.
CIFG     CIFG Assurance North America, Inc.
FGIC     Financial Guaranty Insurance Company
NPFG     National Public Finance Guaranty Corp.
SFMR     Single Family Mortgage Revenue

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2013, 28.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution ranged from 3.0% to 12.4% of total investments.

 

(1)

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $903,870.

 

(3) 

Defaulted bond.

 

 

  31   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Assets and Liabilities (Unaudited)

 

 

    May 31, 2013  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 150,798,232      $ 59,957,978      $ 45,411,401      $ 98,975,245   

Unrealized appreciation

    12,655,307        5,492,571        2,921,901        8,274,836   

Investments, at value

  $ 163,453,539      $ 65,450,549      $ 48,333,302      $ 107,250,081   

Cash

  $ 469,548      $ 205,314      $ 395,736      $ 2,223,276   

Restricted cash*

    215,000        115,000        22,000        460,000   

Interest receivable

    1,641,360        897,300        520,361        1,564,024   

Receivable for investments sold

    144,500               145,000          

Receivable for variation margin on open financial futures contracts

    34,234        15,938        2,813        73,263   

Deferred debt issuance costs

    27,325        1,884               682   

Total assets

  $ 165,985,506      $ 66,685,985      $ 49,419,212      $ 111,571,326   
Liabilities   

Payable for floating rate notes issued

  $ 14,680,000      $ 4,885,000      $      $ 8,720,000   

Payable for when-issued securities

                  1,354,965        2,869,564   

Payable to affiliates:

       

Investment adviser fee

    88,282        34,853        26,531        57,237   

Administration fee

    27,588        10,892        8,291        17,887   

Trustees’ fees

    1,134        504        399        769   

Interest expense and fees payable

    15,970        9,280               15,289   

Accrued expenses

    41,999        27,609        26,651        33,114   

Total liabilities

  $ 14,854,973      $ 4,968,138      $ 1,416,837      $ 11,713,860   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,977,019      $ 20,050,540      $ 17,500,236      $ 33,426,350   

Net assets applicable to common shares

  $ 101,153,514      $ 41,667,307      $ 30,502,139      $ 66,431,116   
Sources of Net Assets                                

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 72,611      $ 27,505      $ 21,163      $ 46,792   

Additional paid-in capital

    104,203,764        39,728,155        29,330,770        67,036,426   

Accumulated net realized loss

    (16,291,887     (3,695,993     (1,837,760     (9,267,061

Accumulated undistributed net investment income

    425,582        94,412        62,420        258,104   

Net unrealized appreciation

    12,743,444        5,513,228        2,925,546        8,356,855   

Net assets applicable to common shares

  $ 101,153,514      $ 41,667,307      $ 30,502,139      $ 66,431,116   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,999        802        700        1,337   
Common Shares Outstanding     7,261,075        2,750,521        2,116,294        4,679,158   
Net Asset Value Per Common Share   

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 13.93      $ 15.15      $ 14.41      $ 14.20   

 

* Represents restricted cash on deposit at the broker for open derivative contracts.

 

  32   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    May 31, 2013  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 118,288,816      $ 58,468,287      $ 55,756,743   

Unrealized appreciation

    11,999,539        5,918,189        3,850,822   

Investments, at value

  $ 130,288,355      $ 64,386,476      $ 59,607,565   

Cash

  $ 1,147,244      $      $ 362,830   

Restricted cash*

    150,000        52,000        175,000   

Interest receivable

    1,671,610        980,007        825,658   

Receivable for investments sold

    181,629        263,056          

Receivable for variation margin on open financial futures contracts

    20,157        8,438        23,438   

Total assets

  $ 133,458,995      $ 65,689,977      $ 60,994,491   
Liabilities   

Payable for floating rate notes issued

  $ 19,315,000      $      $ 1,650,000   

Due to custodian

           556,401          

Payable to affiliates:

     

Investment adviser fee

    68,747        35,928        33,269   

Administration fee

    21,483        11,228        10,397   

Trustees’ fees

    905        512        480   

Interest expense and fees payable

    30,314               5,396   

Accrued expenses

    36,603        26,865        28,680   

Total liabilities

  $ 19,473,052      $ 630,934      $ 1,728,222   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,227      $ 22,725,460      $ 21,175,571   

Net assets applicable to common shares

  $ 80,260,716      $ 42,333,583      $ 38,090,698   
Sources of Net Assets   

Common shares, $0.01 par value, unlimited number of shares authorized

  $ 54,746      $ 28,572      $ 27,204   

Additional paid-in capital

    79,374,935        40,162,134        38,083,893   

Accumulated net realized loss

    (11,553,654     (3,896,256     (4,018,659

Accumulated undistributed net investment income

    359,026        110,008        117,061   

Net unrealized appreciation

    12,025,663        5,929,125        3,881,199   

Net assets applicable to common shares

  $ 80,260,716      $ 42,333,583      $ 38,090,698   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,349        909        847   
Common Shares Outstanding     5,474,636        2,857,157        2,720,414   
Net Asset Value Per Common Share                        

Net assets applicable to common shares ÷ common shares issued and outstanding

  $ 14.66      $ 14.82      $ 14.00   

 

* Represents restricted cash on deposit at the broker for open derivative contracts.

 

 

  33   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended May 31, 2013  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 3,628,492      $ 1,411,696      $ 1,060,036      $ 2,371,156   

Total investment income

  $ 3,628,492      $ 1,411,696      $ 1,060,036      $ 2,371,156   
Expenses                                

Investment adviser fee

  $ 529,193      $ 209,626      $ 159,114      $ 343,657   

Administration fee

    162,218        64,257        48,774        105,343   

Trustees’ fees and expenses

    3,420        1,515        1,205        2,315   

Custodian fee

    44,466        22,767        19,575        30,558   

Transfer and dividend disbursing agent fees

    9,183        9,413        9,366        9,192   

Legal and accounting services

    27,043        19,609        20,225        23,931   

Printing and postage

    4,088        3,587        3,529        3,548   

Interest expense and fees

    47,769        16,916               31,254   

Preferred shares service fee

    34,826        14,551        11,744        24,417   

Miscellaneous

    22,683        16,890        16,270        18,087   

Total expenses

  $ 884,889      $ 379,131      $ 289,802      $ 592,302   

Deduct —

       

Reduction of custodian fee

  $ 429      $ 183      $ 143      $ 465   

Total expense reductions

  $ 429      $ 183      $ 143      $ 465   

Net expenses

  $ 884,460      $ 378,948      $ 289,659      $ 591,837   

Net investment income

  $ 2,744,032      $ 1,032,748      $ 770,377      $ 1,779,319   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 301,476      $ (142,909   $ (90,762   $ (277,583

Extinguishment of debt

                         (2,352

Financial futures contracts

    324,647        233,584        33,428        943,773   

Net realized gain (loss)

  $ 626,123      $ 90,675      $ (57,334   $ 663,838   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ (5,783,006   $ (2,920,698   $ (1,780,549   $ (3,470,441

Financial futures contracts

    131,550        23,110        4,079        155,917   

Net change in unrealized appreciation (depreciation)

  $ (5,651,456   $ (2,897,588   $ (1,776,470   $ (3,314,524

Net realized and unrealized loss

  $ (5,025,333   $ (2,806,913   $ (1,833,804   $ (2,650,686

Distributions to preferred shareholders

                               

From net investment income

  $ (56,013   $ (21,883   $ (18,902   $ (37,466

Net decrease in net assets from operations

  $ (2,337,314   $ (1,796,048   $ (1,082,329   $ (908,833

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended May 31, 2013  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 3,011,407      $ 1,445,527      $ 1,371,767   

Total investment income

  $ 3,011,407      $ 1,445,527      $ 1,371,767   
Expenses                        

Investment adviser fee

  $ 412,581      $ 215,954      $ 199,973   

Administration fee

    126,471        66,197        61,298   

Trustees’ fees and expenses

    2,730        1,550        1,445   

Custodian fee

    35,190        22,806        22,100   

Transfer and dividend disbursing agent fees

    9,412        9,457        9,182   

Legal and accounting services

    24,471        18,430        21,621   

Printing and postage

    4,552        4,467        3,649   

Interest expense and fees

    65,333               7,115   

Preferred shares service fee

    24,392        16,267        15,057   

Miscellaneous

    20,083        17,026        16,998   

Total expenses

  $ 725,215      $ 372,154      $ 358,438   

Deduct —

     

Reduction of custodian fee

  $ 337      $ 239      $ 125   

Total expense reductions

  $ 337      $ 239      $ 125   

Net expenses

  $ 724,878      $ 371,915      $ 358,313   

Net investment income

  $ 2,286,529      $ 1,073,612      $ 1,013,454   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ (636,484   $ (58,373   $ (412,935

Financial futures contracts

    295,415        123,662        321,518   

Net realized gain (loss)

  $ (341,069   $ 65,289      $ (91,417

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (4,279,553   $ (3,011,575   $ (1,974,801

Financial futures contracts

    29,226        12,235        55,859   

Net change in unrealized appreciation (depreciation)

  $ (4,250,327   $ (2,999,340   $ (1,918,942

Net realized and unrealized loss

  $ (4,591,396   $ (2,934,051   $ (2,010,359

Distributions to preferred shareholders

                       

From net investment income

  $ (37,207   $ (24,747   $ (23,111

Net decrease in net assets from operations

  $ (2,342,074   $ (1,885,186   $ (1,020,016

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Changes in Net Assets

 

 

    Six Months Ended May 31, 2013 (Unaudited)  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 2,744,032      $ 1,032,748      $ 770,377      $ 1,779,319   

Net realized gain (loss) from investment transactions, extinguishment of debt and financial futures contracts

    626,123        90,675        (57,334     663,838   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (5,651,456     (2,897,588     (1,776,470     (3,314,524

Distributions to preferred shareholders —

       

From net investment income

    (56,013     (21,883     (18,902     (37,466

Net decrease in net assets from operations

  $ (2,337,314   $ (1,796,048   $ (1,082,329   $ (908,833

Distributions to common shareholders —

       

From net investment income

  $ (2,925,614   $ (1,085,532   $ (806,667   $ (1,842,872

Total distributions to common shareholders

  $ (2,925,614   $ (1,085,532   $ (806,667   $ (1,842,872

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $ 49,584      $      $      $ 47,846   

Net increase in net assets from capital share transactions

  $ 49,584      $      $      $ 47,846   

Net decrease in net assets

  $ (5,213,344   $ (2,881,580   $ (1,888,996   $ (2,703,859
Net Assets Applicable to Common Shares   

At beginning of period

  $ 106,366,858      $ 44,548,887      $ 32,391,135      $ 69,134,975   

At end of period

  $ 101,153,514      $ 41,667,307      $ 30,502,139      $ 66,431,116   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of period

  $ 425,582      $ 94,412      $ 62,420      $ 258,104   

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended May 31, 2013 (Unaudited)  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 2,286,529      $ 1,073,612      $ 1,013,454   

Net realized gain (loss) from investment transactions and financial futures contracts

    (341,069     65,289        (91,417

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (4,250,327     (2,999,340     (1,918,942

Distributions to preferred shareholders —

     

From net investment income

    (37,207     (24,747     (23,111

Net decrease in net assets from operations

  $ (2,342,074   $ (1,885,186   $ (1,020,016

Distributions to common shareholders —

     

From net investment income

  $ (2,453,504   $ (1,068,119   $ (1,084,036

Total distributions to common shareholders

  $ (2,453,504   $ (1,068,119   $ (1,084,036

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 55,392      $ 3,154      $ 7,155   

Net increase in net assets from capital share transactions

  $ 55,392      $ 3,154      $ 7,155   

Net decrease in net assets

  $ (4,740,186   $ (2,950,151   $ (2,096,897
Net Assets Applicable to Common Shares   

At beginning of period

  $ 85,000,902      $ 45,283,734      $ 40,187,595   

At end of period

  $ 80,260,716      $ 42,333,583      $ 38,090,698   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of period

  $ 359,026      $ 110,008      $ 117,061   

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2012  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,734,651      $ 2,118,603      $ 1,609,283      $ 3,745,238   

Net realized loss from investment transactions and financial futures contracts

    (974,992     (427,235     (347,036     (970,208

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    17,774,223        6,690,665        4,443,394        9,281,456   

Distributions to preferred shareholders —

       

From net investment income

    (127,665     (51,813     (44,571     (84,946

Net increase in net assets from operations

  $ 22,406,217      $ 8,330,220      $ 5,661,070      $ 11,971,540   

Distributions to common shareholders —

       

From net investment income

  $ (6,086,435   $ (2,212,744   $ (1,636,265   $ (3,723,547

Total distributions to common shareholders

  $ (6,086,435   $ (2,212,744   $ (1,636,265   $ (3,723,547

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $ 185,370      $ 59,017      $      $ 152,504   

Net increase in net assets from capital share transactions

  $ 185,370      $ 59,017      $      $ 152,504   

Net increase in net assets

  $ 16,505,152      $ 6,176,493      $ 4,024,805      $ 8,400,497   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 89,861,706      $ 38,372,394      $ 28,366,330      $ 60,734,478   

At end of year

  $ 106,366,858      $ 44,548,887      $ 32,391,135      $ 69,134,975   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 663,177      $ 169,079      $ 117,612      $ 359,123   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2012  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,678,805      $ 2,244,337      $ 2,137,052   

Net realized loss from investment transactions and financial futures contracts

    (423,975     (546,102     (718,314

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    12,995,092        7,610,893        5,022,434   

Distributions to preferred shareholders —

     

From net investment income

    (86,286     (58,080     (54,721

Net increase in net assets from operations

  $ 17,163,636      $ 9,251,048      $ 6,386,451   

Distributions to common shareholders —

     

From net investment income

  $ (4,974,981   $ (2,373,528   $ (2,248,125

Total distributions to common shareholders

  $ (4,974,981   $ (2,373,528   $ (2,248,125

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 134,042      $ 27,594      $ 38,280   

Net increase in net assets from capital share transactions

  $ 134,042      $ 27,594      $ 38,280   

Net increase in net assets

  $ 12,322,697      $ 6,905,114      $ 4,176,606   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 72,678,205      $ 38,378,620      $ 36,010,989   

At end of year

  $ 85,000,902      $ 45,283,734      $ 40,187,595   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 563,208      $ 129,262      $ 210,754   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Statement of Cash Flows* (Unaudited)

 

 

    Six Months Ended
May 31, 2013
 
Cash Flows From Operating Activities   New York Trust  

Net decrease in net assets from operations

  $ (2,342,074

Distributions to preferred shareholders

    37,207   

Net decrease in net assets from operations excluding distributions to preferred shareholders

  $ (2,304,867

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (4,892,057

Investments sold

    6,626,260   

Net amortization/accretion of premium (discount)

    (65,809

Decrease in interest receivable

    4,766   

Increase in receivable for variation margin on open financial futures contracts

    (20,157

Decrease in payable for variation margin on open financial futures contracts

    (6,718

Increase in payable to affiliate for investment adviser fee

    292   

Increase in payable to affiliate for administration fee

    581   

Increase in payable to affiliate for Trustees’ fees

    18   

Decrease in interest expense and fees payable

    (2,878

Decrease in accrued expenses

    (38,598

Net change in unrealized (appreciation) depreciation from investments

    4,279,553   

Net realized loss from investments

    636,484   

Net cash provided by operating activities

  $ 4,216,870   
Cash Flows From Financing Activities        

Distributions paid to common shareholders, net of reinvestments

  $ (2,398,112

Cash distributions paid to preferred shareholders

    (37,232

Decrease in due to custodian

    (634,282

Net cash used in financing activities

  $ (3,069,626

Net increase in cash

  $ 1,147,244   

Cash at beginning of period

  $   

Cash at end of period

  $ 1,147,244   
Supplemental disclosure of cash flow information:        

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 55,392   

Cash paid for interest and fees

    68,211   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
      2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 14.660      $ 12.410      $ 12.390      $ 12.330      $ 9.890      $ 15.120   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.378      $ 0.791      $ 0.926      $ 0.945      $ 0.947      $ 0.943   

Net realized and unrealized gain (loss)

    (0.697     2.316        0.002        0.026        2.321        (5.223

Distributions to preferred shareholders

           

From net investment income(1)

    (0.008     (0.018     (0.022     (0.028     (0.047     (0.277

Total income (loss) from operations

  $ (0.327   $ 3.089      $ 0.906      $ 0.943      $ 3.221      $ (4.557
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.403 )    $ (0.839   $ (0.886   $ (0.883   $ (0.781   $ (0.673

Total distributions to common shareholders

  $ (0.403   $ (0.839   $ (0.886   $ (0.883   $ (0.781   $ (0.673

Net asset value — End of period (Common shares)

  $ 13.930      $ 14.660      $ 12.410      $ 12.390      $ 12.330      $ 9.890   

Market value — End of period (Common shares)

  $ 12.800      $ 14.680      $ 12.770      $ 12.400      $ 12.170      $ 9.150   

Total Investment Return on Net Asset Value(2)

    (2.24 )%(3)      25.59     7.99     7.73     34.24     (30.70 )% 

Total Investment Return on Market Value(2)

    (10.31 )%(3)      22.22     11.04     9.25     43.19     (26.34 )% 

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 101,154      $ 106,367      $ 89,862      $ 89,395      $ 88,720      $ 71,065   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.62 %(5)      1.66     1.83     1.78     1.93     1.87

Interest and fee expense(6)

    0.09 %(5)      0.11     0.17     0.18     0.23     0.37

Total expenses before custodian fee reduction

    1.71 %(5)      1.77     2.00     1.96     2.16     2.24

Expenses after custodian fee reduction excluding interest and fees

    1.62 %(5)      1.66     1.83     1.78     1.93     1.85

Net investment income

    5.32 %(5)      5.77     7.81     7.34     8.35     6.91

Portfolio Turnover

    5 %(3)      17     22     14     18     31

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.10 %(5)      1.11     1.15     1.16     1.19     1.18

Interest and fee expense(6)

    0.06 %(5)      0.07     0.11     0.11     0.15     0.24

Total expenses before custodian fee reduction

    1.16 %(5)      1.18     1.26     1.27     1.34     1.42

Expenses after custodian fee reduction excluding interest and fees

    1.10 %(5)      1.11     1.15     1.16     1.19     1.17

Net investment income

    3.59 %(5)      3.84     4.93     4.77     5.18     4.39

Senior Securities:

           

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(7)

  $ 75,603      $ 78,210      $ 69,954      $ 69,721      $ 69,383      $ 60,552   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1)

Computed using average common shares outstanding.

 

(2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3)

Not annualized.

 

(4)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5)

Annualized.

 

(6)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7)

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.

 

(8)

Plus accumulated and unpaid dividends.

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
      2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 16.200      $ 13.970      $ 13.790      $ 13.590      $ 10.160      $ 14.860   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.375      $ 0.771      $ 0.890      $ 0.926      $ 0.948      $ 0.947   

Net realized and unrealized gain (loss)

    (1.022     2.283        0.219        0.210        3.356        (4.720

Distributions to preferred shareholders

           

From net investment income(1)

    (0.008     (0.019     (0.023     (0.030     (0.049     (0.278

Total income (loss) from operations

  $ (0.655 )    $ 3.035      $ 1.086      $ 1.106      $ 4.255      $ (4.051
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.395   $ (0.805   $ (0.906   $ (0.906   $ (0.825   $ (0.649

Total distributions to common shareholders

  $ (0.395   $ (0.805   $ (0.906   $ (0.906   $ (0.825   $ (0.649

Net asset value — End of period (Common shares)

  $ 15.150      $ 16.200      $ 13.970      $ 13.790      $ 13.590      $ 10.160   

Market value — End of period (Common shares)

  $ 13.930      $ 16.350      $ 14.810      $ 13.980      $ 13.260      $ 8.930   

Total Investment Return on Net Asset Value(2)

    (4.00 )%(3)      22.28     8.49     8.16     43.29     (28.02 )% 

Total Investment Return on Market Value(2)

    (12.54 )%(3)      16.41     13.45     12.38     58.91     (27.89 )% 

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 41,667      $ 44,549      $ 38,372      $ 37,735      $ 37,011      $ 27,576   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.69 %(5)      1.73     1.87     1.83     2.02     2.06

Interest and fee expense(6)

    0.08 %(5)      0.09     0.11     0.09     0.14     0.26

Total expenses before custodian fee reduction

    1.77 %(5)      1.82     1.98     1.92     2.16     2.32

Expenses after custodian fee reduction excluding interest and fees

    1.69 %(5)      1.73     1.87     1.82     2.02     2.04

Net investment income

    4.83 %(5)      5.06     6.70     6.51     7.77     7.03

Portfolio Turnover

    1 %(3)      11     15     16     24     40

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.16 %(5)      1.17     1.21     1.20     1.26     1.31

Interest and fee expense(6)

    0.05 %(5)      0.06     0.07     0.06     0.09     0.16

Total expenses before custodian fee reduction

    1.21 %(5)      1.23     1.28     1.26     1.35     1.47

Expenses after custodian fee reduction excluding interest and fees

    1.16 %(5)      1.17     1.21     1.20     1.26     1.30

Net investment income

    3.29 %(5)      3.42     4.32     4.29     4.85     4.47

Senior Securities:

           

Total preferred shares outstanding

    802        802        802        802        802        802   

Asset coverage per preferred share(7)

  $ 76,955      $ 80,548      $ 72,846      $ 72,051      $ 71,150      $ 59,391   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1)

Computed using average common shares outstanding.

 

(2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3)

Not annualized.

 

(4)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5)

Annualized.

 

(6)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7)

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.

 

(8)

Plus accumulated and unpaid dividends.

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
       2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 15.310      $ 13.400      $ 12.880      $ 12.940      $ 10.860      $ 14.510   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.364      $ 0.760      $ 0.826      $ 0.876      $ 0.918      $ 0.931   

Net realized and unrealized gain (loss)

    (0.874     1.944        0.558        (0.044     1.990        (3.669

Distributions to preferred shareholders

           

From net investment income(1)

    (0.009     (0.021     (0.025     (0.033     (0.056     (0.301

Total income (loss) from operations

  $ (0.519   $ 2.683      $ 1.359      $ 0.799      $ 2.852      $ (3.039
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.381   $ (0.773   $ (0.839   $ (0.859   $ (0.772   $ (0.611

Total distributions to common shareholders

  $ (0.381   $ (0.773   $ (0.839   $ (0.859   $ (0.772   $ (0.611

Net asset value — End of period (Common shares)

  $ 14.410      $ 15.310      $ 13.400      $ 12.880      $ 12.940      $ 10.860   

Market value — End of period (Common shares)

  $ 13.270      $ 14.690      $ 12.470      $ 12.100      $ 11.530      $ 7.920   

Total Investment Return on Net Asset Value(2)

    (3.27 )%(3)      20.92     11.66     6.57     28.08     (21.02 )% 

Total Investment Return on Market Value(2)

    (7.17 )%(3)      24.67     10.60     12.36     56.49     (32.76 )% 

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 30,502      $ 32,391      $ 28,366      $ 27,262      $ 27,392      $ 22,977   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.85 %(5)      1.89     2.04     1.98     2.18     2.15

Interest and fee expense(6)

                                0.06     0.16

Total expenses before custodian fee reduction

    1.85 %(5)      1.89     2.04     1.98     2.24     2.31

Expenses after custodian fee reduction excluding interest and fees

    1.85 %(5)      1.89     2.04     1.98     2.18     2.13

Net investment income

    4.93 %(5)      5.26     6.49     6.57     7.61     6.96

Portfolio Turnover

    6 %(3)      14     18     14     23     24

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.19 %(5)      1.20     1.24     1.22     1.29     1.33

Interest and fee expense(6)

                                0.04     0.10

Total expenses before custodian fee reduction

    1.19 %(5)      1.20     1.24     1.22     1.33     1.43

Expenses after custodian fee reduction excluding interest and fees

    1.19 %(5)      1.20     1.24     1.22     1.29     1.31

Net investment income

    3.16 %(5)      3.35     3.93     4.06     4.52     4.30

Senior Securities:

           

Total preferred shares outstanding

    700        700        700        700        700        700   

Asset coverage per preferred share(7)

  $ 68,575      $ 71,273      $ 65,524      $ 63,948      $ 64,132      $ 57,828   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5)

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7)

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.

 

(8)

Plus accumulated and unpaid dividends.

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
       2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 14.790      $ 13.020      $ 13.260      $ 13.570      $ 9.400      $ 14.930   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.380      $ 0.802      $ 0.890      $ 0.957      $ 0.971      $ 0.968   

Net realized and unrealized gain (loss)

    (0.568     1.783        (0.185     (0.290     4.091        (5.579

Distributions to preferred shareholders

           

From net investment income(1)

    (0.008     (0.018     (0.022     (0.029     (0.048     (0.289

Total income (loss) from operations

  $ (0.196   $ 2.567      $ 0.683      $ 0.638      $ 5.014      $ (4.900
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.394   $ (0.797   $ (0.923   $ (0.948   $ (0.844   $ (0.630

Total distributions to common shareholders

  $ (0.394   $ (0.797   $ (0.923   $ (0.948   $ (0.844   $ (0.630

Net asset value — End of period (Common shares)

  $ 14.200      $ 14.790      $ 13.020      $ 13.260      $ 13.570      $ 9.400   

Market value — End of period (Common shares)

  $ 13.440      $ 16.380      $ 13.370      $ 13.520      $ 14.040      $ 8.500   

Total Investment Return on Net Asset Value(2)

    (1.33 )%(3)      20.18     5.64     4.62     55.43     (33.57 )% 

Total Investment Return on Market Value(2)

    (15.71 )%(3)      29.62     6.39     3.10     77.84     (29.88 )% 

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 66,431      $ 69,135      $ 60,734      $ 61,717      $ 62,792      $ 43,459   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.67 %(5)      1.71     1.81     1.79     1.99     1.96

Interest and fee expense(6)

    0.09 %(5)      0.11     0.15     0.18     0.24     0.45

Total expenses before custodian fee reduction

    1.76 %(5)      1.82     1.96     1.97     2.23     2.41

Expenses after custodian fee reduction excluding interest and fees

    1.67 %(5)      1.71     1.81     1.79     1.99     1.94

Net investment income

    5.28 %(5)      5.70     6.96     6.87     8.16     7.22

Portfolio Turnover

    7 %(3)      14     11     9     48     54

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.12 %(5)      1.14     1.16     1.18     1.24     1.23

Interest and fee expense(6)

    0.06 %(5)      0.07     0.09     0.12     0.15     0.28

Total expenses before custodian fee reduction

    1.18 %(5)      1.21     1.25     1.30     1.39     1.51

Expenses after custodian fee reduction excluding interest and fees

    1.12 %(5)      1.14     1.16     1.18     1.24     1.21

Net investment income

    3.53 %(5)      3.78     4.46     4.53     5.08     4.51

Senior Securities:

           

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337        1,366   

Asset coverage per preferred share(7)

  $ 74,688      $ 76,709      $ 70,427      $ 71,162      $ 71,966      $ 56,817   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3)

Not annualized.

 

(4)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5)

Annualized.

 

(6)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7)

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.

 

(8)

Plus accumulated and unpaid dividends.

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
       2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 15.540      $ 13.310      $ 13.110      $ 12.920      $ 9.350      $ 15.240   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.418      $ 0.856      $ 0.950      $ 0.954      $ 0.960      $ 0.987   

Net realized and unrealized gain (loss)

    (0.843     2.300        0.179        0.166        3.493        (5.887

Distributions to preferred shareholders

           

From net investment income(1)

    (0.007     (0.016     (0.019     (0.025     (0.042     (0.269

Total income (loss) from operations

  $ (0.432   $ 3.140      $ 1.110      $ 1.095      $ 4.411      $ (5.169
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.448   $ (0.910   $ (0.910   $ (0.905   $ (0.841   $ (0.721

Total distributions to common shareholders

  $ (0.448   $ (0.910   $ (0.910   $ (0.905   $ (0.841   $ (0.721

Net asset value — End of period (Common shares)

  $ 14.660      $ 15.540      $ 13.310      $ 13.110      $ 12.920      $ 9.350   

Market value — End of period (Common shares)

  $ 14.260      $ 16.150      $ 13.450      $ 13.350      $ 13.200      $ 7.900   

Total Investment Return on Net Asset Value(2)

    (2.81 )%(3)      24.30     9.06     8.48     49.00     (35.07 )% 

Total Investment Return on Market Value(2)

    (9.03 )%(3)      27.89     8.18     8.16     80.12     (40.71 )% 

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 80,261      $ 85,001      $ 72,678      $ 71,372      $ 69,857      $ 50,325   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.61 %(5)      1.66     1.78     1.74     1.98     1.92

Interest and fee expense(6)

    0.16 %(5)      0.18     0.22     0.21     0.24     0.55

Total expenses before custodian fee reduction

    1.77 %(5)      1.84     2.00     1.95     2.22     2.47

Expenses after custodian fee reduction excluding interest and fees

    1.61 %(5)      1.66     1.78     1.74     1.98     1.89

Net investment income

    5.58 %(5)      5.90     7.40     7.02     8.40     7.21

Portfolio Turnover

    4 %(3)      17     13     13     20     48

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.14 %(5)      1.16     1.20     1.18     1.28     1.23

Interest and fee expense(6)

    0.11 %(5)      0.13     0.15     0.15     0.15     0.35

Total expenses before custodian fee reduction

    1.25 %(5)      1.29     1.35     1.33     1.43     1.58

Expenses after custodian fee reduction excluding interest and fees

    1.14 %(5)      1.16     1.20     1.18     1.28     1.21

Net investment income

    3.96 %(5)      4.14     5.00     4.82     5.43     4.63

Senior Securities:

           

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(7)

  $ 84,497      $ 88,010      $ 78,877      $ 77,909      $ 76,785      $ 62,309   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2)

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3)

Not annualized.

 

(4)

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5)

Annualized.

 

(6)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7)

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.

 

(8)

Plus accumulated and unpaid dividends.

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
       2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 15.850      $ 13.440      $ 13.170      $ 13.520      $ 10.450      $ 14.830   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.376      $ 0.786      $ 0.851      $ 0.899      $ 0.945      $ 0.961   

Net realized and unrealized gain (loss)

    (1.023     2.475        0.305        (0.325     2.974        (4.410

Distributions to preferred shareholders

           

From net investment income(1)

    (0.009     (0.020     (0.025     (0.033     (0.055     (0.303

Total income (loss) from operations

  $ (0.656   $ 3.241      $ 1.131      $ 0.541      $ 3.864      $ (3.752
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.374   $ (0.831   $ (0.861   $ (0.891   $ (0.794   $ (0.628

Total distributions to common shareholders

  $ (0.374   $ (0.831   $ (0.861   $ (0.891   $ (0.794   $ (0.628

Net asset value — End of period (Common shares)

  $ 14.820      $ 15.850      $ 13.440      $ 13.170      $ 13.520      $ 10.450   

Market value — End of period (Common shares)

  $ 14.010      $ 16.800      $ 13.320      $ 13.420      $ 13.430      $ 8.550   

Total Investment Return on Net Asset Value(2)

    (4.15 )%(3)      24.71     9.21     3.96     38.58     (25.69 )% 

Total Investment Return on Market Value(2)

    (14.52 )%(3)      33.34     6.25     6.64     68.25     (29.83 )% 

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 42,334      $ 45,284      $ 38,379      $ 37,463      $ 38,295      $ 29,563   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.71 %(5)      1.76     1.93     1.85     2.08     2.08

Interest and fee expense(6)

                  0.01     0.02     0.02     0.26

Total expenses before custodian fee reduction

    1.71 %(5)      1.76     1.94     1.87     2.10     2.34

Expenses after custodian fee reduction excluding interest and fees

    1.71 %(5)      1.76     1.93     1.85     2.08     2.06

Net investment income

    4.94 %(5)      5.31     6.64     6.53     7.77     7.12

Portfolio Turnover

    5 %(3)      11     11     17     20     27

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.13 %(5)      1.15     1.19     1.17     1.26     1.29

Interest and fee expense(6)

                  0.01     0.01     0.01     0.16

Total expenses before custodian fee reduction

    1.13 %(5)      1.15     1.20     1.18     1.27     1.45

Expenses after custodian fee reduction excluding interest and fees

    1.13 %(5)      1.15     1.19     1.17     1.26     1.28

Net investment income

    3.25 %(5)      3.45     4.09     4.13     4.68     4.41

Senior Securities:

           

Total preferred shares outstanding

    909        909        909        909        909        918   

Asset coverage per preferred share(7)

  $ 71,572      $ 74,818      $ 67,221      $ 66,215      $ 67,131      $ 57,209   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7) 

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.

 

(8) 

Plus accumulated and unpaid dividends.

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
       2012     2011     2010     2009     2008  

Net asset value — Beginning of period (Common shares)

  $ 14.780      $ 13.250      $ 13.330      $ 13.380      $ 10.320      $ 14.840   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.373      $ 0.786      $ 0.873      $ 0.912      $ 0.928      $ 0.986   

Net realized and unrealized gain (loss)

    (0.746     1.591        (0.062     (0.063     2.973        (4.555

Distributions to preferred shareholders

           

From net investment income(1)

    (0.008     (0.020     (0.024     (0.032     (0.053     (0.299

Total income (loss) from operations

  $ (0.381   $ 2.357      $ 0.787      $ 0.817      $ 3.848      $ (3.868
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.399   $ (0.827   $ (0.867   $ (0.867   $ (0.788   $ (0.652

Total distributions to common shareholders

  $ (0.399   $ (0.827   $ (0.867   $ (0.867   $ (0.788   $ (0.652

Net asset value — End of period (Common shares)

  $ 14.000      $ 14.780      $ 13.250      $ 13.330      $ 13.380      $ 10.320   

Market value — End of period (Common shares)

  $ 12.810      $ 15.100      $ 13.660      $ 12.930      $ 13.050      $ 9.600   

Total Investment Return on Net Asset Value(2)

    (2.56 )%(3)      18.20     6.53     6.13     39.16     (26.57 )% 

Total Investment Return on Market Value(2)

    (12.73 )%(3)      17.23     13.15     5.57     45.88     (20.75 )% 

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2013
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2012     2011     2010     2009     2008  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 38,091      $ 40,188      $ 36,011      $ 36,210      $ 36,255      $ 27,944   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.81 %(5)      1.85     1.93     1.88     2.11     2.06

Interest and fee expense(6)

    0.04 %(5)      0.04     0.05     0.06     0.21     0.37

Total expenses before custodian fee reduction

    1.85 %(5)      1.89     1.98     1.94     2.32     2.43

Expenses after custodian fee reduction excluding interest and fees

    1.81 %(5)      1.85     1.93     1.88     2.11     2.04

Net investment income

    5.22 %(5)      5.57     6.71     6.61     7.61     7.23

Portfolio Turnover

    4 %(3)      15     8     17     23     25

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees

    1.18 %(5)      1.20     1.21     1.20     1.28     1.28

Interest and fee expense(6)

    0.02 %(5)      0.02     0.03     0.04     0.13     0.23

Total expenses before custodian fee reduction

    1.20 %(5)      1.22     1.24     1.24     1.41     1.51

Expenses after custodian fee reduction excluding interest and fees

    1.18 %(5)      1.20     1.21     1.20     1.28     1.27

Net investment income

    3.38 %(5)      3.59     4.19     4.22     4.63     4.50

Senior Securities:

           

Total preferred shares outstanding

    847        847        847        847        847        889   

Asset coverage per preferred share(7)

  $ 69,972      $ 72,448      $ 67,516      $ 67,752      $ 67,806      $ 56,439   

Involuntary liquidation preference per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(8)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7) 

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.

 

(8) 

Plus accumulated and unpaid dividends.

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust) (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. 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.

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

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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 fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-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.

At November 30, 2012, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trusts’ next taxable year and are treated as realized prior to the utilization of the capital loss carryforward. The amounts and expiration dates of the capital loss carryforwards and the amounts of the deferred capital losses are as follows:

 

Expiration Date   California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

November 30, 2013

  $      $      $ 224,050      $      $      $ 588,403      $ 389,289   

November 30, 2016

    6,689,345        692,532        517,712               2,354,581        736,482        800,874   

November 30, 2017

    4,084,290        991,790        337,540        3,185,143        3,171,310        840,450          

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527   

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760   

Total capital loss carryforward

  $ 16,429,254      $ 3,464,403      $ 1,458,688      $ 8,835,603      $ 9,805,308      $ 3,376,009      $ 3,244,450   

Deferred capital losses

  $ 1,073,756      $ 445,924      $ 361,063      $ 1,210,103      $ 654,735      $ 678,454      $ 783,890   

 

  55  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

As of May 31, 2013, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. 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 10) at May 31, 2013. Interest expense related to the Trusts’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At May 31, 2013, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
    

Pennsylvania

Trust

 

Floating Rate Notes Outstanding

  $ 14,680,000       $ 4,885,000       $ 8,720,000       $ 19,315,000       $ 1,650,000   

Interest Rate or Range of Interest Rates (%)

    0.11 - 0.38         0.12 - 0.14         0.12 - 0.27         0.11 - 0.17         0.13 - 0.38   

Collateral for Floating Rate Notes Outstanding

  $ 19,038,703       $ 7,085,336       $ 12,626,258       $ 28,398,577       $ 2,986,370   

 

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May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

For the six months ended May 31, 2013, the Trusts’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Average Floating Rate Notes Outstanding

  $ 14,680,000       $ 4,885,000       $ 8,966,346       $ 19,315,000       $ 1,650,000   

Average Interest Rate

    0.65      0.69      0.70      0.68      0.86

The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of May 31, 2013.

The Trusts may also purchase residual interest bonds from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ 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.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

L  Interim Financial Statements — The interim financial statements relating to May 31, 2013 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.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and

 

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Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts’ By-laws and the 1940 Act. Each Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at May 31, 2013, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

APS Dividend Rates at May 31, 2013

    0.25     0.25     0.25     0.25     0.25     0.25     0.25

Dividends Accrued to APS Shareholders

  $ 56,013      $ 21,883      $ 18,902      $ 37,466      $ 37,207      $ 24,747      $ 23,111   

Average APS Dividend Rates

    0.22     0.22     0.22     0.22     0.22     0.22     0.22

Dividend Rate Ranges (%)

    0.14 - 0.38        0.13 - 0.38        0.13 - 0.38        0.14 - 0.38        0.13 - 0.38        0.13 - 0.38        0.13 - 0.38   

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each Trust as of May 31, 2013.

The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.640% (0.655% prior to May 1, 2013) of each Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee is reduced by 0.015% every May 1 thereafter for the next nineteen years. The fee reduction cannot be terminated without the consent of the Trustees and shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the six months ended May 31, 2013, the investment adviser fees and administration fees were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Investment Adviser Fee

  $ 529,193       $ 209,626       $ 159,114       $ 343,657       $ 412,581       $ 215,954       $ 199,973   

Administration Fee

  $ 162,218       $ 64,257       $ 48,774       $ 105,343       $ 126,471       $ 66,197       $ 61,298   

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 the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

 

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Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2013 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Purchases

  $ 8,415,242       $ 950,167       $ 4,113,142       $ 7,934,857       $ 4,892,057       $ 3,213,679       $ 2,524,909   

Sales

  $ 9,490,237       $ 808,646       $ 2,798,987       $ 7,383,814       $ 6,016,264       $ 3,144,046       $ 2,619,857   

6  Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the six months ended May 31, 2013 and the year ended November 30, 2012 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Six Months Ended May 31, 2013 (Unaudited)

    3,484                 3,303         3,692         203         496   

Year Ended November 30, 2012

    13,698         3,879         10,907         9,350         1,890         2,720   

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2013, as determined on a federal income tax basis, were as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Aggregate cost

  $ 135,562,960      $ 54,943,449      $ 45,366,468      $ 90,270,842      $ 99,737,694      $ 58,374,112      $ 54,083,041   

Gross unrealized appreciation

  $ 13,756,396      $ 5,686,212      $ 3,146,764      $ 8,653,857      $ 11,468,999      $ 6,149,139      $ 4,411,807   

Gross unrealized depreciation

    (545,817     (64,112     (179,930     (394,618     (233,338     (136,775     (537,283

Net unrealized appreciation

  $ 13,210,579      $ 5,622,100      $ 2,966,834      $ 8,259,239      $ 11,235,661      $ 6,012,364      $ 3,874,524   

8  Overdraft Advances

Pursuant to the custodian agreement, SSBT may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Trust’s assets to the extent of any overdraft. At May 31, 2013, Ohio Trust had a payment due to SSBT pursuant to the foregoing arrangement of $556,401. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at May 31, 2013. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2013. The Trusts’ average overdraft advances during the six months ended May 31, 2013 were not significant.

9  Financial Instruments

The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

 

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Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

A summary of obligations under these financial instruments at May 31, 2013 is as follows:

 

Futures Contracts         
Trust   Expiration
Month/Year
     Contracts    Position    Aggregate
Cost
     Value      Net
Unrealized
Appreciation
 
California     9/13       53
U.S. 10-Year Treasury Note
   Short    $ (6,910,606    $ (6,848,594    $ 62,012   
      9/13       43
U.S. Long Treasury Bond
   Short      (6,047,469      (6,021,344      26,125   
Massachusetts     9/13       34
U.S. Long Treasury Bond
   Short    $ (4,781,720    $ (4,761,063    $ 20,657   
Michigan     9/13       6
U.S. Long Treasury Bond
   Short    $ (843,833    $ (840,188    $ 3,645   
New Jersey     9/13       135
U.S. Long Treasury Bond
   Short    $ (18,986,238    $ (18,904,219    $ 82,019   
New York     9/13       43
U.S. Long Treasury Bond
   Short    $ (6,047,468    $ (6,021,344    $ 26,124   
Ohio     9/13       18
U.S. Long Treasury Bond
   Short    $ (2,531,499    $ (2,520,563    $ 10,936   
Pennsylvania     9/13       50
U.S. Long Treasury Bond
   Short    $ (7,031,940    $ (7,001,563    $ 30,377   

At May 31, 2013, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

Each Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trusts purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at May 31, 2013 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Asset Derivative:

                   

Futures Contracts

  $ 88,137 (1)     $ 20,657 (1)     $ 3,645 (1)     $ 82,019 (1)     $ 26,124 (1)     $ 10,936 (1)     $ 30,377 (1) 

Total

  $ 88,137       $ 20,657       $ 3,645       $ 82,019       $ 26,124       $ 10,936       $ 30,377   

 

(1)

Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

 

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May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2013 was as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ 324,647 (1)    $ 233,584 (1)    $ 33,428 (1)    $ 943,773 (1)    $ 295,415 (1)    $ 123,662 (1)    $ 321,518 (1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ 131,550 (2)    $ 23,110 (2)    $ 4,079 (2)    $ 155,917 (2)    $ 29,226 (2)    $ 12,235 (2)    $ 55,859 (2) 

 

(1)

Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

 

(2)

Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional amount of futures contracts outstanding during the six months ended May 31, 2013, which is indicative of the volume of this derivative type, was approximately as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Average Notional Amount:

                   

Futures Contracts

  $ 11,029,000       $ 3,400,000       $ 557,000       $ 14,357,000       $ 4,300,000       $ 1,800,000       $ 5,000,000   

10  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.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At May 31, 2013, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:

 

California Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 163,453,539       $         —       $ 163,453,539   

Total Investments

  $       $ 163,453,539       $       $ 163,453,539   

Futures Contracts

  $ 88,137       $       $       $ 88,137   

Total

  $ 88,137       $ 163,453,539       $       $ 163,541,676   

 

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Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

Massachusetts Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 65,450,549       $       $ 65,450,549   

Total Investments

  $       $ 65,450,549       $       $ 65,450,549   

Futures Contracts

  $ 20,657       $       $       $ 20,657   

Total

  $ 20,657       $ 65,450,549       $       $ 65,471,206   
          

Michigan Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 48,333,302       $       $ 48,333,302   

Total Investments

  $       $ 48,333,302       $       $ 48,333,302   

Futures Contracts

  $ 3,645       $       $       $ 3,645   

Total

  $ 3,645       $ 48,333,302       $       $ 48,336,947   
          

New Jersey Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 106,259,091       $       $ 106,259,091   

Taxable Municipal Securities

            990,990                 990,990   

Total Investments

  $       $ 107,250,081       $       $ 107,250,081   

Futures Contracts

  $ 82,019       $       $       $ 82,019   

Total

  $ 82,019       $ 107,250,081       $       $ 107,332,100   
          

New York Trust

                          
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 129,465,955       $       $ 129,465,955   

Miscellaneous

                    822,400         822,400   

Total Investments

  $       $ 129,465,955       $ 822,400       $ 130,288,355   

Futures Contracts

  $ 26,124       $       $       $ 26,124   

Total

  $ 26,124       $ 129,465,955       $ 822,400       $ 130,314,479   
          

Ohio Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 64,386,476       $         —       $ 64,386,476   

Total Investments

  $       $ 64,386,476       $       $ 64,386,476   

Futures Contracts

  $ 10,936       $       $       $ 10,936   

Total

  $ 10,936       $ 64,386,476       $       $ 64,397,412   

 

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Municipal Income Trusts

May 31, 2013

 

Notes to Financial Statements (Unaudited) — continued

 

 

Pennsylvania Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 59,607,565       $         —       $ 59,607,565   

Total Investments

  $       $ 59,607,565       $       $ 59,607,565   

Futures Contracts

  $ 30,377       $       $       $ 30,377   

Total

  $ 30,377       $ 59,607,565       $       $ 59,637,942   

 

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

California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust held no investments or other financial instruments as of November 30, 2012 whose fair value was determined using Level 3 inputs.

Level 3 investments held by New York Trust at the beginning and/or end of the period in relation to net assets applicable to common shares were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended May 31, 2013 is not presented.

At May 31, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  63  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Annual Meeting of Shareholders

 

 

Each Trust held its Annual Meeting of Shareholders on March 22, 2013. Scott E. Eston, Thomas E. Faust Jr. and Allen R. Freedman were elected Class II Trustees of each Trust for a three-year term expiring in 2016. Mr. Verni has been nominated for election by the holders of each Trust’s APS. Due to a lack of quorum of APS, each Trust was unable to act on election of Mr. Verni. Accordingly, Mr. Verni will remain in office and continue to serve as Trustee of each Trust.

 

Trust   Nominee for
Class II Trustee
Elected by APS
Shareholders:
Ralph F. Verni
     Nominee for
Class II Trustee
Elected by All
Shareholders:
Scott E. Eston
     Nominee for
Class II Trustee
Elected by All
Shareholders:
Thomas E. Faust Jr.
     Nominee for
Class II Trustee
Elected by All
Shareholders:
Allen R. Freedman
 

California Trust

          

For

    569         6,621,261         6,622,561         6,617,497   

Withheld

    79         160,277         158,977         164,041   

Massachusetts Trust

          

For

    147         2,413,204         2,414,374         2,415,004   

Withheld

    37         114,203         113,033         112,403   

Michigan Trust

          

For

    153         1,787,933         1,799,206         1,799,455   

Withheld

    25         136,703         125,430         125,181   

New Jersey Trust

          

For

    220         4,316,480         4,321,778         4,307,419   

Withheld

    6         80,687         75,389         89,748   

New York Trust

          

For

    360         4,974,147         4,987,898         4,974,147   

Withheld

    132         130,535         116,784         130,535   

Ohio Trust

          

For

    143         2,633,532         2,633,532         2,633,532   

Withheld

    4         55,174         55,174         55,174   

Pennsylvania Trust

          

For

    217         2,462,164         2,462,164         2,437,878   

Withheld

    5         29,960         29,960         54,246   

 

  64  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of 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 of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 22, 2013, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

 

Ÿ  

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

 

Ÿ  

An independent report 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;

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser 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;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

 

Ÿ  

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

 

Ÿ  

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

 

Ÿ  

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

 

Ÿ  

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

 

Ÿ  

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

 

Ÿ  

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

 

  65  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

 

Ÿ  

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

 

Ÿ  

The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2013, with respect to one or more funds, the Board met eight times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also 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 and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-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 advisory and sub-advisory agreement.

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 of the following funds:

 

Ÿ  

Eaton Vance California Municipal Income Trust

 

Ÿ  

Eaton Vance Massachusetts Municipal Income Trust

 

Ÿ  

Eaton Vance Michigan Municipal Income Trust

 

Ÿ  

Eaton Vance New Jersey Municipal Income Trust

 

Ÿ  

Eaton Vance New York Municipal Income Trust

 

Ÿ  

Eaton Vance Ohio Municipal Income Trust

 

Ÿ  

Eaton Vance Pennsylvania Municipal Income Trust

(the “Funds”), each with Eaton Vance Management (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, 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 of 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 process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds. In particular, the Board considered, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s large 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, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio

 

  66  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Board of Trustees’ Contract Approval — continued

 

 

valuation, business continuity and the allocation of investment opportunities. The Board also evaluated 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.

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 family of funds.

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 a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices and, where relevant, a customized peer group of similarly managed funds approved by the Board, and assessed each Fund’s performance on the basis of total return and current income return. The Board’s review included comparative performance data for the one-, three-, five- and ten-year periods ended September 30, 2012 for each Fund. The Board considered the impact of extraordinary market conditions in recent years on each Fund’s performance in light of, among other things, the Adviser’s efforts to generate competitive levels of tax exempt current income over time through investments that, relative to its peer universe, focus on higher quality municipal bonds with longer maturities. The Board noted that the Adviser had taken action to restructure each Fund’s portfolio as part of a long-term strategy for managing interest rate risk, consistent with each Fund’s objective of providing current income. The Board concluded that each Fund’s performance had been satisfactory on the basis of current income return, and that it was appropriate to continue to monitor the effectiveness of the actions taken by the Adviser to improve Fund performance on the basis of total return, which the Board noted had improved for periods ended as of December 31, 2012.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including administrative fee rates, payable by each Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and each Fund’s total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board considered the financial resources committed by the Adviser in structuring the Funds 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 considered that, at the request of the Contract Review Committee, the Adviser had implemented a series of permanent reductions in management fees beginning in May 2010, which include a further fee reduction effective May 1, 2013. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing 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 advisory and related services are reasonable.

Profitability

The Board reviewed 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 revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their 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.

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 reasonable.

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 the economies of scale 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. 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. The Board concluded that, in light of the level of the Adviser’s profits with respect to each Fund, the implementation of breakpoints in the advisory fee schedules is not appropriate at this time.

 

  67  


Eaton Vance

Municipal Income Trusts

May 31, 2013

 

Officers and Trustees

 

 

Officers

 

 

Cynthia J. Clemson

President of CEV, EMI, EVY, EVO and EVP

Thomas M. Metzold

President of MMV and EVJ

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

 

 

* Interested Trustee

 

 

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of May 31, 2013, Trust records indicate that there are 26, 32, 13, 34, 27, 28 and 29 registered shareholders for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively, and approximately 2,237, 1,269, 1,223, 1,751, 2,228, 1,486 and 1,396 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbols

 

California Municipal Income Trust    CEV
Massachusetts Municipal Income Trust    MMV
Michigan Municipal Income Trust    EMI
New Jersey Municipal Income Trust    EVJ
New York Municipal Income Trust    EVY
Ohio Municipal Income Trust    EVO
Pennsylvania Municipal Income Trust    EVP
  
 

 

  68  


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:

 

Ÿ  

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.

 

Ÿ  

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.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Additional Notice to Shareholders.  A Fund also may purchase shares of its common stock in the open market when they trade at a discount to net asset value or at other times if the Fund determines such purchases are advisable. There can be no assurance that a Fund will take such action or that such purchases would reduce the discount. If applicable, a Fund may also redeem or purchase its outstanding auction preferred shares (APS) in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  The Eaton Vance closed-end funds make certain fund performance data and portfolio characteristics available on the Eaton Vance website after the end of each month. Portfolio holdings for the most recent month-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”.

 

  69  


 

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

American Stock Transfer & Trust Company

59 Maiden Lane

Plaza Level

New York, NY 10038

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

147-7/13   CE-MUNISRC7


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

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 Form N-CSR.

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

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No Material Changes.


Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Massachusetts Municipal Income Trust

 

By:  

/s/ Thomas M. Metzold

  Thomas M. Metzold
  President
Date:     July 9, 2013

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 9, 2013
By:  

/s/ Thomas M. Metzold

  Thomas M. Metzold
  President
Date:   July 9, 2013