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, 2016

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2016

 

 

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, 2016

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

     71   

Board of Trustees’ Contract Approval

     72   

Officers and Trustees

     76   

Important Notices

     77   


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

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         6.78      10.78      10.57      5.58

Fund at Market Price

             9.70         10.94         9.43         5.38   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –5.48
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.336   

Distribution Rate at NAV

                 4.15

Taxable-Equivalent Distribution Rate at NAV

                 8.46

Distribution Rate at Market Price

                 4.39

Taxable-Equivalent Distribution Rate at Market Price

                 8.95
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 1.79

Institutional MuniFund Term Preferred (iMTP) Shares

                 28.00   

Residual Interest Bond (RIB) Financing

                 7.05   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

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See Endnotes and Additional Disclosures in this report.

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

 

  2  


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

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         6.72      10.60      9.12      5.98

Fund at Market Price

             10.72         17.83         8.37         5.46   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –3.98
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.326   

Distribution Rate at NAV

                 3.70

Taxable-Equivalent Distribution Rate at NAV

                 6.89

Distribution Rate at Market Price

                 3.86

Taxable-Equivalent Distribution Rate at Market Price

                 7.19
              
% Total Leverage5                                        

APS

                 4.98

iMTP Shares

                 25.76   

RIB Financing

                 2.94   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         7.73      12.25      10.10      6.55

Fund at Market Price

             14.24         17.58         9.43         6.50   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –8.46
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.336   

Distribution Rate at NAV

                 3.87

Taxable-Equivalent Distribution Rate at NAV

                 7.14

Distribution Rate at Market Price

                 4.22

Taxable-Equivalent Distribution Rate at Market Price

                 7.79
              
% Total Leverage5                                        

APS

                 1.34

iMTP Shares

                 34.61   

Fund Profile

 

 

Credit Quality (% of total investments)6

 

 

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* Amount is less than 0.05%.
 

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

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         6.78      10.08      8.31      5.60

Fund at Market Price

             15.11         20.14         7.37         5.22   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –3.76
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.346   

Distribution Rate at NAV

                 4.31

Taxable-Equivalent Distribution Rate at NAV

                 8.37

Distribution Rate at Market Price

                 4.48

Taxable-Equivalent Distribution Rate at Market Price

                 8.70
              
% Total Leverage5                                        

APS

                 4.33

iMTP Shares

                 28.37   

RIB Financing

                 2.73   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

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         7.20      10.98      9.90      6.01

Fund at Market Price

             8.07         13.15         8.92         5.86   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –4.68
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.357   

Distribution Rate at NAV

                 4.15

Taxable-Equivalent Distribution Rate at NAV

                 8.04

Distribution Rate at Market Price

                 4.35

Taxable-Equivalent Distribution Rate at Market Price

                 8.43
              
% Total Leverage5                                        

APS

                 3.06

iMTP Shares

                 21.97   

RIB Financing

                 13.28   

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

 

  6  


Eaton Vance

Ohio Municipal Income Trust

May 31, 2016

 

Performance1,2

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         7.16      11.28      10.30      6.37

Fund at Market Price

             14.04         19.79         9.32         6.40   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –4.15
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.366   

Distribution Rate at NAV

                 4.60

Taxable-Equivalent Distribution Rate at NAV

                 8.55

Distribution Rate at Market Price

                 4.80

Taxable-Equivalent Distribution Rate at Market Price

                 8.93
              
% Total Leverage5                                        

APS

                 6.21

iMTP Shares

                 26.43   

RIB Financing

                 2.09   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2016

 

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         6.46      10.31      8.19      5.77

Fund at Market Price

             11.04         13.53         6.33         5.07   

Barclays Long (22+) Year Municipal Bond Index

             5.35      8.60      7.51      5.49
              
% Premium/Discount to NAV3                                        
                 –9.59
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.345   

Distribution Rate at NAV

                 4.29

Taxable-Equivalent Distribution Rate at NAV

                 7.82

Distribution Rate at Market Price

                 4.74

Taxable-Equivalent Distribution Rate at Market Price

                 8.64
              
% Total Leverage5                                        

APS

                 7.07

iMTP Shares

                 28.59   

RIB Financing

                 1.26   

Fund Profile

 

 

Credit Quality (% of total investments)6,7

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

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. Included in the average annual total return at NAV is the impact of the tender and repurchase of a portion of the Fund’s APS at 95.5% of the Fund’s APS per share liquidation preference. Had this transaction not occurred, the total return at NAV would be lower for the Fund.

 

3 

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

 

4 

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

5 

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

 

6 

Ratings are based on Moody’s, 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.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 155.3%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education — 11.3%

  

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

  $ 195      $ 230,488   

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

    330        390,057   

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

    745        833,521   

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

    1,600        1,928,752   

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

    235        288,608   

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

    2,490        2,744,080   

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

    630        729,471   

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

    415        482,462   

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

    285        331,806   

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

    810        967,180   

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

    850        1,008,100   

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

    895        1,054,444   

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

    690        775,180   

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

    205        231,320   
                 
    $ 11,995,469   
                 

Electric Utilities — 9.3%

  

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

  $ 270      $ 307,465   

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

    2,170        2,372,418   

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

    1,500        1,698,390   

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

    1,335        1,585,606   

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

    1,795        2,128,475   

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

    680        777,118   

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

    900        1,003,662   
                 
    $ 9,873,134   
                 

Escrowed / Prerefunded — 7.7%

  

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

  $ 715      $ 776,554   

California Educational Facilities Authority, (Claremont McKenna College), Prerefunded to 1/1/19, 5.00%, 1/1/39

    3,135        3,466,275   
Security  

Principal

Amount

(000’s omitted)

    Value  

Escrowed / Prerefunded (continued)

  

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

  $ 1,475      $ 1,671,337   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16, 4.75%, 11/15/26(1)

    175        178,392   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), Prerefunded to 11/15/16, 4.875%, 11/15/36(1)

    700        713,965   

Tustin Community Facilities District, Prerefunded to 9/1/17, 6.00%, 9/1/37

    500        532,730   

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

    355        400,689   

Vernon Electric System Revenue, Prerefunded to 8/1/19, 5.125%, 8/1/21

    400        436,384   
                 
    $ 8,176,326   
                 

General Obligations — 29.2%

  

California, 5.00%, 10/1/31

  $ 1,885      $ 2,331,707   

California, 5.50%, 11/1/35

    1,600        1,914,896   

California, 6.00%, 4/1/38

    750        856,530   

Escondido, 5.00%, 9/1/36

    1,000        1,213,570   

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

    3,655        4,201,423   

Redondo Beach Unified School District, (Election of 2012), 4.00%, 8/1/40

    1,000        1,101,780   

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

    2,890        3,224,980   

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

    1,545        1,736,055   

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

    860        1,027,691   

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

    1,315        1,630,021   

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

    2,230        2,746,423   

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

    3,180        3,577,150   

Santa Clarita Community College District, 4.00%, 8/1/46(4)

    2,500        2,768,050   

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

    2,150        2,610,595   
                 
    $ 30,940,871   
                 

Hospital — 13.3%

  

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

  $ 1,000      $ 1,174,130   

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

    190        220,917   

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

    635        745,833   
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 910      $ 1,063,444   

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

    2,000        2,362,700   

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

    1,000        1,165,950   

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

    1,145        1,359,974   

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

    535        628,149   

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

    600        605,814   

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

    1,900        1,930,799   

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

    2,780        2,862,677   
                 
    $ 14,120,387   
                 

Insured – Education — 1.4%

  

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

  $ 1,250      $ 1,506,838   
                 
    $ 1,506,838   
                 

Insured – Escrowed / Prerefunded — 12.8%

  

Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/34

  $ 6,485      $ 2,448,606   

Coast Community College District, (Election of 2002), (AGM), Prerefunded to 8/1/16, 0.00%, 8/1/35

    4,825        1,722,766   

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

    5,130        4,273,598   

Glendale, Electric System Revenue, (AGC), Prerefunded to 2/1/18, 5.00%, 2/1/31

    2,790        2,990,350   

Riverside Community College District, (Election of 2004), (AGM), (NPFG), Prerefunded to 8/1/17, 5.00%, 8/1/32

    2,005        2,108,157   
                 
    $ 13,543,477   
                 

Insured – General Obligations — 4.7%

  

Cotati-Rohnert Park Unified School District, (BAM), 5.00%, 8/1/39

  $ 1,000      $ 1,181,180   

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

    4,720        3,742,582   
                 
    $ 4,923,762   
                 

Insured – Hospital — 4.9%

  

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

  $ 5,000      $ 5,167,800   
                 
    $ 5,167,800   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Lease Revenue / Certificates of Participation — 7.7%

  

Anaheim Public Financing Authority, (Public Improvements), (AGM), 0.00%, 9/1/17(5)

  $ 4,410      $ 4,360,476   

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

    3,500        3,775,555   
                 
    $ 8,136,031   
                 

Insured – Special Tax Revenue — 5.1%

  

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

  $ 4,850      $ 753,932   

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

    370        448,899   

Successor Agency to Hawthorne Community Redevelopment Agency, (AGM), 5.00%, 9/1/32

    1,385        1,682,069   

Successor Agency to San Francisco City and County Redevelopment Agency, (NPFG), 5.00%, 8/1/41

    2,100        2,547,657   
                 
    $ 5,432,557   
                 

Insured – Transportation — 8.7%

  

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

  $ 5,000      $ 3,063,700   

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

    4,500        2,701,800   

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

    740        762,489   

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

    1,275        1,312,893   

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

    1,350        1,401,435   
                 
    $ 9,242,317   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 1,097,735   
                 
    $ 1,097,735   
                 

Other Revenue — 0.4%

  

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

  $ 385      $ 405,944   
                 
    $ 405,944   
                 

Senior Living / Life Care — 1.6%

  

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

  $ 290      $ 334,941   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(1)

    600        699,300   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care (continued)

  

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

  $ 535      $ 642,059   
                 
    $ 1,676,300   
                 

Special Tax Revenue — 16.2%

  

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

  $ 770      $ 886,786   

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

    285        294,020   

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

    460        474,333   

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

    1,590        1,615,631   

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

    240        284,604   

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

    480        569,299   

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

    240        284,650   

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

    335        396,888   

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

    240        284,338   

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

    2,400        2,745,840   

Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/34

    1,500        1,835,460   

Santa Clara Valley Transportation Authority, Sales Tax Revenue, 5.00%, 4/1/36

    1,250        1,521,712   

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

    485        563,594   

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

    725        840,565   

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

    1,600        1,938,480   

Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/32

    1,360        1,661,689   

Successor Agency to Union City Community Redevelopment Agency, 5.00%, 10/1/36

    800        961,856   
                 
    $ 17,159,745   
                 

Transportation — 11.9%

  

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

  $ 1,000      $ 1,120,510   

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

    2,120        2,419,535   

Los Angeles Department of Airports, (Los Angeles International Airport), (AMT), 5.00%, 5/15/41

    1,500        1,754,595   
Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

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

  $ 1,500      $ 1,617,765   

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

    2,760        3,126,500   

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

    2,265        2,574,943   
                 
    $ 12,613,848   
                 

Water and Sewer — 8.1%

  

Los Angeles, Wastewater System Revenue, 5.00%, 6/1/45

  $ 1,925      $ 2,312,425   

Metropolitan Water District of Southern California, 5.00%, 7/1/40

    2,000        2,425,720   

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

    1,700        1,955,731   

Upper Santa Clara Joint Powers Financing Authority, 5.00%, 8/1/41

    1,500        1,836,285   
                 
    $ 8,530,161   
                 

Total Tax-Exempt Municipal Securities — 155.3%
(identified cost $149,210,715)

   

  $ 164,542,702   
                 
Taxable Municipal Securities — 1.8%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital — 1.8%

  

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

  $ 1,750      $ 1,949,938   
                 

Total Taxable Municipal Securities — 1.8%
(identified cost $1,750,000)

   

  $ 1,949,938   
                 

Total Investments — 157.1%
(identified cost $150,960,715)

   

  $ 166,492,640   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.9)%

  

  $ (3,000,117
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.3)%

   

  $ (46,975,000
                 

Other Assets, Less Liabilities — (9.9)%

  

  $ (10,540,942
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 105,976,581   
                 

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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

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, 2016, 28.8% 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 0.5% to 16.1% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally

  to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,591,657 or 1.5% of the Trust’s net assets applicable to common shares.

 

(2) 

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

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,021,685.

 

(4) 

When-issued security.

 

(5) 

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

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. 10-Year Treasury Note     38       Short    Sep-16    $ (4,919,449    $ (4,928,125    $ (8,676
U.S. Long Treasury Bond     29       Short    Sep-16      (4,717,503      (4,736,063      (18,560
                                         $ (27,236

Abbreviations:

 

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

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 144.4%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 6.1%

  

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

  $ 910      $ 1,255,982   

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

    990        1,376,674   
                 
    $ 2,632,656   
                 

Education — 24.0%

  

Massachusetts Development Finance Agency, (Dexter Southfield), 5.00%, 5/1/34

  $ 1,665      $ 1,915,366   

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

    1,080        1,234,872   

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

    770        902,463   

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

    1,500        1,581,615   

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

    1,640        2,334,196   

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

    1,350        1,535,611   

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

    750        889,305   
                 
    $ 10,393,428   
                 

Escrowed / Prerefunded — 8.9%

  

Massachusetts Bay Transportation Authority, Prerefunded to 7/1/18, 5.25%, 7/1/34

  $ 40      $ 43,674   

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

    625        682,413   

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

    1,055        1,104,279   

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

    415        434,571   

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

    1,420        1,562,810   
                 
    $ 3,827,747   
                 

General Obligations — 11.9%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 339,327   

Danvers, 5.25%, 7/1/36

    885        1,050,185   

Lexington, 4.00%, 2/1/23

    355        416,053   

Newton, 5.00%, 4/1/36

    750        837,900   

Plymouth, 5.00%, 5/1/31

    345        398,541   

Plymouth, 5.00%, 5/1/32

    315        363,885   

Wayland, 5.00%, 2/1/33

    510        589,483   
Security  

Principal

Amount

(000’s omitted)

    Value  

General Obligations (continued)

  

Wayland, 5.00%, 2/1/36

  $ 770      $ 888,126   

Winchester, 5.00%, 4/15/36

    245        284,604   
                 
    $ 5,168,104   
                 

Hospital — 27.4%

  

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

  $ 1,000      $ 1,123,270   

Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/25

    600        745,452   

Massachusetts Development Finance Agency, (CareGroup), 5.00%, 7/1/33

    180        214,026   

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

    525        639,928   

Massachusetts Development Finance Agency, (Lahey Health System Obligated Group), 5.00%, 8/15/40

    1,250        1,464,550   

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

    600        728,334   

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

    555        631,873   

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

    1,210        1,364,953   

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

    500        563,500   

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

    1,135        1,235,629   

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

    970        1,076,399   

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

    945        986,986   

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

    675        676,856   

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

    350        381,185   
                 
    $ 11,832,941   
                 

Housing — 3.2%

  

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

  $ 1,385      $ 1,385,983   
                 
    $ 1,385,983   
                 

Industrial Development Revenue — 1.9%

  

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

  $ 800      $ 804,744   
                 
    $ 804,744   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education — 7.4%

  

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

  $ 1,000      $ 1,362,540   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(3)(4)

    1,365        1,851,295   
                 
    $ 3,213,835   
                 

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 567,600   
                 
    $ 567,600   
                 

Insured – Escrowed / Prerefunded — 3.2%

  

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), Prerefunded to 8/15/17, 5.00%, 8/15/37(3)

  $ 1,335      $ 1,404,213   
                 
    $ 1,404,213   
                 

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,383,520   
                 
    $ 1,383,520   
                 

Insured – Hospital — 0.9%

  

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

  $ 335      $ 379,227   
                 
    $ 379,227   
                 

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 783,331   
                 
    $ 783,331   
                 

Insured – Special Tax Revenue — 9.5%

  

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

  $ 900      $ 1,120,041   

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

    1,195        1,451,137   

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(3)

    5        5,259   

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

    1,000        1,340,110   

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

    1,105        171,772   
                 
    $ 4,088,319   
                 

Insured – Student Loan — 1.9%

  

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

  $ 210      $ 220,431   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Student Loan (continued)

  

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

  $ 615      $ 616,008   
                 
    $ 836,439   
                 

Insured – Transportation — 0.8%

  

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

  $ 315      $ 326,107   
                 
    $ 326,107   
                 

Other Revenue — 2.6%

  

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/22

  $ 500      $ 558,320   

Massachusetts Health and Educational Facilities Authority, (Isabella Stewart Gardner Museum), Prerefunded to 5/1/19, 5.00%, 5/1/25

    505        563,131   
                 
    $ 1,121,451   
                 

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 140,789   

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

    140        141,230   

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

    475        476,791   
                 
    $ 758,810   
                 

Special Tax Revenue — 8.3%

  

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

  $ 100      $ 108,806   

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

    1,665        844,122   

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

    5,195        2,279,358   

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

    335        377,900   
                 
    $ 3,610,186   
                 

Student Loan — 3.4%

  

Massachusetts Educational Financing Authority, (AMT), 3.50%, 7/1/33(5)

  $ 1,500      $ 1,486,665   
                 
    $ 1,486,665   
                 

Transportation — 10.4%

  

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

  $ 1,500      $ 1,680,240   
 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

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

  $ 500      $ 577,975   

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

    670        762,540   

Massachusetts Port Authority, 5.00%, 7/1/45

    1,250        1,493,525   
                 
    $ 4,514,280   
                 

Water and Sewer — 4.5%

  

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

  $ 495      $ 560,325   

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

    225        254,923   

Boston Water and Sewer Commission, Prerefunded to 11/1/19, 5.00%, 11/1/26

    1,005        1,143,007   
                 
    $ 1,958,255   
                 

Total Tax-Exempt Municipal Securities — 144.4%
(identified cost $55,914,559)

   

  $ 62,477,841   
                 
Taxable Municipal Securities — 1.9%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Student Loan — 1.9%

  

Massachusetts Educational Financing Authority, 4.70%, 1/1/30

  $ 750      $ 812,925   
                 

Total Taxable Municipal Securities — 1.9%
(identified cost $735,366)

   

  $ 812,925   
                 

Total Investments — 146.3%
(identified cost $56,649,925)

   

  $ 63,290,766   
                 
Security  

Principal

Amount

(000’s omitted)

  Value  

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (7.5)%

  $ (3,250,042
             

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (38.9)%

  $ (16,800,000
             

Other Assets, Less Liabilities — 0.1%

  $ 22,503   
             

Net Assets Applicable to Common Shares — 100.0%

  $ 43,263,227   
             

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 20.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 9.5% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,422,765 or 3.3% of the Trust’s net assets applicable to common shares.

 

(3) 

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

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $941,295.

 

(5) 

When-issued security.

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     23       Short    Sep-16    $ (3,741,468    $ (3,756,188    $ (14,720
                                         $ (14,720

Abbreviations:

 

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

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 151.4%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 2.1%

  

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

  $ 600      $ 668,694   
                 
    $ 668,694   
                 

Education — 6.8%

  

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

  $ 1,000      $ 1,120,400   

Oakland University, 5.00%, 3/1/42

    500        566,540   

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

    370        427,117   
                 
    $ 2,114,057   
                 

Electric Utilities — 8.9%

  

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

  $ 1,135      $ 1,307,100   

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

    500        591,080   

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

    800        871,792   
                 
    $ 2,769,972   
                 

Escrowed / Prerefunded — 5.3%

  

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

  $ 525      $ 538,246   

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

    525        538,571   

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

    500        576,165   
                 
    $ 1,652,982   
                 

General Obligations — 31.2%

  

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

  $ 350      $ 370,468   

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

    275        315,098   

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

    220        255,823   

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

    435        503,525   

Jenison Public Schools, 5.00%, 5/1/28

    500        571,580   

Jenison Public Schools, 5.00%, 5/1/30

    500        568,985   

Kent County, 5.00%, 1/1/25

    1,500        1,644,945   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,154,770   

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

    1,005        1,184,744   

Marysville Public Schools District, 5.00%, 5/1/37

    1,065        1,270,705   

Michigan, 5.50%, 11/1/25

    270        302,435   

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

    365        426,955   

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

    1,000        1,159,070   
                 
    $ 9,729,103   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital — 22.3%

  

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

  $ 1,000      $ 1,126,910   

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

    250        284,025   

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

    500        569,065   

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

    990        1,131,689   

Michigan Finance Authority, (Trinity Health Corp.), Prerefunded to 12/1/20, 5.00%, 12/1/27

    10        11,692   

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

    250        254,545   

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

    1,000        1,020,330   

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

    1,250        1,427,712   

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

    1,000        1,121,860   
                 
    $ 6,947,828   
                 

Housing — 0.2%

  

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

  $ 45      $ 46,604   
                 
    $ 46,604   
                 

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 750,090   
                 
    $ 750,090   
                 

Insured – Education — 4.8%

  

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

  $ 570      $ 618,906   

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

    500        544,330   

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

    300        326,568   
                 
    $ 1,489,804   
                 

Insured – Electric Utilities — 3.4%

  

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

  $ 630      $ 650,160   

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

    250        257,538   

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

    155        158,548   
                 
    $ 1,066,246   
                 

Insured – Escrowed / Prerefunded — 6.5%

  

Battle Creek School District, (AGM), Prerefunded to 5/1/17, 5.00%, 5/1/37

  $ 1,105      $ 1,149,123   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Escrowed / Prerefunded (continued)

  

Michigan Building Authority, (AGM), (FGIC), Prerefunded to 10/15/16, 0.00%, 10/15/29

  $ 555      $ 291,458   

Michigan Building Authority, (NPFG), Prerefunded to 10/15/16, 0.00%, 10/15/30

    1,190        594,000   
                 
    $ 2,034,581   
                 

Insured – General Obligations — 24.0%

  

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

  $ 500      $ 589,520   

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

    150        158,853   

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

    240        254,527   

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

    300        374,094   

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

    1,000        1,157,880   

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

    910        1,038,765   

South Haven Public Schools, (AGM), 5.00%, 5/1/40

    500        584,105   

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

    1,200        1,394,592   

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

    1,250        1,336,525   

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

    500        584,495   
                 
    $ 7,473,356   
                 

Insured – Lease Revenue / Certificates of Participation — 3.3%

  

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

  $ 445      $ 233,496   

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

    1,610        800,428   
                 
    $ 1,033,924   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 139,128   
                 
    $ 139,128   
                 

Insured – Transportation — 3.5%

  

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

  $ 1,000      $ 1,095,120   
                 
    $ 1,095,120   
                 

Insured – Water and Sewer — 6.9%

  

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

  $ 560      $ 561,926   

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

    1,000        1,094,880   

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

    475        490,514   
                 
    $ 2,147,320   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Lease Revenue / Certificates of Participation — 3.5%

  

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

  $ 1,000      $ 1,098,280   
                 
    $ 1,098,280   
                 

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 129,412   

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

    125        139,960   

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

    1,000        1,162,180   

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

    110        124,086   
                 
    $ 1,555,638   
                 

Water and Sewer — 10.9%

  

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

  $ 750      $ 830,483   

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

    735        954,015   

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

    1,250        1,346,225   

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

    250        278,565   
                 
    $ 3,409,288   
                 

Total Tax-Exempt Investments — 151.4%
(identified cost $43,233,228)

   

  $ 47,222,015   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (2.1)%

  

  $ (650,045
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (54.0)%

   

  $ (16,850,000
                 

Other Assets, Less Liabilities — 4.7%

  

  $ 1,461,266   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 31,183,236   
                 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 34.9% 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 2.3% to 14.6% of total investments.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Abbreviations:

 

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

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 149.0%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education — 16.3%

  

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

  $ 1,270      $ 1,492,555   

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

    1,730        1,944,935   

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

    620        733,788   

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

    380        448,522   

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

    640        727,053   

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

    1,230        1,408,510   

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

    1,650        1,703,938   

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

    965        1,149,238   

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

    1,000        1,186,480   
                 
    $ 10,795,019   
                 

Escrowed / Prerefunded — 9.4%

  

New Jersey Economic Development Authority, (Seabrook Village), Prerefunded to 11/15/16, 5.25%, 11/15/36

  $ 815      $ 832,278   

New Jersey Health Care Facilities Financing Authority, (AtlantiCare Regional Medical Center), Prerefunded to 7/1/17, 5.00%, 7/1/37

    2,090        2,186,223   

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

    915        1,044,381   

Rutgers State University, Prerefunded to 5/1/19, 5.00%, 5/1/39

    1,900        2,122,091   
                 
    $ 6,184,973   
                 

General Obligations — 6.4%

  

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

  $ 1,850      $ 2,138,933   

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

    1,795        2,072,507   
                 
    $ 4,211,440   
                 

Hospital — 15.8%

  

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

  $ 650      $ 770,659   

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

    2,290        2,471,460   

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

    750        799,897   

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

    265        311,818   
Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 250      $ 284,368   

New Jersey Health Care Facilities Financing Authority, (Princeton HealthCare System), 5.00%, 7/1/32

    815        986,289   

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

    1,000        1,116,080   

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

    2,380        2,388,806   

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

    60        60,217   

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

    1,075        1,214,223   
                 
    $ 10,403,817   
                 

Housing — 1.3%

  

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

  $ 365      $ 368,865   

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

    480        485,189   
                 
    $ 854,054   
                 

Industrial Development Revenue — 7.5%

  

Essex County Improvement Authority, (Covanta), (AMT), 5.25%, 7/1/45(1)

  $ 1,085      $ 1,110,780   

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

    50        56,008   

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

    135        150,143   

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

    750        848,887   

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

    220        246,402   

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

    2,235        2,529,126   
                 
    $ 4,941,346   
                 

Insured – Electric Utilities — 1.9%

  

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

  $ 135      $ 139,320   

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

    490        501,216   

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

    595        604,687   
                 
    $ 1,245,223   
                 

Insured – Escrowed / Prerefunded — 3.7%

  

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

  $ 1,240      $ 1,385,700   
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Escrowed / Prerefunded (continued)

  

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

  $ 970      $ 1,083,296   
                 
    $ 2,468,996   
                 

Insured – Gas Utilities — 5.4%

  

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      $ 3,553,416   
                 
    $ 3,553,416   
                 

Insured – General Obligations — 4.8%

  

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

  $ 1,015      $ 1,115,150   

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

    1,000        1,185,130   

Paterson, (BAM), 5.00%, 1/15/26

    750        850,440   
                 
    $ 3,150,720   
                 

Insured – Hospital — 3.0%

  

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

  $ 375      $ 402,296   

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

    1,380        1,550,140   
                 
    $ 1,952,436   
                 

Insured – Industrial Development Revenue — 3.1%

  

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

  $ 1,940      $ 2,048,485   
                 
    $ 2,048,485   
                 

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 579,873   

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

    640        721,082   

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

    1,000        1,236,090   
                 
    $ 2,537,045  
                 

Insured – Special Tax Revenue — 13.7%

  

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

  $ 5,250      $ 4,187,768   

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

    4,300        3,115,952   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Special Tax Revenue (continued)

  

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

  $ 2,020      $ 1,403,920   

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

    2,020        314,009   
                 
    $ 9,021,649   
                 

Insured – Student Loan — 2.5%

  

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

  $ 1,560      $ 1,676,033   
                 
    $ 1,676,033   
                 

Insured – Transportation — 6.9%

  

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

  $ 850      $ 985,125   

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

    1,500        1,729,005   

New Jersey Transportation Trust Fund Authority, (Transportation System), (AMBAC), 0.00%, 12/15/28

    2,400        1,474,224   

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

    315        353,540   
                 
    $ 4,541,894   
                 

Lease Revenue / Certificates of Participation — 5.2%

  

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

  $ 1,100      $ 1,178,309   

New Jersey Economic Development Authority, (School Facilities Construction), Prerefunded to 6/15/19, 5.25%, 12/15/33

    400        451,100   

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

    1,700        1,819,663   
                 
    $ 3,449,072   
                 

Other Revenue — 3.9%

  

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

  $ 2,040      $ 2,267,725   

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

    250        289,603   
                 
    $ 2,557,328   
                 

Senior Living / Life Care — 3.4%

  

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

  $ 465      $ 485,558   

New Jersey Economic Development Authority, (Cranes Mill, Inc.), 6.00%, 7/1/38(2)

    770        802,571   

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

    700        737,940   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care (continued)

  

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

  $ 215      $ 241,795   
                 
    $ 2,267,864   
                 

Special Tax Revenue — 2.3%

  

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

  $ 100      $ 102,510   

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

    175        178,558   

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

    750        457,987   

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

    500        201,710   

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

    500        564,030   
                 
    $ 1,504,795   
                 

Student Loan — 3.9%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.585%, 6/1/36(3)(4)(5)

  $ 1,825      $ 1,813,484   

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

    740        774,514   
                 
    $ 2,587,998   
                 

Transportation — 21.6%

  

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

  $ 1,060      $ 1,193,698   

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

    1,080        1,215,000   

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

    1,850        2,062,028   

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

    250        275,235   

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

    530        585,136   

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

    3,600        3,938,868   

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/34

    2,000        2,404,280   

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

    1,995        2,148,775   

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

    400        445,872   
                 
    $ 14,268,892   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Water and Sewer — 3.2%

  

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

  $ 1,275      $ 1,452,862   

Sussex County Municipal Utilities Authority, 0.00%, 12/1/36(6)

    1,250        651,913   
                 
    $ 2,104,775   
                 

Total Tax-Exempt Municipal Securities — 149.0%
(identified cost $89,667,468)

   

  $ 98,327,270   
                 
Taxable Municipal Securities — 1.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

General Obligations — 1.6%

  

Atlantic City, 7.50%, 3/1/40

  $ 1,000      $ 1,063,400   
                 

Total Taxable Municipal Securities — 1.6%
(identified cost $972,861)

   

  $ 1,063,400   
                 

Total Investments — 150.6%
(identified cost $90,640,329)

   

  $ 99,390,670   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (6.7)%

  

  $ (4,425,173
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (44.0)%

   

  $ (29,000,000
                 

Other Assets, Less Liabilities — 0.1%

  

  $ 39,650   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 66,005,147   
                 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 32.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 8.9% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $1,110,780 or 1.7% of the Trust’s net assets applicable to common shares.

 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

(2) 

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

 

(3) 

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

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $353,484.

(5) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2016.

 

(6) 

When-issued security.

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     30       Short    Sep-16    $ (4,880,175    $ (4,899,375    $ (19,200
                                         $ (19,200

Abbreviations:

 

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

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 161.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 5.7%

  

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

  $ 1,730      $ 1,965,297   

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

    2,535        2,749,487   
                 
    $ 4,714,784   
                 

Cogeneration — 1.1%

  

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

  $ 900      $ 900,387   
                 
    $ 900,387   
                 

Education — 26.5%

  

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

  $ 310      $ 354,150   

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

    1,490        1,641,607   

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

    325        357,806   

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

    510        569,420   

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

    1,000        1,085,730   

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

    725        848,040   

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

    510        575,193   

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

    2,000        2,238,740   

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

    220        260,091   

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

    1,000        1,196,690   

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

    2,250        2,491,965   

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

    2,500        2,804,100   

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

    325        375,726   

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

    400        468,972   

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

    1,695        1,894,552   

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

    2,000        2,323,460   

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

    280        305,074   
Security  

Principal

Amount

(000’s omitted)

    Value  

Education (continued)

  

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

  $ 735      $ 802,186   

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

    1,205        1,443,554   
                 
    $ 22,037,056   
                 

Electric Utilities — 4.5%

  

Long Island Power Authority, Electric System Revenue, Prerefunded to 5/1/19, 6.00%, 5/1/33

  $ 1,420      $ 1,627,334   

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

    1,735        2,122,009   
                 
    $ 3,749,343   
                 

Escrowed / Prerefunded — 8.2%

  

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

  $ 955      $ 1,076,571   

New York Dormitory Authority, (North Shore-Long Island Jewish Obligated Group), Prerefunded to 11/1/16, 5.00%, 11/1/34

    845        860,548   

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

    750        784,867   

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

    1,250        1,316,525   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 4.50%, 7/1/32

    395        467,562   

Onondaga Civic Development Corp., (St. Joseph’s Hospital Health Center), Prerefunded to 7/1/22, 5.00%, 7/1/42

    1,000        1,212,810   

Saratoga County Water Authority, Prerefunded to 9/1/18, 5.00%, 9/1/48

    1,000        1,093,800   
                 
    $ 6,812,683   
                 

General Obligations — 7.9%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,663,400   

New York City, 5.00%, 8/1/29

    1,475        1,838,174   

New York City, 6.25%, 10/15/28

    45        50,724   
                 
    $ 6,552,298   
                 

Hospital — 11.4%

  

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

  $ 130      $ 149,794   

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

    960        1,100,669   

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

    1,000        1,115,440   

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

    1,000        1,140,260   

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

    1,000        1,155,260   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 525      $ 619,458   

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

    415        453,458   

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

    835        912,763   

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

    710        711,967   

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

    650        684,827   

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

    1,065        1,201,096   

Suffolk County Economic Development Corp., (Catholic Health Services of Long Island Obligated Group), Prerefunded to 7/1/21, 5.00%, 7/1/28

    185        219,416   
                 
    $ 9,464,408   
                 

Housing — 9.1%

  

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

  $ 2,620      $ 2,658,462   

New York City Housing Development Corp., MFMR, 3.75%, 11/1/40

    500        518,270   

New York Housing Finance Agency, 3.80%, 11/1/35

    650        687,915   

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

    1,000        1,053,020   

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

    2,625        2,694,877   
                 
    $ 7,612,544   
                 

Industrial Development Revenue — 6.9%

  

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

  $ 1,000      $ 1,093,570   

New York Environmental Facilities Corp., (Casella Waste Systems, Inc.), (AMT), 3.125% to 6/1/26 (Put Date), 12/1/44(2)(3)

    500        502,135   

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

    1,000        1,046,640   

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

    980        1,258,026   

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

    1,800        1,827,774   
                 
    $ 5,728,145   
                 

Insured – Education — 7.1%

  

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

  $ 1,250      $ 1,721,475   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Education (continued)

  

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

  $ 1,500      $ 1,619,835   

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

    5,365        2,530,295   
                 
    $ 5,871,605   
                 

Insured – Electric Utilities — 1.9%

  

Long Island Power Authority, Electric System Revenue, (BHAC), Prerefunded to 4/1/19, 5.75%, 4/1/33

  $ 1,365      $ 1,549,152   
                 
    $ 1,549,152   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,819,642   
                 
    $ 1,819,642   
                 

Insured – Other Revenue — 4.8%

  

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

  $ 2,645      $ 1,720,996   

New York City Industrial Development Agency, (Yankee Stadium), (AGC), 0.00%, 3/1/32(4)

    3,625        2,243,911   
                 
    $ 3,964,907   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 384,739   
                 
    $ 384,739   
                 

Insured – Transportation — 3.1%

  

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AGM), (AMT), 4.00%, 1/1/51(3)

  $ 2,500      $ 2,605,175   
                 
    $ 2,605,175   
                 

Other Revenue — 9.2%

  

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

  $ 3,120      $ 1,681,431   

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

    380        437,372   

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

    625        680,500   

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

    1,000        1,097,860   

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

    1,300        1,464,957   

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

    2,000        2,254,060   
                 
    $ 7,616,180   
                 
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care — 7.1%

  

Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/29

  $ 830      $ 958,750   

Buffalo and Erie County Industrial Land Development Corp., (Orchard Park CCRC, Inc.), 5.00%, 11/15/30

    855        983,181   

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

    280        300,426   

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

    120        127,616   

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

    905        1,023,175   

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

    230        243,315   

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

    230        243,338   

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

    1,830        2,041,914   
                 
    $ 5,921,715   
                 

Special Tax Revenue — 20.5%

  

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

  $ 1,500      $ 1,712,295   

New York City Transitional Finance Authority, Future Tax Revenue, 5.50%, 11/1/35(1)(5)

    2,100        2,499,567   

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

    1,000        1,158,820   

New York Dormitory Authority, Personal Income Tax Revenue, 5.25%, 3/15/38

    1,000        1,115,940   

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

    2,380        2,809,542   

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

    6,000        7,160,280   

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

    545        614,793   
                 
    $ 17,071,237   
                 

Transportation — 19.5%

  

Metropolitan Transportation Authority, 5.00%, 11/15/27

  $ 500      $ 627,990   

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

    790        836,468   

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

    1,500        1,771,620   

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

    700        813,624   

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

    1,000        1,162,320   

New York Transportation Development Corp., (LaGuardia Airport Terminal B Redevelopment), (AMT),
4.00%, 7/1/46(3)

    1,250        1,290,088   

Port Authority of New York and New Jersey, (AMT), 5.00%, 10/15/35

    1,665        1,998,499   

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

    990        1,066,309   

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/38(4)

    2,000        2,416,840   
Security  

Principal

Amount

(000’s omitted)

    Value  

Transportation (continued)

  

Triborough Bridge and Tunnel Authority, 5.00%, 11/15/40

  $ 1,000      $ 1,194,160   

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

    2,740        3,025,124   
                 
    $ 16,203,042   
                 

Water and Sewer — 4.5%

  

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

  $ 585      $ 345,700   

New York City Municipal Water Finance Authority, (Water and Sewer System), 5.75%, 6/15/40(1)(5)

    3,105        3,416,711   
                 
    $ 3,762,411   
                 

Total Tax-Exempt Investments — 161.6%
(identified cost $119,424,033)

   

  $ 134,341,453   
                 
Miscellaneous — 0.9%   
   
Security   Units     Value  

Real Estate — 0.9%

  

CMS Liquidating Trust(2)(6)(7)

    257      $ 710,946   
                 

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

   

  $ 710,946   
                 

Total Investments — 162.5%
(identified cost $120,246,433)

   

  $ 135,052,399   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (5.0)%

  

  $ (4,125,240
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (35.6)%

   

  $ (29,600,000
                 

Other Assets, Less Liabilities — (21.9)%

  

  $ (18,214,366
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 83,112,793   
                 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 12.0% 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 1.3% to 3.3% of total investments.

 

(1) 

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

 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $5,552,452 or 6.7% of the Trust’s net assets applicable to common shares.

 

(3) 

When-issued security.

 

(4) 

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

(5) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,271,278.

 

(6) 

Non-income producing.

 

(7) 

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

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     29       Short    Sep-16    $ (4,717,503    $ (4,736,063    $ (18,560
                                         $ (18,560

Abbreviations:

 

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

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 150.6%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 2.1%

  

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

  $ 835      $ 948,911   
                 
    $ 948,911   
                 

Education — 19.1%

  

Kent State University, 5.00%, 5/1/30

  $ 450      $ 558,833   

Miami University, 4.00%, 9/1/39

    500        546,995   

Miami University, 5.00%, 9/1/33

    1,000        1,159,410   

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

    440        495,559   

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

    1,250        1,420,087   

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

    500        599,190   

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

    1,000        1,099,470   

Ohio State University, 5.00%, 12/1/28

    480        628,838   

Ohio State University, 5.00%, 12/1/30

    545        724,768   

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

    500        571,925   

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

    750        858,773   
                 
    $ 8,663,848   
                 

Electric Utilities — 2.5%

  

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

  $ 470      $ 548,969   

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

    500        585,420   
                 
    $ 1,134,389   
                 

Escrowed / Prerefunded — 14.4%

  

Barberton City School District, Prerefunded to 6/1/18, 4.50%, 12/1/33

  $ 900      $ 966,528   

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

    1,750        1,962,362   

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

    65        71,263   

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

    445        473,711   

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

    750        797,918   

Huber Heights City School District, Prerefunded to 12/1/19, 4.75%, 12/1/25

    595        672,505   

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

    180        184,954   
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      $ 200,366   

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

    625        642,200   

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

    20        27,002   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 12/1/28

    250        284,710   

Ohio Water Development Authority, Water Pollution Control Loan Fund, (Water Quality), Prerefunded to 12/1/19, 5.00%, 6/1/30

    210        239,156   
                 
    $ 6,522,675   
                 

General Obligations — 9.9%

  

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

  $ 335      $ 393,662   

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

    1,025        1,111,397   

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

    400        472,448   

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

    1,250        1,385,588   

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

    1,000        1,155,980   
                 
    $ 4,519,075   
                 

Hospital — 22.3%

  

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

  $ 1,075      $ 1,222,522   

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

    560        627,038   

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

    500        567,520   

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

    800        888,952   

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

    250        296,817   

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

    750        890,145   

Lucas County, (ProMedica Healthcare Obligated Group), 4.00%, 11/15/45

    315        333,569   

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

    500        501,745   

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

    500        559,675   

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

    800        891,808   

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

    500        558,740   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 1,000      $ 1,118,290   

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

    555        623,526   

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

    565        659,445   

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

    165        190,955   

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

    90        94,512   

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

    80        89,185   
                 
    $ 10,114,444   
                 

Housing — 5.6%

  

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

  $ 2,500      $ 2,557,150   
                 
    $ 2,557,150   
                 

Industrial Development Revenue — 1.2%

  

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

  $ 555      $ 556,787   
                 
    $ 556,787   
                 

Insured – Education — 7.7%

  

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

  $ 750      $ 848,865   

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

    85        93,724   

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

    40        44,105   

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

    580        588,056   

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

    1,500        1,587,900   

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

    320        338,752   
                 
    $ 3,501,402   
                 

Insured – Electric Utilities — 11.2%

  

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

  $ 710      $ 509,950   

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

    2,000        884,800   

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

    815        659,743   

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

    3,000        2,353,290   

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

    305        314,748   

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

    200        206,400   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Electric Utilities (continued)

  

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

  $ 155      $ 158,548   
                 
    $ 5,087,479   
                 

Insured – Escrowed / Prerefunded — 13.5%

  

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

  $ 1,000      $ 1,128,470   

Buckeye Valley Local School District, (AGC), Prerefunded to 12/1/18, 5.00%, 12/1/36

    500        551,675   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/26

    915        1,022,238   

Kent State University, (AGC), Prerefunded to 5/1/19, 5.00%, 5/1/29

    425        474,810   

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

    1,750        1,941,205   

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

    90        97,545   

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

    510        552,753   

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

    150        162,574   

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

    180        192,062   
                 
    $ 6,123,332   
                 

Insured – General Obligations — 11.4%

  

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

  $ 555      $ 632,250   

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

    2,455        1,677,379   

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

    1,000        1,328,430   

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

    1,500        1,520,865   
                 
    $ 5,158,924   
                 

Insured – Hospital — 4.5%

  

Lorain County, (Catholic Healthcare Partners), (AGM), 5.00%, 2/1/29(1)

  $ 1,940      $ 2,060,881   
                 
    $ 2,060,881   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 83,943   
                 
    $ 83,943   
                 

Insured – Transportation — 8.7%

  

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

  $ 600      $ 685,428   

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

    140        160,318   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Transportation (continued)

  

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

  $ 1,000      $ 1,246,570   

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

    1,000        1,293,410   

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

    590        591,894   
                 
    $ 3,977,620   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 665      $ 686,719   
                 
    $ 686,719   
                 

Other Revenue — 3.5%

  

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

  $ 1,000      $ 1,053,450   

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

    445        523,324   
                 
    $ 1,576,774   
                 

Senior Living / Life Care — 3.8%

  

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

  $ 650      $ 730,684   

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

    375        409,999   

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

    230        261,264   

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

    275        329,035   
                 
    $ 1,730,982   
                 

Special Tax Revenue — 4.3%

  

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

  $ 250      $ 297,347   

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

    500        593,050   

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

    180        219,688   

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

    290        352,469   

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

    155        174,425   

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

    170        190,345   

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

    110        124,087   
                 
    $ 1,951,411   
                 

Transportation — 0.6%

  

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

  $ 690      $ 259,544   
                 
    $ 259,544   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Water and Sewer — 2.6%

  

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

  $ 500      $ 600,135   

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

    500        589,830   
                 
    $ 1,189,965   
                 

Total Tax-Exempt Investments — 150.6%
(identified cost $60,347,888)

   

  $ 68,406,255   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (9.5)%

  

  $ (4,325,403
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (40.5)%

   

  $ (18,400,000
                 

Other Assets, Less Liabilities — (0.6)%

  

  $ (253,384
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 45,427,468   
                 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2016, 39.0% 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 1.7% to 15.7% of total investments.

 

(1) 

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

Abbreviations:

 

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

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 152.0%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Cogeneration — 0.4%

  

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

  $ 378      $ 167,811   
                 
    $ 167,811  
                 

Education — 24.8%

  

Allegheny County Higher Education Building Authority, (Duquesne University), 5.00%, 3/1/29

  $ 470      $ 577,188   

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

    500        554,410   

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

    1,200        1,319,556   

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

    750        912,435   

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

    500        551,315   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/24

    45        53,451   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/25

    65        77,882   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/26

    140        168,616   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/27

    90        107,701   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/30

    130        153,774   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/31

    110        129,418   

Northampton County General Purpose Authority, (Moravian College), 5.00%, 10/1/40

    205        235,102   

Northeastern Pennsylvania Hospital and Education Authority, (Wilkes University), 5.00%, 3/1/27

    625        745,719   

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

    440        499,176   

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

    625        691,250   

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

    600        687,396   

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

    750        873,427   

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

    250        300,063   

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

    575        652,102   
                 
    $ 9,289,981   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Escrowed / Prerefunded — 11.4%

  

Allegheny County Higher Education Building Authority, (Duquesne University), Prerefunded to 3/1/21, 5.50%, 3/1/31

  $ 1,050      $ 1,257,228   

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

    315        343,719   

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

    220        240,057   

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

    435        474,959   

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

    1,000        1,112,750   

Pennsylvania Turnpike Commission, Prerefunded to 6/1/18, 5.625%, 6/1/29

    750        822,157   

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

    15        16,727   
                 
    $ 4,267,597   
                 

General Obligations — 10.2%

  

Chester County, 5.00%, 7/15/27

  $ 500      $ 560,795   

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

    30        32,428   

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

    1,000        1,318,610   

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

    985        1,045,686   

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

    750        869,122   
                 
    $ 3,826,641   
                 

Hospital — 25.6%

  

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

  $ 500      $ 564,365   

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

    750        834,547   

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

    750        857,145   

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

    500        527,175   

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

    750        849,202   

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

    1,485        1,517,210   

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

    1,095        1,249,592   

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

    500        567,605   

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

    250        284,603   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 675      $ 755,460   

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

    250        293,748   

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

    1,085        1,267,725   
                 
    $ 9,568,377   
                 

Housing — 1.3%

  

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

  $ 175      $ 189,439   

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

    295        296,115   
                 
    $ 485,554   
                 

Industrial Development Revenue — 9.5%

  

Delaware County Industrial Development Authority, (Covanta), 5.00%, 7/1/43(3)

  $ 750      $ 766,762   

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

    200        225,778   

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

    750        804,420   

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

    250        283,013   

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

    1,115        1,463,103   
                 
    $ 3,543,076   
                 

Insured – Education — 8.1%

  

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

  $ 500      $ 536,165   

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

    1,105        1,166,206   

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

    375        403,639   

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

    875        941,823   
                 
    $ 3,047,833   
                 

Insured – Electric Utilities — 3.0%

  

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

  $ 1,080      $ 1,104,721   
                 
    $ 1,104,721   
                 
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Escrowed / Prerefunded — 6.5%

  

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

  $ 475      $ 508,516   

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

    2,000        1,927,220   
                 
    $ 2,435,736   
                 

Insured – General Obligations — 5.4%

  

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

  $ 25      $ 26,764   

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

    750        843,922   

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

    750        864,855   

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

    250        290,338   
                 
    $ 2,025,879   
                 

Insured – Hospital — 5.0%

  

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

  $ 250      $ 323,970   

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

    1,440        1,539,979   
                 
    $ 1,863,949   
                 

Insured – Lease Revenue / Certificates of Participation — 4.8%

  

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

  $ 500      $ 550,235   

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

    1,195        1,246,493   
                 
    $ 1,796,728   
                 

Insured – Special Tax Revenue — 2.4%

  

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

  $ 610      $ 693,155   

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

    1,235        191,981   
                 
    $ 885,136   
                 

Insured – Transportation — 9.1%

  

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

  $ 525      $ 545,396   

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

    1,005        1,009,081   

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

    1,800        1,854,702   
                 
    $ 3,409,179   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 500      $ 571,925   
                 
    $ 571,925   
                 
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Senior Living / Life Care — 1.4%

  

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

  $ 100      $ 113,143   

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

    200        200,596   

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

    200        200,540   
                 
    $ 514,279   
                 

Special Tax Revenue — 0.3%

  

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

  $ 110      $ 124,087   
                 
    $ 124,087   
                 

Transportation — 15.1%

  

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

  $ 465      $ 523,650   

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

    285        320,625   

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

    450        495,540   

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

    1,000        1,104,280   

Pennsylvania Turnpike Commission, 5.35%, 12/1/30

    1,430        1,638,437   

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

    410        470,045   

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

    970        1,095,586   
                 
    $ 5,648,163   
                 

Utilities — 1.8%

  

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

  $ 600      $ 675,156   
                 
    $ 675,156   
                 

Water and Sewer — 4.4%

  

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

  $ 750      $ 784,890   

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

    750        852,637   
                 
    $ 1,637,527   
                 

Total Tax-Exempt Municipal Securities — 152.0%
(identified cost $51,926,545)

   

  $ 56,889,335   
                 
Taxable Municipal Securities — 0.0%(4)   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Cogeneration — 0.0%(4)

  

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

  $ 17      $ 7,391   
                 

Total Taxable Municipal Securities — 0.0%(4)
(identified cost $16,897)

   

  $ 7,391   
                 

Total Investments — 152.0%
(identified cost $51,943,442)

   

  $ 56,896,726   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (11.2)%

  

  $ (4,200,054
                 

Institutional MuniFund Term Preferred Shares, at Liquidation Value — (45.3)%

   

  $ (16,975,000
                 

Other Assets, Less Liabilities — 4.5%

  

  $ 1,719,452   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,441,124   
                 

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

The Trust invests primarily in debt securities issued by 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, 2016, 30.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution 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).

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2016, the aggregate value of these securities is $766,762 or 2.0% of the Trust’s net assets applicable to common shares.

 

(4) 

Amount is less than 0.05%.

 

 

  33   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2016

 

Portfolio of Investments (Unaudited) — continued

 

 

 

Futures Contracts  
Description   Contracts      Position   

Expiration

Month/Year

   Aggregate Cost      Value     

Net

Unrealized

Depreciation

 

Interest Rate Futures

                
U.S. Long Treasury Bond     10       Short    Sep-16    $ (1,626,725    $ (1,633,125    $ (6,400
                                         $ (6,400

Abbreviations:

 

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

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Assets and Liabilities (Unaudited)

 

 

    May 31, 2016  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 150,960,715      $ 56,649,925      $ 43,233,228      $ 90,640,329   

Unrealized appreciation

    15,531,925        6,640,841        3,988,787        8,750,341   

Investments, at value

  $ 166,492,640      $ 63,290,766      $ 47,222,015      $ 99,390,670   

Cash

  $      $ 1,752,335      $ 328,303      $ 1,784,594   

Restricted cash*

    170,000        94,000               123,000   

Interest receivable

    1,630,081        789,744        532,650        1,470,832   

Receivable for investments sold

    2,320,500        715,000        515,000          

Deferred debt issuance costs

    21,156                        

Deferred offering costs

    331,634        141,978        138,086        219,293   

Total assets

  $ 170,966,011      $ 66,783,823      $ 48,736,054      $ 102,988,389   
Liabilities                                

Payable for floating rate notes issued

  $ 11,835,000      $ 1,915,000      $      $ 2,790,000   

Institutional MuniFund Term Preferred Shares, at liquidation value

    46,975,000        16,800,000        16,850,000        29,000,000   

Payable for when-issued securities

    2,765,700        1,476,285               645,888   

Payable for variation margin on open financial futures contracts

    10,281        8,625               11,250   

Due to custodian

    233,867                        

Payable to affiliates:

       

Investment adviser fee

    83,298        32,667        24,554        51,570   

Administration fee

    27,999        10,980        8,253        17,334   

Trustees’ fees

    1,528        650        508        985   

Interest expense and fees payable

    18,749        7,708        2,465        12,473   

Accrued expenses

    37,891        18,639        16,993        28,569   

Total liabilities

  $ 61,989,313      $ 20,270,554      $ 16,902,773      $ 32,558,069   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 3,000,117      $ 3,250,042      $ 650,045      $ 4,425,173   

Net assets applicable to common shares

  $ 105,976,581      $ 43,263,227      $ 31,183,236      $ 66,005,147   
Sources of Net Assets                                

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

  $ 72,546      $ 27,370      $ 20,130      $ 45,982   

Additional paid-in capital

    106,235,517        40,303,365        28,553,249        67,360,890   

Accumulated net realized loss

    (15,794,878     (3,755,119     (1,434,766     (10,191,684

Accumulated undistributed (distributions in excess of) net investment income

    (41,293     61,490        55,836        58,818   

Net unrealized appreciation

    15,504,689        6,626,121        3,988,787        8,731,141   

Net assets applicable to common shares

  $ 105,976,581      $ 43,263,227      $ 31,183,236      $ 66,005,147   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    120        130        26        177   
Institutional MuniFund Term Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,879        672        674        1,160   
Common Shares Outstanding     7,254,575        2,737,021        2,012,994        4,598,158   
Net Asset Value Per Common Share                                

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

  $ 14.61      $ 15.81      $ 15.49      $ 14.35   

 

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

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    May 31, 2016  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 120,246,433      $ 60,347,888      $ 51,943,442   

Unrealized appreciation

    14,805,966        8,058,367        4,953,284   

Investments, at value

  $ 135,052,399      $ 68,406,255      $ 56,896,726   

Cash

  $ 741,413      $ 159,002      $ 1,543,630   

Restricted cash*

    121,250               41,000   

Interest receivable

    1,489,445        958,086        809,515   

Receivable for investments sold

    1,660,800                 

Deferred offering costs

    222,517        153,606        144,595   

Total assets

  $ 139,287,824      $ 69,676,949      $ 59,435,466   
Liabilities                        

Payable for floating rate notes issued

  $ 17,890,000      $ 1,455,000      $ 750,000   

Institutional MuniFund Term Preferred Shares, at liquidation value

    29,600,000        18,400,000        16,975,000   

Payable for when-issued securities

    4,388,138                 

Payable for variation margin on open financial futures contracts

    10,875               3,750   

Payable to affiliates:

     

Investment adviser fee

    64,375        34,414        29,968   

Administration fee

    21,638        11,568        10,073   

Trustees’ fees

    1,199        679        602   

Interest expense and fees payable

    41,103        3,662        4,710   

Accrued expenses

    32,463        18,755        20,185   

Total liabilities

  $ 52,049,791      $ 19,924,078      $ 17,794,288   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 4,125,240      $ 4,325,403      $ 4,200,054   

Net assets applicable to common shares

  $ 83,112,793      $ 45,427,468      $ 37,441,124   
Sources of Net Assets                        

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

  $ 54,754      $ 28,572      $ 26,010   

Additional paid-in capital

    80,717,193        40,401,731        37,018,812   

Accumulated net realized loss

    (12,445,130     (3,273,862     (4,523,485

Accumulated undistributed (distributions in excess of) net investment income

    (1,430     212,660        (27,097

Net unrealized appreciation

    14,787,406        8,058,367        4,946,884   

Net assets applicable to common shares

  $ 83,112,793      $ 45,427,468      $ 37,441,124   
Auction Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    165        173        168   
Institutional MuniFund Term Preferred Shares Issued and Outstanding
(Liquidation preference of $25,000 per share)
    1,184        736        679   
Common Shares Outstanding     5,475,356        2,857,157        2,601,014   
Net Asset Value Per Common Share                        

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

  $ 15.18      $ 15.90      $ 14.39   

 

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

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended May 31, 2016  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 3,403,912      $ 1,293,653      $ 1,013,388      $ 2,251,037   

Total investment income

  $ 3,403,912      $ 1,293,653      $ 1,013,388      $ 2,251,037   
Expenses                                

Investment adviser fee

  $ 495,699      $ 194,276      $ 145,824      $ 307,602   

Administration fee

    163,213        63,967        48,014        101,279   

Trustees’ fees and expenses

    4,564        1,945        1,518        2,937   

Custodian fee

    25,712        16,292        12,526        19,926   

Transfer and dividend disbursing agent fees

    8,836        8,902        8,967        9,000   

Legal and accounting services

    50,396        30,263        28,440        42,974   

Printing and postage

    8,589        5,080        5,013        7,011   

Amortization of offering costs

    31,183        13,389        13,033        20,667   

Interest expense and fees

    263,739        86,857        79,352        150,390   

Auction preferred shares service fee

    15,636        5,327        4,676        10,624   

Miscellaneous

    28,871        22,622        21,849        25,441   

Total expenses

  $ 1,096,438      $ 448,920      $ 369,212      $ 697,851   

Net investment income

  $ 2,307,474      $ 844,733      $ 644,176      $ 1,553,186   
Realized and Unrealized Gain (Loss)                                

Net realized gain (loss) —

       

Investment transactions

  $ 546,779      $ 101,294      $ 50,487      $ 143,866   

Extinguishment of debt

    (1,898                   (21

Financial futures contracts

    (482,683     (272,400            (355,304

Net realized gain (loss)

  $ 62,198      $ (171,106   $ 50,487      $ (211,459

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 2,257,602      $ 1,275,169      $ 746,469      $ 1,544,461   

Financial futures contracts

    (8,641     (4,974            (6,487

Net change in unrealized appreciation (depreciation)

  $ 2,248,961      $ 1,270,195      $ 746,469      $ 1,537,974   

Net realized and unrealized gain

  $ 2,311,159      $ 1,099,089      $ 796,956      $ 1,326,515   

Distributions to auction preferred shareholders

                               

From net investment income

  $ (47,962   $ (21,769   $ (16,784   $ (34,943
Discount on redemption and repurchase of auction preferred shares   $ 2,113,875      $ 756,000      $ 758,250      $ 1,305,000   

Net increase in net assets from operations

  $ 6,684,546      $ 2,678,053      $ 2,182,598      $ 4,149,758   

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended May 31, 2016  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 2,792,481      $ 1,461,336      $ 1,300,478   

Total investment income

  $ 2,792,481      $ 1,461,336      $ 1,300,478   
Expenses                        

Investment adviser fee

  $ 382,874      $ 204,642      $ 178,554   

Administration fee

    126,064        67,380        58,790   

Trustees’ fees and expenses

    3,585        2,030        1,800   

Custodian fee

    21,555        14,727        14,021   

Transfer and dividend disbursing agent fees

    8,844        8,878        8,884   

Legal and accounting services

    42,884        30,954        29,694   

Printing and postage

    8,088        5,463        5,766   

Amortization of offering costs

    20,972        14,480        13,631   

Interest expense and fees

    205,898        87,811        82,506   

Auction preferred shares service fee

    9,723        5,682        6,421   

Miscellaneous

    26,463        24,550        23,667   

Total expenses

  $ 856,950      $ 466,597      $ 423,734   

Net investment income

  $ 1,935,531      $ 994,739      $ 876,744   
Realized and Unrealized Gain (Loss)                        

Net realized gain (loss) —

     

Investment transactions

  $ 32,021      $ 14,548      $ 99,805   

Financial futures contracts

    (343,460            (118,435

Net realized gain (loss)

  $ (311,439   $ 14,548      $ (18,630

Change in unrealized appreciation (depreciation) —

     

Investments

  $ 2,634,545      $ 1,215,880      $ 616,774   

Financial futures contracts

    (6,271            (2,162

Net change in unrealized appreciation (depreciation)

  $ 2,628,274      $ 1,215,880      $ 614,612   

Net realized and unrealized gain

  $ 2,316,835      $ 1,230,428      $ 595,982   

Distributions to auction preferred shareholders

                       

From net investment income

  $ (35,684   $ (25,917   $ (23,857
Discount on redemption and repurchase of auction preferred shares   $ 1,332,000      $ 828,000      $ 763,875   

Net increase in net assets from operations

  $ 5,548,682      $ 3,027,250      $ 2,212,744   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Changes in Net Assets

 

 

    Six Months Ended May 31, 2016 (Unaudited)  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 2,307,474      $ 844,733      $ 644,176      $ 1,553,186   

Net realized gain (loss) from investment transactions, extinguishment of debt and financial futures contracts

    62,198        (171,106     50,487        (211,459

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    2,248,961        1,270,195        746,469        1,537,974   

Distributions to auction preferred shareholders —

       

From net investment income

    (47,962     (21,769     (16,784     (34,943

Discount on redemption and repurchase of auction preferred shares

    2,113,875        756,000        758,250        1,305,000   

Net increase in net assets from operations

  $ 6,684,546      $ 2,678,053      $ 2,182,598      $ 4,149,758   

Distributions to common shareholders —

       

From net investment income

  $ (2,440,062   $ (892,991   $ (676,639   $ (1,589,436

Total distributions to common shareholders

  $ (2,440,062   $ (892,991   $ (676,639   $ (1,589,436

Net increase in net assets

  $ 4,244,484      $ 1,785,062      $ 1,505,959      $ 2,560,322   
Net Assets Applicable to Common Shares                                

At beginning of period

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   

At end of period

  $ 105,976,581      $ 43,263,227      $ 31,183,236      $ 66,005,147   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
                               

At end of period

  $ (41,293   $ 61,490      $ 55,836      $ 58,818   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended May 31, 2016 (Unaudited)  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 1,935,531      $ 994,739      $ 876,744   

Net realized gain (loss) from investment transactions and financial futures contracts

    (311,439     14,548        (18,630

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    2,628,274        1,215,880        614,612   

Distributions to auction preferred shareholders —

     

From net investment income

    (35,684     (25,917     (23,857

Discount on redemption and repurchase of auction preferred shares

    1,332,000        828,000        763,875   

Net increase in net assets from operations

  $ 5,548,682      $ 3,027,250      $ 2,212,744   

Distributions to common shareholders —

     

From net investment income

  $ (1,953,426   $ (1,044,331   $ (897,693

Total distributions to common shareholders

  $ (1,953,426   $ (1,044,331   $ (897,693

Net increase in net assets

  $ 3,595,256      $ 1,982,919      $ 1,315,051   
Net Assets Applicable to Common Shares                        

At beginning of period

  $ 79,517,537      $ 43,444,549      $ 36,126,073   

At end of period

  $ 83,112,793      $ 45,427,468      $ 37,441,124   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
                       

At end of period

  $ (1,430   $ 212,660      $ (27,097

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,345,448      $ 1,944,665      $ 1,531,085      $ 3,444,543   

Net realized gain from investment transactions and financial futures contracts

    188,186        295,145        57,070        144,056   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (559,309     (309,758     (38,140     (1,537,692

Distributions to auction preferred shareholders —

       

From net investment income

    (67,546     (27,241     (23,794     (45,378

Net increase in net assets from operations

  $ 4,906,779      $ 1,902,811      $ 1,526,221      $ 2,005,529   

Distributions to common shareholders —

       

From net investment income

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Total distributions to common shareholders

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Capital share transactions —

       

Cost of shares repurchased (see Note 7)

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets from capital share transactions

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets

  $ (396,635   $ (48,687   $ (818,666   $ (2,178,863
Net Assets Applicable to Common Shares                                

At beginning of year

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   

At end of year

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                               

At end of year

  $ 139,257      $ 131,517      $ 105,083      $ 130,011   

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,456,385      $ 2,202,284      $ 1,991,294   

Net realized gain (loss) from investment transactions and financial futures contracts

    261,691        72,679        (426,255

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (561,702     1,772        157,406   

Distributions to auction preferred shareholders —

     

From net investment income

    (45,772     (30,228     (28,676

Net increase in net assets from operations

  $ 4,110,602      $ 2,246,507      $ 1,693,769   

Distributions to common shareholders —

     

From net investment income

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Total distributions to common shareholders

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Capital share transactions —

     

Cost of shares repurchased (see Note 7)

  $      $      $ (1,173,348

Net decrease in net assets from capital share transactions

  $      $      $ (1,173,348

Net increase (decrease) in net assets

  $ (342,724   $ 157,845      $ (1,405,801
Net Assets Applicable to Common Shares                        

At beginning of year

  $ 79,860,261      $ 43,286,704      $ 37,531,874   

At end of year

  $ 79,517,537      $ 43,444,549      $ 36,126,073   
Accumulated undistributed net investment income
included in net assets applicable to common shares
                       

At end of year

  $ 52,149      $ 288,169      $ 17,709   

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Cash Flows (Unaudited)

 

 

    Six Months Ended May 31, 2016  
Cash Flows From Operating Activities   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Net increase in net assets from operations

  $ 6,684,546      $ 2,678,053      $ 2,182,598      $ 4,149,758   

Distributions to auction preferred shareholders

    47,962        21,769        16,784        34,943   

Discount on redemption and repurchase of auction preferred shares

    (2,113,875     (756,000     (758,250     (1,305,000

Net increase in net assets from operations excluding distributions to auction preferred shareholders and discount on redemption and repurchase of auction preferred shares

  $ 4,618,633      $ 1,943,822      $ 1,441,132      $ 2,879,701   

Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:

       

Investments purchased

    (11,644,404     (1,435,393     (1,223,387     (962,273

Investments sold

    11,420,538        2,899,947               2,862,240   

Net amortization/accretion of premium (discount)

    (236,027     41,577        3,996        (128,998

Amortization of deferred debt issuance costs

    692                      13   

Amortization of offering costs on Institutional MuniFund Term Preferred Shares

    31,183        13,389        13,033        20,667   

Decrease in restricted cash

    13,000                        

Decrease (increase) in interest receivable

    (66,368     (3,639     (5,916     44,859   

Increase in payable for variation margin on open financial futures contracts

    8,124        5,031               6,562   

Increase in payable to affiliate for investment adviser fee

    2,993        1,245        1,002        1,472   

Increase in payable to affiliate for administration fee

    1,669        678        531        909   

Decrease in payable to affiliate for Trustees’ fees

    (20     (7     (5     (18

Increase in interest expense and fees payable

    8,392        4,100        2,465        6,477   

Decrease in accrued expenses

    (47,656     (44,002     (44,019     (45,128

Net change in unrealized (appreciation) depreciation from investments

    (2,257,602     (1,275,169     (746,469     (1,544,461

Net realized gain from investments

    (546,779     (101,294     (50,487     (143,866

Net realized loss on extinguishment of debt

    1,898                      21   

Net cash provided by (used in) operating activities

  $ 1,308,266      $ 2,050,285      $ (608,124   $ 2,998,177   
Cash Flows From Financing Activities                                

Distributions paid to common shareholders, net of reinvestments

  $ (2,440,062   $ (892,991   $ (676,639   $ (1,589,436

Cash distributions paid to auction preferred shareholders

    (48,393     (22,320     (16,996     (35,137

Liquidation of auction preferred shares

    (44,861,125     (16,044,000     (16,091,750     (27,695,000

Proceeds from Institutional MuniFund Term Preferred Shares issued

    46,975,000        16,800,000        16,850,000        29,000,000   

Payment of offering costs on Institutional MuniFund Term Preferred Shares

    (362,817     (155,367     (151,119     (239,960

Repayment of secured borrowings

    (675,000                   (570,000

Increase (decrease) in due to custodian

    104,131                      (84,050

Net cash used in financing activities

  $ (1,308,266   $ (314,678   $ (86,504   $ (1,213,583

Net increase (decrease) in cash

  $      $ 1,735,607      $ (694,628   $ 1,784,594   

Cash at beginning of period

  $      $ 16,728      $ 1,022,931      $   

Cash at end of period

  $      $ 1,752,335      $ 328,303      $ 1,784,594   
Supplemental disclosure of cash flow information:                                

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 254,655      $ 82,757      $ 76,887      $ 143,641   

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Statements of Cash Flows (Unaudited) — continued

 

 

    Six Months Ended May 31, 2016  
Cash Flows From Operating Activities   New York Trust     Ohio Trust     Pennsylvania Trust  

Net increase in net assets from operations

  $ 5,548,682      $ 3,027,250      $ 2,212,744   

Distributions to auction preferred shareholders

    35,684        25,917        23,857   

Discount on redemption and repurchase of auction preferred shares

    (1,332,000     (828,000     (763,875

Net increase in net assets from operations excluding distributions to auction preferred shareholders and discount on redemption and repurchase of auction preferred shares

  $ 4,252,366      $ 2,225,167      $ 1,472,726   

Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities:

     

Investments purchased

    (6,193,808     (2,013,522     (2,639,292

Investments sold

    4,581,460        171,451        3,673,786   

Net amortization/accretion of premium (discount)

    15,439        (69,881     (1,228

Amortization of offering costs on Institutional MuniFund Term Preferred Shares

    20,972        14,480        13,631   

Decrease (increase) in interest receivable

    30,127        (507     (13,517

Increase in payable for variation margin on open financial futures contracts

    6,344               2,187   

Increase in payable to affiliate for investment adviser fee

    2,409        1,399        973   

Increase in payable to affiliate for administration fee

    1,321        743        567   

Decrease in payable to affiliate for Trustees’ fees

    (16     (4     (14

Increase in interest expense and fees payable

    15,103        3,662        3,512   

Decrease in accrued expenses

    (46,252     (43,308     (45,128

Net change in unrealized (appreciation) depreciation from investments

    (2,634,545     (1,215,880     (616,774

Net realized gain from investments

    (32,021     (14,548     (99,805

Net cash provided by (used in) operating activities

  $ 18,899      $ (940,748   $ 1,751,624   
Cash Flows From Financing Activities                        

Distributions paid to common shareholders, net of reinvestments

  $ (1,953,426   $ (1,044,331   $ (897,693

Cash distributions paid to auction preferred shareholders

    (35,937     (26,176     (24,430

Liquidation of auction preferred shares

    (28,268,000     (17,572,000     (16,211,125

Proceeds from Institutional MuniFund Term Preferred Shares issued

    29,600,000        18,400,000        16,975,000   

Payment of offering costs on Institutional MuniFund Term Preferred Shares

    (243,489     (168,086     (158,226

Proceeds from secured borrowings

           1,455,000          

Net cash provided by (used in) financing activities

  $ (900,852   $ 1,044,407      $ (316,474

Net increase (decrease) in cash

  $ (881,953   $ 103,659      $ 1,435,150   

Cash at beginning of period

  $ 1,623,366      $ 55,343      $ 108,480   

Cash at end of period

  $ 741,413      $ 159,002      $ 1,543,630   
Supplemental disclosure of cash flow information:                        

Cash paid for interest and fees on floating rate notes issued and Institutional MuniFund Term Preferred Shares

  $ 190,795      $ 84,149      $ 78,994   

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
   

Six Months Ended

May 31, 2016
(Unaudited)

    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 14.020      $ 14.080      $ 12.580      $ 14.660      $ 12.410      $ 12.390   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.318      $ 0.737      $ 0.756      $ 0.756      $ 0.791      $ 0.926   

Net realized and unrealized gain (loss)

    0.324        (0.057     1.507        (2.028     2.316        0.002   

Distributions to APS shareholders

           

From net investment income(1)

    (0.007     (0.009     (0.007     (0.012     (0.018     (0.022

Discount on redemption and repurchase of APS(1)

    0.291                                      

Total income (loss) from operations

  $ 0.926      $ 0.671      $ 2.256      $ (1.284   $ 3.089      $ 0.906   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.336   $ (0.731   $ (0.757   $ (0.796   $ (0.839   $ (0.886

Total distributions to common shareholders

  $ (0.336   $ (0.731   $ (0.757   $ (0.796   $ (0.839   $ (0.886

Anti-dilutive effect of share repurchase program (see Note 7)(1)

  $      $      $ 0.001      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.610      $ 14.020      $ 14.080      $ 12.580      $ 14.660      $ 12.410   

Market value — End of period (Common shares)

  $ 13.810      $ 12.900      $ 12.670      $ 11.060      $ 14.680      $ 12.770   

Total Investment Return on Net Asset Value(2)

    6.78 %(3)(4)       5.28     19.06     (8.69 )%      25.59     7.99

Total Investment Return on Market Value(2)

    9.70 %(3)      7.65     21.86     (19.84 )%      22.22     11.04

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
   

Six Months Ended

May 31, 2016
(Unaudited)

    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 105,977      $ 101,732      $ 102,129      $ 91,333      $ 106,367      $ 89,862   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.59 %(7)      1.54     1.60     1.66     1.66     1.83

Interest and fee expense(8)

    0.51 %(7)      0.08     0.09     0.10     0.11     0.17

Total expenses(6)

    2.10 %(7)      1.62     1.69     1.76     1.77     2.00

Net investment income

    4.42 %(7)      5.26     5.64     5.64     5.77     7.81

Portfolio Turnover

    8 %(3)      9     11     8     17     22

Senior Securities:

           

Total preferred shares outstanding(9)

    1,999        1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(10)

  $ 78,015      $ 75,892      $ 76,091      $ 70,690      $ 78,210      $ 69,954   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 4.65%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.08     1.04     1.06     1.09     1.11     1.15

Interest and fee expense

    0.34     0.05     0.06     0.07     0.07     0.11

Total expenses

    1.42     1.09     1.12     1.16     1.18     1.26

Net investment income

    2.99     3.53     3.73     3.73     3.84     4.93

 

APS     Auction Preferred Shares

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 15.150      $ 15.140      $ 13.730      $ 16.200      $ 13.970      $ 13.790   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.309      $ 0.710      $ 0.726      $ 0.750      $ 0.771      $ 0.890   

Net realized and unrealized gain (loss)

    0.409        (0.008     1.390        (2.432     2.283        0.219   

Distributions to APS shareholders

           

From net investment income(1)

    (0.008     (0.010     (0.008     (0.012     (0.019     (0.023

Discount on redemption and repurchase of APS(1)

    0.276                                      

Total income (loss) from operations

  $ 0.986      $ 0.692      $ 2.108      $ (1.694   $ 3.035      $ 1.086   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.326   $ (0.686   $ (0.703   $ (0.776   $ (0.805   $ (0.906

Total distributions to common shareholders

  $ (0.326   $ (0.686   $ (0.703   $ (0.776   $ (0.805   $ (0.906

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $      $ 0.004      $ 0.005      $      $      $   

Net asset value — End of period (Common shares)

  $ 15.810      $ 15.150      $ 15.140      $ 13.730      $ 16.200      $ 13.970   

Market value — End of period (Common shares)

  $ 15.180      $ 14.020      $ 13.310      $ 11.970      $ 16.350      $ 14.810   

Total Investment Return on Net Asset Value(2)

    6.72 %(3)(4)       5.21     16.30     (10.34 )%      22.28     8.49

Total Investment Return on Market Value(2)

    10.72 %(3)      10.75     17.27     (22.55 )%      16.41     13.45

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 43,263      $ 41,478      $ 41,527      $ 37,774      $ 44,549      $ 38,372   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.70 %(7)      1.62     1.68     1.73     1.73     1.87

Interest and fee expense(8)

    0.41 %(7)      0.05     0.05     0.08     0.09     0.11

Total expenses(6)

    2.11 %(7)      1.67     1.73     1.81     1.82     1.98

Net investment income

    3.97 %(7)      4.70     4.96     5.12     5.06     6.70

Portfolio Turnover

    5 %(3)      10     2     1     11     15

Senior Securities:

           

Total preferred shares outstanding(9)

    802        802        802        802        802        802   

Asset coverage per preferred share(10)

  $ 78,944      $ 76,719      $ 76,780      $ 72,100      $ 80,548      $ 72,846   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 4.85%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.16     1.10     1.12     1.16     1.17     1.21

Interest and fee expense

    0.28     0.03     0.04     0.05     0.06     0.07

Total expenses

    1.44     1.13     1.16     1.21     1.23     1.28

Net investment income

    2.70     3.17     3.31     3.42     3.42     4.32

 

APS     Auction Preferred Shares

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 14.740      $ 14.640      $ 12.910      $ 15.310      $ 13.400      $ 12.880   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.320      $ 0.752      $ 0.730      $ 0.728      $ 0.760      $ 0.826   

Net realized and unrealized gain (loss)

    0.397        0.002        1.685        (2.365     1.944        0.558   

Distributions to APS shareholders

           

From net investment income(1)

    (0.008     (0.012     (0.009     (0.014     (0.021     (0.025

Discount on redemption and repurchase of APS(1)

    0.377                                      

Total income (loss) from operations

  $ 1.086      $ 0.742      $ 2.406      $ (1.651   $ 2.683      $ 1.359   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.336   $ (0.709   $ (0.709   $ (0.749   $ (0.773   $ (0.839

Total distributions to common shareholders

  $ (0.336   $ (0.709   $ (0.709   $ (0.749   $ (0.773   $ (0.839

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $      $ 0.067      $ 0.033      $      $      $   

Net asset value — End of period (Common shares)

  $ 15.490      $ 14.740      $ 14.640      $ 12.910      $ 15.310      $ 13.400   

Market value — End of period (Common shares)

  $ 14.180      $ 12.730      $ 12.550      $ 11.000      $ 14.690      $ 12.470   

Total Investment Return on Net Asset Value(2)

    7.73 %(3)(4)       6.44     20.18     (10.49 )%      20.92     11.66

Total Investment Return on Market Value(2)

    14.24 %(3)      7.19     20.91     (20.51 )%      24.67     10.60

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 31,183      $ 29,677      $ 30,496      $ 27,328      $ 32,391      $ 28,366   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.90 %(7)      1.77     1.87     1.91     1.89     2.04

Interest and fee expense(8)

    0.52 %(7)                                    

Total expenses(6)

    2.42 %(7)      1.77     1.87     1.91     1.89     2.04

Net investment income

    4.21 %(7)      5.12     5.24     5.26     5.26     6.49

Portfolio Turnover

    1 %(3)      4     26     11     14     18

Senior Securities:

           

Total preferred shares outstanding(9)

    700        700        700        700        700        700   

Asset coverage per preferred share(10)

  $ 69,547      $ 67,396      $ 68,566      $ 64,040      $ 71,273      $ 65,524   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 5.11%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.21     1.11     1.17     1.20     1.20     1.24

Interest and fee expense

    0.33                                   

Total expenses

    1.54     1.11     1.17     1.20     1.20     1.24

Net investment income

    2.68     3.23     3.29     3.29     3.35     3.93

 

APS     Auction Preferred Shares

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 13.800      $ 14.060      $ 12.960      $ 14.790      $ 13.020      $ 13.260   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.338      $ 0.745      $ 0.748      $ 0.762      $ 0.802      $ 0.890   

Net realized and unrealized gain (loss)

    0.282        (0.293     1.098        (1.792     1.783        (0.185

Distributions to APS shareholders

           

From net investment income(1)

    (0.008     (0.010     (0.008     (0.012     (0.018     (0.022

Discount on redemption and repurchase of APS(1)

    0.284                                      

Total income (loss) from operations

  $ 0.896      $ 0.442      $ 1.838      $ (1.042   $ 2.567      $ 0.683   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.346   $ (0.728   $ (0.743   $ (0.788   $ (0.797   $ (0.923

Total distributions to common shareholders

  $ (0.346   $ (0.728   $ (0.743   $ (0.788   $ (0.797   $ (0.923

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $      $ 0.026      $ 0.005      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.350      $ 13.800      $ 14.060      $ 12.960      $ 14.790      $ 13.020   

Market value — End of period (Common shares)

  $ 13.810      $ 12.320      $ 12.300      $ 11.440      $ 16.380      $ 13.370   

Total Investment Return on Net Asset Value(2)

    6.78 %(3)(4)       4.08     15.20     (6.96 )%      20.18     5.64

Total Investment Return on Market Value(2)

    15.11 %(3)      6.21     14.17     (25.85 )%      29.62     6.39

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 66,005      $ 63,445      $ 65,624      $ 60,653      $ 69,135      $ 60,734   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.69 %(7)      1.60     1.64     1.70     1.71     1.81

Interest and fee expense(8)

    0.46 %(7)      0.04     0.04     0.08     0.11     0.15

Total expenses(6)

    2.15 %(7)      1.64     1.68     1.78     1.82     1.96

Net investment income

    4.78 %(7)      5.36     5.47     5.55     5.70     6.96

Portfolio Turnover

    2 %(3)      8     6     16     14     11

Senior Securities:

           

Total preferred shares outstanding(9)

    1,337        1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(10)

  $ 74,368      $ 72,453      $ 74,083      $ 70,365      $ 76,709      $ 70,427   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 4.67%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.11     1.06     1.07     1.12     1.14     1.16

Interest and fee expense

    0.31     0.02     0.03     0.05     0.07     0.09

Total expenses

    1.42     1.08     1.10     1.17     1.21     1.25

Net investment income

    3.16     3.53     3.59     3.65     3.78     4.46

 

APS     Auction Preferred Shares

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 14.520      $ 14.590      $ 13.260      $ 15.540      $ 13.310      $ 13.110   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.353      $ 0.814      $ 0.840      $ 0.845      $ 0.856      $ 0.950   

Net realized and unrealized gain (loss)

    0.428        (0.063     1.359        (2.232     2.300        0.179   

Distributions to APS shareholders

           

From net investment income(1)

    (0.007     (0.008     (0.007     (0.010     (0.016     (0.019

Discount on redemption and repurchase of APS(1)

    0.243                                      

Total income (loss) from operations

  $ 1.017      $ 0.743      $ 2.192      $ (1.397   $ 3.140      $ 1.110   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.357   $ (0.813   $ (0.862   $ (0.883   $ (0.910   $ (0.910

Total distributions to common shareholders

  $ (0.357   $ (0.813   $ (0.862   $ (0.883   $ (0.910   $ (0.910

Net asset value — End of period (Common shares)

  $ 15.180      $ 14.520      $ 14.590      $ 13.260      $ 15.540      $ 13.310   

Market value — End of period (Common shares)

  $ 14.470      $ 13.730      $ 13.730      $ 12.100      $ 16.150      $ 13.450   

Total Investment Return on Net Asset Value(2)

    7.20 %(3)(4)       5.63     17.25     (8.99 )%      24.30     9.06

Total Investment Return on Market Value(2)

    8.07 %(3)      6.13     20.92     (20.09 )%      27.89     8.18

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 83,113      $ 79,518      $ 79,860      $ 72,611      $ 85,001      $ 72,678   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.60 %(7)      1.53     1.60     1.65     1.66     1.78

Interest and fee expense(8)

    0.50 %(7)      0.14     0.15     0.16     0.18     0.22

Total expenses(6)

    2.10 %(7)      1.67     1.75     1.81     1.84     2.00

Net investment income

    4.74 %(7)      5.60     5.96     5.97     5.90     7.40

Portfolio Turnover

    5 %(3)      7     4     10     17     13

Senior Securities:

           

Total preferred shares outstanding(9)

    1,349        1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(10)

  $ 86,611      $ 83,946      $ 84,200      $ 78,826      $ 88,010      $ 78,877   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 5.48%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.13     1.08     1.11     1.15     1.16     1.20

Interest and fee expense

    0.36     0.10     0.11     0.11     0.13     0.15

Total expenses

    1.49     1.18     1.22     1.26     1.29     1.35

Net investment income

    3.35     3.93     4.15     4.16     4.14     5.00

 

APS     Auction Preferred Shares

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 15.210      $ 15.150      $ 13.510      $ 15.850      $ 13.440      $ 13.170   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.348      $ 0.771      $ 0.775      $ 0.764      $ 0.786      $ 0.851   

Net realized and unrealized gain (loss)

    0.427        0.031        1.605        (2.352     2.475        0.305   

Distributions to APS shareholders

           

From net investment income(1)

    (0.009     (0.011     (0.009     (0.013     (0.020     (0.025

Discount on redemption and repurchase of APS(1)

    0.290                                      

Total income (loss) from operations

  $ 1.056      $ 0.791      $ 2.371      $ (1.601   $ 3.241      $ 1.131   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.366   $ (0.731   $ (0.731   $ (0.739   $ (0.831   $ (0.861

Total distributions to common shareholders

  $ (0.366   $ (0.731   $ (0.731   $ (0.739   $ (0.831   $ (0.861

Net asset value — End of period (Common shares)

  $ 15.900      $ 15.210      $ 15.150      $ 13.510      $ 15.850      $ 13.440   

Market value — End of period (Common shares)

  $ 15.240      $ 13.700      $ 13.620      $ 11.840      $ 16.800      $ 13.320   

Total Investment Return on Net Asset Value(2)

    7.16 %(3)(4)       5.91     18.49     (10.01 )%      24.71     9.21

Total Investment Return on Market Value(2)

    14.04 %(3)      6.11     21.55     (25.59 )%      33.34     6.25

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 45,427      $ 43,445      $ 43,287      $ 38,588      $ 45,284      $ 38,379   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.70 %(7)      1.61     1.70     1.76     1.76     1.93

Interest and fee expense(8)

    0.39 %(7)                                  0.01

Total expenses(6)

    2.09 %(7)      1.61     1.70     1.76     1.76     1.94

Net investment income

    4.45 %(7)      5.09     5.36     5.33     5.31     6.64

Portfolio Turnover

    0 %(3)(9)      1     9     10     11     11

Senior Securities:

           

Total preferred shares outstanding(10)

    909        909        909        909        909        909   

Asset coverage per preferred share(11)

  $ 74,975      $ 72,795      $ 72,621      $ 67,451      $ 74,818      $ 67,221   

Involuntary liquidation preference per preferred share(12)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(12)

  $ 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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 5.21%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Amount is less than 0.5%.

 

(10) 

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(11) 

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.

 

(12) 

Plus accumulated and unpaid dividends.

 

  †

Ratios based on net assets applicable to common shares plus preferred shares (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.12     1.06     1.10     1.13     1.15     1.19

Interest and fee expense

    0.26                                 0.01

Total expenses

    1.38     1.06     1.10     1.13     1.15     1.20

Net investment income

    2.95     3.34     3.46     3.43     3.45     4.09

 

APS     Auction Preferred Shares

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Net asset value — Beginning of period (Common shares)

  $ 13.890      $ 13.910      $ 12.770      $ 14.780      $ 13.250      $ 13.330   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.337      $ 0.752      $ 0.755      $ 0.750      $ 0.786      $ 0.873   

Net realized and unrealized gain (loss)

    0.223        (0.099     1.143        (1.960     1.591        (0.062

Distributions to APS shareholders

           

From net investment income(1)

    (0.009     (0.011     (0.008     (0.013     (0.020     (0.024

Discount on redemption and repurchase of APS(1)

    0.294                                      

Total income (loss) from operations

  $ 0.845      $ 0.642      $ 1.890      $ (1.223   $ 2.357      $ 0.787   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.345   $ (0.727   $ (0.764   $ (0.787   $ (0.827   $ (0.867

Total distributions to common shareholders

  $ (0.345   $ (0.727   $ (0.764   $ (0.787   $ (0.827   $ (0.867

Anti-dilutive effect of share repurchase program
(see Note 7)
(1)

  $      $ 0.065      $ 0.014      $      $      $   

Net asset value — End of period (Common shares)

  $ 14.390      $ 13.890      $ 13.910      $ 12.770      $ 14.780      $ 13.250   

Market value — End of period (Common shares)

  $ 13.010      $ 12.040      $ 12.050      $ 10.950      $ 15.100      $ 13.660   

Total Investment Return on Net Asset Value(2)

    6.46 %(3)(4)       6.02     16.07     (8.07 )%      18.20     6.53

Total Investment Return on Market Value(2)

    11.04 %(3)      6.08     17.26     (22.84 )%      17.23     13.15

 

  57   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2016
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of period
(000’s omitted)

  $ 37,441      $ 36,126      $ 37,532      $ 34,736      $ 40,188      $ 36,011   

Ratios (as a percentage of average daily net assets applicable to common shares):(5)†

           

Expenses excluding interest and fees(6)

    1.85 %(7)      1.76     1.79     1.85     1.85     1.93

Interest and fee expense(8)

    0.45 %(7)      0.01     0.04     0.05     0.04     0.05

Total expenses(6)

    2.30 %(7)      1.77     1.83     1.90     1.89     1.98

Net investment income

    4.75 %(7)      5.42     5.61     5.53     5.57     6.71

Portfolio Turnover

    5 %(3)      3     4     11     15     8

Senior Securities:

           

Total preferred shares outstanding(9)

    847        847        847        847        847        847   

Asset coverage per preferred share(10)

  $ 69,204      $ 67,653      $ 69,312      $ 66,011      $ 72,448      $ 67,516   

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)

The total return based on net asset value reflects the impact of the tender and repurchase by the Trust of a portion of its APS at 95.5% of the per share liquidation preference. Absent this transaction, the total return based on net asset value would have been 4.29%.

 

  (5)

Ratios do not reflect the effect of dividend payments to APS shareholders.

 

  (6)

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

  (7)

Annualized.

 

  (8)

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H) and, for the six months ended May 31, 2016, Institutional MuniFund Term Preferred Shares issued to redeem a portion of the Trust’s APS (see Note 3).

 

  (9)

Preferred shares represent Institutional MuniFund Term Preferred Shares and APS as of May 31, 2016 and APS as of November 30, 2015, 2014, 2013, 2012 and 2011.

 

(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 (Institutional MuniFund Term Preferred Shares and APS, as applicable) are presented below. Ratios do not reflect the effect of dividend payments to APS 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, 2016
(Unaudited)
    Year Ended November 30,  
      2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.18     1.11     1.14     1.18     1.20     1.21

Interest and fee expense

    0.28     0.01     0.02     0.03     0.02     0.03

Total expenses

    1.46     1.12     1.16     1.21     1.22     1.24

Net investment income

    3.02     3.44     3.55     3.51     3.59     4.19

 

APS     Auction Preferred Shares

 

  58   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

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 a 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, 2016, 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 that may be 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. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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

 

  59  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond 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 10) at May 31, 2016. 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, 2016, 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
   

Ohio

Trust

    Pennsylvania
Trust
 

Floating Rate Notes Outstanding

  $ 11,835,000      $ 1,915,000      $ 2,790,000      $ 17,890,000      $ 1,455,000      $ 750,000   

Interest Rate or Range of Interest Rates (%)

    0.40 - 0.42        0.43 - 0.54        0.48 - 0.71        0.42 - 0.48        0.42        0.42   

Collateral for Floating Rate Notes Outstanding

  $ 14,940,040      $ 3,260,767      $ 3,962,259      $ 26,200,713      $ 2,060,881      $ 1,112,750   

For the six months ended May 31, 2016, 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
    Ohio
Trust
    Pennsylvania
Trust
 

Average Floating Rate Notes Outstanding

   $ 12,901,967      $ 1,915,000      $ 2,841,967      $ 17,890,000      $ 119,262      $ 750,000   

Average Interest Rate

     0.65     0.81     0.90     0.74     0.88     0.68

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of May 31, 2016.

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

 

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Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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 was July 21, 2015 while for other covered funds the compliance date is July 21, 2017, as announced on July 7, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts were or will be restructured to comply with the Volcker Rule as of the applicable compliance dates. 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.

Legal and restructuring fees incurred in connection with the restructuring of residual interest bond trusts have been recorded as interest expense.

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 cash and/or 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, 2016 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, with a Trust’s other preferred shares (see Note 3), 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, as defined in the Trusts’ By-laws and the 1940 Act, with respect to the preferred shares. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. 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%.

 

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Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

On December 21, 2015, each Trust announced a tender offer to purchase up to 100% of its outstanding APS at a price per share equal to 95.5% of the APS liquidation preference of $25,000 per share (or $23,875 per share), plus any accrued but unpaid APS dividends. The tender offer expired on February 23, 2016. The number of APS accepted for repurchase pursuant to the tender offer and their liquidation preference were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

APS Tendered and Redeemed

    1,879         672         674         1,160   

Redemption Amount

  $ 44,861,125       $ 16,044,000       $ 16,091,750       $ 27,695,000   

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

APS Tendered and Redeemed

    1,184         736         679   

Redemption Amount

  $ 28,268,000       $ 17,572,000       $ 16,211,125   

There were no other transactions in APS during the six months ended May 31, 2016.

3  Institutional MuniFund Term Preferred Shares

On February 26, 2016, each Trust issued Institutional MuniFund Term Preferred Shares (iMTP Shares) in a private offering to finance the tender offer for its outstanding APS (see Note 2). The number of new iMTP Shares issued was equal to the APS accepted for payment pursuant to the tender offer. The number of iMTP Shares issued and outstanding at May 31, 2016 was as follows:

 

Trust   iMTP Shares
Issued and
Outstanding
 

California Trust

    1,879   

Massachusetts Trust

    672   

Michigan Trust

    674   

New Jersey Trust

    1,160   

New York Trust

    1,184   

Ohio Trust

    736   

Pennsylvania Trust

    679   

The iMTP Shares are a form of preferred shares that represent stock of the Trusts. The iMTP Shares have a par value of $0.01 per share, a liquidation preference of $25,000 per share, and a mandatory redemption date of September 1, 2019, unless earlier redeemed or repurchased by a Trust. Dividends on the iMTP Shares are determined weekly based upon the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index Rate plus a spread. Such spread to the SIFMA Municipal Swap Index Rate is determined based on the current credit rating of the iMTP Shares. At May 31, 2016, the spread to the SIFMA Municipal Swap Index Rate was 1.50% for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, New York Trust, Ohio Trust and Pennsylvania Trust.

The iMTP Shares are subject to optional and mandatory redemption in certain circumstances. After February 28, 2017, the iMTP Shares are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, plus an optional redemption premium. The iMTP Shares are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends (mandatory redemption price), if a Trust is in default for an extended period on its asset maintenance requirements with respect to its preferred shares. For so long as the iMTP Shares are outstanding, a Trust’s effective leverage ratio is not permitted to exceed 45%. In order to comply with this requirement, a Trust may have to redeem all or a portion of its iMTP Shares and APS at the mandatory redemption price.

The holders of the iMTP Shares, APS and common shares have equal voting rights of one vote per share except that the holders of the iMTP Shares and APS, voting as a class, are entitled to elect two Trustees of each Trust. If the dividends on the iMTP Shares and APS remain unpaid in an amount equal to two full years’ dividends, the holders of the iMTP Shares and APS voting as a class have the right to elect a majority of each Trust’s Trustees.

 

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Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

For financial reporting purposes, the liquidation value of the iMTP Shares is presented as a liability on the Statements of Assets and Liabilities and unpaid dividends are included in interest expense and fees payable. Dividends accrued on iMTP Shares are treated as interest payments for financial reporting purposes and are included in interest expense and fees on the Statements of Operations. Costs incurred by each Trust in connection with its offering of iMTP Shares were capitalized as deferred offering costs and are being amortized to the mandatory redemption date of September 1, 2019.

The carrying amount of the iMTP Shares at May 31, 2016 represents its liquidation value, which approximates fair value. If measured at fair value, the iMTP Shares would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2016.

The average liquidation preference of the iMTP Shares during the portion of the six months ended May 31, 2016 in which iMTP Shares were outstanding was as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Average Liquidation Preference of iMTP Shares

  $ 46,975,000       $ 16,800,000       $ 16,850,000       $ 29,000,000   

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Average Liquidation Preference of iMTP Shares

  $ 29,600,000       $ 18,400,000       $ 16,975,000   

4  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 and iMTP Shares. 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 APS and iMTP shareholders are recorded daily and are payable at the end of each dividend period.

The dividend rates for APS at May 31, 2016, 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
 

APS Dividend Rates at May 31, 2016

    0.47      0.47      0.43      0.47

Dividends Accrued to APS Shareholders

  $ 47,962       $ 21,769       $ 16,784       $ 34,943   

Average APS Dividend Rates

    0.37      0.38      0.39      0.38

Dividend Rate Ranges (%)

    0.13 - 0.49         0.17 - 0.47         0.13 - 0.49         0.13 - 0.49   

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

APS Dividend Rates at May 31, 2016

    0.43      0.49      0.47

Dividends Accrued to APS Shareholders

  $ 35,684       $ 25,917       $ 23,857   

Average APS Dividend Rates

    0.39      0.40      0.38

Dividend Rate Ranges (%)

    0.13 - 0.49         0.17 - 0.49         0.17 - 0.47   

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 as of May 31, 2016.

 

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Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

The dividend rates for iMTP Shares at May 31, 2016, and the amount of dividends accrued to iMTP shareholders and average iMTP dividend rates (annualized) for the six months then ended were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
    

New Jersey

Trust

 

iMTP Dividend Rates at May 31, 2016

    1.90      1.90      1.90      1.90

Dividends Accrued to iMTP Shareholders

  $ 221,219       $ 79,116       $ 79,352       $ 136,569   

Average iMTP Dividend Rates

    1.80      1.80      1.80      1.80

 

     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

iMTP Dividend Rates at May 31, 2016

    1.90      1.90      1.90

Dividends Accrued to iMTP Shareholders

  $ 139,395       $ 86,651       $ 79,940   

Average iMTP Dividend Rates

    1.80      1.80      1.80

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, 2015, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date   California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

November 30, 2016

  $ 6,517,352       $ 692,532       $ 517,712       $   

November 30, 2017

    4,084,290         991,790         337,540         2,795,679   

November 30, 2018

    355,871                 34,334         1,512,852   

November 30, 2019

    5,299,748         1,780,081         345,052         4,137,608   

Total capital loss carryforwards

  $ 16,257,261       $ 3,464,403       $ 1,234,638       $ 8,446,139   

Deferred capital losses:

          

Short-term

  $       $ 246,972       $ 32,669       $ 787,927   

Long-term

  $       $       $ 265,113       $ 839,804   

 

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May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

 

Expiration Date   New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

November 30, 2016

  $ 2,354,581       $ 736,482       $ 800,874   

November 30, 2017

    3,171,310         840,450           

November 30, 2018

    671,928         41,243         329,527   

November 30, 2019

    3,607,489         1,169,431         1,724,760   

Total capital loss carryforwards

  $ 9,805,308       $ 2,787,606       $ 2,855,161   

Deferred capital losses:

       

Short-term

  $ 603,929       $ 292,073       $ 302,251   

Long-term

  $ 1,374,472       $ 294,996       $ 1,426,976   

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2016, as determined on a federal income tax basis, were as follows:

 

     California Trust      Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Aggregate cost

  $ 138,778,783       $ 54,611,267       $ 43,200,434       $ 87,753,713   

Gross unrealized appreciation

  $ 16,260,678       $ 6,851,491       $ 4,100,571       $ 9,626,608   

Gross unrealized depreciation

    (381,821      (86,992      (78,990      (779,651

Net unrealized appreciation

  $ 15,878,857       $ 6,764,499       $ 4,021,581       $ 8,846,957   

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Aggregate cost

  $ 102,710,416       $ 58,795,750       $ 51,108,710   

Gross unrealized appreciation

  $ 14,758,284       $ 8,198,017       $ 5,319,901   

Gross unrealized depreciation

    (306,301      (42,512      (281,885

Net unrealized appreciation

  $ 14,451,983       $ 8,155,505       $ 5,038,016   

5  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 0.595% (0.610% prior to May 1, 2016) 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 preferred shares 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 and iMTP Shares then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the

 

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May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2016, the investment adviser fees and administration fees were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Investment Adviser Fee

  $ 495,699       $ 194,276       $ 145,824       $ 307,602   

Administration Fee

  $ 163,213       $ 63,967       $ 48,014       $ 101,279   

 

     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Investment Adviser Fee

  $ 382,874       $ 204,642       $ 178,554   

Administration Fee

  $ 126,064       $ 67,380       $ 58,790   

Trustees and officers of the Trusts who are members of EVM’s organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2016 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
 

Purchases

  $ 14,410,104       $ 2,911,678       $ 1,223,387       $ 1,608,161   

Sales

  $ 13,601,038       $ 3,614,947       $ 515,000       $ 2,862,240   

 

     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Purchases

  $ 10,581,946       $ 2,013,522       $ 2,639,292   

Sales

  $ 6,112,260       $ 171,451       $ 3,663,671   

7  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, 2016 and the year ended November 30, 2015.

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 specific amount of shares. There were no repurchases of common shares by the Trusts for the six months ended May 31, 2016. During the year ended

 

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May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

November 30, 2015, 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:

 

    Year Ended November 30, 2015  
    

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

Pennsylvania

Trust

 

Common shares repurchased

    5,500        70,300        67,600        97,400   

Cost, including brokerage commissions, of common shares repurchased

  $ 73,752      $ 899,721      $ 815,196      $ 1,173,348   

Average price per share

  $ 13.41      $ 12.80      $ 12.06      $ 12.05   

Weighted average discount per share to NAV

    11.78     13.21     12.73     12.85

8  Overdraft Advances

Pursuant to the custodian agreement, SSBT may, in its discretion, advance funds to the Trusts to make properly authorized payments. When such payments result in an overdraft, the Trusts are obligated to repay SSBT at the current rate of interest charged by SSBT for secured loans (currently, the Federal Funds rate plus 2%). This obligation is payable on demand to SSBT. SSBT has a lien on a Trust’s assets to the extent of any overdraft. At May 31, 2016, California Trust had a payment due to SSBT pursuant to the foregoing arrangement of $233,867. Based on the short-term nature of these payments and the variable interest rate, the carrying value of the overdraft advances approximated its fair value at May 31, 2016. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2016. The Trusts’ average overdraft advances during the six months ended May 31, 2016 were not significant.

9  Financial Instruments

The Trusts may trade in financial instruments with off-balance sheet risk in the normal course of their investing activities. These financial instruments may include financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment a Trust has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at May 31, 2016 is included in the Portfolio of Investments. At May 31, 2016, 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, 2016 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Liability Derivative:

       

Futures Contracts

  $ (27,236 )(1)     $ (14,720 )(1)     $ (19,200 )(1)     $ (18,560 )(1)     $ (6,400 )(1) 

Total

  $ (27,236    $ (14,720    $ (19,200    $ (18,560    $ (6,400

 

(1) 

Amount represents cumulative unrealized depreciation on futures contracts. 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.

 

  67  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2016 was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (482,683 )(1)     $ (272,400 )(1)     $ (355,304 )(1)     $ (343,460 )(1)     $ (118,435 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ (8,641 )(2)     $ (4,974 )(2)     $ (6,487 )(2)     $ (6,271 )(2)     $ (2,162 )(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, 2016, 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

  $ 9,534,000       $ 3,678,000       $ 4,797,000       $ 4,638,000       $ 1,599,000   

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At May 31, 2016, 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

  $      $ 164,542,702      $         —      $ 164,542,702   

Taxable Municipal Securities

           1,949,938               1,949,938   

Total Investments

  $      $ 166,492,640      $      $ 166,492,640   

Liability Description

                               

Futures Contracts

  $ (27,236   $      $      $ (27,236

Total

  $ (27,236   $      $      $ (27,236
       

 

  68  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

Massachusetts Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $      $ 62,477,841      $      $ 62,477,841   

Taxable Municipal Securities

           812,925               812,925   

Total Investments

  $      $ 63,290,766      $      $ 63,290,766   

Liability Description

                               

Futures Contracts

  $ (14,720   $      $      $ (14,720

Total

  $ (14,720   $      $      $ (14,720
       

Michigan Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Investments

  $      $ 47,222,015      $      $ 47,222,015   

Total Investments

  $      $ 47,222,015      $      $ 47,222,015   
       

New Jersey Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $      $ 98,327,270      $      $ 98,327,270   

Taxable Municipal Securities

           1,063,400               1,063,400   

Total Investments

  $      $ 99,390,670      $      $ 99,390,670   

Liability Description

                               

Futures Contracts

  $ (19,200   $      $      $ (19,200

Total

  $ (19,200   $      $      $ (19,200
       

New York Trust

                       
Asset Description   Level 1     Level 2     Level 3*     Total  

Tax-Exempt Investments

  $      $ 134,341,453      $      $ 134,341,453   

Miscellaneous

                  710,946        710,946   

Total Investments

  $      $ 134,341,453      $ 710,946      $ 135,052,399   

Liability Description

                               

Futures Contracts

  $ (18,560   $      $      $ (18,560

Total

  $ (18,560   $      $      $ (18,560
       

Ohio Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Investments

  $      $ 68,406,255      $      $ 68,406,255   

Total Investments

  $      $ 68,406,255      $      $ 68,406,255   

 

  69  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Notes to Financial Statements (Unaudited) — continued

 

 

Pennsylvania Trust

                       
Asset Description   Level 1     Level 2     Level 3     Total  

Tax-Exempt Municipal Securities

  $      $ 56,889,335      $         —      $ 56,889,335   

Taxable Municipal Securities

           7,391               7,391   

Total Investments

  $      $ 56,896,726      $      $ 56,896,726   

Liability Description

                               

Futures Contracts

  $ (6,400   $      $      $ (6,400

Total

  $ (6,400   $      $      $ (6,400

 

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

The 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, 2015 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, 2016 is not presented.

At May 31, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

 

  70  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Annual Meeting of Shareholders (Unaudited)

 

 

Each Trust held its Annual Meeting of Shareholders on March 24, 2016. The following action was taken by the shareholders:

Item 1.  The election of Scott E. Eston, Thomas E. Faust Jr. and Ralph F. Verni as Class II Trustees of each Trust for a three-year term expiring in 2019. Mr. Verni was elected solely by APS shareholders.

 

Trust  

Nominee for Class II Trustee

Elected by APS Shareholders:

Ralph F. Verni

    

Nominee for Class II Trustee

Elected by All Shareholders:

Scott E. Eston

    

Nominee for Class I Trustee

Elected by All Shareholders:

Thomas E. Faust Jr.

 

California Trust

       

For

    897         6,461,381         6,461,381   

Withheld

    938         110,877         110,877   

Massachusetts Trust

       

For

    602         2,544,402         2,544,402   

Withheld

    9         22,967         22,967   

Michigan Trust

       

For

    338         1,704,421         1,704,421   

Withheld

    108         171,575         171,575   

New Jersey Trust

       

For

    776         3,997,566         3,995,350   

Withheld

    479         92,977         95,193   

New York Trust

       

For

    730         4,705,331         4,682,583   

Withheld

    88         218,110         240,858   

Ohio Trust

       

For

    565         2,388,428         2,387,726   

Withheld

    4         192,369         193,071   

Pennsylvania Trust

       

For

    614         2,087,874         2,087,874   

Withheld

    230         127,352         127,352   

 

  71  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

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 26, 2016, 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 2016. 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 (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

 

 

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

 

 

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

 

 

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

 

 

Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

 

 

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;

 

 

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

 

Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

 

 

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;

 

 

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

 

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”;

 

 

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

 

 

Reports detailing the financial results and condition of each adviser;

 

 

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;

 

 

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

 

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

 

 

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

 

Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

 

 

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;

 

  72  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

 

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

 

 

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

 

 

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten 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 seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as 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, independent 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:

 

 

Eaton Vance California Municipal Income Trust

 

 

Eaton Vance Massachusetts Municipal Income Trust

 

 

Eaton Vance Michigan Municipal Income Trust

 

 

Eaton Vance New Jersey Municipal Income Trust

 

 

Eaton Vance New York Municipal Income Trust

 

 

Eaton Vance Ohio Municipal Income Trust

 

 

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 based on the material 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 professionals in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in

 

  73  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Board of Trustees’ Contract Approval — continued

 

 

municipal bonds. The Board considered the Adviser’s municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, 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 highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including each Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services.

The Board 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 professionals, 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 fund complex offering exposure to a variety of asset classes and investment disciplines.

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

Fund Performance

The Board compared each Fund’s investment performance to that of comparable funds and appropriate benchmark indices and, 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, 2015 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. 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 one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain Fund specific factors that had an impact on Fund expense ratios relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee. Additionally, the Board took into account the financial resources committed by the Adviser in structuring each Fund at the time of its initial public offering and the waiver of fees provided by the Adviser for the first five years of each Fund’s life. The Board also considered that, 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, 2016.

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 and Other “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out 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 deemed not to be excessive.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and each Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of each Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of each Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that each Fund currently shares in any benefits from economies of scale.

 

  74  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

Board of Trustees’ Contract Approval — continued

 

 

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.

 

  75  


Eaton Vance

Municipal Income Trusts

May 31, 2016

 

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

 

 

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

 

 

* Interested Trustee

 

 

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of May 31, 2016, Trust records indicate that there are 14, 26, 11, 32, 23, 24 and 21 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 2,040, 1,111, 1,190, 1,564, 2,065, 1,491 and 1,378 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
  
 

 

  76  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

 

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

 

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

 

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

 

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance 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”.

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

7694    5.31.16    


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

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance Family of Funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and its lenders who are record owners of shares of one or more funds (the “Funds”) within the Eaton Vance Funds’ investment company complex implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds.

D&T advised the Audit Committee that it believes that, in light of the facts surrounding its lending relationships, its ability to exercise objective and impartial judgment on all issues encompassed within D&T’s audit engagement has not been impaired. D&T has advised the Audit Committee that this conclusion is based in part on the following considerations: (1) Deloitte Entity personnel responsible for managing the lending relationships have had no interactions with the audit engagement team; (2) the lending relationships are in good standing and the principal and interest payments are up-to-date; (3) the lending relationships are not significant to the Deloitte Entities or to D&T.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016)) related to the auditor independence issue described above. In that letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and
3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. Based on information provided by D&T, the requirements of the no-action letter appear to be met with respect to D&T’s lending relationships described above. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not required in this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

No such purchases this period.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12. Exhibits

 

(a)(1)

   Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

   Treasurer’s Section 302 certification.

(a)(2)(ii)

   President’s Section 302 certification.

(b)

   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Massachusetts Municipal Income Trust

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 18, 2016

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 18, 2016
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 18, 2016