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, 2015

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2015

 

 

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

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

 

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

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


Semiannual Report May 31, 2015

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Performance and Fund Profile

  
  

California Municipal Income Trust

     2   

Massachusetts Municipal Income Trust

     3   

Michigan Municipal Income Trust

     4   

New Jersey Municipal Income Trust

     5   

New York Municipal Income Trust

     6   

Ohio Municipal Income Trust

     7   

Pennsylvania Municipal Income Trust

     8   
  

Endnotes and Additional Disclosures

     9   

Financial Statements

     10   

Annual Meeting of Shareholders

     65   

Board of Trustees’ Contract Approval

     66   

Officers and Trustees

     70   

Important Notices

     71   


Eaton Vance

California Municipal Income Trust

May 31, 2015

 

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         1.48      7.50      8.16      5.02

Fund at Market Price

             6.44         10.33         7.02         5.16   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –5.61
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.368   

Distribution Rate at NAV

                 5.29

Taxable-Equivalent Distribution Rate at NAV

                 10.78

Distribution Rate at Market Price

                 5.61

Taxable-Equivalent Distribution Rate at Market Price

                 11.43
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 30.26

Residual Interest Bond (RIB) Financing

                 8.66   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

LOGO

 

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2015

 

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         1.52      5.55      6.87      5.28

Fund at Market Price

             4.07         5.12         4.05         3.97   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –9.87
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.343   

Distribution Rate at NAV

                 4.58

Taxable-Equivalent Distribution Rate at NAV

                 8.53

Distribution Rate at Market Price

                 5.08

Taxable-Equivalent Distribution Rate at Market Price

                 9.46
              
% Total Leverage5                                        

APS

                 31.11

RIB Financing

                 5.25   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2015

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     01/29/1999         2.16      7.86      7.98      5.62

Fund at Market Price

             4.14         6.67         6.47         3.71   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –12.61
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.355   

Distribution Rate at NAV

                 4.87

Taxable-Equivalent Distribution Rate at NAV

                 8.99

Distribution Rate at Market Price

                 5.58

Taxable-Equivalent Distribution Rate at Market Price

                 10.30
              
% Total Leverage5                                        

APS

                 37.16

Fund Profile

 

 

Credit Quality (% of total investments)6

 

 

 

 

 

LOGO

    

 

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2015

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         0.96      4.47      6.05      5.01

Fund at Market Price

             1.77         1.48         2.77         4.08   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –11.82
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.364   

Distribution Rate at NAV

                 5.28

Taxable-Equivalent Distribution Rate at NAV

                 10.25

Distribution Rate at Market Price

                 5.99

Taxable-Equivalent Distribution Rate at Market Price

                 11.63
              
% Total Leverage5                                        

APS

                 33.11

RIB Financing

                 3.45   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

 

LOGO

    

 

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2015

 

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         2.03      6.84      7.88      5.28

Fund at Market Price

             1.37         1.37         5.97         4.62   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –6.51
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.410   

Distribution Rate at NAV

                 5.67

Taxable-Equivalent Distribution Rate at NAV

                 10.99

Distribution Rate at Market Price

                 6.07

Taxable-Equivalent Distribution Rate at Market Price

                 11.76
              
% Total Leverage5                                        

APS

                 25.80

RIB Financing

                 13.69   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2015

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     01/29/1999         2.00      7.18      7.85      5.61

Fund at Market Price

             1.01         2.04         5.60         4.58   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –10.96
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.366   

Distribution Rate at NAV

                 4.86

Taxable-Equivalent Distribution Rate at NAV

                 9.07

Distribution Rate at Market Price

                 5.46

Taxable-Equivalent Distribution Rate at Market Price

                 10.19
              
% Total Leverage5                                        

APS

                 33.83

RIB Financing

                 2.17   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

 

LOGO

    

 

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2015

 

Performance1,2

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         2.32      6.74      6.32      5.21

Fund at Market Price

             3.75         1.72         3.85         3.54   

Barclays Long (22+) Year Municipal Bond Index

             1.32      5.31      6.07      4.96
              
% Premium/Discount to NAV3                                        
                 –12.16
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.363   

Distribution Rate at NAV

                 5.26

Taxable-Equivalent Distribution Rate at NAV

                 9.59

Distribution Rate at Market Price

                 5.99

Taxable-Equivalent Distribution Rate at Market Price

                 10.92
              
% Total Leverage5                                        

APS

                 36.15

RIB Financing

                 1.28   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

 

 

 

LOGO

    

 

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

3 

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

 

4 

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. Taxable-equivalent performance is based on the highest combined federal and state income tax rates, where applicable. Lower tax rates would result in lower tax-equivalent performance. Actual tax rates will vary depending on your income, exemptions and deductions. Rates do not include local taxes.

 

5 

Fund employs RIB financing and/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 may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time. Floating Rate Notes in both calculations reflect the effect of RIBs purchased in secondary market transactions, if applicable.

 

6 

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

 

7 

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

 

   Fund profile subject to change due to active management.

Important Notice to Shareholders

   Effective July 31, 2015, the Michigan Municipal Income Trust and the Ohio Municipal Income Trust are managed by Cynthia J. Clemson.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 156.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 15.6%

  

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

  $ 3,135      $ 3,451,071   

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

    195        221,494   

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

    330        371,095   

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

    745        836,799   

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

    1,600        1,906,240   

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

    235        286,143   

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

    2,490        2,777,620   

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

    630        707,786   

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

    415        470,278   

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

    285        318,804   

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

    810        955,533   

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

    850        996,132   

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

    895        1,043,704   

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

    1,045        1,181,132   

University of California, Prerefunded to 5/15/19, 5.25%, 5/15/39

    205        237,519   
                 
    $ 15,761,350   
                 

Electric Utilities — 14.3%

  

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

  $ 270      $ 315,538   

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

    2,275        2,373,735   

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

    1,500        1,699,560   

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

    2,170        2,420,657   

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

    1,500        1,688,355   

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

    1,335        1,571,682   

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

    1,795        2,113,236   

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

    680        771,535   

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

    1,300        1,439,087   
                 
    $ 14,393,385   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Escrowed / Prerefunded — 3.5%

  

California Department of Water Resources, Prerefunded to 6/1/18, 5.00%, 12/1/29

  $ 715      $ 798,376   

California Health Facilities Financing Authority, (Catholic Healthcare West), Prerefunded to 7/1/15, 5.625%, 7/1/32

    1,000        1,004,720   

California Health Facilities Financing Authority, (Providence Health System), Prerefunded to 10/1/18, 6.50%, 10/1/38

    1,475        1,739,630   
                 
    $ 3,542,726   
                 

General Obligations — 28.2%

  

California, 5.00%, 10/1/31

  $ 1,885      $ 2,181,680   

California, 5.50%, 11/1/35

    1,600        1,909,984   

California, 6.00%, 4/1/38

    750        881,258   

California, (AMT), 5.05%, 12/1/36

    140        140,008   

Escondido, 5.00%, 9/1/36(1)

    1,000        1,135,650   

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

    3,655        4,098,096   

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

    2,890        3,014,819   

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

    1,545        1,634,347   

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

    860        977,347   

San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/27

    1,315        1,558,801   

San Mateo Union High School District, (Election of 2006), 5.00%, 9/1/28

    2,230        2,634,321   

Santa Clara County, (Election of 2008), 5.00%, 8/1/39(2)(3)

    3,180        3,585,704   

Tamalpais Union High School District, 5.00%, 8/1/27

    930        1,118,223   

Tamalpais Union High School District, 5.00%, 8/1/28

    1,000        1,191,550   

Torrance Unified School District, (Election of 2008), 5.00%, 8/1/35

    2,150        2,436,187   
                 
    $ 28,497,975   
                 

Hospital — 14.3%

  

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

  $ 1,000      $ 1,122,870   

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

    190        211,833   

California Health Facilities Financing Authority, (City of Hope), 5.00%, 11/15/32

    635        704,761   

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

    910        1,004,913   

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

    2,000        2,274,360   

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

    1,000        1,101,060   

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/33

    1,145        1,286,487   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

               

California Health Facilities Financing Authority, (St. Joseph Health System), 5.00%, 7/1/37

  $ 535      $ 595,878   

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

    600        627,840   

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

    1,900        1,905,320   

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

    2,780        2,866,903   

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

    700        701,855   
                 
    $ 14,404,080   
                 

Industrial Development Revenue — 1.3%

  

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23(4)

  $ 1,235      $ 1,270,976   
                 
    $ 1,270,976   
                 

Insured – Education — 1.5%

  

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

  $ 1,250      $ 1,489,250   
                 
    $ 1,489,250   
                 

Insured – Electric Utilities — 3.0%

  

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

  $ 2,790      $ 3,033,846   
                 
    $ 3,033,846   
                 

Insured – Escrowed / Prerefunded — 6.0%

  

East Bay Municipal Utility District, Water System Revenue, (NPFG), Prerefunded to 6/1/17, 5.00%, 6/1/32(2)

  $ 2,000      $ 2,172,360   

Foothill/Eastern Transportation Corridor Agency, (AGC), (AGM), Escrowed to Maturity, 0.00%, 1/1/26

    5,130        3,888,078   
                 
    $ 6,060,438   
                 

Insured – General Obligations — 9.5%

  

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

  $ 6,485      $ 2,360,800   

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

    4,825        1,660,041   

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

    2,005        2,165,159   

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

    4,720        3,358,894   
                 
    $ 9,544,894   
                 

Insured – Hospital — 8.9%

  

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

  $ 2,900      $ 2,998,136   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital (continued)

               

California Statewide Communities Development Authority, (Kaiser Permanente), (BHAC), 5.00%, 3/1/41(2)

  $ 750      $ 772,643   

California Statewide Communities Development Authority, (Sutter Health), (AMBAC), (BHAC), 5.00%, 11/15/38(2)

    5,000        5,265,250   
                 
    $ 9,036,029   
                 

Insured – Lease Revenue / Certificates of Participation — 8.1%

  

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

  $ 4,410      $ 4,304,292   

San Diego County Water Authority, Certificates of Participation, (AGM), 5.00%, 5/1/38(2)

    3,500        3,840,165   
                 
    $ 8,144,457   
                 

Insured – Special Tax Revenue — 2.1%

  

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

  $ 4,850      $ 684,723   

Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/28

    370        422,755   

Successor Agency to Dinuba Redevelopment Agency, (BAM), 5.00%, 9/1/33

    930        1,039,433   
                 
    $ 2,146,911   
                 

Insured – Transportation — 8.4%

  

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

  $ 5,000      $ 2,613,850   

Alameda Corridor Transportation Authority, (NPFG), 0.00%, 10/1/31(5)

    4,500        2,272,635   

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

    740        750,841   

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

    1,275        1,351,334   

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

    1,350        1,457,298   
                 
    $ 8,445,958   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

California Public Works Board, 5.00%, 11/1/38

  $ 915      $ 1,022,128   
                 
    $ 1,022,128   
                 

Other Revenue — 0.4%

  

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

  $ 385      $ 413,771   
                 
    $ 413,771   
                 

Senior Living / Life Care — 2.5%

  

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

  $ 290      $ 327,149   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

               

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26(4)

  $ 175      $ 177,936   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36(4)

    700        701,057   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(4)

    600        702,306   

California Statewide Communities Development Authority, (The Redwoods, a Community of Seniors), 5.125%, 11/15/35

    535        594,460   
                 
    $ 2,502,908   
                 

Special Tax Revenue — 13.1%

  

Aliso Viejo Community Facilities District No. 2005-01, Special Tax Revenue, (Glenwood at Aliso Viejo), 5.00%, 9/1/30

  $ 770      $ 853,314   

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

    285        293,809   

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

    460        472,770   

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

    1,590        1,605,280   

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

    240        277,999   

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

    480        550,766   

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

    240        272,796   

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

    335        378,376   

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

    240        269,167   

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

    2,400        2,759,880   

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

    250        253,710   

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

    490        497,394   

South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/27

    485        553,710   

South Orange County Public Financing Authority, Special Tax Revenue, (Ladera Ranch), 5.00%, 8/15/28

    725        824,289   

Successor Agency to La Quinta Redevelopment Agency, 5.00%, 9/1/28

    1,600        1,869,072   

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

    500        521,765   

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

    1,000        1,001,510   
                 
    $ 13,255,607   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 12.7%

  

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

  $ 2,000      $ 2,077,820   

Bay Area Toll Authority, Toll Bridge Revenue, (San Francisco Bay Area), Prerefunded to 4/1/19, 5.25%, 4/1/29

    1,000        1,154,750   

Los Angeles Department of Airports, (Los Angeles International Airport), 5.00%, 5/15/35(2)(3)

    2,120        2,405,606   

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

    1,500        1,652,340   

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

    2,760        3,019,385   

San Joaquin Hills Transportation Corridor Agency, 5.00%, 1/15/34

    2,265        2,469,937   
                 
    $ 12,779,838   
                 

Water and Sewer — 1.9%

  

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

  $ 25      $ 27,944   

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

    1,700        1,886,167   
                 
  $ 1,914,111   
                 

Total Tax-Exempt Municipal Securities — 156.3%
(identified cost $145,206,158)

   

  $ 157,660,638   
                 
Taxable Municipal Securities — 1.9%     
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 1.9%

  

California Statewide Communities Development Authority, (Loma Linda University Medical Center), 6.00%, 12/1/24

  $ 1,750      $ 1,861,370   
                 

Total Taxable Municipal Securities — 1.9%
(identified cost $1,750,000)

   

  $ 1,861,370   
                 
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Corporate Bonds & Notes — 0.7%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 0.7%

  

Dignity Health, 3.812%, 11/1/24

  $ 720      $ 750,926   
                 

Total Corporate Bonds & Notes — 0.7%
(identified cost $720,000)

   

  $ 750,926   
                 

Total Investments — 158.9%
(identified cost $147,676,158)

   

  $ 160,272,934   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.6)%

  

  $ (49,977,250
                 

Other Assets, Less Liabilities — (9.3)%

  

  $ (9,429,917
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 100,865,767   
                 

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.
BAM     Build America Mutual Assurance Co.
BHAC     Berkshire Hathaway Assurance Corp.
CIFG     CIFG Assurance North America, Inc.
NPFG     National Public Finance Guaranty Corp.

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, 2015, 29.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 15.2% of total investments.

 

(1) 

When-issued security.

 

(2) 

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

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,016,311.

 

(4) 

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, 2015, the aggregate value of these securities is $2,852,275 or 2.8% of the Trust’s net assets applicable to common shares.

(5) 

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

 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

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

Bond Bank — 5.9%

  

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

  $ 910      $ 1,155,354   

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

    990        1,262,616   
   
    $ 2,417,970   
   

Education — 23.9%

  

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

  $ 1,080      $ 1,225,811   

Massachusetts Development Finance Agency, (Northeastern University), 5.00%, 3/1/33

    770        865,064   

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

    1,500        1,624,155   

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

    1,640        2,111,795   

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

    1,500        1,639,800   

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

    1,350        1,515,861   

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

    750        838,020   
   
    $ 9,820,506   
   

Escrowed / Prerefunded — 9.5%

  

Massachusetts Development Finance Agency, (New England Conservatory of Music), Prerefunded to 7/1/18, 5.25%, 7/1/38

  $ 625      $ 702,231   

Massachusetts Development Finance Agency, (Partners HealthCare System), Prerefunded to 7/1/17, 5.00%, 7/1/32

    1,055        1,148,093   

Massachusetts Health and Educational Facilities Authority, (Massachusetts Institute of Technology), Prerefunded to 7/1/17, 5.00%, 7/1/38

    415        451,711   

Massachusetts Health and Educational Facilities Authority, (Tufts University), Prerefunded to 8/15/18, 5.375%, 8/15/38

    1,420        1,610,408   
   
    $ 3,912,443   
   

General Obligations — 15.2%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 331,641   

Cambridge, 4.00%, 2/15/21

    595        673,683   

Danvers, 5.25%, 7/1/36

    885        1,028,812   

Lexington, 4.00%, 2/1/22

    430        490,080   

Lexington, 4.00%, 2/1/23

    355        407,451   

Newton, 5.00%, 4/1/36

    750        847,935   

Plymouth, 5.00%, 5/1/31

    345        391,182   

Plymouth, 5.00%, 5/1/32

    315        356,057   

Wayland, 5.00%, 2/1/33

    510        580,319   

Wayland, 5.00%, 2/1/36

    770        866,804   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Winchester, 5.00%, 4/15/36

  $ 245      $ 276,012   
   
    $ 6,249,976   
   

Hospital — 24.5%

  

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

  $ 1,000      $ 1,089,020   

Massachusetts Development Finance Agency, (Children’s Hospital), 5.00%, 10/1/31

    525        598,925   

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

    600        717,162   

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

    555        611,061   

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

    1,210        1,367,953   

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

    500        565,205   

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

    1,135        1,232,054   

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

    755        757,899   

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

    970        1,036,561   

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

    945        1,015,601   

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

    675        677,842   

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

    350        380,958   
   
    $ 10,050,241   
   

Housing — 5.1%

  

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

  $ 2,100      $ 2,104,389   
   
    $ 2,104,389   
   

Industrial Development Revenue — 2.0%

  

Massachusetts Development Finance Agency, (Covanta Energy), (AMT), 4.875%, 11/1/27(2)

  $ 800      $ 821,096   
   
    $ 821,096   
   

Insured – Education — 7.2%

  

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

  $ 1,000      $ 1,263,890   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(1)(3)

    1,365        1,702,715   
   
    $ 2,966,605   
   
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 546,458   
   
    $ 546,458   
   

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,274,690   
   
    $ 1,274,690   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 374,513   
   
    $ 374,513   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 728,733   
   
    $ 728,733   
   

Insured – Special Tax Revenue — 13.0%

  

Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/25

  $ 900      $ 1,078,929   

Martha’s Vineyard Land Bank, (BAM), 5.00%, 5/1/28

    1,195        1,382,794   

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

    1,000        1,250,560   

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

    1,340        1,442,979   

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

    1,105        156,004   
   
    $ 5,311,266   
   

Insured – Student Loan — 2.4%

  

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

  $ 260      $ 274,250   

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

    690        699,108   
   
    $ 973,358   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 332,215   
   
    $ 332,215   
   

Other Revenue — 2.8%

  

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

  $ 500      $ 564,645   

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

    505        568,312   
   
    $ 1,132,957   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care — 6.1%

  

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

  $ 250      $ 250,595   

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

    1,500        1,504,410   

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

    125        140,356   

Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.125%, 11/1/27(2)

    140        140,753   

Massachusetts Development Finance Agency, (VOA Concord Assisted Living, Inc.), 5.20%, 11/1/41(2)

    475        467,073   
   
    $ 2,503,187   
   

Special Tax Revenue — 8.6%

  

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

  $ 140      $ 156,080   

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

    1,665        808,274   

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

    5,195        2,173,017   

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

    335        380,403   
   
    $ 3,517,774   
   

Transportation — 7.3%

  

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

  $ 1,500      $ 1,647,990   

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

    500        573,930   

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

    670        757,777   
   
    $ 2,979,697   
   

Water and Sewer — 11.0%

  

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

  $ 2,005      $ 2,308,457   

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

    495        564,443   

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

    225        255,742   

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

    1,195        1,372,589   
   
    $ 4,501,231   
   

Total Tax-Exempt Investments — 152.4%
(identified cost $57,274,980)

   

  $ 62,519,305   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.9)%

  

  $ (20,050,701
   

Other Assets, Less Liabilities — (3.5)%

  

  $ (1,445,918
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,022,686   
   

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, 2015

 

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.
BAM     Build America Mutual Assurance Co.
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, 2015, 20.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 9.4% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2015, the aggregate value of these securities is $1,428,922 or 3.5% of the Trust’s net assets applicable to common shares.

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $792,715.

 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 156.8%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 2.3%

               

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

  $ 600      $ 677,232   
                 
  $ 677,232   
                 

Education — 7.0%

               

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

  $ 1,000      $ 1,108,400   

Oakland University, 5.00%, 3/1/42

    500        543,495   

Wayne State University, 5.00%, 11/15/40

    370        410,622   
                 
  $ 2,062,517   
                 

Electric Utilities — 9.1%

               

Holland, Electric Utility System, 5.00%, 7/1/39

  $ 1,135      $ 1,258,374   

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

    500        583,700   

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

    800        847,808   
                 
  $ 2,689,882   
                 

Escrowed / Prerefunded — 5.8%

               

Grand Valley State University, Prerefunded to 12/1/16, 5.625%, 12/1/29

  $ 525      $ 565,415   

Grand Valley State University, Prerefunded to 12/1/16, 5.75%, 12/1/34

    525        566,396   

Michigan Hospital Finance Authority, (MidMichigan Obligated Group), Prerefunded to 6/1/19, 6.125%, 6/1/39

    500        594,185   
                 
  $ 1,725,996   
                 

General Obligations — 29.4%

               

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

  $ 350      $ 376,411   

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

    275        304,598   

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

    220        243,151   

East Grand Rapids Public Schools, 5.00%, 5/1/39

    835        910,860   

Jenison Public Schools, 5.00%, 5/1/28

    500        553,405   

Jenison Public Schools, 5.00%, 5/1/30

    500        550,740   

Kent County, 5.00%, 1/1/25

    1,500        1,676,055   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,136,130   

Lansing Community College, 5.00%, 5/1/30

    1,005        1,141,469   

Michigan, 5.50%, 11/1/25

    270        305,329   

Walled Lake Consolidated School District, 5.00%, 5/1/34

    365        411,724   

Watervliet Public Schools, 5.00%, 5/1/38

    1,000        1,094,020   
                 
  $ 8,703,892   
                 

Hospital — 28.0%

               

Grand Traverse County Hospital Finance Authority, (Munson Healthcare), 5.00%, 7/1/47

  $ 1,000      $ 1,068,850   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 250      $ 273,120   

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

    500        546,755   

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

    1,000        1,133,340   

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

    250        260,265   

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

    1,000        1,044,130   

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

    1,080        1,088,716   

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

    425        434,652   

Royal Oak Hospital Finance Authority, (William Beaumont Hospital), 5.00%, 9/1/39

    1,250        1,343,887   

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

    1,000        1,098,670   
                 
  $ 8,292,385   
                 

Housing — 0.5%

               

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

  $ 135      $ 140,045   
                 
  $ 140,045   
                 

Industrial Development Revenue — 2.5%

               

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

  $ 750      $ 732,713   
                 
  $ 732,713   
                 

Insured – Education — 5.1%

               

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

  $ 570      $ 626,704   

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

    500        551,750   

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

    300        330,123   
                 
  $ 1,508,577   
                 

Insured – Electric Utilities — 3.5%

               

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

  $ 630      $ 625,943   

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

    250        247,900   

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

    155        153,609   
                 
  $ 1,027,452   
                 

Insured – General Obligations — 26.4%

               

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

  $ 1,105      $ 1,174,969   

Bay City Brownfield Redevelopment Authority, (BAM), 5.375%, 10/1/38

    500        548,870   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations (continued)

  

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

  $ 150      $ 155,693   

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

    240        248,726   

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

    300        344,976   

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

    1,000        1,112,050   

Livonia Public Schools, (AGM), 5.00%, 5/1/43

    910        1,002,383   

South Haven Public Schools, (BAM), 5.00%, 5/1/41

    1,200        1,321,428   

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

    1,250        1,357,662   

Westland Tax Increment Finance Authority, (BAM), 5.25%, 4/1/34

    500        540,625   
                 
  $ 7,807,382   
                 

Insured – Lease Revenue / Certificates of
Participation — 6.2%

  

       

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

  $ 1,000      $ 504,870   

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

    2,800        1,331,176   
                 
  $ 1,836,046   
                 

Insured – Special Tax Revenue — 0.4%

               

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

  $ 895      $ 126,356   
                 
  $ 126,356   
                 

Insured – Transportation — 3.7%

               

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

  $ 1,000      $ 1,109,790   
                 
  $ 1,109,790   
                 

Insured – Water and Sewer — 7.3%

  

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

  $ 560      $ 572,684   

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

    1,000        1,103,530   

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

    475        479,778   
                 
  $ 2,155,992   
                 

Lease Revenue / Certificates of Participation — 3.5%

  

       

Michigan Strategic Fund, (Facility for Rare Isotope Beams), 4.00%, 3/1/30

  $ 1,000      $ 1,032,810   
                 
  $ 1,032,810   
                 

Special Tax Revenue — 5.1%

               

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

  $ 115      $ 127,582   

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

    125        139,163   

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

    1,000        1,115,170   

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

    110        124,908   
                 
  $ 1,506,823   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer — 11.0%

               

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

  $ 750      $ 794,790   

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

    735        906,424   

Michigan Finance Authority, (Detroit Water and Sewerage Department), (AMT), 5.00%, 7/1/44

    1,250        1,284,475   

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

    250        271,410   
                 
  $ 3,257,099   
                 

Total Tax-Exempt Investments — 156.8%
(identified cost $43,479,221)

   

  $ 46,392,989   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.1)%

  

  $ (17,500,408
                 

Other Assets, Less Liabilities — 2.3%

  

  $ 703,695   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 29,596,276   
                 

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.
BAM     Build America Mutual Assurance Co.
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, 2015, 33.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 13.4% of total investments.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 152.8%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Education — 23.9%

  

Camden County Improvement Authority, (Rowan University School of Osteopathic Medicine), 5.00%, 12/1/32

  $ 1,270      $ 1,412,050   

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

    1,730        1,962,408   

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/33

    620        706,347   

New Jersey Educational Facilities Authority, (Montclair State University), 5.00%, 7/1/34

    380        431,638   

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

    640        692,685   

New Jersey Educational Facilities Authority, (Ramapo College), 5.00%, 7/1/40

    1,230        1,353,775   

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

    1,650        1,745,832   

New Jersey Educational Facilities Authority, (University of Medicine and Dentistry), Prerefunded to 6/1/19, 7.50%, 12/1/32

    965        1,197,498   

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

    1,295        1,428,799   

Rutgers State University, 5.00%, 5/1/33

    1,000        1,132,530   

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

    2,900        3,234,341   
   
    $ 15,297,903   
   

Escrowed / Prerefunded — 1.7%

  

New Jersey Health Care Facilities Financing Authority, (Chilton Memorial Hospital), Prerefunded to 7/1/19, 5.75%, 7/1/39

  $ 915      $ 1,074,027   
   
    $ 1,074,027   
   

General Obligations — 6.5%

  

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

  $ 1,850      $ 2,113,070   

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

    1,795        2,036,230   
   
    $ 4,149,300   
   

Hospital — 20.4%

  

Camden County Improvement Authority, (Cooper Health System), 5.75%, 2/15/42

  $ 650      $ 736,548   

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

    2,290        2,489,001   

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

    2,090        2,185,220   

New Jersey Health Care Facilities Financing Authority, (Barnabas Health Obligated Group), 4.25%, 7/1/44

    750        750,255   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), 5.00%, 7/1/26

    620        696,124   

New Jersey Health Care Facilities Financing Authority, (Palisades Medical Center), 5.25%, 7/1/31

    250        272,578   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

Hospital (continued)

  

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

  $ 2,055      $ 2,245,601   

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

    2,380        2,435,906   

New Jersey Health Care Facilities Financing Authority, (South Jersey Hospital), Prerefunded to 7/1/16, 5.00%, 7/1/46

    60        62,703   

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

    1,075        1,215,782   
   
    $ 13,089,718   
   

Housing — 1.5%

  

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

  $ 495      $ 500,227   

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

    480        486,855   
   
    $ 987,082   
   

Industrial Development Revenue — 6.0%

  

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

  $ 50      $ 54,828   

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

    135        147,303   

New Jersey Economic Development Authority, (Continental Airlines), (AMT), 5.50%, 6/1/33

    750        831,727   

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

    220        244,614   

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

    2,235        2,551,275   
   
    $ 3,829,747   
   

Insured – Electric Utilities — 1.9%

  

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

  $ 135      $ 134,130   

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

    490        485,605   

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

    595        589,508   
   
    $ 1,209,243   
   

Insured – Escrowed / Prerefunded — 4.0%

  

Lakewood Township, (AGC), Prerefunded to 11/1/18, 5.75%, 11/1/31

  $ 1,240      $ 1,431,815   

New Jersey Economic Development Authority, (School Facilities Construction), (AGC), Prerefunded to 12/15/18, 5.50%, 12/15/34

    970        1,113,017   
   
    $ 2,544,832   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2015

 

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.), (NPFG), (AMT),
4.90% to 10/1/25 (Put Date), 10/1/40

  $ 3,540      $ 3,594,551   
   
    $ 3,594,551   
   

Insured – General Obligations — 4.8%

  

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

  $ 1,015      $ 1,126,071   

Irvington Township, (AGM), 5.00%, 7/15/31

    1,000        1,128,800   

Paterson, (BAM), 5.00%, 1/15/26

    750        823,575   
   
    $ 3,078,446   
   

Insured – Hospital — 4.4%

  

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

  $ 100      $ 87,762   

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

    300        253,518   

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

    380        403,868   

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

    500        531,405   

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

    1,380        1,530,861   
   
    $ 2,807,414   
   

Insured – Industrial Development Revenue — 3.3%

  

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

  $ 1,940      $ 2,096,170   
   
    $ 2,096,170   
   

Insured – Lease Revenue / Certificates of Participation — 3.7%

  

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

  $ 530      $ 597,538   

New Jersey Economic Development Authority, (School Facilities Construction), (AGM), 5.00%, 6/15/33

    640        674,733   

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

    1,000        1,124,880   
   
    $ 2,397,151   
   

Insured – Special Tax Revenue — 13.0%

  

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

  $ 5,250      $ 3,896,970   

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

    4,300        2,866,767   

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

    2,020        1,279,246   
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      $ 285,183   
   
    $ 8,328,166   
   

Insured – Student Loan — 3.2%

  

New Jersey Higher Education Student Assistance Authority, (AGC), (AMT), 6.125%, 6/1/30(2)

  $ 1,895      $ 2,059,998   
   
    $ 2,059,998   
   

Insured – Transportation — 4.6%

  

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.00%, 1/1/31

  $ 850      $ 944,852   

New Jersey Economic Development Authority, (The Goethals Bridge Replacement), (AGM), (AMT), 5.125%, 1/1/39

    1,500        1,638,690   

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

    315        355,471   
   
    $ 2,939,013   
   

Lease Revenue / Certificates of Participation — 5.7%

  

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

  $ 1,500      $ 1,535,580   

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

    1,700        1,821,720   

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

    250        277,873   
   
    $ 3,635,173   
   

Other Revenue — 4.4%

  

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

  $ 2,040      $ 2,277,844   

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

    500        559,410   
   
    $ 2,837,254   
   

Senior Living / Life Care — 4.7%

  

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

  $ 465      $ 483,363   

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

    770        798,321   

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

    815        829,539   

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

    700        703,038   

New Jersey Economic Development Authority, (United Methodist Homes of New Jersey), 5.00%, 7/1/29

    215        229,467   
   
    $ 3,043,728   
   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  
   

Special Tax Revenue — 2.6%

  

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

  $ 100      $ 103,178   

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

    175        178,997   

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

    750        524,678   

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

    500        314,550   

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

    500        567,765   
   
    $ 1,689,168   
   

Student Loan — 4.5%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.212%, 6/1/36(1)(3)(4)

  $ 2,125      $ 2,111,808   

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

    740        747,444   
   
    $ 2,859,252   
   

Transportation — 20.2%

  

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

  $ 1,060      $ 1,173,367   

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

    1,080        1,182,848   

New Jersey Transportation Trust Fund Authority, (Transportation System), 0.00%, 12/15/26

    2,000        1,149,820   

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

    1,850        1,966,013   

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

    250        278,088   

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

    530        591,777   

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

    3,600        3,971,592   

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

    1,995        2,204,954   

South Jersey Transportation Authority, 5.00%, 11/1/39

    400        421,176   
   
    $ 12,939,635   
   

Water and Sewer — 2.2%

  

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

  $ 1,275      $ 1,413,784   
   
    $ 1,413,784   
   

Total Tax-Exempt Municipal Securities — 152.8%
(identified cost $90,528,355)

   

  $ 97,900,755   
   
Taxable Municipal Securities — 1.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  
   

General Obligations — 1.6%

  

Atlantic City, 7.50%, 3/1/40(5)

  $ 1,000      $ 1,003,190   
   

Total Taxable Municipal Securities — 1.6%
(identified cost $972,470)

   

  $ 1,003,190   
   
Corporate Bonds & Notes — 0.8%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital — 0.8%

  

AHS Hospital Corp., 5.024%, 7/1/45

  $ 485      $ 498,788   
                 

Total Corporate Bonds & Notes — 0.8%
(identified cost $485,000)

   

  $ 498,788   
   

Total Investments — 155.2%
(identified cost $91,985,825)

   

  $ 99,402,733   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.2)%

  

  $ (33,426,505
   

Other Assets, Less Liabilities — (3.0)%

  

  $ (1,930,958
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 64,045,270   
   

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.
BAM     Build America Mutual Assurance Co.
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, 2015, 31.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.2% of total investments.

 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

 

(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 segregated to cover payable for when-issued securities.

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $411,808.

 

(4) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2015.

 

(5) 

When-issued security.

 

 

  22   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

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

Bond Bank — 6.0%

  

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

  $ 1,730      $ 1,957,582   

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

    2,535        2,800,541   
                 
    $ 4,758,123   
                 

Cogeneration — 1.3%

  

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

  $ 990      $ 990,119   
                 
    $ 990,119   
                 

Education — 27.7%

  

Hempstead Local Development Corp., (Adelphi University), 5.00%, 6/1/31

  $ 310      $ 340,092   

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

    1,490        1,648,402   

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

    325        359,310   

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

    510        572,031   

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

    1,000        1,103,500   

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

    725        818,924   

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

    510        578,906   

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

    2,000        2,266,820   

New York Dormitory Authority, (Culinary Institute of America), 5.50%, 7/1/33

    220        243,566   

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

    1,000        1,175,670   

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

    2,250        2,587,230   

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

    2,500        2,806,100   

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

    325        372,505   

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

    400        466,160   

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

    1,695        1,834,922   

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

    2,000        2,273,220   

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

    280        297,576   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 735      $ 786,678   

Onondaga County Cultural Resources Trust, (Syracuse University), 5.00%, 12/1/38

    1,205        1,364,434   
                 
    $ 21,896,046   
                 

Electric Utilities — 6.7%

  

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

  $ 1,420      $ 1,647,015   

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

    1,645        1,651,991   

Utility Debt Securitization Authority, 5.00%, 12/15/33

    1,735        2,004,706   
                 
    $ 5,303,712   
                 

Escrowed / Prerefunded — 3.7%

  

New York City, Prerefunded to 10/15/18, 6.25%, 10/15/28

  $ 650      $ 761,761   

New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.00%, 7/1/36

    750        817,327   

New York Dormitory Authority, (NYU Hospitals Center), Prerefunded to 7/1/17, 5.625%, 7/1/37

    1,250        1,378,400   
                 
    $ 2,957,488   
                 

General Obligations — 6.2%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,516,280   

New York Ciy, 6.25%, 10/15/28

    350        408,324   
                 
    $ 4,924,604   
                 

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      $ 50,384   

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

    85        85,654   
                 
    $ 136,038   
                 

Hospital — 18.9%

  

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

  $ 130      $ 149,465   

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

    960        1,086,125   

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

    760        761,573   

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

    2,490        2,507,306   

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

    1,000        1,069,760   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,000      $ 1,122,810   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), 5.00%, 5/1/32

    1,000        1,093,840   

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

    845        884,740   

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

    525        580,031   

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

    415        459,085   

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

    835        918,383   

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

    840        842,024   

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

    395        396,651   

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

    1,000        1,029,410   

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

    650        694,129   

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

    1,250        1,356,975   
                 
    $ 14,952,307   
                 

Housing — 13.5%

  

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

  $ 1,500      $ 1,505,130   

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

    2,620        2,666,112   

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

    1,000        1,046,410   

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

    2,625        2,698,054   

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

    1,500        1,546,905   

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

    1,215        1,250,235   
                 
    $ 10,712,846   
                 

Industrial Development Revenue — 6.1%

  

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

  $ 1,000      $ 1,126,480   

New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.75% to 12/2/19 (Put Date), 12/1/44(2)

    1,000        999,130   

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

    980        1,156,910   

Niagara Area Development Corp., (Covanta Energy), (AMT), 5.25%, 11/1/42(2)

    1,350        1,397,128   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

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

  $ 100      $ 101,580   
                 
    $ 4,781,228   
                 

Insured – Education — 7.0%

  

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

  $ 1,250      $ 1,448,538   

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

    1,500        1,644,765   

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

    5,365        2,415,859   
                 
    $ 5,509,162   
                 

Insured – Electric Utilities — 2.0%

  

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

  $ 1,365      $ 1,572,466   
                 
    $ 1,572,466   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,763,362   
                 
    $ 1,763,362   
                 

Insured – Other Revenue — 4.2%

  

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

  $ 2,645      $ 1,456,019   

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

    3,625        1,877,605   
                 
    $ 3,333,624   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 349,420   
                 
    $ 349,420   
                 

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      $ 1,017,970   
                 
    $ 1,017,970   
                 

Other Revenue — 9.2%

  

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

  $ 3,120      $ 1,520,969   

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

    380        444,159   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue (continued)

  

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

  $ 625      $ 692,569   

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

    1,000        1,124,690   

New York Liberty Development Corp., (3 World Trade Center), 5.00%, 11/15/44(2)

    1,300        1,331,486   

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

    2,000        2,159,820   
                 
    $ 7,273,693   
                 

Senior Living / Life Care — 6.7%

  

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

  $ 1,450      $ 1,451,465   

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

    280        296,904   

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

    120        125,702   

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

    905        986,884   

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

    230        230,902   

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

    230        229,098   

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

    1,830        1,949,316   
                 
    $ 5,270,271   
                 

Special Tax Revenue — 21.0%

  

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

  $ 1,500      $ 1,702,710   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(3)

    2,100        2,482,935   

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

    1,000        1,134,390   

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

    1,000        1,126,200   

New York Dormitory Authority, Sales Tax Revenue, 5.00%, 3/15/34

    2,380        2,709,416   

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

    6,000        6,846,240   

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

    545        618,864   
                 
    $ 16,620,755   
                 

Transportation — 10.8%

  

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

  $ 790      $ 850,490   

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

    1,500        1,657,335   

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

    700        780,241   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

New York Thruway Authority, 5.00%, 1/1/42

  $ 1,000      $ 1,092,170   

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

    990        1,094,188   

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

    2,740        3,084,911   
                 
    $ 8,559,335   
                 

Water and Sewer — 6.2%

  

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

  $ 585      $ 296,221   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(3)

    3,105        3,521,194   

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

    1,000        1,099,490   
                 
    $ 4,916,905   
                 

Total Tax-Exempt Investments — 161.3%
(identified cost $115,643,535)

   

  $ 127,599,474   
                 
Miscellaneous — 0.9%    
   
Security   Units     Value  

Real Estate — 0.9%

               

CMS Liquidating Trust(2)(4)(5)

    257      $ 742,730   
                 

Total Miscellaneous — 0.9%
(identified cost $822,400)

   

  $ 742,730   
                 

Total Investments — 162.2%
(identified cost $116,465,935)

   

  $ 128,342,204   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.6)%

  

  $ (33,725,543
                 

Other Assets, Less Liabilities — (19.6)%

    $ (15,513,871
                 

Net Assets Applicable to Common
Shares — 100.0%

    $ 79,102,790   
                 

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

 

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

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

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, 2015, 10.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.4% to 2.6% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2015, the aggregate value of these securities is $4,470,474 or 5.7% of the Trust’s net assets applicable to common shares.

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,359,129.

 

(4) 

Non-income producing.

 

(5) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

 

 

  26   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 150.2%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 3.4%

  

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

  $ 250      $ 287,160   

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

    210        240,902   

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

    900        923,067   
   
    $ 1,451,129   
   

Education — 18.3%

  

Miami University, 4.00%, 9/1/39

  $ 500      $ 516,000   

Miami University, 5.00%, 9/1/33

    1,000        1,124,300   

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

    440        474,399   

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

    1,250        1,404,625   

Ohio Higher Educational Facility Commission, (Oberlin College), 5.00%, 10/1/33

    500        563,835   

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

    1,000        1,117,950   

Ohio State University, 5.00%, 12/1/28

    480        593,443   

Ohio State University, 5.00%, 12/1/30

    545        676,285   

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

    500        563,100   

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

    750        821,865   
   
    $ 7,855,802   
   

Electric Utilities — 2.6%

  

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

  $ 470      $ 521,907   

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

    500        583,005   
   
    $ 1,104,912   
   

Escrowed / Prerefunded — 10.4%

  

Beavercreek City School District, Prerefunded to 6/1/19, 5.00%, 12/1/30

  $ 1,750      $ 1,997,135   

Central Ohio Solid Waste Authority, Prerefunded to 9/1/18, 5.125%, 9/1/27

    65        73,390   

Franklin County Convention Facilities Authority, Prerefunded to 12/1/17, 5.00%, 12/1/27

    445        490,679   

Hamilton County, Sewer System, Prerefunded to 12/1/17, 5.00%, 12/1/32

    750        827,190   

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

    180        192,616   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Escrowed / Prerefunded (continued)

  

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

  $ 195      $ 208,668   

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

    625        669,225   

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

    20        25,354   
   
    $ 4,484,257   
   

General Obligations — 14.3%

  

Apollo Career Center Joint Vocational School District, 5.25%, 12/1/33

  $ 335      $ 378,614   

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

    900        940,950   

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

    1,025        1,134,921   

Dayton City School District, 5.00%, 11/1/31

    100        120,145   

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

    595        670,636   

Lakewood City School District, 5.00%, 11/1/39

    400        446,944   

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

    1,250        1,297,638   

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

    1,000        1,164,660   
   
    $ 6,154,508   
   

Hospital — 22.2%

  

Akron, Bath and Copley Joint Township Hospital District, (Children’s Hospital Medical Center of Akron), 5.00%, 11/15/32

  $ 1,075      $ 1,179,759   

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

    560        602,000   

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

    500        548,730   

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

    800        884,640   

Hamilton County, (Cincinnati Children’s Hospital Medical Center), 5.00%, 5/15/34

    250        282,528   

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

    750        878,775   

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

    500        516,360   

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

    500        533,715   

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

    800        853,040   

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

    500        565,630   

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

    1,000        1,117,290   

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

    555        605,993   
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/27

  $ 565      $ 636,698   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc.), 5.00%, 1/15/29

    165        183,714   

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.00%, 12/1/43

    90        91,018   

Southeastern Ohio Port Authority, (Memorial Health System Obligated Group), 5.50%, 12/1/43

    80        84,109   
   
    $ 9,563,999   
   

Housing — 6.0%

  

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

  $ 2,500      $ 2,569,275   
   
    $ 2,569,275   
   

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 557,059   
   
    $ 557,059   
   

Insured – Education — 11.7%

  

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

  $ 750      $ 841,080   

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

    1,000        1,117,300   

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

    465        518,800   

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

    580        584,217   

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

    1,500        1,618,875   

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

    320        345,360   
   
    $ 5,025,632   
   

Insured – Electric Utilities — 10.5%

  

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

  $ 710      $ 449,082   

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

    2,000        703,240   

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

    815        596,572   

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

    3,000        2,101,470   

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

    305        303,591   

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

    200        198,712   

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

    155        153,609   
   
    $ 4,506,276   
   

Insured – Escrowed / Prerefunded — 4.7%

  

American Municipal Power-Ohio, Inc., (Prairie State Energy Campus), (AGC), Prerefunded to 2/15/19, 5.75%, 2/15/39

  $ 1,000      $ 1,163,860   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Escrowed / Prerefunded (continued)

  

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

  $ 90      $ 100,387   

St. Marys City School District, (AGM), Prerefunded to 6/1/18, 5.00%, 12/1/35

    510        568,859   

University of Akron, (AGM), Prerefunded to 1/1/18, 5.00%, 1/1/38

    180        198,378   
   
    $ 2,031,484   
   

Insured – General Obligations — 17.5%

  

Brooklyn City School District, (AGM), 5.00%, 12/1/38

  $ 555      $ 611,832   

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

    500        552,145   

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

    2,455        1,456,650   

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

    1,000        1,250,440   

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

    1,500        1,502,490   

Milford Exempt Village School District, (AGC), Prerefunded to 12/1/18, 5.25%, 12/1/36

    1,750        1,998,185   

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

    150        163,503   
   
    $ 7,535,245   
   

Insured – Hospital — 1.4%

  

Lorain County, (Catholic Healthcare Partners), (AGM), 15.286%, 2/1/29(1)(2)(3)

  $ 485      $ 620,043   
   
    $ 620,043   
   

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 76,237   
   
    $ 76,237   
   

Insured – Transportation — 9.1%

  

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

  $ 600      $ 662,184   

Ohio, (Portsmouth Gateway Group, LLC), (AGM), (AMT), 5.00%, 12/31/39

    140        152,249   

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

    1,000        1,249,490   

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

    1,000        1,265,290   

Puerto Rico Highway and Transportation Authority, (AMBAC), 5.25%, 7/1/38

    590        571,940   
   
    $ 3,901,153   
   

Insured – Water and Sewer — 1.6%

  

Puerto Rico Aqueduct and Sewer Authority, (AGC), 5.00%, 7/1/28

  $ 665      $ 671,690   
   
    $ 671,690   
   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Lease Revenue / Certificates of Participation — 0.1%

  

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

  $ 55      $ 59,844   
   
    $ 59,844   
   

Other Revenue — 3.7%

  

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

  $ 1,000      $ 1,078,300   

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

    445        497,755   
   
    $ 1,576,055   
   

Senior Living / Life Care — 3.8%

  

Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44

  $ 650      $ 692,075   

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

    375        392,696   

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

    230        247,653   

Warren County, (Otterbein Homes Obligated Group), 5.75%, 7/1/33

    275        313,574   
   
    $ 1,645,998   
   

Special Tax Revenue — 4.3%

  

Cleveland, Income Tax Revenue, (Bridges and Roadways Improvements), 5.00%, 10/1/32

  $ 250      $ 281,480   

Cleveland, Income Tax Revenue, (Parks and Recreation Facilities Improvements), 5.00%, 10/1/35

    500        559,820   

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

    180        210,296   

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

    290        334,295   

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

    155        171,958   

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

    170        189,261   

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

    110        124,908   
   
    $ 1,872,018   
   

Transportation — 0.5%

  

Ohio Turnpike and Infrastructure Commission, 0.00%, 2/15/43

  $ 690      $ 195,932   
   
    $ 195,932   
   

Water and Sewer — 2.6%

  

Hamilton County, Sewer System, 5.00%, 12/1/38

  $ 500      $ 565,760   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer (continued)

               

Northeast Ohio Regional Sewer District, 5.00%, 11/15/43

  $ 500      $ 559,450   
   
    $ 1,125,210   
   

Total Tax-Exempt Investments — 150.2%
(identified cost $58,126,129)

   

  $ 64,583,758   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.8)%

  

  $ (22,725,662
   

Other Assets, Less Liabilities — 2.6%

  

  $ 1,144,305   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 43,002,401   
   

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.
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, 2015, 37.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 15.2% 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, 2015, the aggregate value of these securities is $620,043 or 1.4% 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, 2015.

 

(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.

 

 

  29   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 155.7%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Cogeneration — 1.4%

  

Northampton County Industrial Development Authority, (Northampton Generating), 5.00%, 12/31/23(1)

  $ 378      $ 342,176   

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

    175        176,781   
                 
    $ 518,957   
                 

Education — 28.1%

  

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

  $ 1,050      $ 1,180,672   

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

    500        545,680   

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

    1,200        1,287,864   

Northampton County General Purpose Authority, (Lafayette College), 5.00%, 11/1/32

    750        854,303   

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

    500        553,510   

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

    440        476,348   

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

    750        833,273   

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

    625        667,406   

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

    600        658,812   

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

    560        608,686   

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

    750        818,640   

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

    750        865,192   

Swarthmore Borough Authority, (Swarthmore College), 5.00%, 9/15/38

    250        283,518   

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

    575        649,509   
                 
    $ 10,283,413   
                 

Escrowed / Prerefunded — 4.8%

  

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

  $ 315      $ 353,418   

Daniel Boone Area School District, Prerefunded to 8/15/18, 5.00%, 8/15/32

    220        246,831   

Pennsylvania Higher Educational Facilities Authority, (University of Pennsylvania Health System), Prerefunded to 8/15/18, 6.00%, 8/15/26(2)

    1,000        1,150,670   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Escrowed / Prerefunded (continued)

               

Philadelphia School District, Prerefunded to 9/1/18, 6.00%, 9/1/38

  $ 15      $ 17,327   
                 
    $ 1,768,246   
                 

General Obligations — 11.6%

  

Chester County, 5.00%, 7/15/27

  $ 500      $ 571,060   

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

    465        509,524   

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

    1,000        1,202,640   

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

    985        1,112,311   

West York Area School District, 5.00%, 4/1/33

    750        840,705   
                 
    $ 4,236,240   
                 

Hospital — 25.6%

  

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

  $ 500      $ 559,370   

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

    750        820,103   

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

    750        864,120   

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

    500        509,420   

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

    750        810,630   

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

    1,485        1,554,364   

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

    1,095        1,198,039   

Montgomery County Higher Education and Health Authority, (Holy Redeemer Health System), 5.00%, 10/1/27

    500        539,430   

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

    250        281,603   

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

    675        748,278   

South Fork Municipal Authority, (Conemaugh Health System), Prerefunded to 7/1/20, 5.50%, 7/1/29

    250        298,345   

Southcentral Pennsylvania General Authority, (WellSpan Health Obligated Group), 5.00%, 6/1/34

    1,085        1,210,676   
                 
    $ 9,394,378   
                 

Housing — 2.5%

  

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

  $ 155      $ 157,164   

East Hempfield Township Industrial Development Authority, (Student Services, Inc.), 5.00%, 7/1/39

    175        184,166   
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing (continued)

               

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

  $ 585      $ 588,551   
                 
    $ 929,881   
                 

Industrial Development Revenue — 8.7%

  

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

  $ 200      $ 220,748   

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

    750        797,745   

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

    250        287,832   

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

    1,115        1,358,126   

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

    500        512,635   
                 
    $ 3,177,086   
                 

Insured – Education — 8.5%

  

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

  $ 500      $ 548,015   

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

    1,105        1,190,063   

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/29

    375        416,434   

State Public School Building Authority, (Delaware County Community College), (AGM), Prerefunded to 4/1/18, 5.00%, 10/1/32

    875        971,678   
                 
    $ 3,126,190   
                 

Insured – Electric Utilities — 2.9%

  

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

  $ 1,080      $ 1,070,312   
                 
    $ 1,070,312   
                 

Insured – Escrowed / Prerefunded — 5.1%

  

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

  $ 2,000      $ 1,879,400   
                 
    $ 1,879,400   
                 

Insured – General Obligations — 6.9%

  

Beaver County, (AGM), 5.55%, 11/15/31

  $ 475      $ 520,766   

Beaver County, (AGM), Prerefunded to 11/15/17, 5.55%, 11/15/31

    25        27,858   

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

    750        853,417   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations (continued)

               

Laurel Highlands School District, (AGM), 5.00%, 2/1/37

  $ 750      $ 836,092   

Luzerne County, (AGM), 5.00%, 11/15/29

    250        275,693   
                 
    $ 2,513,826   
                 

Insured – Hospital — 5.1%

  

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

  $ 250      $ 310,845   

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

    1,440        1,544,530   
                 
    $ 1,855,375   
                 

Insured – Industrial Development Revenue — 1.5%

  

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

  $ 525      $ 533,143   
                 
    $ 533,143   
                 

Insured – Lease Revenue / Certificates of Participation — 4.9%

  

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

  $ 500      $ 553,975   

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

    1,195        1,248,978   
                 
    $ 1,802,953   
                 

Insured – Special Tax Revenue — 2.3%

  

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

  $ 610      $ 681,877   

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

    1,235        174,357   
                 
    $ 856,234   
                 

Insured – Transportation — 9.3%

  

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

  $ 525      $ 558,527   

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

    1,005        1,008,618   

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

    1,800        1,826,370   
                 
    $ 3,393,515   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 500      $ 555,170   
                 
    $ 555,170   
                 

Senior Living / Life Care — 1.4%

  

Lancaster Industrial Development Authority, (Garden Spot Village), 5.375%, 5/1/28

  $ 100      $ 107,022   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2015

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

               

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

  $ 200      $ 203,620   

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

    200        206,368   
                 
    $ 517,010   
                 

Special Tax Revenue — 0.3%

               

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

  $ 110      $ 124,908   
                 
    $ 124,908   
                 

Transportation — 17.2%

               

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

  $ 465      $ 514,732   

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

    285        312,141   

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

    450        479,529   

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

    1,430        1,519,618   

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

    1,000        1,097,750   

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

    750        834,382   

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

    410        463,398   

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

    970        1,065,768   
                 
    $ 6,287,318   
                 

Utilities — 1.8%

               

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 661,212   
                 
    $ 661,212   
                 

Water and Sewer — 4.3%

               

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

  $ 750      $ 763,350   

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

    750        818,768   
                 
    $ 1,582,118   
                 

Total Tax-Exempt Investments — 155.7%
(identified cost $52,726,199)

   

  $ 57,066,885   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (57.8)%

  

  $ (21,175,741
                 

Other Assets, Less Liabilities — 2.1%

  

  $ 756,233   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 36,647,377   
                 

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, 2015, 30.8% 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 or financial guaranty assurance agency ranged from 1.8% to 14.9% of total investments.

 

(1) 

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

 

(2) 

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

 

 

  32   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Assets and Liabilities (Unaudited)

 

 

    May 31, 2015  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 147,676,158      $ 57,274,980      $ 43,479,221      $ 91,985,825   

Unrealized appreciation

    12,596,776        5,244,325        2,913,768        7,416,908   

Investments, at value

  $ 160,272,934      $ 62,519,305      $ 46,392,989      $ 99,402,733   

Cash

  $ 2,822,071      $ 467,179      $ 221,360      $ 1,061,136   

Restricted cash*

    183,000        94,000               123,000   

Interest receivable

    1,673,461        824,806        546,262        1,474,030   

Receivable for investments sold

    1,505,000        650,000                 

Deferred debt issuance costs

    24,463        263               164   

Total assets

  $ 166,480,929      $ 64,555,553      $ 47,160,611      $ 102,061,063   
Liabilities   

Payable for floating rate notes issued

  $ 14,310,000      $ 3,385,000      $      $ 3,480,000   

Payable for when-issued securities

    1,122,480                      972,470   

Payable for variation margin on open financial futures contracts

    34,844        18,688               24,375   

Payable to affiliates:

       

Investment adviser fee

    82,895        32,418        24,458        52,408   

Administration fee

    27,179        10,629        8,019        17,183   

Trustees’ fees

    1,371        587        467        901   

Interest expense and fees payable

    13,571        4,617               5,722   

Accrued expenses

    45,572        30,227        30,983        36,229   

Total liabilities

  $ 15,637,912      $ 3,482,166      $ 63,927      $ 4,589,288   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,977,250      $ 20,050,701      $ 17,500,408      $ 33,426,505   

Net assets applicable to common shares

  $ 100,865,767      $ 41,022,686      $ 29,596,276      $ 64,045,270   
Sources of Net Assets                                

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

  $ 72,546      $ 27,370      $ 20,339      $ 46,442   

Additional paid-in capital

    104,121,642        39,547,365        28,056,405        66,603,407   

Accumulated net realized loss

    (16,029,563     (3,899,059     (1,481,384     (10,109,713

Accumulated undistributed net investment income

    146,872        124,110        87,148        116,172   

Net unrealized appreciation

    12,554,270        5,222,900        2,913,768        7,388,962   

Net assets applicable to common shares

  $ 100,865,767      $ 41,022,686      $ 29,596,276      $ 64,045,270   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,999        802        700        1,337   
Common Shares Outstanding     7,254,575        2,737,021        2,033,894        4,644,158   
Net Asset Value Per Common Share   

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

  $ 13.90      $ 14.99      $ 14.55      $ 13.79   

 

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

 

  33   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    May 31, 2015  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 116,465,935      $ 58,126,129      $ 52,726,199   

Unrealized appreciation

    11,876,269        6,457,629        4,340,686   

Investments, at value

  $ 128,342,204      $ 64,583,758      $ 57,066,885   

Cash

  $ 786,952      $ 266,030      $ 780,791   

Restricted cash*

    121,250               41,000   

Interest receivable

    1,644,101        954,186        789,878   

Total assets

  $ 130,894,507      $ 65,803,974      $ 58,678,554   
Liabilities   

Payable for floating rate notes issued

  $ 17,890,000      $      $ 750,000   

Payable for variation margin on open financial futures contracts

    23,563               8,125   

Payable for Trust shares repurchased

                  24,345   

Payable to affiliates:

     

Investment adviser fee

    64,065        34,083        30,385   

Administration fee

    21,005        11,175        9,962   

Trustees’ fees

    1,077        612        558   

Interest expense and fees payable

    27,112               1,180   

Accrued expenses

    39,352        30,041        30,881   

Total liabilities

  $ 18,066,174      $ 75,911      $ 855,436   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,543      $ 22,725,662      $ 21,175,741   

Net assets applicable to common shares

  $ 79,102,790      $ 43,002,401      $ 36,647,377   
Sources of Net Assets   

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

  $ 54,754      $ 28,572      $ 26,521   

Additional paid-in capital

    79,385,193        39,573,731        36,858,712   

Accumulated net realized loss

    (12,263,552     (3,314,869     (4,570,920

Accumulated undistributed net investment income

    77,140        257,338        1,693   

Net unrealized appreciation

    11,849,255        6,457,629        4,331,371   

Net assets applicable to common shares

  $ 79,102,790      $ 43,002,401      $ 36,647,377   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,349        909        847   
Common Shares Outstanding     5,475,356        2,857,157        2,652,114   
Net Asset Value Per Common Share                        

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

  $ 14.45      $ 15.05      $ 13.82   

 

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

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended May 31, 2015  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 3,525,570      $ 1,345,740      $ 1,041,222      $ 2,237,409   

Total investment income

  $ 3,525,570      $ 1,345,740      $ 1,041,222      $ 2,237,409   
Expenses   

Investment adviser fee

  $ 501,448      $ 196,292      $ 148,920      $ 317,818   

Administration fee

    161,115        63,068        47,847        102,114   

Trustees’ fees and expenses

    4,281        1,819        1,445        2,789   

Custodian fee

    25,725        15,327        14,682        20,846   

Transfer and dividend disbursing agent fees

    9,355        9,446        9,077        9,072   

Legal and accounting services

    27,858        19,195        18,005        22,938   

Printing and postage

    7,298        4,479        3,859        5,339   

Interest expense and fees

    38,710        15,728               11,118   

Preferred shares service fee

    34,826        14,551        11,744        24,417   

Miscellaneous

    19,067        15,819        13,699        17,850   

Total expenses

  $ 829,683      $ 355,724      $ 269,278      $ 534,301   

Deduct —

       

Reduction of custodian fee

  $ 175      $ 26      $ 21      $ 15   

Total expense reductions

  $ 175      $ 26      $ 21      $ 15   

Net expenses

  $ 829,508      $ 355,698      $ 269,257      $ 534,286   

Net investment income

  $ 2,696,062      $ 990,042      $ 771,965      $ 1,703,123   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 164,260      $ 25,796      $ 73,145      $ 132,552   

Financial futures contracts

    (161,310     (51,685            (92,016

Net realized gain (loss)

  $ 2,950      $ (25,889   $ 73,145      $ 40,536   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ (1,340,589   $ (489,390   $ (366,690   $ (1,454,015

Financial futures contracts

    79,822        46,606               112,118   

Net change in unrealized appreciation (depreciation)

  $ (1,260,767   $ (442,784   $ (366,690   $ (1,341,897

Net realized and unrealized loss

  $ (1,257,817   $ (468,673   $ (293,545   $ (1,301,361

Distributions to preferred shareholders

                               

From net investment income

  $ (31,367   $ (12,824   $ (10,946   $ (21,180

Net increase in net assets from operations

  $ 1,406,878      $ 508,545      $ 467,474      $ 380,582   

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended May 31, 2015  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 2,926,113      $ 1,445,148      $ 1,323,779   

Total investment income

  $ 2,926,113      $ 1,445,148      $ 1,323,779   
Expenses   

Investment adviser fee

  $ 387,697      $ 206,272      $ 184,446   

Administration fee

    124,567        66,275        59,262   

Trustees’ fees and expenses

    3,348        1,900        1,720   

Custodian fee

    21,887        15,036        14,882   

Transfer and dividend disbursing agent fees

    9,227        9,150        9,348   

Legal and accounting services

    25,182        19,186        23,648   

Printing and postage

    6,271        5,038        4,864   

Interest expense and fees

    56,944               2,044   

Preferred shares service fee

    24,392        16,267        15,057   

Miscellaneous

    17,893        17,346        16,141   

Total expenses

  $ 677,408      $ 356,470      $ 331,412   

Deduct —

     

Reduction of custodian fee

  $ 61      $ 64      $ 14   

Total expense reductions

  $ 61      $ 64      $ 14   

Net expenses

  $ 677,347      $ 356,406      $ 331,398   

Net investment income

  $ 2,248,766      $ 1,088,742      $ 992,381   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ 196,554      $ 68,747      $ (431,347

Financial futures contracts

    (65,752            (45,126

Net realized gain (loss)

  $ 130,802      $ 68,747      $ (476,473

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (930,605   $ (383,086   $ 85,783   

Financial futures contracts

    59,026               70,722   

Net change in unrealized appreciation (depreciation)

  $ (871,579   $ (383,086   $ 156,505   

Net realized and unrealized loss

  $ (740,777   $ (314,339   $ (319,968

Distributions to preferred shareholders

                       

From net investment income

  $ (20,542   $ (14,375   $ (13,450

Net increase in net assets from operations

  $ 1,487,447      $ 760,028      $ 658,963   

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Changes in Net Assets

 

 

    Six Months Ended May 31, 2015 (Unaudited)  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 2,696,062      $ 990,042      $ 771,965      $ 1,703,123   

Net realized gain (loss) from investment transactions and financial futures contracts

    2,950        (25,889     73,145        40,536   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (1,260,767     (442,784     (366,690     (1,341,897

Distributions to preferred shareholders —

  

   

From net investment income

    (31,367     (12,824     (10,946     (21,180

Net increase in net assets from operations

  $ 1,406,878      $ 508,545      $ 467,474      $ 380,582   

Distributions to common shareholders —

       

From net investment income

  $ (2,669,843   $ (938,959   $ (729,035   $ (1,691,781

Total distributions to common shareholders

  $ (2,669,843   $ (938,959   $ (729,035   $ (1,691,781

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $      $ (73,752   $ (638,106   $ (267,219

Net decrease in net assets from capital share transactions

  $      $ (73,752   $ (638,106   $ (267,219

Net decrease in net assets

  $ (1,262,965   $ (504,166   $ (899,667   $ (1,578,418
Net Assets Applicable to Common Shares                                

At beginning of period

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   

At end of period

  $ 100,865,767      $ 41,022,686      $ 29,596,276      $ 64,045,270   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of period

  $ 146,872      $ 124,110      $ 87,148      $ 116,172   

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended May 31, 2015 (Unaudited)  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 2,248,766      $ 1,088,742      $ 992,381   

Net realized gain (loss) from investment transactions and financial futures contracts

    130,802        68,747        (476,473

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (871,579     (383,086     156,505   

Distributions to preferred shareholders —

  

 

From net investment income

    (20,542     (14,375     (13,450

Net increase in net assets from operations

  $ 1,487,447      $ 760,028      $ 658,963   

Distributions to common shareholders —

     

From net investment income

  $ (2,244,918   $ (1,044,331   $ (974,398

Total distributions to common shareholders

  $ (2,244,918   $ (1,044,331   $ (974,398

Capital share transactions —

     

Cost of shares repurchased (see Note 6)

  $      $      $ (569,062

Net decrease in net assets from capital share transactions

  $      $      $ (569,062

Net decrease in net assets

  $ (757,471   $ (284,303   $ (884,497
Net Assets Applicable to Common Shares                        

At beginning of period

  $ 79,860,261      $ 43,286,704      $ 37,531,874   

At end of period

  $ 79,102,790      $ 43,002,401      $ 36,647,377   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                       

At end of period

  $ 77,140      $ 257,338      $ 1,693   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,491,298      $ 1,995,611      $ 1,541,481      $ 3,498,590   

Net realized gain (loss) from investment transactions and financial futures contracts

    190,412        (481,678     (14,891     (1,785,074

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    10,744,348        4,299,848        3,570,928        6,935,251   

Distributions to preferred shareholders —

       

From net investment income

    (53,068     (21,253     (18,040     (35,494

Net increase in net assets from operations

  $ 16,372,990      $ 5,792,528      $ 5,079,478      $ 8,613,273   

Distributions to common shareholders —

       

From net investment income

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Total distributions to common shareholders

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net decrease in net assets from capital share transactions

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net increase in net assets

  $ 10,795,446      $ 3,753,028      $ 3,168,328      $ 4,971,121   
Net Assets Applicable to Common Shares                                

At beginning of year

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   

At end of year

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of year

  $ 152,020      $ 85,851      $ 55,164      $ 126,010   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,597,918      $ 2,215,414      $ 2,053,060   

Net realized gain (loss) from investment transactions and financial futures contracts

    (733,571     60,926        (521,601

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    8,128,412        4,535,687        3,632,355   

Distributions to preferred shareholders —

     

From net investment income

    (36,042     (24,712     (22,445

Net increase in net assets from operations

  $ 11,956,717      $ 6,787,315      $ 5,141,369   

Distributions to common shareholders —

     

From net investment income

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Total distributions to common shareholders

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 10,266      $      $   

Cost of shares repurchased (see Note 6)

                  (267,513

Net increase (decrease) in net assets from capital share transactions

  $ 10,266      $      $ (267,513

Net increase in net assets

  $ 7,249,329      $ 4,698,653      $ 2,795,847   
Net Assets Applicable to Common Shares                        

At beginning of year

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

At end of year

  $ 79,860,261      $ 43,286,704      $ 37,531,874   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
                       

At end of year

  $ 93,834      $ 227,302      $ (2,840

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Statement of Cash Flows* (Unaudited)

 

 

    Six Months Ended
May 31, 2015
 
Cash Flows From Operating Activities   New York Trust  

Net increase in net assets from operations

  $ 1,487,447   

Distributions to preferred shareholders

    20,542   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 1,507,989   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (1,590,200

Investments sold

    2,568,041   

Net amortization/accretion of premium (discount)

    (35,225

Decrease in restricted cash

    8,000   

Decrease in interest receivable

    25,593   

Decrease in payable for variation margin on open financial futures contracts

    (3,312

Increase in payable to affiliate for investment adviser fee

    207   

Increase in payable to affiliate for administration fee

    571   

Increase in payable to affiliate for Trustees’ fees

    80   

Decrease in interest expense and fees payable

    (438

Decrease in accrued expenses

    (25,412

Net change in unrealized (appreciation) depreciation from investments

    930,605   

Net realized gain from investments

    (196,554

Net cash provided by operating activities

  $ 3,189,945   
Cash Flows From Financing Activities        

Distributions paid to common shareholders, net of reinvestments

  $ (2,244,918

Cash distributions paid to preferred shareholders

    (20,262

Repayment of secured borrowings

    (1,425,000

Net cash used in financing activities

  $ (3,690,180

Net decrease in cash

  $ (500,235

Cash at beginning of period

  $ 1,287,187   

Cash at end of period

  $ 786,952   
Supplemental disclosure of cash flow information:        

Cash paid for interest and fees

  $ 57,382   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 14.080      $ 12.580      $ 14.660      $ 12.410      $ 12.390      $ 12.330   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.372      $ 0.756      $ 0.756      $ 0.791      $ 0.926      $ 0.945   

Net realized and unrealized gain (loss)

    (0.180     1.507        (2.028     2.316        0.002        0.026   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.007     (0.012     (0.018     (0.022     (0.028

Total income (loss) from operations

  $ 0.188      $ 2.256      $ (1.284   $ 3.089      $ 0.906      $ 0.943   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.368   $ (0.757   $ (0.796   $ (0.839   $ (0.886   $ (0.883

Total distributions to common shareholders

  $ (0.368   $ (0.757   $ (0.796   $ (0.839   $ (0.886   $ (0.883

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $      $ 0.001      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 13.900      $ 14.080      $ 12.580      $ 14.660      $ 12.410      $ 12.390   

Market value — End of period (Common shares)

  $ 13.120      $ 12.670      $ 11.060      $ 14.680      $ 12.770      $ 12.400   

Total Investment Return on Net Asset Value(2)

    1.48 %(3)      19.06     (8.69 )%      25.59     7.99     7.73

Total Investment Return on Market Value(2)

    6.44 %(3)      21.86     (19.84 )%      22.22     11.04     9.25

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 100,866      $ 102,129      $ 91,333      $ 106,367      $ 89,862      $ 89,395   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.54 %(6)      1.60     1.66     1.66     1.83     1.78

Interest and fee expense(7)

    0.08 %(6)      0.09     0.10     0.11     0.17     0.18

Total expenses(5)

    1.62 %(6)      1.69     1.76     1.77     2.00     1.96

Net investment income

    5.27 %(6)      5.64     5.64     5.77     7.81     7.34

Portfolio Turnover

    2 %(3)      11     8     17     22     14

Senior Securities:

           

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(8)

  $ 75,459      $ 76,091      $ 70,690      $ 78,210      $ 69,954      $ 69,721   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 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) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

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.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.04      1.06      1.09      1.11      1.15      1.16

Interest and fee expense

    0.05      0.06      0.07      0.07      0.11      0.11

Total expenses

    1.09      1.12      1.16      1.18      1.26      1.27

Net investment income

    3.55      3.73      3.73      3.84      4.93      4.77

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 15.140      $ 13.730      $ 16.200      $ 13.970      $ 13.790      $ 13.590   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.362      $ 0.726      $ 0.750      $ 0.771      $ 0.890      $ 0.926   

Net realized and unrealized gain (loss)

    (0.168     1.390        (2.432     2.283        0.219        0.210   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.005     (0.008     (0.012     (0.019     (0.023     (0.030

Total income (loss) from operations

  $ 0.189      $ 2.108      $ (1.694   $ 3.035      $ 1.086      $ 1.106   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.343   $ (0.703   $ (0.776   $ (0.805   $ (0.906   $ (0.906

Total distributions to common shareholders

  $ (0.343   $ (0.703   $ (0.776   $ (0.805   $ (0.906   $ (0.906

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.004      $ 0.005      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.990      $ 15.140      $ 13.730      $ 16.200      $ 13.970      $ 13.790   

Market value — End of period (Common shares)

  $ 13.510      $ 13.310      $ 11.970      $ 16.350      $ 14.810      $ 13.980   

Total Investment Return on Net Asset Value(2)

    1.52 %(3)      16.30     (10.34 )%      22.28     8.49     8.16

Total Investment Return on Market Value(2)

    4.07 %(3)      17.27     (22.55 )%      16.41     13.45     12.38

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 41,023      $ 41,527      $ 37,774      $ 44,549      $ 38,372      $ 37,735   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.63 %(5)(6)      1.68 %(6)      1.73 %(6)      1.73 %(6)      1.87 %(6)      1.83 %(7) 

Interest and fee expense(8)

    0.08 %(5)      0.05     0.08     0.09     0.11     0.09

Total expenses

    1.71 %(5)(6)      1.73 %(6)      1.81 %(6)      1.82 %(6)      1.98 %(6)      1.92 %(9) 

Net investment income

    4.76 %(5)      4.96     5.12     5.06     6.70     6.51

Portfolio Turnover

    0     2     1     11     15     16

Senior Securities:

           

Total preferred shares outstanding

    802        802        802        802        802        802   

Asset coverage per preferred share(10)

  $ 76,151      $ 76,780      $ 72,100      $ 80,548      $ 72,846      $ 72,051   

Involuntary liquidation preference per preferred
share(11)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(11)

  $ 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)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Expenses after custodian fee reduction was 1.82%.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

  (9)

Expenses after custodian fee reduction was 1.91%.

 

(10) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(11) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.10      1.12      1.16      1.17      1.21      1.20

Interest and fee expense

    0.05      0.04      0.05      0.06      0.07      0.06

Total expenses

    1.15      1.16      1.21      1.23      1.28      1.26

Net investment income

    3.21      3.31      3.42      3.42      4.32      4.29

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 14.640      $ 12.910      $ 15.310      $ 13.400      $ 12.880      $ 12.940   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.376      $ 0.730      $ 0.728      $ 0.760      $ 0.826      $ 0.876   

Net realized and unrealized gain (loss)

    (0.153     1.685        (2.365     1.944        0.558        (0.044

Distributions to preferred shareholders

           

From net investment income(1)

    (0.005     (0.009     (0.014     (0.021     (0.025     (0.033

Total income (loss) from operations

  $ 0.218      $ 2.406      $ (1.651   $ 2.683      $ 1.359      $ 0.799   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.355   $ (0.709   $ (0.749   $ (0.773   $ (0.839   $ (0.859

Total distributions to common shareholders

  $ (0.355   $ (0.709   $ (0.749   $ (0.773   $ (0.839   $ (0.859

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.047      $ 0.033      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.550      $ 14.640      $ 12.910      $ 15.310      $ 13.400      $ 12.880   

Market value — End of period (Common shares)

  $ 12.720      $ 12.550      $ 11.000      $ 14.690      $ 12.470      $ 12.100   

Total Investment Return on Net Asset Value(2)

    2.16 %(3)      20.18     (10.49 )%      20.92     11.66     6.57

Total Investment Return on Market Value(2)

    4.14 %(3)      20.91     (20.51 )%      24.67     10.60     12.36

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 29,596      $ 30,496      $ 27,328      $ 32,391      $ 28,366      $ 27,262   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses(5)

    1.77 %(6)      1.87     1.91     1.89     2.04     1.98

Net investment income

    5.08 %(6)      5.24     5.26     5.26     6.49     6.57

Portfolio Turnover

    2 %(3)      26     11     14     18     14

Senior Securities:

           

Total preferred shares outstanding

    700        700        700        700        700        700   

Asset coverage per preferred share(7)

  $ 67,281      $ 68,566      $ 64,040      $ 71,273      $ 65,524      $ 63,948   

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) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(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.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses

    1.13      1.17      1.20      1.20      1.24      1.22

Net investment income

    3.23      3.29      3.29      3.35      3.93      4.06

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 14.060      $ 12.960      $ 14.790      $ 13.020      $ 13.260      $ 13.570   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.367      $ 0.748      $ 0.762      $ 0.802      $ 0.890      $ 0.957   

Net realized and unrealized gain (loss)

    (0.276     1.098        (1.792     1.783        (0.185     (0.290

Distributions to preferred shareholders

           

From net investment income(1)

    (0.005     (0.008     (0.012     (0.018     (0.022     (0.029

Total income (loss) from operations

  $ 0.086      $ 1.838      $ (1.042   $ 2.567      $ 0.683      $ 0.638   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.364   $ (0.743   $ (0.788   $ (0.797   $ (0.923   $ (0.948

Total distributions to common shareholders

  $ (0.364   $ (0.743   $ (0.788   $ (0.797   $ (0.923   $ (0.948

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.008      $ 0.005      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 13.790      $ 14.060      $ 12.960      $ 14.790      $ 13.020      $ 13.260   

Market value — End of period (Common shares)

  $ 12.160      $ 12.300      $ 11.440      $ 16.380      $ 13.370      $ 13.520   

Total Investment Return on Net Asset Value(2)

    0.96 %(3)      15.20     (6.96 )%      20.18     5.64     4.62

Total Investment Return on Market Value(2)

    1.77 %(3)      14.17     (25.85 )%      29.62     6.39     3.10

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 64,045      $ 65,624      $ 60,653      $ 69,135      $ 60,734      $ 61,717   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.61 %(6)      1.64     1.70     1.71     1.81     1.79

Interest and fee expense(7)

    0.03 %(6)      0.04     0.08     0.11     0.15     0.18

Total expenses(5)

    1.64 %(6)      1.68     1.78     1.82     1.96     1.97

Net investment income

    5.23 %(6)      5.47     5.55     5.70     6.96     6.87

Portfolio Turnover

    3 %(3)      6     16     14     11     9

Senior Securities:

           

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(8)

  $ 72,903      $ 74,083      $ 70,365      $ 76,709      $ 70,427      $ 71,162   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 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) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

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.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.06      1.07      1.12      1.14      1.16      1.18

Interest and fee expense

    0.02      0.03      0.05      0.07      0.09      0.12

Total expenses

    1.08      1.10      1.17      1.21      1.25      1.30

Net investment income

    3.46      3.59      3.65      3.78      4.46      4.53

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 14.590      $ 13.260      $ 15.540      $ 13.310      $ 13.110      $ 12.920   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.411      $ 0.840      $ 0.845      $ 0.856      $ 0.950      $ 0.954   

Net realized and unrealized gain (loss)

    (0.137     1.359        (2.232     2.300        0.179        0.166   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.007     (0.010     (0.016     (0.019     (0.025

Total income (loss) from operations

  $ 0.270      $ 2.192      $ (1.397   $ 3.140      $ 1.110      $ 1.095   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.410   $ (0.862   $ (0.883   $ (0.910   $ (0.910   $ (0.905

Total distributions to common shareholders

  $ (0.410   $ (0.862   $ (0.883   $ (0.910   $ (0.910   $ (0.905

Net asset value — End of period (Common shares)

  $ 14.450      $ 14.590      $ 13.260      $ 15.540      $ 13.310      $ 13.110   

Market value — End of period (Common shares)

  $ 13.510      $ 13.730      $ 12.100      $ 16.150      $ 13.450      $ 13.350   

Total Investment Return on Net Asset Value(2)

    2.03 %(3)      17.25     (8.99 )%      24.30     9.06     8.48

Total Investment Return on Market Value(2)

    1.37 %(3)      20.92     (20.09 )%      27.89     8.18     8.16

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 79,103      $ 79,860      $ 72,611      $ 85,001      $ 72,678      $ 71,372   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.55 %(6)      1.60     1.65     1.66     1.78     1.74

Interest and fee expense(7)

    0.14 %(6)      0.15     0.16     0.18     0.22     0.21

Total expenses(5)

    1.69 %(6)      1.75     1.81     1.84     2.00     1.95

Net investment income

    5.61 %(6)      5.96     5.97     5.90     7.40     7.02

Portfolio Turnover

    1 %(3)      4     10     17     13     13

Senior Securities:

           

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(8)

  $ 83,638      $ 84,200      $ 78,826      $ 88,010      $ 78,877      $ 77,909   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 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) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

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.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.09      1.11      1.15      1.16      1.20      1.18

Interest and fee expense

    0.10      0.11      0.11      0.13      0.15      0.15

Total expenses

    1.19      1.22      1.26      1.29      1.35      1.33

Net investment income

    3.95      4.15      4.16      4.14      5.00      4.82

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 15.150      $ 13.510      $ 15.850      $ 13.440      $ 13.170      $ 13.520   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.381      $ 0.775      $ 0.764      $ 0.786      $ 0.851      $ 0.899   

Net realized and unrealized gain (loss)

    (0.110     1.605        (2.352     2.475        0.305        (0.325

Distributions to preferred shareholders

           

From net investment income(1)

    (0.005     (0.009     (0.013     (0.020     (0.025     (0.033

Total income (loss) from operations

  $ 0.266      $ 2.371      $ (1.601   $ 3.241      $ 1.131      $ 0.541   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.366   $ (0.731   $ (0.739   $ (0.831   $ (0.861   $ (0.891

Total distributions to common shareholders

  $ (0.366   $ (0.731   $ (0.739   $ (0.831   $ (0.861   $ (0.891

Net asset value — End of period (Common shares)

  $ 15.050      $ 15.150      $ 13.510      $ 15.850      $ 13.440      $ 13.170   

Market value — End of period (Common shares)

  $ 13.400      $ 13.620      $ 11.840      $ 16.800      $ 13.320      $ 13.420   

Total Investment Return on Net Asset Value(2)

    2.00 %(3)      18.49     (10.01 )%      24.71     9.21     3.96

Total Investment Return on Market Value(2)

    1.01 %(3)      21.55     (25.59 )%      33.34     6.25     6.64

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 43,002      $ 43,287      $ 38,588      $ 45,284      $ 38,379      $ 37,463   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.63 %(6)      1.70     1.76     1.76     1.93     1.85

Interest and fee expense(7)

                                0.01     0.02

Total expenses(5)

    1.63 %(6)      1.70     1.76     1.76     1.94     1.87

Net investment income

    4.99 %(6)      5.36     5.33     5.31     6.64     6.53

Portfolio Turnover

    1 %(3)      9     10     11     11     17

Senior Securities:

           

Total preferred shares outstanding

    909        909        909        909        909        909   

Asset coverage per preferred share(8)

  $ 72,308      $ 72,621      $ 67,451      $ 74,818      $ 67,221      $ 66,215   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 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) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

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.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.08      1.10      1.13      1.15      1.19      1.17

Interest and fee expense

                                    0.01      0.01

Total expenses

    1.08      1.10      1.13      1.15      1.20      1.18

Net investment income

    3.29      3.46      3.43      3.45      4.09      4.13

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
      2014     2013     2012     2011     2010  

Net asset value — Beginning of period (Common shares)

  $ 13.910      $ 12.770      $ 14.780      $ 13.250      $ 13.330      $ 13.380   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.370      $ 0.755      $ 0.750      $ 0.786      $ 0.873      $ 0.912   

Net realized and unrealized gain (loss)

    (0.121     1.143        (1.960     1.591        (0.062     (0.063

Distributions to preferred shareholders

           

From net investment income(1)

    (0.005     (0.008     (0.013     (0.020     (0.024     (0.032

Total income (loss) from operations

  $ 0.244      $ 1.890      $ (1.223   $ 2.357      $ 0.787      $ 0.817   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.363   $ (0.764   $ (0.787   $ (0.827   $ (0.867   $ (0.867

Total distributions to common shareholders

  $ (0.363   $ (0.764   $ (0.787   $ (0.827   $ (0.867   $ (0.867

Anti-dilutive effect of share repurchase program
(see Note 6)
(1)

  $ 0.029      $ 0.014      $      $      $      $   

Net asset value — End of period (Common shares)

  $ 13.820      $ 13.910      $ 12.770      $ 14.780      $ 13.250      $ 13.330   

Market value — End of period (Common shares)

  $ 12.140      $ 12.050      $ 10.950      $ 15.100      $ 13.660      $ 12.930   

Total Investment Return on Net Asset Value(2)

    2.32 %(3)      16.07     (8.07 )%      18.20     6.53     6.13

Total Investment Return on Market Value(2)

    3.75 %(3)      17.26     (22.84 )%      17.23     13.15     5.57

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2015
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 36,647      $ 37,532      $ 34,736      $ 40,188      $ 36,011      $ 36,210   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.76 %(6)      1.79     1.85     1.85     1.93     1.88

Interest and fee expense(7)

    0.01 %(6)      0.04     0.05     0.04     0.05     0.06

Total expenses(5)

    1.77 %(6)      1.83     1.90     1.89     1.98     1.94

Net investment income

    5.31 %(6)      5.61     5.53     5.57     6.71     6.61

Portfolio Turnover

    0 %(3)(8)      4     11     15     8     17

Senior Securities:

           

Total preferred shares outstanding

    847        847        847        847        847        847   

Asset coverage per preferred share(9)

  $ 68,268      $ 69,312      $ 66,011      $ 72,448      $ 67,516      $ 67,752   

Involuntary liquidation preference per preferred share(10)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(10)

  $ 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)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (6)

Annualized.

 

  (7)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

  (8)

Amount is less than 0.5%.

 

  (9)

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.

 

(10) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any. Ratios for periods less than one year are annualized.

 

    Six Months Ended
May 31, 2015
(Unaudited)
     Year Ended November 30,  
       2014      2013      2012      2011      2010  

Expenses excluding interest and fees

    1.12      1.14      1.18      1.20      1.21      1.20

Interest and fee expense

    0.01      0.02      0.03      0.02      0.03      0.04

Total expenses

    1.13      1.16      1.21      1.22      1.24      1.24

Net investment income

    3.39      3.55      3.51      3.59      4.19      4.22

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

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 (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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

Debt Obligations. Debt obligations (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, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term 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.

As of May 31, 2015, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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

 

  56  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 8) at May 31, 2015. 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 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, 2015, 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

  $ 14,310,000       $ 3,385,000       $ 3,480,000       $ 17,890,000       $ 750,000   

Interest Rate or Range of Interest Rates (%)

    0.10 - 0.11         0.10 - 0.22         0.13 - 0.25         0.10 - 0.13         0.11   

Collateral for Floating Rate Notes Outstanding

  $ 18,041,728       $ 4,785,494       $ 4,848,167       $ 25,991,054       $ 1,150,670   

For the six months ended May 31, 2015, 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

  $ 14,310,000       $ 3,385,000       $ 3,519,560       $ 19,174,066       $ 750,000   

Average Interest Rate

    0.54      0.61      0.63      0.60      0.55

In certain circumstances, the Trusts may have entered into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of May 31, 2015.

The Trusts may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior

 

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Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

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.

On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds (such as SPVs), as defined in the rules. The compliance date for the Volcker Rule for certain covered funds is July 21, 2015 while for other covered funds the compliance date is July 21, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts will need to be restructured or unwound. The effects of the Volcker Rule may make it more difficult for the Trusts to maintain current or desired levels of leverage and may cause the Trusts to incur additional expenses to maintain their leverage.

As of May 31, 2015, the Trusts’ investments in residual interest bonds that must be compliant with the Volcker Rule by July 21, 2015, if any, are anticipated to be restructured by the required compliance date.

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, 2015 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. 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 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%.

 

  58  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

3  Distributions to Shareholders and Income Tax Information

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, 2015, 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, 2015

    0.18     0.21     0.21     0.18     0.20     0.21     0.21

Dividends Accrued to APS Shareholders

  $ 31,367      $ 12,824      $ 10,946      $ 21,180      $ 20,542      $ 14,375      $ 13,450   

Average APS Dividend Rates

    0.13     0.13     0.13     0.13     0.12     0.13     0.13

Dividend Rate Ranges (%)

    0.09 - 0.21        0.09 - 0.23        0.09 - 0.21        0.09 - 0.21        0.09 - 0.21        0.08 - 0.21        0.09 - 0.21   

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, 2015.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At November 30, 2014, 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. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date   California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

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        2,795,679        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 carryforwards

  $ 16,429,254      $ 3,464,403      $ 1,234,638      $ 8,446,139      $ 9,805,308      $ 2,787,606      $ 2,855,161   

Deferred capital losses:

             

Short-term

  $ 115,053      $ 231,918      $ 51,759      $ 776,204      $ 577,516      $ 292,073      $ 307,553   

Long-term

  $      $ 383,249      $ 322,919      $ 1,119,408      $ 1,748,015      $ 362,770      $ 1,107,836   

 

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Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2015, 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

  $ 132,965,234      $ 53,743,825      $ 43,418,418      $ 88,443,352      $ 98,931,114      $ 58,057,288      $ 51,949,387   

Gross unrealized appreciation

  $ 13,418,372      $ 5,484,841      $ 3,097,682      $ 8,201,702      $ 11,830,657      $ 6,589,077      $ 4,488,828   

Gross unrealized depreciation

    (420,672     (94,361     (123,111     (722,321     (309,567     (62,607     (121,330

Net unrealized appreciation

  $ 12,997,700      $ 5,390,480      $ 2,974,571      $ 7,479,381      $ 11,521,090      $ 6,526,470      $ 4,367,498   

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 0.610% (0.625% prior to May 1, 2015) 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 or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, 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, 2015, 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

  $ 501,448       $ 196,292       $ 148,920       $ 317,818       $ 387,697       $ 206,272       $ 184,446   

Administration Fee

  $ 161,115       $ 63,068       $ 47,847       $ 102,114       $ 124,567       $ 66,275       $ 59,262   

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, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2015 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Purchases

  $ 3,992,879       $       $ 1,097,760       $ 3,229,663       $ 1,590,200       $ 893,884       $ 272,315   

Sales

  $ 7,393,275       $ 2,675,309       $ 1,464,223       $ 4,354,520       $ 2,312,674       $ 660,078       $ 1,627,622   

6  Common Shares of Beneficial Interest

Each Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trusts for the six months ended May 31, 2015. For the year ended November 30, 2014, the New York Trust issued 720 common shares pursuant to its dividend reinvestment plan and no common shares were issued by the other Trusts.

On November 11, 2013, the Boards of Trustees of the Trusts authorized the repurchase by each Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Trusts to purchase a

 

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Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

specific amount of shares. During the six months ended May 31, 2015 and the year ended November 30, 2014, the number, cost (including brokerage commissions), average price per share and weighted average discount per share to NAV of common shares repurchased, were as follows:

 

    Six Months Ended May 31, 2015 (Unaudited)  
     Massachusetts
Trust
    

Michigan

Trust

    

New Jersey

Trust

    

Pennsylvania

Trust

 

Common shares repurchased

    5,500         49,400         21,600         46,300   

Cost, including brokerage commissions, of common shares repurchased

  $ 73,752       $ 638,106       $ 267,219       $ 569,062   

Average price per share

  $ 13.41       $ 12.92       $ 12.37       $ 12.29   

Weighted average discount per share to NAV

    11.78      13.06      12.38      11.91

 

    Year Ended November 30, 2014  
    

California

Trust

    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

Pennsylvania

Trust

 

Common shares repurchased

    6,500         8,000         33,000         13,400         22,000   

Cost, including brokerage commissions, of common shares repurchased

  $ 82,187       $ 107,173       $ 413,033       $ 166,150       $ 267,513   

Average price per share

  $ 12.64       $ 13.40       $ 12.52       $ 12.40       $ 12.16   

Weighted average discount per share to NAV

    10.80      11.94      14.29      12.19      12.66

7  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.

A summary of obligations under these financial instruments at May 31, 2015 is as follows:

 

Futures Contracts  
Trust   Expiration
Month/Year
     Contracts    Position    Aggregate
Cost
     Value      Net
Unrealized
Depreciation
 
California     9/15      

38

U.S. 10-Year Treasury Note

   Short    $ (4,836,633    $ (4,852,125    $ (15,492
      9/15      

29

U.S. Long Treasury Bond

   Short      (4,486,111      (4,513,125      (27,014
Massachusetts     9/15      

23

U.S. Long Treasury Bond

   Short    $ (3,557,950    $ (3,579,375    $ (21,425
New Jersey     9/15      

30

U.S. Long Treasury Bond

   Short    $ (4,640,804    $ (4,668,750    $ (27,946
New York     9/15      

29

U.S. Long Treasury Bond

   Short    $ (4,486,111    $ (4,513,125    $ (27,014
Pennsylvania     9/15      

10

U.S. Long Treasury Bond

   Short    $ (1,546,935    $ (1,556,250    $ (9,315

 

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Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

At May 31, 2015, 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 enter into 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, 2015 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Liability Derivative:

             

Futures Contracts

  $ (42,506 )(1)     $ (21,425 )(1)     $ (27,946 )(1)     $ (27,014 )(1)     $ (9,315 )(1) 

Total

  $ (42,506    $ (21,425    $ (27,946    $ (27,014    $ (9,315

 

(1) 

Amount represents cumulative unrealized depreciation 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.

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, 2015 was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (161,310 )(1)     $ (51,685 )(1)     $ (92,016 )(1)     $ (65,752 )(1)     $ (45,126 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ 79,822 (2)     $ 46,606 (2)     $ 112,118 (2)     $ 59,026 (2)     $ 70,722 (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, 2015, which is indicative of the volume of this derivative type, was approximately as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Average Notional Amount:

          

Futures Contracts — Short

  $ 10,036,000       $ 4,140,000       $ 8,116,000       $ 5,228,000       $ 4,490,000   

8  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.

 

  62  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

At May 31, 2015, 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 Municipal Securities

  $       $ 157,660,638       $         —       $ 157,660,638   

Taxable Municipal Securities

            1,861,370                 1,861,370   

Corporate Bonds & Notes

            750,926                 750,926   

Total Investments

  $       $ 160,272,934       $       $ 160,272,934   

Liability Description

                                  

Futures Contracts

  $ (42,506    $       $       $ (42,506

Total

  $ (42,506    $       $       $ (42,506
          

Massachusetts Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 62,519,305       $       $ 62,519,305   

Total Investments

  $       $ 62,519,305       $       $ 62,519,305   

Liability Description

                                  

Futures Contracts

  $ (21,425    $       $       $ (21,425

Total

  $ (21,425    $       $       $ (21,425
          

Michigan Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $         —       $ 46,392,989       $         —       $ 46,392,989   

Total Investments

  $       $ 46,392,989       $       $ 46,392,989   
          

New Jersey Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 97,900,755       $       $ 97,900,755   

Taxable Municipal Securities

            1,003,190                 1,003,190   

Corporate Bonds & Notes

            498,788                 498,788   

Total Investments

  $       $ 99,402,733       $       $ 99,402,733   

Liability Description

                                  

Futures Contracts

  $ (27,946    $       $       $ (27,946

Total

  $ (27,946    $       $       $ (27,946
          

 

  63  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Notes to Financial Statements (Unaudited) — continued

 

 

New York Trust

                          
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 127,599,474       $       $ 127,599,474   

Miscellaneous

                    742,730         742,730   

Total Investments

  $       $ 127,599,474       $ 742,730       $ 128,342,204   

Liability Description

                                  

Futures Contracts

  $ (27,014    $       $       $ (27,014

Total

  $ (27,014    $       $       $ (27,014
          

Ohio Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 64,583,758       $       $ 64,583,758   

Total Investments

  $       $ 64,583,758       $       $ 64,583,758   
          

Pennsylvania Trust

                          
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 57,066,885       $       $ 57,066,885   

Total Investments

  $       $ 57,066,885       $       $ 57,066,885   

Liability Description

                                  

Futures Contracts

  $ (9,315    $       $       $ (9,315

Total

  $ (9,315    $       $       $ (9,315

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York 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, 2014 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, 2015 is not presented.

At May 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  64  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Annual Meeting of Shareholders (Unaudited)

 

 

Each Trust held its Annual Meeting of Shareholders on March 26, 2015. The following action was taken by the shareholders:

Item 1.  The election of Cynthia E. Frost, George J. Gorman, Valerie A. Mosley and Ronald A. Pearlman as Class I Trustees of each Trust, each for a three-year term expiring in 2018.

 

Trust  

Nominee for Class I Trustee

Elected by All Shareholders:

Cynthia E. Frost

    Nominee for Class I Trustee
Elected by All Shareholders:
George J. Gorman
    Nominee for Class I Trustee
Elected by All Shareholders:
Valerie A. Mosley
   

Nominee for Class I Trustee

Elected by All Shareholders:

Ronald A. Pearlman

 

California Trust

       

For

    6,447,376        6,544,163        6,321,312        6,544,163   

Withheld

    212,165        115,378        338,229        115,378   

Massachusetts Trust

       

For

    2,398,013        2,398,013        2,421,590        2,361,686   

Withheld

    125,904        125,904        102,327        162,231   

Michigan Trust

       

For

    1,653,968        1,643,771        1,652,568        1,612,252   

Withheld

    205,973        216,170        207,373        247,689   

New Jersey Trust

       

For

    3,983,657        3,988,222        3,986,134        3,973,344   

Withheld

    214,549        209,984        212,072        224,862   

New York Trust

       

For

    4,720,487        4,718,502        4,716,186        4,711,072   

Withheld

    183,835        185,820        188,136        193,250   

Ohio Trust

       

For

    2,570,710        2,544,066        2,529,136        2,543,708   

Withheld

    34,924        61,568        76,498        61,926   

Pennsylvania Trust

       

For

    2,180,945        2,184,121        2,176,496        2,147,672   

Withheld

    113,409        110,233        117,858        146,682   

 

  65  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

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 registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 27, 2015, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment 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 its Contract Review Committee, 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 2015. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

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

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

 

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 it employs;

 

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 policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

Ÿ  

Information about the allocation of brokerage transactions 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 policies with respect to “soft dollars”;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

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  

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

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

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

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;

 

  66  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Board of Trustees’ Contract Approval — continued

 

 

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;

 

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 investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2015, with respect to one or more funds, the Board met nine 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, seventeen, seven, eleven 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, and 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. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment 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 investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment 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 investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

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, including changes to such personnel, where relevant. 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

 

  67  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Board of Trustees’ Contract Approval — continued

 

 

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, as well as the compensation methods of the Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain investment personnel. In addition, the Board considered the time and attention devoted to each Fund by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the management of the Funds, including the provision of administrative services.

The Board considered 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 valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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 that of comparable funds and appropriate benchmark indices and, where relevant, a customized peer group of similarly managed funds, 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, 2014 for each Fund. The Board considered, among other things, the Adviser’s efforts to generate competitive levels of tax-exempt current income over time through investments that focus on higher quality municipal bonds that often have longer maturities. In regard to Eaton Vance Pennsylvania Municipal Income Trust, the Board concluded that the Fund’s performance had been satisfactory on the basis of current income return. The Board also concluded that it would continue to monitor the effectiveness of steps taken by the Adviser to improve fund performance on the basis of total return. For all other Funds, the Board concluded that the performance of each Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered each Fund’s management fees and total expense ratio for the year ended September 30, 2014, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. The Board also considered actions taken by management in recent years to reduce expenses at the fund complex level. Additionally, the Board took into account the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of each Fund’s life. The Board also considered that, 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, 2015.

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

Profitability

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to 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.

 

  68  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Board of Trustees’ Contract Approval — continued

 

 

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 warranted at this time.

 

  69  


Eaton Vance

Municipal Income Trusts

May 31, 2015

 

Officers and Trustees

 

 

Officers

 

 

Payson F. Swaffield

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

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Helen Frame Peters

Susan J. Sutherland**

Harriett Tee Taggart

 

 

* Interested Trustee
** Ms. Sutherland began serving as a Trustee effective May 1, 2015.

 

 

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, 2015, Trust records indicate that there are 19, 29, 12, 34, 24, 26 and 23 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 2,527, 1,235, 1,231, 1,903, 2,155, 1,510 and 1,628 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
  
 

 

  70  


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.

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

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

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most 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”.

 

  71  


 

 

This Page Intentionally Left Blank


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

7694    5.31.15    


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.


Item 6. Schedule of Investments

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

REGISTRANT PURCHASES OF EQUITY SECURITIES

 

Period*

   Total
Number of
Shares
Purchased
     Average
Price Paid
per Share
     Total Number of Shares
Purchased as Part of
Publicly Announced
Programs
     Maximum Number of
Shares that May Yet Be
Purchased Under the
Programs*
 

November 2013

     —           —           —           275,052   

December 2013

     —           —           —           275,052   

January 2014

     —           —           —           275,052   

February 2014

     —           —           —           275,052   

March 2014

     —           —           —           275,052   

April 2014

     —           —           —           275,052   

May 2014

     —           —           —           275,052   

June 2014

     —           —           —           275,052   

July 2014

     —           —           —           275,052   

August 2014

     —           —           —           275,052   

September 2014

     —           —           —           275,052   

October 2014

     4,800       $ 13.42         4,800         270,252   

November 2014

     3,200       $ 13.37         3,200         267,052   

December 2014

     5,500       $ 13.41         5,500         261,552   

January 2015

     —           —           —           261,552   

February 2015

     —           —           —           261,552   

March 2015

     —           —           —           261,552   

April 2015

     —           —           —           261,552   

May 2015

     —           —           —           261,552   
  

 

 

    

 

 

    

 

 

    

Total

     13,500       $ 13.40         13,500      
  

 

 

    

 

 

    

 

 

    

 

* On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program was announced on November 15, 2013.


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/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 13, 2015

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 13, 2015
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 13, 2015