Eaton Vance Michigan Municipals 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: 811-09153

 

 

Eaton Vance Michigan 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, 2014

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Semiannual Report

May 31, 2014

 

 

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

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

 

LOGO


 

 

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

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


Semiannual Report May 31, 2014

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Performance and Fund Profile

  
  

California Municipal Income Trust

     2   

Massachusetts Municipal Income Trust

     3   

Michigan Municipal Income Trust

     4   

New Jersey Municipal Income Trust

     5   

New York Municipal Income Trust

     6   

Ohio Municipal Income Trust

     7   

Pennsylvania Municipal Income Trust

     8   
  

Endnotes and Additional Disclosures

     9   

Financial Statements

     10   

Annual Meeting of Shareholders

     65   

Board of Trustees’ Contract Approval

     66   

Officers and Trustees

     69   

Important Notices

     70   


Eaton Vance

California Municipal Income Trust

May 31, 2014

 

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         12.39      4.98      10.25      5.65

Fund at Market Price

             17.57         5.07         9.81         5.19   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –8.04
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.389   

Distribution Rate at NAV

                 5.38

Taxable-Equivalent Distribution Rate at NAV

                 10.96

Distribution Rate at Market Price

                 5.85

Taxable-Equivalent Distribution Rate at Market Price

                 11.92
              
% Total Leverage5                                        

Auction Preferred Shares (APS)

                 30.46

Residual Interest Bond (RIB)

                 8.95   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, credit quality (% of total investments) is as follows:6

 

AAA

    4.4   

BBB

    9.3

AA

    63.7      

BB

    0.7   

A

    19.0      

Not Rated

    2.9   

 

See Endnotes and Additional Disclosures in this report.

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

 

2

 

   


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2014

 

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         11.85      4.46      9.92      6.08

Fund at Market Price

             16.10         2.81         7.75         5.09   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –9.50
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.360   

Distribution Rate at NAV

                 4.59

Taxable-Equivalent Distribution Rate at NAV

                 8.55

Distribution Rate at Market Price

                 5.07

Taxable-Equivalent Distribution Rate at Market Price

                 9.45
              
% Total Leverage5                                        

APS

                 31.08

RIB

                 5.25   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, credit quality (% of total investments) is as follows:6

 

AAA

    18.8   

BB

    1.4

AA

    47.8      

B

    1.3   

A

    21.2      

Not Rated

    0.9   

BBB

    8.6        

 

See Endnotes and Additional Disclosures in this report.

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

 

  3  

 


Eaton Vance

Michigan Municipal Income Trust

May 31, 2014

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     01/29/1999         13.83      5.34      9.77      5.99

Fund at Market Price

             18.04         1.07         9.65         4.18   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –11.64
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.355   

Distribution Rate at NAV

                 4.97

Taxable-Equivalent Distribution Rate at NAV

                 9.17

Distribution Rate at Market Price

                 5.63

Taxable-Equivalent Distribution Rate at Market Price

                 10.39
              
% Total Leverage5                                        

APS

                 36.70

Fund Profile

 

Credit Quality (% of total investments)6

 

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  4  


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2014

 

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         11.33      4.97      9.19      6.05

Fund at Market Price

             14.49         0.72         7.94         5.03   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –9.22
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.379   

Distribution Rate at NAV

                 5.20

Taxable-Equivalent Distribution Rate at NAV

                 10.09

Distribution Rate at Market Price

                 5.73

Taxable-Equivalent Distribution Rate at Market Price

                 11.12
              
% Total Leverage5                                        

APS

                 32.56

RIB

                 3.68   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, credit quality (% of total investments) is as follows:6

 

AAA

    12.8   

BBB

    8.3

AA

    27.9      

B

    2.1   

A

    45.0      

Not Rated

    3.9   

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  

 


Eaton Vance

New York Municipal Income Trust

May 31, 2014

 

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         11.97      4.85      10.97      6.06

Fund at Market Price

             20.92         6.21         9.51         6.59   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –1.46
Distributions4                                        

Total Distributions per share for the period

               $ 0.435   

Distribution Rate at NAV

                 6.05

Taxable-Equivalent Distribution Rate at NAV

                 11.72

Distribution Rate at Market Price

                 6.14

Taxable-Equivalent Distribution Rate at Market Price

                 11.90
              
% Total Leverage5                                        

APS

                 25.60

RIB

                 14.66   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, credit quality (% of total investments) is as follows:6

 

AAA

    15.4   

BBB

    13.7

AA

    34.7      

BB

    3.7   

A

    26.2      

Not Rated

    6.3   

 

See Endnotes and Additional Disclosures in this report.

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

 

 

  6  

 


Eaton Vance

Ohio Municipal Income Trust

May 31, 2014

 

Performance1,2

 

Portfolio Manager Thomas M. Metzold, CFA

 

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

Fund at NAV

     01/29/1999         12.76      5.87      9.86      6.28

Fund at Market Price

             20.32         4.73         8.74         5.58   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –6.48
              
Distributions4                                        

Total Distributions per share for the period

               $ 0.366   

Distribution Rate at NAV

                 4.94

Taxable-Equivalent Distribution Rate at NAV

                 9.23

Distribution Rate at Market Price

                 5.28

Taxable-Equivalent Distribution Rate at Market Price

                 9.86
              
% Total Leverage5                                        

APS

                 34.18

RIB

                 2.19   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  7  


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2014

 

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         11.26      4.97      8.42      5.64

Fund at Market Price

             19.61         5.75         7.84         5.18   

Barclays Long (22+) Year Municipal Bond Index

             9.19      2.94      7.68      5.72
              
% Premium/Discount to NAV3                                        
                 –7.82
              
Distributions4                                        

Total Distributions per share for the period

               $   0.389   

Distribution Rate at NAV

                 5.65

Taxable-Equivalent Distribution Rate at NAV

                 10.30

Distribution Rate at Market Price

                 6.13

Taxable-Equivalent Distribution Rate at Market Price

                 11.17
              
% Total Leverage5                                        

APS

                 35.16

RIB

                 2.74   

Fund Profile

 

Credit Quality (% of total investments)6

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.5 Absent such securities, credit quality (% of total investments) is as follows:6

 

AAA

    3.5   

BBB

    3.1

AA

    43.9      

Not Rated

    2.9   

A

    46.6        

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  

 


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

5 

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

 

6 

Ratings are based on Moody’s, S&P or Fitch, as applicable. If securities are rated differently by the rating 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 rating agency’s analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition and does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Holdings designated as “Not Rated” are not rated by the national rating agencies stated above.

 

   Fund profile subject to change due to active management.

 

   Important Notice to Shareholders
   Effective March 3, 2014, Michigan Municipal Income Trust and Ohio Municipal Income Trust are managed by Thomas M. Metzold, CFA.
 

 

  9  


Eaton Vance

California Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 162.6%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 18.2%

  

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

  $ 3,135      $ 3,429,251   

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

    195        219,746   

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

    330        366,782   

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

    745        821,452   

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

    2,440        2,452,859   

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

    1,600        1,916,112   

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

    235        281,591   

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

    2,490        2,840,293   

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

    630        701,934   

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

    415        458,197   

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

    285        310,607   

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

    810        921,464   

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

    850        962,506   

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

    895        1,008,781   

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

    1,250        1,433,875   
                 
    $ 18,125,450   
                 

Electric Utilities — 14.5%

  

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

  $ 270      $ 311,772   

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

    2,275        2,439,824   

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

    1,500        1,678,065   

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

    2,170        2,474,689   

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

    1,500        1,707,585   

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

    1,335        1,528,054   

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

    1,795        2,041,669   

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

    680        758,608   

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

    1,300        1,459,224   
                 
    $ 14,399,490   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 26.4%

  

California, 5.50%, 11/1/35

  $ 1,600      $ 1,863,920   

California, 6.00%, 4/1/38

    750        886,283   

California, (AMT), 5.05%, 12/1/36

    475        479,180   

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

    1,000        1,125,010   

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

    3,655        4,023,753   

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

    2,890        3,019,703   

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

    2,545        2,698,336   

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

    740        837,051   

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

    860        963,578   

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

    1,315        1,582,405   

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

    2,230        2,672,611   

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

    3,180        3,630,765   

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

    2,150        2,414,450   
                 
    $ 26,197,045   
                 

Hospital — 17.3%

  

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

  $ 1,000      $ 1,122,920   

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

    190        211,766   

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

    1,000        1,025,810   

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

    635        694,474   

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

    910        987,659   

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

    2,000        2,277,980   

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

    1,000        1,095,850   

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

    1,475        1,747,462   

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

    1,145        1,289,522   

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

    535        594,562   

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

    600        639,834   

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

    1,900        1,903,686   

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

    2,780        2,854,977   

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

    700        700,721   
                 
    $ 17,147,223   
                 
 

 

  10   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue — 1.3%

  

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

  $ 1,235      $ 1,301,801   
                 
    $ 1,301,801   
                 

Insured – Education — 1.5%

  

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

  $ 1,250      $ 1,496,963   
                 
    $ 1,496,963   
                 

Insured – Electric Utilities — 3.0%

  

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

  $ 2,790      $ 3,016,213   
                 
    $ 3,016,213   
                 

Insured – Escrowed / Prerefunded — 3.8%

  

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

  $ 5,130      $ 3,777,065   
                 
    $ 3,777,065   
                 

Insured – General Obligations — 9.3%

  

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

  $ 6,485      $ 2,274,160   

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

    4,825        1,598,957   

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

    2,005        2,223,806   

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

    4,720        3,126,905   
                 
    $ 9,223,828   
                 

Insured – Hospital — 9.0%

  

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

  $ 2,900      $ 2,974,240   

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

    750        795,142   

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

    5,000        5,198,250   
                 
    $ 8,967,632   
                 

Insured – Lease Revenue / Certificates of Participation — 8.2%

  

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

  $ 4,410      $ 4,245,242   

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

    3,500        3,889,550   
                 
    $ 8,134,792   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue — 2.1%

  

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

  $ 4,850      $ 662,462   

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

    370        415,244   

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

    930        1,012,844   
                 
    $ 2,090,550   
                 

Insured – Transportation — 11.8%

  

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

  $ 5,000      $ 2,379,800   

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

    4,500        2,066,400   

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

    740        715,077   

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

    10,000        3,710,400   

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

    1,275        1,315,405   

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

    1,350        1,494,990   
                 
    $ 11,682,072   
                 

Insured – Water and Sewer — 4.0%

  

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

  $ 2,000      $ 2,208,100   

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

    1,830        1,771,897   
                 
    $ 3,979,997   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 1,007,708   
                 
    $ 1,007,708   
                 

Other Revenue — 0.7%

  

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

  $ 385      $ 399,572   

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

    315        324,630   
                 
    $ 724,202   
                 

Senior Living / Life Care — 2.5%

  

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

  $ 290      $ 324,710   

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

    175        176,977   
 

 

  11   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

  

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

  $ 700      $ 699,510   

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

    600        694,122   

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

    535        588,864   
                 
    $ 2,484,183   
                 

Special Tax Revenue — 13.6%

  

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

  $ 770      $ 851,920   

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

    285        293,732   

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

    460        467,838   

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

    925        931,050   

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

    190        194,309   

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

    480        487,296   

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

    1,590        1,600,271   

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

    240        277,181   

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

    480        549,365   

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

    240        271,481   

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

    335        374,540   

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

    240        265,978   

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

    2,400        2,709,264   

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

    250        252,093   

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

    490        492,680   

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

    485        542,080   

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

    725        807,715   

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

    250        255,865   

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

    400        408,296   

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

    500        522,110   

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

    1,000        1,001,330   
                 
    $ 13,556,394   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 11.6%

  

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

  $ 1,000      $ 1,170,100   

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

    2,000        2,174,680   

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

    2,120        2,354,748   

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

    1,500        1,684,095   

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

    1,170        1,173,451   

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

    2,760        2,971,140   
                 
    $ 11,528,214   
                 

Water and Sewer — 2.8%

  

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

  $ 740      $ 846,671   

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

    1,700        1,880,234   
                 
    $ 2,726,905   
                 

Total Tax-Exempt Investments — 162.6%
(identified cost $149,609,439)

   

  $ 161,567,727   
                 

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

  

  $ (49,976,214
                 

Other Assets, Less Liabilities — (12.3)%

  

  $ (12,205,013
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 99,386,500   
                 

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

 

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

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 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

 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

financial institution or financial guaranty assurance agency ranged from 0.4% to 14.8% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,355,589.

 

 

  13   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 152.3%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 5.9%

  

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

  $ 910      $ 1,164,327   

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

    990        1,273,496   
                 
    $ 2,437,823   
                 

Education — 30.5%

  

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

  $ 1,080      $ 1,183,237   

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

    625        649,856   

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

    770        860,983   

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

    1,500        1,652,655   

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

    1,640        2,123,521   

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

    1,500        1,687,935   

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

    415        465,120   

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

    1,350        1,468,517   

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

    1,420        1,617,181   

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

    750        836,325   
                 
    $ 12,545,330   
                 

General Obligations — 16.4%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 335,103   

Cambridge, 4.00%, 2/15/21

    595        685,184   

Danvers, 5.25%, 7/1/36

    885        1,018,246   

Lexington, 4.00%, 2/1/21

    415        477,184   

Lexington, 4.00%, 2/1/22

    430        496,246   

Lexington, 4.00%, 2/1/23

    355        411,395   

Newton, 5.00%, 4/1/36

    750        848,325   

Plymouth, 5.00%, 5/1/31

    345        387,018   

Plymouth, 5.00%, 5/1/32

    315        352,113   

Wayland, 5.00%, 2/1/33

    510        578,972   

Wayland, 5.00%, 2/1/36

    770        866,643   

Winchester, 5.00%, 4/15/36

    245        276,607   
                 
    $ 6,733,036   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 27.0%

  

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

  $ 1,000      $ 1,074,820   

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

    525        607,835   

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

    600        730,512   

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

    555        588,677   

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

    1,210        1,348,920   

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

    500        554,935   

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

    1,135        1,195,688   

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

    755        755,672   

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

    970        1,010,837   

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

    2,000        2,182,760   

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

    675        677,923   

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

    350        374,087   
                 
    $ 11,102,666   
                 

Housing — 6.7%

  

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

  $ 2,100      $ 2,101,617   

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

    650        657,254   
                 
    $ 2,758,871   
                 

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 806,232   
                 
    $ 806,232   
                 

Insured – Education — 7.2%

  

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

  $ 1,000      $ 1,271,110   

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

    1,365        1,696,709   
                 
    $ 2,967,819   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 546,013   
                 
    $ 546,013   
                 

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,305,600   
                 
    $ 1,305,600   
                 

Insured – Hospital — 0.9%

  

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

  $ 335      $ 368,544   
                 
    $ 368,544   
                 

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 724,219   
                 
    $ 724,219   
                 

Insured – Special Tax Revenue — 10.5%

  

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

  $ 1,450      $ 1,455,350   

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

    1,000        1,240,550   

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

    1,340        1,470,543   

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

    1,105        150,932   
                 
    $ 4,317,375   
                 

Insured – Student Loan — 2.9%

  

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

  $ 300      $ 324,417   

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

    850        858,492   
                 
    $ 1,182,909   
                 

Insured – Transportation — 0.8%

  

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

  $ 315      $ 325,852   
                 
    $ 325,852   
                 

Other Revenue — 2.8%

  

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

  $ 500      $ 573,155   

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

    505        574,811   
                 
    $ 1,147,966   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care — 6.0%

  

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

  $ 250      $ 250,015   

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

    1,500        1,500,885   

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

    125        135,072   

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

    140        136,157   

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

    475        427,215   
                 
    $ 2,449,344   
                 

Special Tax Revenue — 8.3%

  

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

  $ 140      $ 160,612   

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

    1,665        776,456   

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

    5,195        2,081,948   

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

    335        372,728   
                 
    $ 3,391,744   
                 

Transportation — 7.1%

  

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

  $ 1,500      $ 1,608,900   

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

    500        576,960   

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

    670        745,120   
                 
    $ 2,930,980   
                 

Water and Sewer — 11.0%

  

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

  $ 2,005      $ 2,316,837   

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

    495        574,576   

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

    225        253,861   

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

    1,195        1,382,221   
                 
    $ 4,527,495   
                 

Total Tax-Exempt Investments — 152.3%
(identified cost $57,619,539)

   

  $ 62,569,818   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.8)%

  

  $ (20,050,361
                 

Other Assets, Less Liabilities — (3.5)%

  

  $ (1,439,136
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,080,321   
                 

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

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 18.8% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.1% to 12.0% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $786,709.

 

 

  16   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 156.0%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 4.2%

  

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

  $ 600      $ 679,380   

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

    500        582,620   
                 
    $ 1,262,000   
                 

Education — 14.5%

  

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

  $ 525      $ 574,770   

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

    525        575,201   

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

    1,000        1,080,990   

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

    460        496,262   

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

    700        704,585   

Oakland University, 5.00%, 3/1/42

    500        530,110   

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

    370        400,558   
                 
    $ 4,362,476   
                 

Electric Utilities — 8.8%

  

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

  $ 1,135      $ 1,245,095   

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

    500        582,195   

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

    800        844,104   
                 
    $ 2,671,394   
                 

Escrowed / Prerefunded — 1.1%

  

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), Prerefunded to 1/1/15, 6.20%, 1/1/25

  $ 185      $ 191,448   

Gaylord Hospital Finance Authority, (Otsego Memorial Hospital Association), Prerefunded to 1/1/15, 6.50%, 1/1/37

    125        129,576   
                 
    $ 321,024   
                 

General Obligations — 31.4%

  

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

  $ 350      $ 370,891   

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

    655        677,604   

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

    230        255,887   

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

    275        299,860   

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

    220        242,548   

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

    500        522,965   

Howell Public Schools, 4.50%, 5/1/29

    620        675,298   

Jenison Public Schools, 5.00%, 5/1/28

    500        544,920   

Jenison Public Schools, 5.00%, 5/1/30

    500        540,455   

Kent County, 5.00%, 1/1/25

    1,500        1,715,700   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,117,660   

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

    1,005        1,130,273   

Livingston County, 4.00%, 6/1/30

    305        318,707   

Michigan, 5.50%, 11/1/25

    270        311,153   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

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

  $ 375      $ 344,906   

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

    365        404,738   
                 
    $ 9,473,565   
                 

Hospital — 26.4%

  

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

  $ 275      $ 283,891   

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

    250        269,730   

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

    500        532,485   

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

    1,000        1,118,930   

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

    250        259,503   

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

    1,000        1,014,870   

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

    1,080        1,095,066   

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

    500        565,020   

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

    425        434,690   

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

    1,250        1,345,862   

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

    1,000        1,059,050   
                 
    $ 7,979,097   
                 

Housing — 0.8%

  

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

  $ 225      $ 235,026   
                 
    $ 235,026   
                 

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 714,960   
                 
    $ 714,960   
                 

Insured – Education — 5.0%

  

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

  $ 570      $ 633,509   

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

    500        559,485   

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

    300        330,003   
                 
    $ 1,522,997   
                 
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Electric Utilities — 3.4%

  

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

  $ 630      $ 625,432   

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

    250        247,397   

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

    155        152,164   
                 
    $ 1,024,993   
                 

Insured – General Obligations — 21.4%

  

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

  $ 1,105      $ 1,199,256   

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

    500        543,550   

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

    150        155,194   

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

    240        248,578   

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

    300        343,680   

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

    1,000        1,121,590   

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

    910        971,689   

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

    1,250        1,353,650   

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

    500        532,880   
                 
    $ 6,470,067   
                 

Insured – Lease Revenue / Certificates of Participation — 5.8%

  

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

  $ 1,000      $ 486,820   

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

    2,800        1,271,088   
                 
    $ 1,757,908   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 122,248   
                 
    $ 122,248   
                 

Insured – Transportation — 3.7%

  

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

  $ 1,000      $ 1,124,620   
                 
    $ 1,124,620   
                 

Insured – Water and Sewer — 11.0%

               

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

  $ 560      $ 555,167   

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

    1,650        1,649,885   

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

    1,000        1,108,500   
                 
    $ 3,313,552   
                 

Lease Revenue / Certificates of Participation — 4.3%

  

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

  $ 1,250      $ 1,287,125   
                 
    $ 1,287,125   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 126,140   

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

    125        136,904   

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

    1,000        1,112,690   

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

    110        122,388   
                 
    $ 1,498,122   
                 

Water and Sewer — 6.4%

  

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

  $ 750      $ 746,205   

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

    735        911,496   

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

    250        270,757   
                 
    $ 1,928,458   
                 

Total Tax-Exempt Investments — 156.0%
(identified cost $44,391,817)

   

  $ 47,069,632   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.0)%

  

  $ (17,500,189
                 

Other Assets, Less Liabilities — 2.0%

  

  $ 611,995   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 30,181,438   
                 

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

 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 32.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.2% to 13.2% of total investments.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Municipal Securities — 153.2%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 22.5%

  

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

  $ 1,270      $ 1,402,867   

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

    250        260,168   

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

    250        256,635   

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

    220        226,453   

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

    1,730        1,969,432   

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

    620        704,940   

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

    380        431,365   

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

    640        696,499   

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

    1,650        1,717,105   

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

    965        1,260,425   

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

    1,295        1,411,213   

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

    1,000        1,135,780   

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

    2,900        3,231,035   
                 
    $ 14,703,917   
                 

Electric Utilities — 0.8%

  

Puerto Rico Electric Power Authority, 5.25%, 7/1/27

  $ 865      $ 550,547   
                 
    $ 550,547   
                 

Escrowed / Prerefunded — 2.7%

  

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

  $ 1,415      $ 1,732,116   
                 
    $ 1,732,116   
                 

General Obligations — 7.8%

  

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

  $ 320      $ 351,040   

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

    1,850        2,120,322   

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

    1,795        2,045,618   

Monmouth County Improvement Authority, 5.00%, 8/1/33

    500        574,225   
                 
    $ 5,091,205   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 21.9%

  

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

  $ 1,335      $ 1,342,676   

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

    650        710,404   

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

    2,290        2,481,810   

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

    2,090        2,208,796   

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

    645        755,289   

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

    620        694,257   

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

    250        271,223   

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

    2,055        2,193,980   

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

    2,440        2,484,872   

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

    1,075        1,185,714   
                 
    $ 14,329,021   
                 

Housing — 2.5%

  

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

  $ 590      $ 596,679   

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

    1,050        1,066,873   
                 
    $ 1,663,552   
                 

Industrial Development Revenue — 5.6%

  

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

  $ 50      $ 51,373   

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

    135        139,852   

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

    750        790,785   

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

    220        249,223   

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

    2,235        2,448,062   
                 
    $ 3,679,295   
                 

Insured – Electric Utilities — 1.8%

  

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

  $ 135      $ 134,021   

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

    490        481,033   

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

    595        583,814   
                 
    $ 1,198,868   
                 
 

 

  19   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Escrowed / Prerefunded — 1.8%

  

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

  $ 970      $ 1,164,514   
                 
    $ 1,164,514   
                 

Insured – Gas Utilities — 5.7%

  

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      $ 3,741,497   
                 
    $ 3,741,497   
                 

Insured – General Obligations — 5.1%

  

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

  $ 1,015      $ 1,092,526   

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

    1,240        1,384,386   

Paterson, (BAM), 5.00%, 1/15/26

    750        846,292   
                 
    $ 3,323,204   
                 

Insured – Hospital — 4.2%

  

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

  $ 100      $ 85,190   

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

    300        243,240   

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

    385        406,348   

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

    500        527,725   

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

    1,380        1,494,816   
                 
    $ 2,757,319   
                 

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      $ 2,043,809   
                 
    $ 2,043,809   
                 

Insured – Lease Revenue / Certificates of Participation — 2.8%

  

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

  $ 530      $ 604,698   

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

    1,000        1,234,960   
                 
    $ 1,839,658   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Other Revenue — 3.1%

  

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

  $ 850      $ 922,743   

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

    1,000        1,078,890   
                 
    $ 2,001,633   
                 

Insured – Special Tax Revenue — 12.1%

  

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

  $ 5,250      $ 3,775,327   

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

    4,300        2,681,781   

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

    2,020        1,193,800   

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

    2,020        275,912   
                 
    $ 7,926,820   
                 

Insured – Student Loan — 3.7%

  

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

  $ 2,215      $ 2,419,600   
                 
    $ 2,419,600   
                 

Insured – Transportation — 0.5%

  

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

  $ 315      $ 351,524   
                 
    $ 351,524   
                 

Lease Revenue / Certificates of Participation — 5.7%

  

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

  $ 1,500      $ 1,638,810   

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

    1,700        1,800,385   

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

    250        290,377   
                 
    $ 3,729,572   
                 

Other Revenue — 5.9%

  

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

  $ 13,280      $ 348,998   

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

    2,040        2,250,324   

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

    500        535,545   

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

    900        711,099   
                 
    $ 3,845,966   
                 
 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care — 4.3%

  

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

  $ 465      $ 487,539   

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

    770        801,270   

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

    815        821,324   

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

    700        697,935   
                 
    $ 2,808,068   
                 

Special Tax Revenue — 2.9%

  

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

  $ 100      $ 103,858   

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

    175        179,172   

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

    750        651,548   

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

    500        424,755   

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

    500        556,310   
                 
    $ 1,915,643   
                 

Student Loan — 5.0%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.186%, 6/1/36(1)(2)(3)

  $ 2,500      $ 2,525,125   

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

    740        743,337   
                 
    $ 3,268,462   
                 

Transportation — 19.5%

  

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

  $ 1,060      $ 1,144,758   

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

    1,080        1,153,894   

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

    2,000        1,219,080   

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

    1,850        2,121,987   

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

    250        292,802   

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

    530        626,905   

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

    3,600        3,994,236   

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

    1,995        2,202,580   
                 
    $ 12,756,242   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer — 2.2%

  

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

  $ 1,275      $ 1,431,596   
                 
    $ 1,431,596   
                 

Total Tax-Exempt Municipal Securities — 153.2%
(identified cost $93,050,642)

   

  $ 100,273,648   
                 
Taxable Municipal Securities — 1.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation — 1.6%

               

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

  $ 1,000      $ 1,007,500   
                 

Total Taxable Municipal Securities — 1.6%
(identified cost $989,095)

   

  $ 1,007,500   
                 

Total Investments — 154.8%
(identified cost $94,039,737)

   

  $ 101,281,148   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (51.1)%

  

  $ (33,425,812
                 

Other Assets, Less Liabilities — (3.7)%

  

  $ (2,415,214
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 65,440,122   
                 

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

 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 28.4% 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 0.8% to 9.3% of total investments.

 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $525,125.

 

(3) 

Variable rate security. The stated interest rate represents the rate in effect at May 31, 2014.

 

 

  22   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

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

Bond Bank — 6.1%

  

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

  $ 1,730      $ 1,929,746   

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

    2,535        2,851,418   
                 
    $ 4,781,164   
                 

Cogeneration — 1.4%

  

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

  $ 1,070      $ 1,069,936   
                 
    $ 1,069,936   
                 

Education — 28.0%

  

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

  $ 310      $ 336,955   

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

    150        169,442   

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

    1,490        1,674,834   

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

    325        363,912   

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

    510        550,810   

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

    1,000        1,123,000   

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

    725        805,236   

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

    510        579,946   

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

    2,000        2,269,380   

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

    220        241,846   

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

    1,000        1,126,190   

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

    2,250        2,711,835   

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

    2,500        2,814,025   

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

    325        370,104   

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

    400        457,196   

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

    1,695        1,794,310   

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

    2,000        2,190,520   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 280      $ 298,214   

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

    735        778,703   

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

    1,205        1,347,467   
                 
    $ 22,003,925   
                 

Electric Utilities — 7.8%

  

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

  $ 1,420      $ 1,665,859   

Puerto Rico Electric Power Authority, 5.25%, 7/1/31

    1,330        830,465   

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

    1,645        1,653,357   

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

    1,735        2,012,461   
                 
    $ 6,162,142   
                 

General Obligations — 7.3%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,536,480   

New York City, 6.25%, 10/15/28

    1,000        1,194,520   
                 
    $ 5,731,000   
                 

Health Care – Miscellaneous — 0.2%

  

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

  $ 50      $ 50,380   

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

    100        100,760   
                 
    $ 151,140   
                 

Hospital — 23.7%

  

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

  $ 130      $ 146,588   

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

    960        1,065,235   

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

    870        871,505   

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

    2,490        2,595,327   

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

    1,000        1,059,960   

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

    2,000        2,002,840   

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

    1,000        1,116,670   

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

    1,000        1,083,770   
 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 845      $ 879,214   

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

    750        781,275   

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

    1,250        1,372,950   

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

    415        431,920   

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

    835        861,353   

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

    965        967,383   

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

    395        382,625   

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

    1,000        979,270   

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

    650        678,255   

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

    1,250        1,356,925   
                 
    $ 18,633,065   
                 

Housing — 13.7%

  

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

  $ 1,500      $ 1,513,110   

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

    2,620        2,674,575   

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

    1,000        1,056,890   

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

    2,625        2,709,157   

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

    1,500        1,533,570   

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

    1,250        1,265,088   
                 
    $ 10,752,390   
                 

Industrial Development Revenue — 4.9%

  

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

  $ 1,000      $ 1,120,740   

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

    980        1,149,207   

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

    1,350        1,372,936   

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

    195        199,013   
                 
    $ 3,841,896   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Education — 6.8%

  

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

  $ 1,250      $ 1,416,275   

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

    1,500        1,636,665   

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

    5,365        2,308,238   
                 
    $ 5,361,178   
                 

Insured – Electric Utilities — 2.0%

  

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

  $ 1,365      $ 1,594,866   
                 
    $ 1,594,866   
                 

Insured – Other Revenue — 3.8%

  

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

  $ 2,645      $ 1,303,244   

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

    3,625        1,700,343   
                 
    $ 3,003,587   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 338,060   
                 
    $ 338,060   
                 

Insured – Transportation — 1.9%

  

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

  $ 1,475      $ 1,485,296   
                 
    $ 1,485,296   
                 

Insured – Water and Sewer — 1.3%

  

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

  $ 1,000      $ 1,013,350   
                 
    $ 1,013,350   
                 

Other Revenue — 7.2%

  

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

  $ 3,120      $ 1,332,552   

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

    380        419,444   

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

    625        703,387   

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

    1,000        1,141,990   

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

    2,000        2,096,460   
                 
    $ 5,693,833   
                 
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care — 6.7%

  

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

  $ 1,450      $ 1,450,681   

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

    280        298,597   

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

    120        126,372   

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

    905        992,007   

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

    230        229,706   

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

    230        218,390   

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

    1,830        1,941,319   
                 
    $ 5,257,072   
                 

Special Tax Revenue — 20.9%

  

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

  $ 1,500      $ 1,672,215   

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

    2,100        2,441,901   

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

    1,000        1,131,400   

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

    1,000        1,142,300   

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

    2,380        2,677,762   

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

    6,000        6,763,020   

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

    545        606,378   
                 
    $ 16,434,976   
                 

Transportation — 13.5%

  

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

  $ 790      $ 826,569   

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

    1,500        1,638,540   

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

    700        767,697   

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

    1,000        1,078,070   

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

    1,900        2,121,084   

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

    990        1,093,010   

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

    2,740        3,119,106   
                 
    $ 10,644,076   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer — 6.4%

  

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

  $ 585      $ 269,644   

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

    325        142,704   

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

    3,105        3,573,824   

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

    1,000        1,081,740   
                 
    $ 5,067,912   
                 

Total Tax-Exempt Investments — 164.0%
(identified cost $117,999,956)

   

  $ 129,020,864   
   
Miscellaneous — 1.1%   
   
Security   Units     Value  

Real Estate — 1.1%

  

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

    257      $ 887,164   
                 

Total Miscellaneous — 1.1%
(identified cost $822,400)

   

  $ 887,164   
                 

Total Investments — 165.1%
(identified cost $118,822,356)

   

  $ 129,908,028   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.9)%

  

  $ (33,725,243
                 

Other Assets, Less Liabilities — (22.2)%

  

  $ (17,497,365
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 78,685,420   
                 

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

 

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 9.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty

 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.9% to 3.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,370,725.

 

(3) 

Non-income producing.

 

(4) 

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

 

(5) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2014, the aggregate value of these securities is $887,164 or 1.1% of the Trust’s net assets applicable to common shares.

 

 

  26   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 150.9%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.4%

  

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

  $ 1,020      $ 1,045,837   

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

    250        292,410   

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

    210        241,941   

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

    975        1,105,952   
                 
    $ 2,686,140   
                 

Education — 21.5%

  

Miami University, 4.00%, 9/1/39(2)

  $ 500      $ 507,765   

Miami University, 5.00%, 9/1/33

    1,000        1,109,150   

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

    440        463,426   

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

    1,250        1,333,275   

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

    500        562,875   

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

    1,000        1,133,570   

Ohio State University, 5.00%, 12/1/28

    480        600,322   

Ohio State University, 5.00%, 12/1/30

    1,605        1,988,370   

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

    500        553,545   

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

    750        829,012   
                 
    $ 9,081,310   
                 

Electric Utilities — 2.5%

  

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

  $ 470      $ 508,822   

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

    500        555,100   
                 
    $ 1,063,922   
                 

Escrowed / Prerefunded — 2.1%

  

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

  $ 65      $ 76,286   

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

    500        502,100   

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

    180        200,828   

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

    20        25,783   

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

    70        90,510   
                 
    $ 895,507   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 21.0%

  

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

  $ 335      $ 374,681   

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

    900        933,174   

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

    1,750        1,980,300   

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

    1,025        1,162,688   

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

    595        681,697   

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

    400        438,980   

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

    820        886,330   

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

    1,250        1,301,700   

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

    1,000        1,120,430   
                 
    $ 8,879,980   
                 

Hospital — 22.1%

  

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

  $ 1,075      $ 1,169,019   

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

    560        601,804   

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

    500        539,825   

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

    800        864,696   

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

    250        284,567   

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

    750        864,540   

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

    500        533,020   

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

    500        535,375   

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

    800        850,984   

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

    500        570,990   

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

    1,000        1,118,390   

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

    555        608,491   

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

    565        637,473   

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

    165        183,802   
                 
    $ 9,362,976   
                 
 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing — 6.4%

  

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

  $ 120      $ 122,572   

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

    2,500        2,586,325   
                 
    $ 2,708,897   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 555,011   
                 
    $ 555,011   
                 

Insured – Education — 12.4%

  

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

  $ 750      $ 816,578   

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

    1,000        1,133,730   

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

    465        521,325   

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

    580        584,472   

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

    1,500        1,625,625   

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

    500        541,875   
                 
    $ 5,223,605   
                 

Insured – Electric Utilities — 12.6%

  

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

  $ 1,000      $ 1,094,330   

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

    710        419,134   

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

    2,000        600,520   

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

    815        564,526   

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

    3,000        1,978,170   

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

    305        307,977   

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

    200        198,550   

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

    155        152,164   
                 
    $ 5,315,371   
                 

Insured – General Obligations — 18.9%

  

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

  $ 555      $ 590,586   

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

    500        546,565   

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

    2,455        1,323,319   

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

    1,000        1,244,430   

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

    1,500        1,509,600   

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

    1,750        1,970,745   

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

    750        821,715   
                 
    $ 8,006,960   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 1.5%

  

Lorain County, (Catholic Healthcare Partners), (AGM),
15.406%, 2/1/29(3)(4)(5)

  $ 485      $ 622,701   
                 
    $ 622,701   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 73,759   
                 
    $ 73,759   
                 

Insured – Transportation — 7.5%

  

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

  $ 600      $ 659,280   

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

    1,000        1,239,710   

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

    1,000        1,271,650   
                 
    $ 3,170,640   
                 

Lease Revenue / Certificates of Participation — 1.3%

  

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

  $ 500      $ 558,320   
                 
    $ 558,320   
                 

Other Revenue — 3.6%

  

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

  $ 1,000      $ 1,022,020   

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

    445        489,771   
                 
    $ 1,511,791   
                 

Senior Living / Life Care — 2.2%

  

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

  $ 375      $ 394,766   

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

    230        248,713   

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

    275        305,374   
                 
    $ 948,853   
                 

Special Tax Revenue — 2.4%

  

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

  $ 180      $ 211,302   

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

    290        337,163   

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

    155        170,015   

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

    170        186,189   

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

    110        122,388   
                 
    $ 1,027,057   
                 
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 0.4%

  

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

  $ 690      $ 180,801   
                 
    $ 180,801   
                 

Water and Sewer — 4.6%

  

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

  $ 750      $ 828,517   

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

    500        566,890   

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

    500        559,895   
                 
    $ 1,955,302   
                 

Total Tax-Exempt Investments — 150.9%
(identified cost $57,840,048)

   

  $ 63,828,903   
                 

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

  

  $ (22,725,327
                 

Other Assets, Less Liabilities — 2.8%

  

  $ 1,197,246   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 42,300,822   
                 

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

 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 35.1% 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 0.9% to 14.7% of total investments.

 

(1) 

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

 

(2) 

When-issued security.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At May 31, 2014, the aggregate value of these securities is $622,701 or 1.5% of the Trust’s net assets applicable to common shares.

 

(4) 

Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at May 31, 2014.

 

(5) 

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

 

 

  29   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited)

 

 

Tax-Exempt Investments — 158.4%   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Cogeneration — 1.5%

  

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

  $ 420      $ 366,605   

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

    175        179,153   
                 
    $ 545,758   
                 

Education — 27.2%

  

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

  $ 1,050      $ 1,183,675   

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

    500        534,050   

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

    1,200        1,284,144   

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

    750        856,725   

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

    500        535,390   

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

    440        461,758   

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

    750        816,030   

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

    625        665,887   

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

    600        642,438   

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

    560        610,266   

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

    750        819,120   

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

    750        836,370   

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

    250        281,520   

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

    575        625,957   
                 
    $ 10,153,330   
                 

General Obligations — 12.9%

  

Chester County, 5.00%, 7/15/27

  $ 500      $ 579,090   

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

    1,000        1,107,510   

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

    1,000        1,199,950   

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

    1,000        1,102,290   

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

    750        839,978   
                 
    $ 4,828,818   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 23.2%

  

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

  $ 500      $ 569,195   

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

    750        796,133   

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

    750        841,950   

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

    500        514,265   

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

    750        797,415   

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

    1,485        1,522,778   

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

    1,095        1,188,874   

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

    250        268,430   

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

    1,000        1,162,850   

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

    675        727,697   

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

    250        272,325   
                 
    $ 8,661,912   
                 

Housing — 9.8%

  

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

  $ 305      $ 309,871   

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

    850        860,667   

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

    175        179,030   

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

    600        603,924   

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

    470        496,475   

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

    715        715,901   

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

    495        495,624   
                 
    $ 3,661,492   
                 

Industrial Development Revenue — 8.5%

  

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

  $ 200      $ 222,136   

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

    750        787,155   
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

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

  $ 250      $ 287,308   

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

    1,115        1,341,902   

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

    500        521,460   
                 
    $ 3,159,961   
                 

Insured – Education — 8.2%

  

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

  $ 500      $ 534,375   

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

    1,105        1,189,334   

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

    375        398,126   

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

    875        959,962   
                 
    $ 3,081,797   
                 

Insured – Electric Utilities — 2.8%

  

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

  $ 1,080      $ 1,060,236   
                 
    $ 1,060,236   
                 

Insured – Escrowed / Prerefunded — 9.4%

  

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

  $ 1,600      $ 1,672,704   

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

    2,000        1,861,100   
                 
    $ 3,533,804   
                 

Insured – General Obligations — 6.0%

  

Beaver County, (AGM), 5.55%, 11/15/31

  $ 500      $ 562,370   

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

    750        846,307   

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

    750        819,398   
                 
    $ 2,228,075   
                 

Insured – Hospital — 4.9%

  

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

  $ 250      $ 315,473   

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

    1,440        1,517,688   
                 
    $ 1,833,161   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Industrial Development Revenue — 1.4%

  

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

  $ 525      $ 539,732   
                 
    $ 539,732   
                 

Insured – Lease Revenue / Certificates of Participation — 4.8%

  

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

  $ 500      $ 550,160   

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

    1,195        1,248,476   
                 
    $ 1,798,636   
                 

Insured – Special Tax Revenue — 2.2%

  

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

  $ 610      $ 664,412   

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

    1,235        168,689   
                 
    $ 833,101   
                 

Insured – Transportation — 8.9%

  

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

  $ 525      $ 571,405   

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

    1,005        1,008,698   

Puerto Rico Highway and Transportation Authority, (AGC), (CIFG),
5.25%, 7/1/41(2)(3)

    1,800        1,739,376   
                 
    $ 3,319,479   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 500      $ 543,130   
                 
    $ 543,130   
                 

Senior Living / Life Care — 2.4%

  

Cliff House Trust, (AMT), 6.625%, 6/1/27(4)

  $ 1,000      $ 384,190   

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

    100        106,291   

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

    200        206,106   

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

    200        203,388   
                 
    $ 899,975   
                 

Special Tax Revenue — 0.3%

  

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

  $ 110      $ 122,388   
                 
    $ 122,388   
                 
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

May 31, 2014

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 16.6%

  

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

  $ 465      $ 502,181   

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

    285        304,500   

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

    450        476,438   

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

    1,000        1,089,350   

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

    1,430        1,474,630   

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

    750        849,968   

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

    410        464,243   

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

    970        1,062,780   
                 
    $ 6,224,090   
                 

Utilities — 1.8%

  

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 672,804   
                 
    $ 672,804   
                 

Water and Sewer — 4.1%

  

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

  $ 750      $ 716,903   

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

    750        811,282   
                 
    $ 1,528,185   
                 

Total Tax-Exempt Investments — 158.4%
(identified cost $55,583,181)

   

  $ 59,229,864   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.6)%

  

  $ (21,175,381
                 

Other Assets, Less Liabilities — (1.8)%

  

  $ (655,939
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,398,544   
                 

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

 

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

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at May 31, 2014, 31.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.9% to 13.7% 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 (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $839,376.

 

(4) 

Defaulted bond.

 

 

  32   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Assets and Liabilities (Unaudited)

 

 

    May 31, 2014  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 149,609,439      $ 57,619,539      $ 44,391,817      $ 94,039,737   

Unrealized appreciation

    11,958,288        4,950,279        2,677,815        7,241,411   

Investments, at value

  $ 161,567,727      $ 62,569,818      $ 47,069,632      $ 101,281,148   

Cash

  $ 789,149      $ 1,084,438      $ 93,767      $   

Restricted cash*

    195,000        102,000        41,500        210,000   

Interest receivable

    1,621,432        828,197        523,861        1,529,176   

Receivable for investments sold

                  10,000          

Receivable for variation margin on open financial futures contracts

    13,562        7,438        3,063        15,313   

Deferred debt issuance costs

    25,894        1,074               423   

Total assets

  $ 164,212,764      $ 64,592,965      $ 47,741,823      $ 103,036,060   
Liabilities   

Payable for floating rate notes issued

  $ 14,680,000      $ 3,385,000      $      $ 3,780,000   

Due to custodian

                         277,915   

Payable to affiliates:

       

Investment adviser fee

    83,542        33,017        25,117        54,109   

Administration fee

    26,733        10,566        8,030        17,315   

Trustees’ fees

    1,121        498        395        768   

Interest expense and fees payable

    16,004        4,755               5,144   

Accrued expenses

    42,650        28,447        26,654        34,875   

Total liabilities

  $ 14,850,050      $ 3,462,283      $ 60,196      $ 4,170,126   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,976,214      $ 20,050,361      $ 17,500,189      $ 33,425,812   

Net assets applicable to common shares

  $ 99,386,500      $ 41,080,321      $ 30,181,438      $ 65,440,122   
Sources of Net Assets   

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

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

Additional paid-in capital

    104,203,764        39,728,155        29,106,720        67,036,426   

Accumulated net realized loss

    (16,923,903     (3,626,707     (1,649,970     (8,934,355

Accumulated undistributed net investment income

    151,544        45,245        43,892        140,757   

Net unrealized appreciation

    11,882,484        4,906,123        2,659,633        7,150,502   

Net assets applicable to common shares

  $ 99,386,500      $ 41,080,321      $ 30,181,438      $ 65,440,122   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,999        802        700        1,337   
Common Shares Outstanding     7,261,075        2,750,521        2,116,294        4,679,158   
Net Asset Value Per Common Share   

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

  $ 13.69      $ 14.94      $ 14.26      $ 13.99   

 

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

 

  33   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Assets and Liabilities (Unaudited) — continued

 

 

    May 31, 2014  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 118,822,356      $ 57,840,048      $ 55,583,181   

Unrealized appreciation

    11,085,672        5,988,855        3,646,683   

Investments, at value

  $ 129,908,028      $ 63,828,903      $ 59,229,864   

Cash

  $ 136,368      $ 676,644      $ 92,669   

Restricted cash*

    129,250        47,000        150,000   

Interest receivable

    1,694,674        988,617        823,262   

Receivable for investments sold

           55,636          

Receivable for variation margin on open financial futures contracts

    9,406        3,500        10,938   

Total assets

  $ 131,877,726      $ 65,600,300      $ 60,306,733   
Liabilities   

Payable for floating rate notes issued

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

Payable for when-issued securities

           500,000          

Payable to affiliates:

     

Investment adviser fee

    64,984        34,251        31,604   

Administration fee

    20,795        10,960        10,113   

Trustees’ fees

    904        512        483   

Interest expense and fees payable

    26,801               8,446   

Accrued expenses

    38,579        28,428        32,162   

Total liabilities

  $ 19,467,063      $ 574,151      $ 1,732,808   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,243      $ 22,725,327      $ 21,175,381   

Net assets applicable to common shares

  $ 78,685,420      $ 42,300,822      $ 37,398,544   
Sources of Net Assets   

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

  $ 54,750      $ 28,572      $ 27,204   

Additional paid-in capital

    79,380,074        39,573,731        37,694,604   

Accumulated net realized loss

    (11,993,757     (3,472,178     (3,952,102

Accumulated undistributed net investment income

    214,525        202,621        47,090   

Net unrealized appreciation

    11,029,828        5,968,076        3,581,748   

Net assets applicable to common shares

  $ 78,685,420      $ 42,300,822      $ 37,398,544   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,349        909        847   
Common Shares Outstanding     5,474,995        2,857,157        2,720,414   
Net Asset Value Per Common Share   

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

  $ 14.37      $ 14.81      $ 13.75   

 

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

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Operations (Unaudited)

 

 

    Six Months Ended May 31, 2014  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 3,566,931      $ 1,344,268      $ 1,028,811      $ 2,296,498   

Total investment income

  $ 3,566,931      $ 1,344,268      $ 1,028,811      $ 2,296,498   
Expenses   

Investment adviser fee

  $ 487,542      $ 192,635      $ 146,009      $ 316,976   

Administration fee

    152,983        60,446        45,809        99,461   

Trustees’ fees and expenses

    3,430        1,510        1,200        2,325   

Custodian fee

    24,706        15,437        13,425        19,225   

Transfer and dividend disbursing agent fees

    9,363        9,088        9,078        9,133   

Legal and accounting services

    27,674        20,891        18,450        24,753   

Printing and postage

    8,063        4,850        4,676        6,697   

Interest expense and fees

    44,525        10,651               11,912   

Preferred shares service fee

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

Miscellaneous

    19,600        15,335        15,828        17,446   

Total expenses

  $ 812,712      $ 345,394      $ 266,219      $ 532,345   

Deduct —

       

Reduction of custodian fee

  $ 702      $ 342      $ 193      $ 316   

Total expense reductions

  $ 702      $ 342      $ 193      $ 316   

Net expenses

  $ 812,010      $ 345,052      $ 266,026      $ 532,029   

Net investment income

  $ 2,754,921      $ 999,216      $ 762,785      $ 1,764,469   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ (227,534   $ 39,924      $ 12,766      $ 71,484   

Financial futures contracts

    (434,882     (272,515     (112,212     (611,445

Net realized loss

  $ (662,416   $ (232,591   $ (99,446   $ (539,961

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 8,860,732      $ 3,574,287      $ 2,964,103      $ 5,418,920   

Financial futures contracts

    (48,937     (34,000     (14,000     (64,026

Net change in unrealized appreciation (depreciation)

  $ 8,811,795      $ 3,540,287      $ 2,950,103      $ 5,354,894   

Net realized and unrealized gain

  $ 8,149,379      $ 3,307,696      $ 2,850,657      $ 4,814,933   

Distributions to preferred shareholders

                               

From net investment income

  $ (27,566   $ (11,152   $ (9,385   $ (18,437

Net increase in net assets from operations

  $ 10,876,734      $ 4,295,760      $ 3,604,057      $ 6,560,965   

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Operations (Unaudited) — continued

 

 

    Six Months Ended May 31, 2014  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 3,006,580      $ 1,460,796      $ 1,385,360   

Total investment income

  $ 3,006,580      $ 1,460,796      $ 1,385,360   
Expenses   

Investment adviser fee

  $ 379,451      $ 199,500      $ 185,199   

Administration fee

    119,065        62,600        58,111   

Trustees’ fees and expenses

    2,740        1,555        1,465   

Custodian fee

    25,496        15,197        15,096   

Transfer and dividend disbursing agent fees

    9,173        9,363        9,373   

Legal and accounting services

    26,870        20,140        23,511   

Printing and postage

    6,165        5,863        5,564   

Interest expense and fees

    57,829               10,844   

Preferred shares service fee

    24,392        16,267        15,057   

Miscellaneous

    18,230        16,450        15,854   

Total expenses

  $ 669,411      $ 346,935      $ 340,074   

Deduct —

     

Reduction of custodian fee

  $ 62      $ 75      $ 65   

Total expense reductions

  $ 62      $ 75      $ 65   

Net expenses

  $ 669,349      $ 346,860      $ 340,009   

Net investment income

  $ 2,337,231      $ 1,113,936      $ 1,045,351   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ 39,522      $ 120,805      $ 47,345   

Financial futures contracts

    (344,651     (128,242     (400,757

Net realized loss

  $ (305,129   $ (7,437   $ (353,412

Change in unrealized appreciation (depreciation) —

     

Investments

  $ 6,480,406      $ 3,679,048      $ 3,089,237   

Financial futures contracts

    (43,000     (16,000     (50,000

Net change in unrealized appreciation (depreciation)

  $ 6,437,406      $ 3,663,048      $ 3,039,237   

Net realized and unrealized gain

  $ 6,132,277      $ 3,655,611      $ 2,685,825   

Distributions to preferred shareholders

                       

From net investment income

  $ (18,664   $ (12,445   $ (11,778

Net increase in net assets from operations

  $ 8,450,844      $ 4,757,102      $ 3,719,398   

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Changes in Net Assets

 

 

    Six Months Ended May 31, 2014 (Unaudited)  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 2,754,921      $ 999,216      $ 762,785      $ 1,764,469   

Net realized loss from investment transactions and financial futures contracts

    (662,416     (232,591     (99,446     (539,961

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    8,811,795        3,540,287        2,950,103        5,354,894   

Distributions to preferred shareholders —

       

From net investment income

    (27,566     (11,152     (9,385     (18,437

Net increase in net assets from operations

  $ 10,876,734      $ 4,295,760      $ 3,604,057      $ 6,560,965   

Distributions to common shareholders —

       

From net investment income

  $ (2,823,520   $ (989,263   $ (750,234   $ (1,773,410

Total distributions to common shareholders

  $ (2,823,520   $ (989,263   $ (750,234   $ (1,773,410

Net increase in net assets

  $ 8,053,214      $ 3,306,497      $ 2,853,823      $ 4,787,555   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   

At end of period

  $ 99,386,500      $ 41,080,321      $ 30,181,438      $ 65,440,122   

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of period

  $ 151,544      $ 45,245      $ 43,892      $ 140,757   

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Changes in Net Assets — continued

 

 

    Six Months Ended May 31, 2014 (Unaudited)  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 2,337,231      $ 1,113,936      $ 1,045,351   

Net realized loss from investment transactions and financial futures contracts

    (305,129     (7,437     (353,412

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    6,437,406        3,663,048        3,039,237   

Distributions to preferred shareholders —

     

From net investment income

    (18,664     (12,445     (11,778

Net increase in net assets from operations

  $ 8,450,844      $ 4,757,102      $ 3,719,398   

Distributions to common shareholders —

     

From net investment income

  $ (2,381,499   $ (1,044,331   $ (1,056,881

Total distributions to common shareholders

  $ (2,381,499   $ (1,044,331   $ (1,056,881

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 5,143      $      $   

Net increase in net assets from capital share transactions

  $ 5,143      $      $   

Net increase in net assets

  $ 6,074,488      $ 3,712,771      $ 2,662,517   
Net Assets Applicable to Common Shares   

At beginning of period

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

At end of period

  $ 78,685,420      $ 42,300,822      $ 37,398,544   

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of period

  $ 214,525      $ 202,621      $ 47,090   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2013  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,490,439      $ 2,061,580      $ 1,541,662      $ 3,565,665   

Net realized gain from investment transactions, extinguishment of debt and financial futures contracts

    616,200        377,103        2,099        1,523,973   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (15,324,211     (7,044,980     (4,992,486     (9,875,771

Distributions to preferred shareholders —

       

From net investment income

    (86,193     (34,378     (29,679     (57,651

Net decrease in net assets from operations

  $ (9,303,765   $ (4,640,675   $ (3,478,404   $ (4,843,784

Distributions to common shareholders —

       

From net investment income

  $ (5,779,391   $ (2,134,388   $ (1,585,116   $ (3,686,470

Total distributions to common shareholders

  $ (5,779,391   $ (2,134,388   $ (1,585,116   $ (3,686,470

Capital share transactions —

       

Reinvestment of distributions to common shareholders

  $ 49,584      $      $      $ 47,846   

Net increase in net assets from capital share transactions

  $ 49,584      $      $      $ 47,846   

Net decrease in net assets

  $ (15,033,572   $ (6,775,063   $ (5,063,520   $ (8,482,408
Net Assets Applicable to Common Shares   

At beginning of year

  $ 106,366,858      $ 44,548,887      $ 32,391,135      $ 69,134,975   

At end of year

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of year

  $ 247,709      $ 46,444      $ 40,726      $ 168,135   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2013  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,624,466      $ 2,183,503      $ 2,039,475   

Net realized loss from investment transactions and financial futures contracts

    (493,955     (108,259     (63,344

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (11,683,568     (6,623,437     (5,257,630

Distributions to preferred shareholders —

     

From net investment income

    (57,302     (38,194     (36,307

Net decrease in net assets from operations

  $ (7,610,359   $ (4,586,387   $ (3,317,806

Distributions to common shareholders —

     

From net investment income

  $ (4,835,003   $ (2,112,450   $ (2,140,917

Total distributions to common shareholders

  $ (4,835,003   $ (2,112,450   $ (2,140,917

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 55,392      $ 3,154      $ 7,155   

Net increase in net assets from capital share transactions

  $ 55,392      $ 3,154      $ 7,155   

Net decrease in net assets

  $ (12,389,970   $ (6,695,683   $ (5,451,568
Net Assets Applicable to Common Shares   

At beginning of year

  $ 85,000,902      $ 45,283,734      $ 40,187,595   

At end of year

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of year

  $ 277,457      $ 145,461      $ 70,398   

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Statement of Cash Flows* (Unaudited)

 

 

    Six Months Ended
May 31, 2014
 
Cash Flows From Operating Activities   New York Trust  

Net increase in net assets from operations

  $ 8,450,844   

Distributions to preferred shareholders

    18,664   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 8,469,508   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (1,891,114

Investments sold

    1,858,744   

Net amortization/accretion of premium (discount)

    (39,592

Increase in interest receivable

    (42,630

Increase in receivable for variation margin on open financial futures contracts

    (9,406

Increase in payable to affiliate for investment adviser fee

    3,437   

Increase in payable to affiliate for administration fee

    1,562   

Increase in payable to affiliate for Trustees’ fees

    31   

Decrease in interest expense and fees payable

    (1,599

Decrease in accrued expenses

    (35,904

Net change in unrealized (appreciation) depreciation from investments

    (6,480,406

Net realized gain from investments

    (39,522

Net cash provided by operating activities

  $ 1,793,109   
Cash Flows From Financing Activities        

Distributions paid to common shareholders, net of reinvestments

  $ (2,376,356

Cash distributions paid to preferred shareholders

    (18,602

Net cash used in financing activities

  $ (2,394,958

Net decrease in cash

  $ (601,849

Cash at beginning of period

  $ 738,217   

Cash at end of period

  $ 136,368   
Supplemental disclosure of cash flow information:        

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 5,143   

Cash paid for interest and fees

    59,428   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 12.580      $ 14.660      $ 12.410      $ 12.390      $ 12.330      $ 9.890   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.379      $ 0.756      $ 0.791      $ 0.926      $ 0.945      $ 0.947   

Net realized and unrealized gain (loss)

    1.124        (2.028     2.316        0.002        0.026        2.321   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.012     (0.018     (0.022     (0.028     (0.047

Total income (loss) from operations

  $ 1.499      $ (1.284   $ 3.089      $ 0.906      $ 0.943      $ 3.221   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.389   $ (0.796   $ (0.839   $ (0.886   $ (0.883   $ (0.781

Total distributions to common shareholders

  $ (0.389   $ (0.796   $ (0.839   $ (0.886   $ (0.883   $ (0.781

Net asset value — End of period (Common shares)

  $ 13.690      $ 12.580      $ 14.660      $ 12.410      $ 12.390      $ 12.330   

Market value — End of period (Common shares)

  $ 12.590      $ 11.060      $ 14.680      $ 12.770      $ 12.400      $ 12.170   

Total Investment Return on Net Asset Value(2)

    12.39 %(3)      (8.69 )%      25.59     7.99     7.73     34.24

Total Investment Return on Market Value(2)

    17.57 %(3)      (19.84 )%      22.22     11.04     9.25     43.19

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 99,387      $ 91,333      $ 106,367      $ 89,862      $ 89,395      $ 88,720   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.63 %(6)      1.66     1.66     1.83     1.78     1.93

Interest and fee expense(7)

    0.09 %(6)      0.10     0.11     0.17     0.18     0.23

Total expenses(5)

    1.72 %(6)      1.76     1.77     2.00     1.96     2.16

Net investment income

    5.84 %(6)      5.64     5.77     7.81     7.34     8.35

Portfolio Turnover

    4 %(3)      8     17     22     14     18

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.07 %(6)      1.09     1.11     1.15     1.16     1.19

Interest and fee expense(7)

    0.06 %(6)      0.07     0.07     0.11     0.11     0.15

Total expenses(5)

    1.13 %(6)      1.16     1.18     1.26     1.27     1.34

Net investment income

    3.82 %(6)      3.73     3.84     4.93     4.77     5.18

Senior Securities:

           

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(8)

  $ 74,719      $ 70,690      $ 78,210      $ 69,954      $ 69,721      $ 69,383   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 13.730      $ 16.200      $ 13.970      $ 13.790      $ 13.590      $ 10.160   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.363      $ 0.750      $ 0.771      $ 0.890      $ 0.926      $ 0.948   

Net realized and unrealized gain (loss)

    1.211        (2.432     2.283        0.219        0.210        3.356   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.012     (0.019     (0.023     (0.030     (0.049

Total income (loss) from operations

  $ 1.570      $ (1.694   $ 3.035      $ 1.086      $ 1.106      $ 4.255   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.360   $ (0.776   $ (0.805   $ (0.906   $ (0.906   $ (0.825

Total distributions to common shareholders

  $ (0.360   $ (0.776   $ (0.805   $ (0.906   $ (0.906   $ (0.825

Net asset value — End of period (Common shares)

  $ 14.940      $ 13.730      $ 16.200      $ 13.970      $ 13.790      $ 13.590   

Market value — End of period (Common shares)

  $ 13.520      $ 11.970      $ 16.350      $ 14.810      $ 13.980      $ 13.260   

Total Investment Return on Net Asset Value(2)

    11.85 %(3)      (10.34 )%      22.28     8.49     8.16     43.29

Total Investment Return on Market Value(2)

    16.10 %(3)      (22.55 )%      16.41     13.45     12.38     58.91

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 41,080      $ 37,774      $ 44,549      $ 38,372      $ 37,735      $ 37,011   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees

    1.72 %(5)      1.73     1.73     1.87     1.83     2.02

Interest and fee expense(6)

    0.05 %(5)      0.08     0.09     0.11     0.09     0.14

Total expenses before custodian fee reduction

    1.77 %(5)      1.81     1.82     1.98     1.92     2.16

Expenses after custodian fee reduction excluding interest and fees

    1.72 %(5)      1.73     1.73     1.87     1.82     2.02

Net investment income

    5.11 %(5)      5.12     5.06     6.70     6.51     7.77

Portfolio Turnover

    2 %(3)      1     11     15     16     24

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(7)

    1.13 %(5)      1.16     1.17     1.21     1.20     1.26

Interest and fee expense(6)

    0.04 %(5)      0.05     0.06     0.07     0.06     0.09

Total expenses(7)

    1.17 %(5)      1.21     1.23     1.28     1.26     1.35

Net investment income

    3.38 %(5)      3.42     3.42     4.32     4.29     4.85

Senior Securities:

           

Total preferred shares outstanding

    802        802        802        802        802        802   

Asset coverage per preferred share(8)

  $ 76,223      $ 72,100      $ 80,548      $ 72,846      $ 72,051      $ 71,150   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Annualized.

 

(6) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(7) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 12.910      $ 15.310      $ 13.400      $ 12.880      $ 12.940      $ 10.860   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.360      $ 0.728      $ 0.760      $ 0.826      $ 0.876      $ 0.918   

Net realized and unrealized gain (loss)

    1.349        (2.365     1.944        0.558        (0.044     1.990   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.014     (0.021     (0.025     (0.033     (0.056

Total income (loss) from operations

  $ 1.705      $ (1.651   $ 2.683      $ 1.359      $ 0.799      $ 2.852   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.355   $ (0.749   $ (0.773   $ (0.839   $ (0.859   $ (0.772

Total distributions to common shareholders

  $ (0.355   $ (0.749   $ (0.773   $ (0.839   $ (0.859   $ (0.772

Net asset value — End of period (Common shares)

  $ 14.260      $ 12.910      $ 15.310      $ 13.400      $ 12.880      $ 12.940   

Market value — End of period (Common shares)

  $ 12.600      $ 11.000      $ 14.690      $ 12.470      $ 12.100      $ 11.530   

Total Investment Return on Net Asset Value(2)

    13.83 %(3)      (10.49 )%      20.92     11.66     6.57     28.08

Total Investment Return on Market Value(2)

    18.04 %(3)      (20.51 )%      24.67     10.60     12.36     56.49

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 30,181      $ 27,328      $ 32,391      $ 28,366      $ 27,262      $ 27,392   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.87 %(6)      1.91     1.89     2.04     1.98     2.18

Interest and fee expense(7)

                                       0.06

Total expenses(5)

    1.87 %(6)      1.91     1.89     2.04     1.98     2.24

Net investment income

    5.37 %(6)      5.26     5.26     6.49     6.57     7.61

Portfolio Turnover

    12 %(3)      11     14     18     14     23

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.16 %(6)      1.20     1.20     1.24     1.22     1.29

Interest and fee expense(7)

                                       0.04

Total expenses(5)

    1.16 %(6)      1.20     1.20     1.24     1.22     1.33

Net investment income

    3.33 %(6)      3.29     3.35     3.93     4.06     4.52

Senior Securities:

           

Total preferred shares outstanding

    700        700        700        700        700        700   

Asset coverage per preferred share(8)

  $ 68,117      $ 64,040      $ 71,273      $ 65,524      $ 63,948      $ 64,132   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 12.960      $ 14.790      $ 13.020      $ 13.260      $ 13.570      $ 9.400   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.377      $ 0.762      $ 0.802      $ 0.890      $ 0.957      $ 0.971   

Net realized and unrealized gain (loss)

    1.036        (1.792     1.783        (0.185     (0.290     4.091   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.012     (0.018     (0.022     (0.029     (0.048

Total income (loss) from operations

  $ 1.409      $ (1.042   $ 2.567      $ 0.683      $ 0.638      $ 5.014   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.379   $ (0.788   $ (0.797   $ (0.923   $ (0.948   $ (0.844

Total distributions to common shareholders

  $ (0.379   $ (0.788   $ (0.797   $ (0.923   $ (0.948   $ (0.844

Net asset value — End of period (Common shares)

  $ 13.990      $ 12.960      $ 14.790      $ 13.020      $ 13.260      $ 13.570   

Market value — End of period (Common shares)

  $ 12.700      $ 11.440      $ 16.380      $ 13.370      $ 13.520      $ 14.040   

Total Investment Return on Net Asset Value(2)

    11.33 %(3)      (6.96 )%      20.18     5.64     4.62     55.43

Total Investment Return on Market Value(2)

    14.49 %(3)      (25.85 )%      29.62     6.39     3.10     77.84

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 65,440      $ 60,653      $ 69,135      $ 60,734      $ 61,717      $ 62,792   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.66 %(6)      1.70     1.71     1.81     1.79     1.99

Interest and fee expense(7)

    0.04 %(6)      0.08     0.11     0.15     0.18     0.24

Total expenses(5)

    1.70 %(6)      1.78     1.82     1.96     1.97     2.23

Net investment income

    5.65 %(6)      5.55     5.70     6.96     6.87     8.16

Portfolio Turnover

    1 %(3)      16     14     11     9     48

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.09 %(6)      1.12     1.14     1.16     1.18     1.24

Interest and fee expense(7)

    0.02 %(6)      0.05     0.07     0.09     0.12     0.15

Total expenses(5)

    1.11 %(6)      1.17     1.21     1.25     1.30     1.39

Net investment income

    3.68 %(6)      3.65     3.78     4.46     4.53     5.08

Senior Securities:

           

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(8)

  $ 73,946      $ 70,365      $ 76,709      $ 70,427      $ 71,162      $ 71,966   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 13.260      $ 15.540      $ 13.310      $ 13.110      $ 12.920      $ 9.350   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.427      $ 0.845      $ 0.856      $ 0.950      $ 0.954      $ 0.960   

Net realized and unrealized gain (loss)

    1.121        (2.232     2.300        0.179        0.166        3.493   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.003     (0.010     (0.016     (0.019     (0.025     (0.042

Total income (loss) from operations

  $ 1.545      $ (1.397   $ 3.140      $ 1.110      $ 1.095      $ 4.411   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.435   $ (0.883   $ (0.910   $ (0.910   $ (0.905   $ (0.841

Total distributions to common shareholders

  $ (0.435   $ (0.883   $ (0.910   $ (0.910   $ (0.905   $ (0.841

Net asset value — End of period (Common shares)

  $ 14.370      $ 13.260      $ 15.540      $ 13.310      $ 13.110      $ 12.920   

Market value — End of period (Common shares)

  $ 14.160      $ 12.100      $ 16.150      $ 13.450      $ 13.350      $ 13.200   

Total Investment Return on Net Asset Value(2)

    11.97 %(3)      (8.99 )%      24.30     9.06     8.48     49.00

Total Investment Return on Market Value(2)

    20.92 %(3)      (20.09 )%      27.89     8.18     8.16     80.12

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 78,685      $ 72,611      $ 85,001      $ 72,678      $ 71,372      $ 69,857   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.64 %(6)      1.65     1.66     1.78     1.74     1.98

Interest and fee expense(7)

    0.15 %(6)      0.16     0.18     0.22     0.21     0.24

Total expenses(5)

    1.79 %(6)      1.81     1.84     2.00     1.95     2.22

Net investment income

    6.25 %(6)      5.97     5.90     7.40     7.02     8.40

Portfolio Turnover

    1 %(3)      10     17     13     13     20

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.12 %(6)      1.15     1.16     1.20     1.18     1.28

Interest and fee expense(7)

    0.11 %(6)      0.11     0.13     0.15     0.15     0.15

Total expenses(5)

    1.23 %(6)      1.26     1.29     1.35     1.33     1.43

Net investment income

    4.31 %(6)      4.16     4.14     5.00     4.82     5.43

Senior Securities:

           

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(8)

  $ 83,329      $ 78,826      $ 88,010      $ 78,877      $ 77,909      $ 76,785   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 13.510      $ 15.850      $ 13.440      $ 13.170      $ 13.520      $ 10.450   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.390      $ 0.764      $ 0.786      $ 0.851      $ 0.899      $ 0.945   

Net realized and unrealized gain (loss)

    1.280        (2.352     2.475        0.305        (0.325     2.974   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.013     (0.020     (0.025     (0.033     (0.055

Total income (loss) from operations

  $ 1.666      $ (1.601   $ 3.241      $ 1.131      $ 0.541      $ 3.864   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.366   $ (0.739   $ (0.831   $ (0.861   $ (0.891   $ (0.794

Total distributions to common shareholders

  $ (0.366   $ (0.739   $ (0.831   $ (0.861   $ (0.891   $ (0.794

Net asset value — End of period (Common shares)

  $ 14.810      $ 13.510      $ 15.850      $ 13.440      $ 13.170      $ 13.520   

Market value — End of period (Common shares)

  $ 13.850      $ 11.840      $ 16.800      $ 13.320      $ 13.420      $ 13.430   

Total Investment Return on Net Asset Value(2)

    12.76 %(3)      (10.01 )%      24.71     9.21     3.96     38.58

Total Investment Return on Market Value(2)

    20.32 %(3)      (25.59 )%      33.34     6.25     6.64     68.25

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 42,301      $ 38,588      $ 45,284      $ 38,379      $ 37,463      $ 38,295   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.73 %(6)      1.76     1.76     1.93     1.85     2.08

Interest and fee expense(7)

                         0.01     0.02     0.02

Total expenses(5)

    1.73 %(6)      1.76     1.76     1.94     1.87     2.10

Net investment income

    5.57 %(6)      5.33     5.31     6.64     6.53     7.77

Portfolio Turnover

    5 %(3)      10     11     11     17     20

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.11 %(6)      1.13     1.15     1.19     1.17     1.26

Interest and fee expense(7)

                         0.01     0.01     0.01

Total expenses(5)

    1.11 %(6)      1.13     1.15     1.20     1.18     1.27

Net investment income

    3.55 %(6)      3.43     3.45     4.09     4.13     4.68

Senior Securities:

           

Total preferred shares outstanding

    909        909        909        909        909        909   

Asset coverage per preferred share(8)

  $ 71,536      $ 67,451      $ 74,818      $ 67,221      $ 66,215      $ 67,131   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
      2013     2012     2011     2010     2009  

Net asset value — Beginning of period (Common shares)

  $ 12.770      $ 14.780      $ 13.250      $ 13.330      $ 13.380      $ 10.320   
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.384      $ 0.750      $ 0.786      $ 0.873      $ 0.912      $ 0.928   

Net realized and unrealized gain (loss)

    0.989        (1.960     1.591        (0.062     (0.063     2.973   

Distributions to preferred shareholders

           

From net investment income(1)

    (0.004     (0.013     (0.020     (0.024     (0.032     (0.053

Total income (loss) from operations

  $ 1.369      $ (1.223   $ 2.357      $ 0.787      $ 0.817      $ 3.848   
Less Distributions to Common Shareholders                                                

From net investment income

  $ (0.389   $ (0.787   $ (0.827   $ (0.867   $ (0.867   $ (0.788

Total distributions to common shareholders

  $ (0.389   $ (0.787   $ (0.827   $ (0.867   $ (0.867   $ (0.788

Net asset value — End of period (Common shares)

  $ 13.750      $ 12.770      $ 14.780      $ 13.250      $ 13.330      $ 13.380   

Market value — End of period (Common shares)

  $ 12.680      $ 10.950      $ 15.100      $ 13.660      $ 12.930      $ 13.050   

Total Investment Return on Net Asset Value(2)

    11.26 %(3)      (8.07 )%      18.20     6.53     6.13     39.16

Total Investment Return on Market Value(2)

    19.61 %(3)      (22.84 )%      17.23     13.15     5.57     45.88

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Six Months Ended
May 31, 2014
(Unaudited)
    Year Ended November 30,  
Ratios/Supplemental Data     2013     2012     2011     2010     2009  

Net assets applicable to common shares, end of period (000’s omitted)

  $ 37,399      $ 34,736      $ 40,188      $ 36,011      $ 36,210      $ 36,255   

Ratios (as a percentage of average daily net assets applicable to common shares):(4)

           

Expenses excluding interest and fees(5)

    1.84 %(6)      1.85     1.85     1.93     1.88     2.11

Interest and fee expense(7)

    0.06 %(6)      0.05     0.04     0.05     0.06     0.21

Total expenses(5)

    1.90 %(6)      1.90     1.89     1.98     1.94     2.32

Net investment income

    5.85 %(6)      5.53     5.57     6.71     6.61     7.61

Portfolio Turnover

    0 %(3)      11     15     8     17     23

The ratios reported above are based on net assets applicable to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

   

Ratios (as a percentage of average daily net assets applicable to common shares and preferred shares):(4)

           

Expenses excluding interest and fees(5)

    1.16 %(6)      1.18     1.20     1.21     1.20     1.28

Interest and fee expense(7)

    0.04 %(6)      0.03     0.02     0.03     0.04     0.13

Total expenses(5)

    1.20 %(6)      1.21     1.22     1.24     1.24     1.41

Net investment income

    3.68 %(6)      3.51     3.59     4.19     4.22     4.63

Senior Securities:

           

Total preferred shares outstanding

    847        847        847        847        847        847   

Asset coverage per preferred share(8)

  $ 69,155      $ 66,011      $ 72,448      $ 67,516      $ 67,752      $ 67,806   

Involuntary liquidation preference per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(9)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

 

(1) 

Computed using average common shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Trust’s dividend reinvestment plan.

 

(3) 

Not annualized. Amount is less than 0.5%.

 

(4) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(6) 

Annualized.

 

(7) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(8)

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance California Municipal Income Trust (California Trust), Eaton Vance Massachusetts Municipal Income Trust (Massachusetts Trust), Eaton Vance Michigan Municipal Income Trust (Michigan Trust), Eaton Vance New Jersey Municipal Income Trust (New Jersey Trust), Eaton Vance New York Municipal Income Trust (New York Trust), Eaton Vance Ohio Municipal Income Trust (Ohio Trust) and Eaton Vance Pennsylvania Municipal Income Trust (Pennsylvania Trust) (each individually referred to as the Trust, and collectively, the Trusts), are Massachusetts business trusts registered under the Investment Company Act of 1940, as amended (the 1940 Act), as non-diversified, closed-end management investment companies. The Trusts’ investment objective is to provide current income exempt from regular federal income tax and taxes in its specified state.

The following is a summary of significant accounting policies of the Trusts. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

At November 30, 2013, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Trusts’ next taxable year and are treated as realized prior to the utilization of the capital loss carryforward. The amounts and expiration dates of the capital loss carryforwards and the amounts of the deferred capital losses are as follows:

 

Expiration Date  

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

November 30, 2016

  $ 6,689,345      $ 692,532      $ 517,712      $      $ 2,354,581      $ 736,482      $ 800,874   

November 30, 2017

    4,084,290        991,790        337,540        2,795,679        3,171,310        840,450          

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527   

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760   

Total capital loss carryforward

  $ 16,429,254      $ 3,464,403      $ 1,234,638      $ 8,446,139      $ 9,805,308      $ 2,787,606      $ 2,855,161   

Deferred capital losses

  $ 271,835      $ 75,959      $ 364,043      $      $ 1,548,393      $ 715,886      $ 851,298   

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

As of May 31, 2014, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond to a broker for cash. At the same time, the Trust buys a residual interest in the assets and cash flows of a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), set up by the broker. The broker deposits a bond into the SPV with the same CUSIP number as the bond sold to the broker by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the broker transfer the Bond held by the SPV to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the broker the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the broker for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 10) at May 31, 2014. Interest expense related to the Trusts’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the broker upon the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At May 31, 2014, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

New Jersey

Trust

    

New York

Trust

    

Pennsylvania

Trust

 

Floating Rate Notes Outstanding

  $ 14,680,000       $ 3,385,000       $ 3,780,000       $ 19,315,000       $ 1,650,000   

Interest Rate or Range of Interest Rates (%)

    0.06 - 1.21         0.06 - 0.08         0.11 - 0.21         0.06 - 0.11         0.07 - 1.21   

Collateral for Floating Rate Notes Outstanding

  $ 18,791,632       $ 4,855,187       $ 5,255,430       $ 28,136,508       $ 2,902,226   

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

For the six months ended May 31, 2014, the Trusts’ average Floating Rate Notes outstanding and the average interest rate (annualized) including fees and amortization of deferred debt issuance costs were as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

New Jersey

Trust

    

New York

Trust

    

Pennsylvania

Trust

 

Average Floating Rate Notes Outstanding

  $ 14,680,000       $ 3,385,000       $ 3,780,000       $ 19,315,000       $ 1,650,000   

Average Interest Rate

    0.61      0.63      0.63      0.60      1.32

The Trusts may enter into shortfall and forbearance agreements with the broker by which a Trust agrees to reimburse the broker, in certain circumstances, for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of May 31, 2014.

The Trusts may also purchase residual interest bonds from brokers in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

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, as defined in the rules. The compliance date for the Volcker Rule is July 21, 2015. The Volcker Rule may preclude banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts may need to be restructured or unwound. There can be no assurances that residual interest bond trusts can be restructured, that new sponsors of residual interest bond programs will develop, or that alternative forms of leverage will be available to the Trusts. 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.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  When-Issued Securities and Delayed Delivery Transactions — The Trusts may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Trusts maintain security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of a Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

L  Interim Financial Statements — The interim financial statements relating to May 31, 2014 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Trusts’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS,

 

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Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if a Trust is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years’ dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. Each Trust is required to maintain certain asset coverage with respect to the APS as defined in the Trusts’ By-laws and the 1940 Act. Each Trust pays an annual fee up to 0.15% of the liquidation value of the APS to broker/dealers as a service fee if the auctions are unsuccessful; otherwise, the annual fee is 0.25%.

3  Distributions to Shareholders

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at May 31, 2014, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates (annualized), and dividend rate ranges for the six months then ended were as follows:

 

    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

APS Dividend Rates at May 31, 2014

    0.10     0.13     0.13     0.10     0.13     0.13     0.13

Dividends Accrued to APS Shareholders

  $ 27,566      $ 11,152      $ 9,385      $ 18,437      $ 18,664      $ 12,445      $ 11,778   

Average APS Dividend Rates

    0.11     0.11     0.11     0.11     0.11     0.11     0.11

Dividend Rate Ranges (%)

    0.07 - 0.23        0.07 - 0.23        0.07 - 0.20        0.07 - 0.23        0.07 - 0.21        0.07 - 0.23        0.07 - 0.23   

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates for each Trust as of May 31, 2014.

The Trusts distinguish between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

4  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory services rendered to each Trust. The fee is computed at an annual rate of 0.625% (0.640% prior to May 1, 2014) 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 invested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

an annual rate of 0.20% of each Trust’s average weekly gross assets. For the six months ended May 31, 2014, the investment adviser fees and administration fees were as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

    

Pennsylvania

Trust

 

Investment Adviser Fee

  $ 487,542       $ 192,635       $ 146,009       $ 316,976       $ 379,451       $ 199,500       $ 185,199   

Administration Fee

  $ 152,983       $ 60,446       $ 45,809       $ 99,461       $ 119,065       $ 62,600       $ 58,111   

Trustees and officers of the Trusts who are members of EVM’s organization receive remuneration for their services to the Trusts out of the investment adviser fee. Trustees of the Trusts who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended May 31, 2014, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended May 31, 2014 were as follows:

 

    

California

Trust

     Massachusetts
Trust
    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

    

Pennsylvania

Trust

 

Purchases

  $ 9,718,049       $ 1,402,218       $ 6,553,587       $ 1,994,261       $ 1,891,114       $ 2,894,080       $ 275,165   

Sales

  $ 6,510,434       $ 1,353,840       $ 5,381,326       $ 897,813       $ 1,773,744       $ 3,326,454       $ 724,176   

6  Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the six months ended May 31, 2014 and the year ended November 30, 2013 were as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

    

Pennsylvania

Trust

 

Six Months Ended May 31, 2014 (Unaudited)

                                    359                   

Year Ended November 30, 2013

    3,484                         3,303         3,692         203         496   

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. 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, 2014.

7  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of each Trust at May 31, 2014, as determined on a federal income tax basis, were as follows:

 

    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

Aggregate cost

  $ 134,496,599      $ 54,103,744      $ 44,342,642      $ 90,156,518      $ 99,843,788      $ 57,797,105      $ 53,870,160   

Gross unrealized appreciation

  $ 13,124,539      $ 5,191,252      $ 2,901,143      $ 8,432,462      $ 11,166,086      $ 6,098,063      $ 4,436,205   

Gross unrealized depreciation

    (733,411     (110,178     (174,153     (1,087,832     (416,846     (66,265     (726,501

Net unrealized appreciation

  $ 12,391,128      $ 5,081,074      $ 2,726,990      $ 7,344,630      $ 10,749,240      $ 6,031,798      $ 3,709,704   

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2014, New Jersey Trust had a payment due to SSBT pursuant to the foregoing arrangement of $277,915. 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, 2014. 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, 2014. The Trusts’ average overdraft advances during the six months ended May 31, 2014 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, 2014 is as follows:

 

Futures Contracts  
Trust   Expiration
Month/Year
     Contracts    Position   

Aggregate

Cost

     Value     

Net

Unrealized

Depreciation

 
California     9/14      

38

U.S. 10 -Year Treasury Note

   Short    $ (4,749,634    $ (4,769,594    $ (19,960
      9/14      

43

U.S. Long Treasury Bond

   Short      (5,855,312      (5,911,156      (55,844
Massachusetts     9/14      

34

U.S. Long Treasury Bond

   Short    $ (4,629,782    $ (4,673,938    $ (44,156
Michigan     9/14      

14

U.S. Long Treasury Bond

   Short    $ (1,906,381    $ (1,924,563    $ (18,182
New Jersey     9/14      

70

U.S. Long Treasury Bond

   Short    $ (9,531,904    $ (9,622,813    $ (90,909
New York     9/14      

43

U.S. Long Treasury Bond

   Short    $ (5,855,312    $ (5,911,156    $ (55,844
Ohio     9/14      

16

U.S. Long Treasury Bond

   Short    $ (2,178,721    $ (2,199,500    $ (20,779
Pennsylvania     9/14      

50

U.S. Long Treasury Bond

   Short    $ (6,808,503    $ (6,873,438    $ (64,935

At May 31, 2014, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

Each Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trusts purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

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, 2014 were as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

    

Pennsylvania

Trust

 

Liability Derivative:

       

Futures Contracts

  $ (75,804 )(1)     $ (44,156 )(1)     $ (18,182 )(1)     $ (90,909 )(1)     $ (55,844 )(1)     $ (20,779 )(1)     $ (64,935 )(1) 

Total

  $ (75,804    $ (44,156    $ (18,182    $ (90,909    $ (55,844    $ (20,779    $ (64,935

 

(1) 

Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is interest rate risk for the six months ended May 31, 2014 was as follows:

 

    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (434,882 )(1)    $ (272,515 )(1)    $ (112,212 )(1)    $ (611,445 )(1)    $ (344,651 )(1)    $ (128,242 )(1)    $ (400,757 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ (48,937 )(2)    $ (34,000 )(2)    $ (14,000 )(2)    $ (64,026 )(2)    $ (43,000 )(2)    $ (16,000 )(2)    $ (50,000 )(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, 2014, which is indicative of the volume of this derivative type, was approximately as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

    

Pennsylvania

Trust

 

Average Notional Amount:

                   

Futures Contracts Short

  $ 10,391,000       $ 4,474,000       $ 1,842,000       $ 10,329,000       $ 5,658,000       $ 2,105,000       $ 6,579,000   

10  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

Ÿ  

Level 1 – quoted prices in active markets for identical investments

 

Ÿ  

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

Ÿ  

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

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Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

At May 31, 2014, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:

 

California Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 161,567,727       $         —       $ 161,567,727   

Total Investments

  $       $ 161,567,727       $       $ 161,567,727   

Liability Description

                                  

Futures Contracts

  $ (75,804    $       $       $ (75,804

Total

  $ (75,804    $       $       $ (75,804
          

Massachusetts Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 62,569,818       $       $ 62,569,818   

Total Investments

  $       $ 62,569,818       $       $ 62,569,818   

Liability Description

                                  

Futures Contracts

  $ (44,156    $       $       $ (44,156

Total

  $ (44,156    $       $       $ (44,156
          

Michigan Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 47,069,632       $       $ 47,069,632   

Total Investments

  $       $ 47,069,632       $       $ 47,069,632   

Liability Description

                                  

Futures Contracts

  $ (18,182    $       $       $ (18,182

Total

  $ (18,182    $       $       $ (18,182
          

New Jersey Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 100,273,648       $       $ 100,273,648   

Taxable Municipal Securities

            1,007,500                 1,007,500   

Total Investments

  $       $ 101,281,148       $       $ 101,281,148   

Liability Description

                                  

Futures Contracts

  $ (90,909    $       $       $ (90,909

Total

  $ (90,909    $       $       $ (90,909

 

  63  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Notes to Financial Statements (Unaudited) — continued

 

 

New York Trust

 
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 129,020,864       $       $ 129,020,864   

Miscellaneous

                    887,164         887,164   

Total Investments

  $       $ 129,020,864       $ 887,164       $ 129,908,028   

Liability Description

                                  

Futures Contracts

  $ (55,844    $       $       $ (55,844

Total

  $ (55,844    $       $       $ (55,844
          

Ohio Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 63,828,903       $       $ 63,828,903   

Total Investments

  $       $ 63,828,903       $       $ 63,828,903   

Liability Description

                                  

Futures Contracts

  $ (20,779    $       $       $ (20,779

Total

  $ (20,779    $       $       $ (20,779
          

Pennsylvania Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 59,229,864       $       $ 59,229,864   

Total Investments

  $       $ 59,229,864       $       $ 59,229,864   

Liability Description

                                  

Futures Contracts

  $ (64,935    $       $       $ (64,935

Total

  $ (64,935    $       $       $ (64,935

 

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

California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust held no investments or other financial instruments as of November 30, 2013 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, 2014 is not presented.

At May 31, 2014, there were no investments transferred between Level 1 and Level 2 during the six months ended May 31, 2014.

 

  64  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Annual Meeting of Shareholders (Unaudited)

 

 

Each Trust held its Annual Meeting of Shareholders on March 27, 2014. Valerie A. Mosley was elected Class I Trustee of each Trust for a one-year term expiring in 2015 and Helen Frame Peters and Harriett Tee Taggart were elected Class III Trustees of each Trust for a three-year term expiring in 2017. Mr. Park had been nominated for election by the holders of each Trust’s APS. Due to the lack of quorum of APS, each Trust was unable to act on election of Mr. Park. Accordingly, Mr. Park will remain in office and continue to serve as Trustee of each Trust until his successor is elected and qualified.

 

Trust   Nominee for
Class III Trustee
Elected by APS
Shareholders:
William H. Park
     Nominee for
Class I Trustee
Elected by All
Shareholders:
Valerie A.  Mosley
     Nominee for
Class III Trustee
Elected by All
Shareholders:
Helen Frame  Peters
     Nominee for
Class III Trustee
Elected by All
Shareholders:
Harriett Tee  Taggart
 

California Trust

          

For

    434         6,429,873         6,433,858         6,433,507   

Withheld

    77         209,759         205,774         206,125   

Massachusetts Trust

          

For

    185         2,408,414         2,403,867         2,407,505   

Withheld

    27         132,400         136,947         133,309   

Michigan Trust

          

For

    314         1,713,905         1,700,453         1,713,905   

Withheld

    2         210,686         224,138         210,686   

New Jersey Trust

          

For

    235         4,168,479         4,161,879         4,161,879   

Withheld

    28         137,910         144,510         144,510   

New York Trust

          

For

    390         4,762,618         4,742,869         4,744,892   

Withheld

    123         182,139         201,888         199,865   

Ohio Trust

          

For

    197         2,606,476         2,606,476         2,606,476   

Withheld

    5         79,000         79,000         79,000   

Pennsylvania Trust

          

For

    278         2,372,524         2,338,434         2,339,151   

Withheld

    7         64,565         98,655         97,938   

 

  65  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Board of Trustees’ Contract Approval

 

 

Overview of the Contract Review Process

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

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 28, 2014, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2014, as well as information considered throughout the year at meetings of the Board and its committees. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

 

Ÿ  

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

 

Ÿ  

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

 

Ÿ  

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

 

Ÿ  

Data regarding investment performance in comparison to benchmark indices and customized peer groups identified by the adviser in consultation with the Board;

 

Ÿ  

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

Ÿ  

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

Ÿ  

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

 

Ÿ  

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

 

Ÿ  

Data relating to portfolio turnover rates of each fund;

 

Ÿ  

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

 

Ÿ  

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

 

Ÿ  

Reports detailing the financial results and condition of each adviser;

 

Ÿ  

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

 

Ÿ  

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

Ÿ  

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

 

Ÿ  

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

 

Ÿ  

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

 

Ÿ  

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  66  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

Ÿ  

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

 

Ÿ  

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

 

Ÿ  

The terms of each advisory agreement.

Over the course of the twelve-month period ended April 30, 2014, with respect to one or more funds, the Board met nine times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, seventeen, eleven, six and ten times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund, and considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement. In evaluating each 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 Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreements of the following funds:

 

Ÿ  

Eaton Vance California Municipal Income Trust

 

Ÿ  

Eaton Vance Massachusetts Municipal Income Trust

 

Ÿ  

Eaton Vance Michigan Municipal Income Trust

 

Ÿ  

Eaton Vance New Jersey Municipal Income Trust

 

Ÿ  

Eaton Vance New York Municipal Income Trust

 

Ÿ  

Eaton Vance Ohio Municipal Income Trust

 

Ÿ  

Eaton Vance Pennsylvania Municipal Income Trust

(the “Funds”), each with Eaton Vance Management (the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to each agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for each Fund.

Nature, Extent and Quality of Services

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

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by each Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Funds, including changes to such personnel, where relevant. In particular, the Board considered, where relevant, the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in municipal bonds. The Board considered the Adviser’s large municipal bond team, which includes portfolio managers and credit specialists who provide services to the Funds. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to each Fund by senior management.

 

  67  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Board of Trustees’ Contract Approval — continued

 

 

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

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

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

Fund Performance

The Board compared each Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices and, where relevant, a customized peer group of similarly managed funds, 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, 2013 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, relative to its peer universe, focus on higher quality municipal bonds with longer maturities. The Board noted that the Adviser had taken action to restructure each Fund’s portfolio as part of a long-term strategy for managing interest rate risk, consistent with each Fund’s objective of providing current income. The Board concluded that each Fund’s performance had been satisfactory on the basis of current income return. The Board also concluded it would continue to monitor the effectiveness of steps taken by the Adviser to improve fund performance on the basis of total return.

Management Fees and Expenses

The Board reviewed contractual fee rates for investment advisory and administrative services payable by each Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and each Fund’s total expense ratio for the year ended September 30, 2013, as compared to a group of similarly managed funds selected by an independent data provider (the “peer group”). The Board considered certain Fund specific factors that had an impact on Fund expense ratios relative to the peer group, as identified by management in response to inquiries from the Contract Review Committee. The Board also considered actions taken by management in recent years to reduce expenses at the fund complex level, including the negotiation of reduced fees for transfer agency and custody services. 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, 2014.

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

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to each Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationships with the Funds, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Funds and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

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

 

  68  


Eaton Vance

Municipal Income Trusts

May 31, 2014

 

Officers and Trustees

 

 

Officers

 

 

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees

 

 

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosely

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

 

 

* Interested Trustee

 

 

Number of Employees

Each Trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a closed-end management investment company and has no employees.

Number of Shareholders

As of May 31, 2014, Trust records indicate that there are 23, 30, 12, 33, 26, 26 and 28 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 2,227, 1,209, 1,246, 1,715, 2,119, 1,464 and 1,453 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
  
 

 

  69  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

Ÿ  

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

Ÿ  

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  On November 11, 2013, the Funds’ Boards of Trustees approved a share repurchase program authorizing each Fund to repurchase up to 10% of its currently outstanding common shares 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, are disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may 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. 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”.

 

  70  


 

 

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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    5.31.14    


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

 


Item 6. Schedule of Investments

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

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

Not required in this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Thomas M. Metzold is responsible for the overall and day-to-day management of each Fund’s investments. Mr. Metzold has been an Eaton Vance portfolio manager since 1991, is a Senior Portfolio Advisor and is a Vice President of Eaton Vance Management (“EVM” or “Eaton Vance”). This information is provided as of the date of filing of this report.

The following table shows, as of May 31, 2014, the number of accounts the portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

 

     Number
of All
Accounts
   Total Assets
of All
Accounts
     Number of
Accounts
Paying a
Performance
Fee
   Total Assets
of Accounts
Paying a
Performance
Fee
 

Thomas M. Metzold

           

Registered Investment Companies

   9    $ 5,255.1       0    $ 0   

Other Pooled Investment Vehicles

   0    $ 0       0    $ 0   

Other Accounts

   0    $ 0       0    $ 0   

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of May 31, 2014.

 

Portfolio Manager and Fund Name   

Dollar Range of Equity

Securities Owned in the

Fund

Thomas M. Metzold

  

Michigan Municipal Income Trust

   None

Ohio Municipal Income Trust

   None

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he or she advises. In addition, due to differences in the investment


strategies or restrictions between the Fund and the other accounts, a portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate the investment adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to all interested persons. EVM has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies which govern the investment adviser’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocation, cross trades and best execution.

Compensation Structure for EVM

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by EVM’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other


investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

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 Michigan Municipal Income Trust

 

By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 15, 2014

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 15, 2014
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   July 15, 2014