Eaton Vance Michigan Municipal Income Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-09153

 

 

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

November 30, 2014

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2014

 

 

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

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

 

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

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


Annual Report November 30, 2014

Eaton Vance

Municipal Income Trusts

Table of Contents

 

Management’s Discussion of Fund Performance

     2   

Performance and Fund Profile

  
  

California Municipal Income Trust

     4   

Massachusetts Municipal Income Trust

     5   

Michigan Municipal Income Trust

     6   

New Jersey Municipal Income Trust

     7   

New York Municipal Income Trust

     8   

Ohio Municipal Income Trust

     9   

Pennsylvania Municipal Income Trust

     10   
  

Endnotes and Additional Disclosures

     11   

Financial Statements

     12   

Report of Independent Registered Public Accounting Firm

     67   

Federal Tax Information

     68   

Dividend Reinvestment Plan

     69   

Management and Organization

     71   

Important Notices

     74   


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

As the fiscal year began on December 1, 2013, the municipal market was at the tail end of a selloff that had started the previous May, after then-U.S. Federal Reserve (the Fed) Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases could be tapered sooner than most investors had expected. Although selling of municipals abated somewhat in September of last year, the municipal market continued to experience outflows through December 2013.

But as 2014 began, municipals turned a corner. From January 1 through November 30, 2014, municipals rallied back from 2013 lows, as investors moved money back into the municipal market. Contrary to what many investors had expected, Treasury rates declined with municipal rates following. As the U.S. economy continued to experience moderate but below trend growth and low inflation, fixed-income investors became increasingly concerned about the much weaker growth rates of European and other international economies. As a result, global interest rates fell, creating strong demand for U.S Treasurys and putting downward pressure on U.S. interest rates, despite the end of the Fed’s asset purchase program in October 2014.

As investors searched for yield in a low-interest-rate environment, longer dated and lower credit quality bonds were the best performers. During the last two months of the period, municipal bonds, which had outperformed Treasurys since the beginning of 2014, underperformed Treasurys but still delivered positive returns, as measured by the Barclays Municipal Bond Index2, a measure of the overall U.S. municipal bond market. For the one-year period as a whole, the municipal yield curve flattened, as long-term municipal rates declined while short-term rates were essentially flat.

Fund Performance

For the fiscal year ended November 30, 2014, all of the Funds’ shares at net asset value (NAV) outperformed the 13.49% return of the Barclays Long (22+) Year Municipal Bond Index (the Index).

The Funds’ overall strategy is to invest primarily in bonds with maturities of 10 years or more in order to capture their typically higher yields and a greater income stream compared with shorter-maturity issues. Management hedges to various

degrees against the greater potential risk of volatility at the long end of the yield curve by using Treasury futures in seeking to provide downside protection.

In managing the Funds, management employs leverage through Residual Interest Bond (RIB) financing and Auction Preferred Shares (APS)6 to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market, and thus magnifying a Fund’s exposure to its underlying investments in both up and down market environments. During this period of falling rates and strong performance by municipal bonds, the use of leverage was one of the largest contributors to performance versus the Index — which does not employ leverage — for all seven Funds.

By using Treasury futures, management hedges to various degrees against the greater potential risk of volatility caused by the use of leverage and investing in bonds at the long end of the yield curve. As a risk management tactic within the Funds’ overall strategy, interest rate hedging is intended to moderate performance on both the upside and the downside of the market. During this period of strong performance by municipal bonds, the Funds’ Treasury futures hedge reduced some of the upside return and thus detracted from performance relative to the unhedged Index for all Funds. However, the Michigan and Ohio Funds employed only minimal hedging during the period, and thus the negative effect of hedging on their performance was relatively minor.

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 19.06%, outperforming the 13.49% return of the Index. As noted earlier, leverage was a significant contributor to Fund performance versus the Index. An overweight in local general obligation (GO) bonds — those issued by cities and towns — and security selection in the transportation sector helped performance relative to the Index as well. Detractors from results versus the Index included the Fund’s hedging strategy, security selection and an underweight in the hospitals and health care sector, and an underweight and security selection in industrial development revenue (IDR) bonds.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 16.30%, outperforming the 13.49% return of the Index. Contributors to performance versus the Index included leverage, an overweight and security selection

 

 

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

Municipal Income Trusts

November 30, 2014

 

Management’s Discussion of Fund Performance—continued

 

 

in the education sector, and security selection in bonds with 20-30 years remaining to maturity. The Fund’s hedging strategy detracted from results relative to the Index, as did security selection in zero coupon bonds and an underweight and security selection in the transportation sector.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 20.18%, outperforming the 13.49% return of the Index. Leverage, security selection in water and sewer bonds, and security selection in electric power bonds all helped performance relative to the Index during the period. In contrast, security selection in the hospitals and health care sector, security selection in zero coupon bonds, and an underweight and security selection in the transportation sector detracted from results versus the Index.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 15.20%, outperforming the 13.49% return of the Index. The Fund’s relative outperformance versus the Index was driven by leverage, an overweight in zero coupon bonds, and an overweight in IDR bonds. Primary detractors from the Fund’s performance relative to the Index included the Fund’s hedging strategy, security selection in the hospitals and health care sector, and an underweight and security selection in the transportation sector.

Eaton Vance New York Municipal Income Trust shares at NAV returned 17.25%, outperforming the 13.49% return of the Index. Leverage aided performance relative to the Index, as did an overweight and security selection in IDR bonds and an overweight in zero coupon bonds. Detractors from performance versus the Index included the Fund’s hedging strategy, an underweight in bonds with 30 or more years remaining to maturity, and an underweight and security selection in the transportation sector.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 18.49%, outperforming the 13.49% return of the Index. Contributors to results versus the Index included leverage, an overweight and security selection in the education sector, and an overweight in zero coupon bonds. Performance versus the Index was hurt by security selection in AAA-rated7 bonds and GO bonds, as well as an underweight and security selection in the transportation sector.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 16.07%, outperforming the 13.49% return

 

of the Index. Leverage, security selection in Puerto Rico bonds, and an overweight and security selection in non-rated bonds all contributed to the Fund’s performance versus the Index. Detractors from performance relative to the Index included the Fund’s hedging strategy, security selection in AAA-rated bonds, and an underweight in BBB-rated bonds.

 

 

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

California Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         19.06      9.69      5.62

Fund at Market Price

             21.86         7.69         4.45   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –10.01
           
Distributions5                                

Total Distributions per share for the period

            $ 0.757   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              10.66

Distribution Rate at Market Price

              5.81

Taxable-Equivalent Distribution Rate at Market Price

              11.84
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              30.03

Residual Interest Bond (RIB) Financing

              8.60   

Fund Profile

 

Credit Quality (% of total investments)7,8

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See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and 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

Massachusetts Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         16.30      8.39      5.82

Fund at Market Price

             17.27         6.15         3.35   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –12.09
           
Distributions5                                

Total Distributions per share for the period

            $ 0.703   

Distribution Rate at NAV

              4.53

Taxable-Equivalent Distribution Rate at NAV

              8.44

Distribution Rate at Market Price

              5.15

Taxable-Equivalent Distribution Rate at Market Price

              9.60
           
% Total Leverage6                                

APS

              30.86

RIB Financing

              5.21   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Thomas M. Metzold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         20.18      9.13      5.96

Fund at Market Price

             20.91         8.29         3.19   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –14.28
           
Distributions5                                

Total Distributions per share for the period

            $ 0.709   

Distribution Rate at NAV

              4.84

Taxable-Equivalent Distribution Rate at NAV

              8.93

Distribution Rate at Market Price

              5.65

Taxable-Equivalent Distribution Rate at Market Price

              10.43
           
% Total Leverage6                                

APS

              36.46

Fund Profile

 

Credit Quality (% of total investments)7

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         15.20      7.31      5.62

Fund at Market Price

             14.17         3.77         3.71   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –12.52
           
Distributions5                                

Total Distributions per share for the period

            $ 0.743   

Distribution Rate at NAV

              5.18

Taxable-Equivalent Distribution Rate at NAV

              10.05

Distribution Rate at Market Price

              5.92

Taxable-Equivalent Distribution Rate at Market Price

              11.49
           
% Total Leverage6                                

APS

              32.55

RIB Financing

              3.54   

Fund Profile

 

Credit Quality (% of total investments)7,8

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

New York Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Craig R. Brandon, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         17.25      9.43      5.80

Fund at Market Price

             20.92         7.65         5.24   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –5.89
           
Distributions5                                

Total Distributions per share for the period

            $ 0.862   

Distribution Rate at NAV

              5.62

Taxable-Equivalent Distribution Rate at NAV

              10.89

Distribution Rate at Market Price

              5.97

Taxable-Equivalent Distribution Rate at Market Price

              11.57
           
% Total Leverage6                                

APS

              25.38

RIB Financing

              14.53   

Fund Profile

 

Credit Quality (% of total investments)7,8

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Thomas M. Metzold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         18.49      8.58      5.97

Fund at Market Price

             21.55         6.44         3.73   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –10.10
           
Distributions5                                

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              4.83

Taxable-Equivalent Distribution Rate at NAV

              9.01

Distribution Rate at Market Price

              5.37

Taxable-Equivalent Distribution Rate at Market Price

              10.02
           
% Total Leverage6                                

APS

              33.68

RIB Financing

              2.16   

Fund Profile

 

Credit Quality (% of total investments)7

LOGO

 

See Endnotes and Additional Disclosures in this report.

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

 

  9  


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

% Average Annual Total Returns

   Inception Date      One Year      Five Years      Ten Years  

Fund at NAV

     01/29/1999         16.07      7.35      5.47

Fund at Market Price

             17.26         4.84         3.52   

Barclays Long (22+) Year Municipal Bond Index

             13.49      7.05      5.50
           
% Premium/Discount to NAV4                                
              –13.37
           
Distributions5                                

Total Distributions per share for the period

            $ 0.764   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              9.53

Distribution Rate at Market Price

              6.03

Taxable-Equivalent Distribution Rate at Market Price

              10.99
           
% Total Leverage6                                

APS

              35.61

RIB Financing

              1.26   

Fund Profile

 

Credit Quality (% of total investments)7,8

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.

 

  10  


 

Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Endnotes and Additional Disclosures

 

 

1 

The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

 

2 

Barclays Municipal Bond Index is an unmanaged index of municipal bonds traded in the U.S. 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.

 

3 

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.

 

4 

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.

 

5 

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 www.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.

6 

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.

 

7 

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

 

8 

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

    Fund profile subject to change due to active management.

 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 160.4%     
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 17.9%

               

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

  $ 3,135      $ 3,479,850   

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

    195        225,143   

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

    330        376,504   

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

    745        838,281   

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

    2,440        2,443,660   

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

    1,600        1,906,448   

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

    235        286,357   

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

    2,490        2,801,001   

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

    630        705,109   

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

    415        468,357   

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

    285        317,749   

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

    810        951,620   

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

    850        993,947   

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

    895        1,041,682   

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

    1,250        1,419,837   
                 
    $ 18,255,545   
                 

Electric Utilities — 14.2%

               

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

  $ 270      $ 320,598   

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

    2,275        2,424,786   

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

    1,500        1,722,405   

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

    2,170        2,444,982   

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

    1,500        1,707,345   

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

    1,335        1,548,333   

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

    1,795        2,073,261   

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

    680        772,759   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Electric Utilities (continued)

               

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

  $ 1,300      $ 1,460,732   
                 
    $ 14,475,201   
                 

Escrowed / Prerefunded — 3.6%

               

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

  $ 715      $ 820,648   

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

    1,000        1,032,400   

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

    1,475        1,794,913   
                 
    $ 3,647,961   
                 

General Obligations — 28.0%

               

California, 5.00%, 10/1/31

  $ 1,885      $ 2,224,394   

California, 5.50%, 11/1/35

    1,600        1,890,320   

California, 6.00%, 4/1/38

    750        899,197   

California, (AMT), 5.05%, 12/1/36

    475        481,622   

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

    3,655        4,129,127   

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

    2,890        3,055,973   

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

    1,545        1,657,909   

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

    860        978,680   

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

    1,315        1,595,345   

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

    2,230        2,694,264   

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

    3,180        3,610,540   

Tamalpais Union High School District, 5.00%, 8/1/25

    1,350        1,674,553   

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

    1,000        1,216,830   

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

    2,150        2,454,160   
                 
    $ 28,562,914   
                 

Hospital — 14.2%

               

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

  $ 1,000      $ 1,137,250   

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

    190        214,565   

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

    635        719,557   

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

    910        1,023,659   

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

    2,000        2,290,360   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

               

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

  $ 1,000      $ 1,116,940   

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

    1,145        1,313,074   

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

    535        605,748   

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

    600        635,250   

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

    1,900        1,904,541   

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

    2,780        2,864,957   

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

    700        701,974   
                 
    $ 14,527,875   
                 

Industrial Development Revenue — 1.2%

               

California Pollution Control Financing Authority, (Waste Management, Inc.), (AMT), 5.125%, 11/1/23(3)

  $ 1,235      $ 1,287,031   
                 
    $ 1,287,031   
                 

Insured – Education — 1.4%

               

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

  $ 1,250      $ 1,489,413   
                 
    $ 1,489,413   
                 

Insured – Electric Utilities — 3.0%

               

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

  $ 2,790      $ 3,039,398   
                 
    $ 3,039,398   
                 

Insured – Escrowed / Prerefunded — 3.9%

               

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

  $ 5,130      $ 3,958,924   
                 
    $ 3,958,924   
                 

Insured – General Obligations — 9.3%

               

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

  $ 6,485      $ 2,327,337   

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

    4,825        1,636,640   

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

    2,005        2,195,455   

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

    4,720        3,326,986   
                 
    $ 9,486,418   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 8.9%

               

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

  $ 2,900      $ 3,041,607   

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

    750        783,803   

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

    5,000        5,306,100   
                 
    $ 9,131,510   
                 

Insured – Lease Revenue / Certificates of Participation — 8.0%

  

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

  $ 4,410      $ 4,299,706   

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

    3,500        3,873,485   
                 
    $ 8,173,191   
                 

Insured – Special Tax Revenue — 2.1%

               

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

  $ 4,850      $ 675,654   

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

    370        428,282   

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

    930        1,049,765   
                 
    $ 2,153,701   
                 

Insured – Transportation — 8.3%

               

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

  $ 5,000      $ 2,586,800   

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

    4,500        2,256,795   

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

    740        741,021   

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

    1,275        1,369,682   

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

    1,350        1,482,583   
                 
    $ 8,436,881   
                 

Insured – Water and Sewer — 2.6%

               

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

  $ 2,000      $ 2,197,740   

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

    430        419,757   
                 
    $ 2,617,497   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

       

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

  $ 915      $ 1,029,485   
                 
    $ 1,029,485   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 0.4%

               

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

  $ 385      $ 418,037   
                 
    $ 418,037   
                 

Senior Living / Life Care — 2.5%

               

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

  $ 290      $ 333,811   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.75%, 11/15/26(3)

    175        178,547   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 4.875%, 11/15/36(3)

    700        707,490   

California Statewide Communities Development Authority, (Southern California Presbyterian Homes), 7.25%, 11/15/41(3)

    600        718,620   

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

    535        600,730   
                 
    $ 2,539,198   
                 

Special Tax Revenue — 14.3%

               

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

  $ 770      $ 867,890   

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

    285        293,812   

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

    460        474,076   

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

    190        194,514   

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

    480        489,749   

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

    1,590        1,601,687   

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

    240        278,407   

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

    480        552,509   

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

    240        272,846   

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

    335        377,769   

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

    240        268,661   

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

    2,400        2,777,712   

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

    250        252,200   

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

    490        493,420   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

               

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

  $ 485      $ 560,762   

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

    725        834,729   

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

    1,600        1,869,648   

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

    250        256,138   

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

    400        409,380   

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

    500        526,100   

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

    1,000        1,001,450   
                 
    $ 14,653,459   
                 

Transportation — 13.7%

               

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

  $ 1,000      $ 1,153,860   

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

    2,000        2,126,040   

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

    2,120        2,400,052   

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

    1,500        1,666,515   

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

    1,170        1,176,236   

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

    2,760        3,012,016   

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

    2,265        2,479,699   
                 
    $ 14,014,418   
                 

Water and Sewer — 1.9%

               

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

  $ 25      $ 28,322   

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

    1,700        1,899,308   
                 
    $ 1,927,630   
                 

Total Tax-Exempt Investments — 160.4%
(identified cost $149,911,368)

   

  $ 163,825,687   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

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

Hospital — 0.7%

               

Dignity Health, 3.812%, 11/1/24

  $ 720      $ 743,046   
                 

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

   

  $ 743,046   
                 

Total Investments — 161.1%
(identified cost $150,631,368)

   

  $ 164,568,733   
                 

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

  

  $ (49,976,208
                 

Other Assets, Less Liabilities — (12.2)%

  

  $ (12,463,793
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 102,128,732   
                 

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 November 30, 2014, 29.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.5% to 14.9% 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 $2,035,592.

 

(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 November 30, 2014, the aggregate value of these securities is $2,891,688 or 2.8% of the Trust’s net assets applicable to common shares.

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 158.2%    
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.0%

  

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

  $ 910      $ 1,186,522   

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

    990        1,297,405   
   
    $ 2,483,927   
   

Education — 27.8%

  

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

  $ 1,080      $ 1,226,286   

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

    770        877,284   

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

    1,500        1,637,925   

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

    1,640        2,167,277   

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

    1,500        1,663,095   

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

    1,350        1,500,903   

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

    1,420        1,615,278   

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

    750        848,025   
   
    $ 11,536,073   
   

Escrowed / Prerefunded — 2.8%

  

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

  $ 625      $ 723,394   

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

    415        462,285   
   
    $ 1,185,679   
   

General Obligations — 16.4%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 334,335   

Cambridge, 4.00%, 2/15/21

    595        683,560   

Danvers, 5.25%, 7/1/36

    885        1,049,707   

Lexington, 4.00%, 2/1/21

    415        476,636   

Lexington, 4.00%, 2/1/22

    430        496,233   

Lexington, 4.00%, 2/1/23

    355        411,065   

Newton, 5.00%, 4/1/36

    750        850,635   

Plymouth, 5.00%, 5/1/31

    345        394,025   

Plymouth, 5.00%, 5/1/32

    315        359,160   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Wayland, 5.00%, 2/1/33

  $ 510      $ 589,846   

Wayland, 5.00%, 2/1/36

    770        883,998   

Winchester, 5.00%, 4/15/36

    245        281,517   
   
    $ 6,810,717   
   

Hospital — 27.0%

  

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

  $ 1,000      $ 1,088,610   

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

    525        617,558   

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

    600        734,994   

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

    555        599,461   

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

    1,210        1,363,597   

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

    500        568,765   

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

    1,135        1,229,727   

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

    755        755,959   

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

    970        1,029,645   

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

    2,000        2,163,460   

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

    675        677,768   

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

    350        384,139   
   
    $ 11,213,683   
   

Housing — 6.6%

  

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

  $ 2,100      $ 2,108,799   

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

    650        654,361   
   
    $ 2,763,160   
   

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 821,784   
   
    $ 821,784   
   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Education — 7.3%

  

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

  $ 1,000      $ 1,315,140   

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

    1,365        1,723,640   
   
    $ 3,038,780   
   

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 534,149   
   
    $ 534,149   
   

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,304,160   
   
    $ 1,304,160   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 374,634   
   
    $ 374,634   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 751,530   
   
    $ 751,530   
   

Insured – Special Tax Revenue — 16.4%

  

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

  $ 1,450      $ 1,458,801   

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

    900        1,090,962   

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

    1,195        1,400,492   

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

    1,000        1,262,470   

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

    1,340        1,460,654   

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

    1,105        153,938   
   
    $ 6,827,317   
   

Insured – Student Loan — 2.6%

  

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

  $ 280      $ 295,915   

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

    765        780,537   
   
    $ 1,076,452   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 333,796   
   
    $ 333,796   
   

Other Revenue — 2.8%

  

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

  $ 500      $ 572,510   

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

    505        575,917   
   
    $ 1,148,427   
   

Senior Living / Life Care — 6.0%

  

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

  $ 250      $ 250,640   

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

    1,500        1,504,695   

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

    125        139,476   

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

    140        140,560   

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

    475        457,796   
   
    $ 2,493,167   
   

Special Tax Revenue — 8.4%

  

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

  $ 140      $ 157,741   

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

    1,665        796,536   

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

    5,195        2,138,366   

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

    335        383,082   
   
    $ 3,475,725   
   

Transportation — 7.2%

  

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

  $ 1,500      $ 1,644,720   

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

    500        575,835   

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

    670        756,899   
   
    $ 2,977,454   
   

Water and Sewer — 11.0%

  

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

  $ 2,005      $ 2,338,933   

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

    495        568,270   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer (continued)

  

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

  $ 225      $ 254,639   

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

    1,195        1,389,809   
   
    $ 4,551,651   
   

Total Tax-Exempt Investments — 158.2%
(identified cost $59,968,550)

   

  $ 65,702,265   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (48.3)%

  

  $ (20,050,364
   

Other Assets, Less Liabilities — (9.9)%

  

  $ (4,125,049
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,526,852   
   

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.
BAM     Build America Mutual Assurance Co.
NPFG     National Public Finance Guaranty Corp.
XLCA     XL Capital Assurance, Inc.

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 21.7% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 11.4% of total investments.

 

  (1) 

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

 

  (2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $1,420,140 or 3.4% of the Trust’s net assets applicable to common shares.

 

  (3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $813,640.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 154.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 4.1%

  

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

  $ 600      $ 681,468   

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

    500        577,895   
   
    $ 1,259,363   
   

Education — 6.8%

  

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

  $ 1,000      $ 1,116,590   

Oakland University, 5.00%, 3/1/42

    500        543,505   

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

    370        408,635   
   
    $ 2,068,730   
   

Electric Utilities — 8.9%

  

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

  $ 1,135      $ 1,269,463   

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

    500        592,660   

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

    800        857,360   
   
    $ 2,719,483   
   

Escrowed / Prerefunded — 4.8%

  

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

  $ 185      $ 186,456   

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

    125        126,033   

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

    525        579,421   

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

    525        580,734   
   
    $ 1,472,644   
   

General Obligations — 29.9%

  

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

  $ 350      $ 381,427   

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

    275        309,339   

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

    220        246,338   

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

    835        945,187   

Jenison Public Schools, 5.00%, 5/1/28

    500        560,670   

Jenison Public Schools, 5.00%, 5/1/30

    500        559,735   

Kent County, 5.00%, 1/1/25

    1,500        1,700,235   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,126,110   

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

    1,005        1,143,248   

Michigan, 5.50%, 11/1/25

    270        309,917   

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

    365        411,271   

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

    1,250        1,418,187   
   
    $ 9,111,664   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital — 26.5%

  

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

  $ 275      $ 276,889   

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

    250        272,933   

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

    500        550,050   

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

    1,000        1,132,410   

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

    250        259,005   

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

    1,000        1,037,840   

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

    1,080        1,108,361   

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

    500        573,720   

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

    425        439,718   

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

    1,250        1,377,362   

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

    1,000        1,067,690   
   
    $ 8,095,978   
   

Housing — 0.5%

  

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

  $ 135      $ 141,738   
   
    $ 141,738   
   

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 728,183   
   
    $ 728,183   
   

Insured – Education — 5.0%

  

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

  $ 570      $ 631,190   

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

    500        555,965   

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

    300        332,319   
   
    $ 1,519,474   
   

Insured – Electric Utilities — 3.3%

  

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

  $ 630      $ 611,843   

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

    250        239,735   

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

    155        147,878   
   
    $ 999,456   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 25.8%

  

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

  $ 1,105      $ 1,189,124   

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

    500        555,470   

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

    150        156,723   

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

    240        251,623   

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

    300        354,846   

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

    1,000        1,132,760   

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

    910        987,732   

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

    1,200        1,335,768   

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

    1,250        1,368,113   

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

    500        543,380   
   
    $ 7,875,539   
   

Insured – Lease Revenue / Certificates of Participation — 5.9%

  

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

  $ 1,000      $ 497,710   

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

    2,800        1,305,892   
   
    $ 1,803,602   
   

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 124,682   
   
    $ 124,682   
   

Insured – Transportation — 3.7%

  

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

  $ 1,000      $ 1,118,110   
   
    $ 1,118,110   
   

Insured – Water and Sewer — 7.1%

  

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

  $ 560      $ 577,842   

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

    1,000        1,111,830   

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

    475        477,660   
   
    $ 2,167,332   
   

Lease Revenue / Certificates of Participation — 3.4%

  

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

  $ 1,000      $ 1,045,250   
   
    $ 1,045,250   
   

Special Tax Revenue — 5.0%

  

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

  $ 115      $ 126,776   

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

    125        138,210   

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

    1,000        1,131,150   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 110      $ 125,788   
   
    $ 1,521,924   
   

Water and Sewer — 10.8%

  

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

  $ 750      $ 796,898   

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

    735        922,682   

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

    1,250        1,290,987   

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

    250        273,615   
   
    $ 3,284,182   
   

Total Tax-Exempt Investments — 154.3%
(identified cost $43,776,876)

   

  $ 47,057,334   
   

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

   

  $ (17,500,144
   

Other Assets, Less Liabilities — 3.1%

  

  $ 938,753   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 30,495,943   
   

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 November 30, 2014, 33.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 13.3% of total investments.

 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 153.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 21.5%

  

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

  $ 1,270      $ 1,416,621   

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

    1,730        1,975,158   

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

    620        718,475   

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

    380        439,329   

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

    640        705,965   

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

    1,650        1,761,606   

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

    965        1,233,299   

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

    1,295        1,444,042   

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

    1,000        1,156,350   

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

    2,900        3,254,264   
   
    $ 14,105,109   
   

Escrowed / Prerefunded — 2.6%

  

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

  $ 1,415      $ 1,700,023   
   
    $ 1,700,023   
   

General Obligations — 7.2%

  

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

  $ 1,850      $ 2,116,400   

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

    1,795        2,049,100   

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

    500        581,460   
   
    $ 4,746,960   
   

Hospital — 22.1%

  

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/26

  $ 660      $ 753,067   

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

    650        745,089   

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

    2,290        2,531,526   

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

    2,090        2,214,062   

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

    750        749,977   

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

    500        584,640   

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

    620        703,849   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 250      $ 277,900   

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

    2,055        2,238,553   

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

    2,380        2,423,625   

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

    60        64,409   

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

    1,075        1,217,900   
   
    $ 14,504,597   
   

Housing — 2.3%

  

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

  $ 560      $ 568,775   

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

    925        939,365   
   
    $ 1,508,140   
   

Industrial Development Revenue — 5.8%

  

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

  $ 50      $ 53,762   

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

    135        143,404   

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

    750        802,380   

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

    220        248,360   

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

    2,235        2,572,641   
   
    $ 3,820,547   
   

Insured – Electric Utilities — 1.8%

  

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

  $ 135      $ 131,109   

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

    490        467,485   

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

    595        566,910   
   
    $ 1,165,504   
   

Insured – Escrowed / Prerefunded — 4.0%

  

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

  $ 1,240      $ 1,473,045   

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

    970        1,143,320   
   
    $ 2,616,365   
   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Gas Utilities — 5.6%

  

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

  $ 3,540      $ 3,673,600   
   
    $ 3,673,600   
   

Insured – General Obligations — 4.7%

  

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

  $ 1,015      $ 1,136,962   

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

    1,000        1,129,990   

Paterson, (BAM), 5.00%, 1/15/26

    750        848,993   
   
    $ 3,115,945   
   

Insured – Hospital — 4.3%

  

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

  $ 100      $ 86,973   

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

    300        250,233   

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

    380        404,552   

New Jersey Health Care Facilities Financing Authority, (Meridian Health System), Series V, (AGC), 5.00%, 7/1/38(2)

    500        532,305   

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

    1,380        1,534,118   
   
    $ 2,808,181   
   

Insured – Industrial Development Revenue — 3.2%

  

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

  $ 1,940      $ 2,111,069   
   
    $ 2,111,069   
   

Insured – Lease Revenue / Certificates of Participation — 3.9%

  

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

  $ 530      $ 600,231   

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

    640        712,659   

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

    1,000        1,234,780   
   
    $ 2,547,670   
   

Insured – Other Revenue — 4.0%

  

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

  $ 850      $ 945,030   

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

    1,500        1,647,180   
   
    $ 2,592,210   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Special Tax Revenue — 12.6%

  

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

  $ 5,250      $ 3,889,935   

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

    4,300        2,845,138   

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

    2,020        1,265,288   

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

    2,020        281,406   
   
    $ 8,281,767   
   

Insured – Student Loan — 3.3%

  

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

  $ 2,005      $ 2,184,608   
   
    $ 2,184,608   
   

Insured – Transportation — 0.6%

  

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

  $ 315      $ 360,804   
   
    $ 360,804   
   

Lease Revenue / Certificates of Participation — 5.7%

  

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

  $ 1,500      $ 1,637,445   

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

    1,700        1,812,285   

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

    250        286,150   
   
    $ 3,735,880   
   

Other Revenue — 4.3%

  

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

  $ 2,040      $ 2,289,574   

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

    500        552,445   
   
    $ 2,842,019   
   

Senior Living / Life Care — 4.7%

  

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

  $ 465      $ 488,957   

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

    770        806,837   

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

    815        829,572   

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

    700        711,452   

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

    215        235,749   
   
    $ 3,072,567   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue — 2.8%

  

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

  $ 100      $ 104,124   

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

    175        180,576   

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

    750        574,012   

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

    500        387,130   

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

    500        571,765   
   
    $ 1,817,607   
   

Student Loan — 4.7%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.184%, 6/1/36(2)(4)(5)

  $ 2,325      $ 2,348,808   

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

    740        758,071   
   
    $ 3,106,879   
   

Transportation — 19.6%

  

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

  $ 1,060      $ 1,178,699   

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

    1,080        1,191,402   

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

    2,000        1,210,980   

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

    1,850        2,135,529   

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

    250        289,700   

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

    530        616,289   

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

    3,600        4,008,636   

Port Authority of New York and New Jersey, (AMT), 5.75%, 3/15/35(2)

    1,995        2,230,530   
   
    $ 12,861,765   
   

Water and Sewer — 2.2%

  

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

  $ 1,275      $ 1,440,266   
   
    $ 1,440,266   
   

Total Tax-Exempt Municipal Securities — 153.5%
(identified cost $91,878,562)

   

  $ 100,720,082   
   
Taxable Municipal Securities — 1.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 1.5%

  

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

  $ 1,000      $ 1,018,530   
   

Total Taxable Municipal Securities — 1.5%
(identified cost $989,127)

   

  $ 1,018,530   
   

Total Investments — 155.0%
(identified cost $92,867,689)

   

  $ 101,738,612   
   

Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (50.9)%

   

  $ (33,425,808
   

Other Assets, Less Liabilities — (4.1)%

  

  $ (2,689,116
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 65,623,688   
   

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 November 30, 2014, 30.9% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.2% of total investments.

 

(1) 

When-issued security.

 

(2) 

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

 

(3) 

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

 

(4) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $488,808.

 

(5) 

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2014.

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 161.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.0%

  

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

  $ 1,730      $ 1,961,370   

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

    2,535        2,827,387   
                 
  $ 4,788,757   
                 

Cogeneration — 1.3%

  

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

  $ 1,070      $ 1,070,064   
                 
  $ 1,070,064   
                 

Education — 27.6%

  

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

  $ 310      $ 342,070   

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

    1,490        1,664,434   

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

    325        363,590   

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

    510        575,219   

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

    1,000        1,113,580   

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

    725        825,282   

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

    510        580,528   

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

    2,000        2,276,580   

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

    220        245,736   

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

    1,000        1,181,850   

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

    2,250        2,663,842   

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

    2,500        2,815,175   

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

    325        376,236   

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

    400        469,512   

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

    1,695        1,826,803   

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

    2,000        2,256,120   

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

    280        301,249   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 735      $ 792,602   

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

    1,205        1,374,098   
                 
  $ 22,044,506   
                 

Electric Utilities — 6.7%

  

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

  $ 1,420      $ 1,663,672   

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

    1,645        1,652,929   

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

    1,735        2,041,974   
                 
  $ 5,358,575   
                 

General Obligations — 7.3%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,608,880   

New York City, 6.25%, 10/15/28

    1,000        1,191,100   
                 
  $ 5,799,980   
                 

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      $ 50,423   

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

    85        85,719   
                 
  $ 136,142   
                 

Hospital — 20.7%

  

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

  $ 130      $ 147,701   

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

    960        1,072,416   

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

    760        761,505   

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

    2,490        2,556,284   

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

    1,000        1,080,510   

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

    1,000        1,141,170   

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

    1,000        1,108,660   

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

    845        877,727   

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

    750        783,682   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,250      $ 1,363,037   

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

    415        445,216   

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

    835        888,515   

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

    840        842,108   

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

    395        384,584   

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

    1,000        1,001,830   

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

    650        683,157   

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

    1,250        1,375,700   
                 
  $ 16,513,802   
                 

Housing — 13.5%

  

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

  $ 1,500      $ 1,512,555   

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

    2,620        2,682,749   

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

    1,000        1,061,660   

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

    2,625        2,716,324   

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

    1,500        1,563,990   

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

    1,215        1,263,308   
                 
  $ 10,800,586   
                 

Industrial Development Revenue — 4.7%

  

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

  $ 1,000      $ 1,130,340   

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

    980        1,174,559   

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

    1,350        1,390,770   

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

    100        101,604   
                 
  $ 3,797,273   
                 

Insured – Education — 6.9%

  

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

  $ 1,250      $ 1,473,413   

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

    1,500        1,658,220   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Education (continued)

  

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

  $ 5,365      $ 2,373,744   
                 
  $ 5,505,377   
                 

Insured – Electric Utilities — 2.0%

  

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

  $ 1,365      $ 1,589,502   
                 
  $ 1,589,502   
                 

Insured – General Obligations — 2.2%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,771,342   
                 
  $ 1,771,342   
                 

Insured – Other Revenue — 4.1%

  

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

  $ 2,645      $ 1,413,805   

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

    3,625        1,848,714   
                 
  $ 3,262,519   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 344,792   
                 
  $ 344,792   
                 

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      $ 1,012,800   
                 
  $ 1,012,800   
                 

Other Revenue — 9.1%

  

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

  $ 3,120      $ 1,471,642   

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

    380        447,002   

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

    625        698,287   

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

    1,000        1,136,680   

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

    1,300        1,326,572   

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

    2,000        2,162,840   
                 
  $ 7,243,023   
                 
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — 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      $ 1,451,319   

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

    280        300,860   

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

    120        127,100   

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

    905        1,000,821   

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

    230        234,329   

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

    230        231,316   

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

    1,830        1,972,429   
                 
  $ 5,318,174   
                 

Special Tax Revenue — 21.0%

  

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

  $ 1,500      $ 1,691,205   

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

    2,100        2,497,887   

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

    1,000        1,145,860   

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

    1,000        1,134,970   

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

    2,380        2,789,217   

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

    6,000        6,885,300   

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

    545        623,224   
                 
  $ 16,767,663   
                 

Transportation — 13.4%

  

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

  $ 790      $ 858,651   

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

    1,500        1,673,460   

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

    700        780,535   

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

    1,000        1,105,020   

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

    1,900        2,097,980   

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

    990        1,106,879   

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

    2,740        3,114,723   
                 
  $ 10,737,248   
                 

Water and Sewer — 6.4%

  

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

  $ 585      $ 291,307   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer (continued)

  

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

  $ 325      $ 155,613   

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

    3,105        3,562,739   

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

    1,000        1,107,870   
   
    $ 5,117,529   
   

Total Tax-Exempt Investments — 161.5%
(identified cost $116,134,230)

   

  $ 128,979,654   
   
Miscellaneous — 1.0%   
   
Security   Units     Value  

Real Estate — 1.0%

  

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

    257      $ 783,850   
                 

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

   

  $ 783,850   
                 

Total Investments — 162.5%
(identified cost $116,956,630)

   

  $ 129,763,504   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.2)%

  

  $ (33,725,263
   

Other Assets, Less Liabilities — (20.3)%

  

  $ (16,177,980
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 79,860,261   
   

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

 

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

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 November 30, 2014, 10.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an

 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

individual financial institution or financial guaranty assurance agency ranged from 1.4% to 2.5% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $3,501,192 or 4.4% of the Trust’s net assets applicable to common shares.

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,415,626.

 

(4) 

Non-income producing.

 

(5) 

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 149.2%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 3.5%

  

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

  $ 250      $ 290,055   

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

    210        242,552   

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

    945        1,004,762   
                 
  $ 1,537,369   
                 

Education — 19.6%

  

Miami University, 4.00%, 9/1/39

  $ 500      $ 520,705   

Miami University, 5.00%, 9/1/33

    1,000        1,141,240   

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

    440        478,645   

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

    1,250        1,417,562   

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

    500        572,750   

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

    1,000        1,127,380   

Ohio State University, 5.00%, 12/1/28

    480        605,813   

Ohio State University, 5.00%, 12/1/30

    955        1,206,862   

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

    500        565,180   

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

    750        833,573   
                 
  $ 8,469,710   
                 

Electric Utilities — 2.5%

  

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

  $ 470      $ 520,422   

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

    500        584,570   
                 
  $ 1,104,992   
                 

Escrowed / Prerefunded — 2.9%

  

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

  $ 65      $ 75,172   

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

    750        847,590   

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

    180        197,129   

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

    20        26,169   

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

    70        92,916   
                 
  $ 1,238,976   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 21.0%

  

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

  $ 335      $ 384,490   

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

    900        937,170   

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

    1,750        1,976,625   

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

    1,025        1,154,785   

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

    100        121,836   

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

    595        677,021   

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

    400        449,592   

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

    820        877,441   

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

    1,250        1,312,487   

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

    1,000        1,184,690   
                 
  $ 9,076,137   
                 

Hospital — 21.9%

  

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

  $ 1,075      $ 1,203,312   

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

    560        611,207   

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

    500        545,490   

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

    800        875,224   

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

    250        287,040   

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

    750        872,430   

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

    500        525,590   

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

    500        541,750   

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

    800        863,864   

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

    500        570,910   

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

    1,000        1,125,300   

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

    555        614,862   

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

    565        644,659   

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

    165        186,613   
                 
  $ 9,468,251   
                 
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing — 6.0%

  

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

  $ 2,500      $ 2,584,150   
                 
  $ 2,584,150   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 552,569   
                 
  $ 552,569   
                 

Insured – Education — 12.1%

  

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

  $ 750      $ 842,640   

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

    1,000        1,132,660   

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

    465        522,716   

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

    580        585,713   

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

    1,500        1,633,050   

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

    500        544,350   
                 
  $ 5,261,129   
                 

Insured – Electric Utilities — 12.9%

  

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

  $ 1,000      $ 1,128,330   

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

    710        443,956   

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

    2,000        682,060   

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

    815        591,975   

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

    3,000        2,086,110   

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

    305        300,306   

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

    200        194,236   

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

    155        147,878   
                 
  $ 5,574,851   
                 

Insured – General Obligations — 18.8%

  

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

  $ 555      $ 616,289   

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

    500        561,295   

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

    2,455        1,426,576   

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

    1,000        1,267,520   

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

    1,500        1,507,785   

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

    1,750        1,958,337   

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

    750        823,868   
                 
  $ 8,161,670   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 1.5%

  

Lorain County, (Catholic Healthcare Partners), (AGM),
15.466%, 2/1/29(2)(3)(4)

  $ 485      $ 631,839   
                 
  $ 631,839   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 75,227   
                 
  $ 75,227   
                 

Insured – Transportation — 7.3%

  

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

  $ 600      $ 665,412   

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

    1,000        1,233,260   

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

    1,000        1,276,570   
                 
  $ 3,175,242   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 665      $ 668,724   
                 
  $ 668,724   
                 

Lease Revenue / Certificates of Participation — 1.3%

  

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

  $ 500      $ 552,455   
                 
  $ 552,455   
                 

Other Revenue — 3.7%

  

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

  $ 1,000      $ 1,086,080   

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

    445        496,033   
                 
  $ 1,582,113   
                 

Senior Living / Life Care — 3.8%

  

Franklin County, (Friendship Village of Dublin), 5.00%, 11/15/44(5)

  $ 650      $ 690,339   

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

    375        399,622   

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

    230        252,448   

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

    275        319,897   
                 
  $ 1,662,306   
                 

Special Tax Revenue — 4.3%

  

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

  $ 250      $ 283,297   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 500      $ 563,255   

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

    180        211,892   

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

    290        338,352   

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

    155        170,872   

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

    170        187,966   

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

    110        125,788   
                 
  $ 1,881,422   
                 

Transportation — 0.5%

  

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

  $ 690      $ 197,685   
                 
  $ 197,685   
                 

Water and Sewer — 2.6%

  

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

  $ 500      $ 576,505   

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

    500        565,670   
                 
  $ 1,142,175   
                 

Total Tax-Exempt Investments — 149.2%
(identified cost $57,758,277)

   

  $ 64,598,992   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.5)%

  

  $ (22,725,341
   

Other Assets, Less Liabilities — 3.3%

  

  $ 1,413,053   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 43,286,704   
   

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

 

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2014, 36.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial

institution or financial guaranty assurance agency ranged from 0.9% to 15.1% of total investments.

 

(1) 

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

 

(2) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2014, the aggregate value of these securities is $631,839 or 1.5% of the Trust’s net assets applicable to common shares.

 

(3) 

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 November 30, 2014.

 

(4) 

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.

 

(5) 

When-issued security.

 

 

  30   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

 

Portfolio of Investments

 

 

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

Cogeneration — 1.4%

  

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

  $ 378      $ 338,576   

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

    175        178,413   
                 
  $ 516,989   
                 

Education — 27.5%

  

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

  $ 1,050      $ 1,188,789   

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

    500        552,465   

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

    1,200        1,301,376   

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

    750        866,992   

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

    500        556,750   

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

    440        468,125   

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

    750        831,210   

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

    625        671,656   

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

    600        652,788   

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

    560        615,098   

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

    750        828,938   

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

    750        843,697   

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

    250        287,878   

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

    575        653,246   
                 
  $ 10,319,008   
                 

Escrowed / Prerefunded — 0.1%

  

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

  $ 15      $ 17,813   
                 
  $ 17,813   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 13.0%

  

Chester County, 5.00%, 7/15/27

  $ 500      $ 574,645   

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

    1,000        1,103,830   

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

    1,000        1,241,880   

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

    985        1,112,991   

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

    750        853,710   
                 
  $ 4,887,056   
                 

Hospital — 28.3%

  

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

  $ 500      $ 570,230   

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

    750        810,337   

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

    750        885,367   

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

    500        516,865   

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

    750        819,652   

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

    1,485        1,548,677   

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

    1,095        1,207,183   

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

    500        546,710   

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

    250        275,813   

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

    1,000        1,149,040   

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

    675        747,401   

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

    250        304,193   

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

    1,085        1,231,160   
                 
    $ 10,612,628   
                 

Housing — 6.0%

  

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

  $ 295      $ 300,859   

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

    660        668,573   

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

    175        184,557   

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

    590        595,977   
 

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing (continued)

  

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

  $ 470      $ 498,679   
                 
    $ 2,248,645   
                 

Industrial Development Revenue — 8.6%

  

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

  $ 200      $ 223,830   

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

    750        792,487   

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

    250        291,468   

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

    1,115        1,378,753   

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

    500        519,540   
                 
    $ 3,206,078   
                 

Insured – Education — 8.3%

  

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

  $ 500      $ 553,295   

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

    1,105        1,202,538   

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

    375        412,973   

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

    875        955,719   
                 
    $ 3,124,525   
                 

Insured – Electric Utilities — 2.8%

  

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

  $ 1,080      $ 1,030,374   
                 
    $ 1,030,374   
                 

Insured – Escrowed/Prerefunded — 5.0%

  

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

  $ 2,000      $ 1,884,180   
                 
    $ 1,884,180   
                 

Insured – General Obligations — 6.0%

  

Beaver County, (AGM), 5.55%, 11/15/31

  $ 475      $ 527,806   

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

    25        28,600   

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

    750        862,672   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations (continued)

  

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

  $ 750      $ 834,398   
                 
    $ 2,253,476   
                 

Insured – Hospital — 5.0%

  

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

  $ 250      $ 315,317   

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

    1,440        1,549,512   
                 
    $ 1,864,829   
                 

Insured – Industrial Development Revenue — 1.4%

  

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

  $ 525      $ 541,217   
                 
    $ 541,217   
                 

Insured – Lease Revenue / Certificates of Participation — 4.8%

  

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

  $ 500      $ 555,805   

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

    1,195        1,257,737   
                 
    $ 1,813,542   
                 

Insured – Special Tax Revenue — 2.3%

  

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

  $ 610      $ 686,073   

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

    1,235        172,048   
                 
  $ 858,121   
                 

Insured – Transportation — 9.0%

  

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

  $ 525      $ 565,567   

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

    1,005        1,008,487   

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

    1,800        1,802,484   
                 
  $ 3,376,538   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 500      $ 557,690   
                 
  $ 557,690   
                 

Senior Living / Life Care — 2.4%

               

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

  $ 1,000      $ 384,070   

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

    100        108,705   
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2014

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

               

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

  $ 200      $ 205,468   

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

    200        203,956   
                 
  $ 902,199   
                 

Special Tax Revenue — 0.3%

               

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

  $ 110      $ 125,788   
                 
  $ 125,788   
                 

Transportation — 16.8%

               

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

  $ 465      $ 517,071   

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

    285        314,398   

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

    450        485,523   

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

    1,000        1,102,290   

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

    1,430        1,513,026   

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

    750        839,798   

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

    410        468,728   

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

    970        1,078,300   
                 
  $ 6,319,134   
                 

Utilities — 1.8%

               

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 684,528   
                 
  $ 684,528   
                 

Water and Sewer — 4.2%

               

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

  $ 750      $ 745,838   

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

    750        837,840   
                 
  $ 1,583,678   
                 

Total Tax-Exempt Investments — 156.5%
(identified cost $54,473,133)

   

  $ 58,728,036   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (56.4)%

  

  $ (21,175,385
                 

Other Assets, Less Liabilities — (0.1)%

  

  $ (20,777
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,531,874   
                 

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 November 30, 2014, 29.5% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 14.0% 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) 

Defaulted bond.

 

 

  33   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Assets and Liabilities

 

 

    November 30, 2014  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 150,631,368      $ 59,968,550      $ 43,776,876      $ 92,867,689   

Unrealized appreciation

    13,937,365        5,733,715        3,280,458        8,870,923   

Investments, at value

  $ 164,568,733      $ 65,702,265      $ 47,057,334      $ 101,738,612   

Cash

  $ 246,602      $      $ 395,733      $ 220,630   

Restricted cash*

    195,000        102,000               210,000   

Interest receivable

    1,615,664        834,887        549,481        1,476,182   

Receivable for investments sold

                  90,000          

Deferred debt issuance costs

    25,177        667               293   

Total assets

  $ 166,651,176      $ 66,639,819      $ 48,092,548      $ 103,645,717   
Liabilities   

Payable for floating rate notes issued

  $ 14,310,000      $ 3,385,000      $      $ 3,640,000   

Payable for when-issued securities

                         740,018   

Payable for variation margin on open financial futures contracts

    38,751        21,250               43,750   

Payable for Trust shares repurchased

           24,012        12,530        37,080   

Due to custodian

           1,533,844                 

Payable to affiliates:

       

Investment adviser fee

    82,756        32,400        24,654        52,785   

Administration fee

    26,482        10,368        7,889        16,891   

Trustees’ fees

    1,246        547        437        843   

Interest expense and fees payable

    16,597        4,857               5,937   

Accrued expenses

    70,404        50,325        50,951        58,917   

Total liabilities

  $ 14,546,236      $ 5,062,603      $ 96,461      $ 4,596,221   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,976,208      $ 20,050,364      $ 17,500,144      $ 33,425,808   

Net assets applicable to common shares

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   
Sources of Net Assets   

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

  $ 72,546      $ 27,425      $ 20,833      $ 46,658   

Additional paid-in capital

    104,121,642        39,621,062        28,694,017        66,870,410   

Accumulated net realized loss

    (16,032,513     (3,873,170     (1,554,529     (10,150,249

Accumulated undistributed net investment income

    152,020        85,851        55,164        126,010   

Net unrealized appreciation

    13,815,037        5,665,684        3,280,458        8,730,859   

Net assets applicable to common shares

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,999        802        700        1,337   
Common Shares Outstanding     7,254,575        2,742,521        2,083,294        4,665,758   
Net Asset Value Per Common Share   

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

  $ 14.08      $ 15.14      $ 14.64      $ 14.06   

 

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

 

  34   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Assets and Liabilities — continued

 

 

    November 30, 2014  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 116,956,630      $ 57,758,277      $ 54,473,133   

Unrealized appreciation

    12,806,874        6,840,715        4,254,903   

Investments, at value

  $ 129,763,504      $ 64,598,992      $ 58,728,036   

Cash

  $ 1,287,187      $ 162,947      $   

Restricted cash*

    129,250               120,000   

Interest receivable

    1,669,694        980,186        782,170   

Receivable for investments sold

    255,367        1,050,347          

Total assets

  $ 133,105,002      $ 66,792,472      $ 59,630,206   
Liabilities   

Payable for floating rate notes issued

  $ 19,315,000      $      $ 750,000   

Payable for when-issued securities

           685,425          

Payable for variation margin on open financial futures contracts

    26,875               25,000   

Payable for Trust shares repurchased

                  1,205   

Due to custodian

                  51,718   

Payable to affiliates:

     

Investment adviser fee

    63,858        33,811        30,542   

Administration fee

    20,434        10,820        9,774   

Trustees’ fees

    997        565        527   

Interest expense and fees payable

    27,550               1,255   

Accrued expenses

    64,764        49,806        52,926   

Total liabilities

  $ 19,519,478      $ 780,427      $ 922,947   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,263      $ 22,725,341      $ 21,175,385   

Net assets applicable to common shares

  $ 79,860,261      $ 43,286,704      $ 37,531,874   
Sources of Net Assets   

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

  $ 54,754      $ 28,572      $ 26,984   

Additional paid-in capital

    79,385,193        39,573,731        37,427,311   

Accumulated net realized loss

    (12,394,354     (3,383,616     (4,094,447

Accumulated undistributed (distributions in excess of) net investment income

    93,834        227,302        (2,840

Net unrealized appreciation

    12,720,834        6,840,715        4,174,866   

Net assets applicable to common shares

  $ 79,860,261      $ 43,286,704      $ 37,531,874   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,349        909        847   
Common Shares Outstanding     5,475,356        2,857,157        2,698,414   
Net Asset Value Per Common Share   

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

  $ 14.59      $ 15.15      $ 13.91   

 

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

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Operations

 

 

    Year Ended November 30, 2014  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 7,138,348      $ 2,692,141      $ 2,089,905      $ 4,570,433   

Total investment income

  $ 7,138,348      $ 2,692,141      $ 2,089,905      $ 4,570,433   
Expenses   

Investment adviser fee

  $ 986,431      $ 389,281      $ 295,799      $ 638,215   

Administration fee

    312,628        123,373        93,742        202,258   

Trustees’ fees and expenses

    7,328        3,199        2,553        4,930   

Custodian fee

    50,296        30,122        29,531        38,737   

Transfer and dividend disbursing agent fees

    18,422        18,205        18,160        18,315   

Legal and accounting services

    51,731        38,352        40,568        44,956   

Printing and postage

    16,914        10,453        10,065        13,700   

Interest expense and fees

    91,738        21,878               25,174   

Preferred shares service fee

    69,843        29,182        23,553        48,969   

Miscellaneous

    42,532        32,955        34,668        36,961   

Total expenses

  $ 1,647,863      $ 697,000      $ 548,639      $ 1,072,215   

Deduct —

       

Reduction of custodian fee

  $ 813      $ 470      $ 215      $ 372   

Total expense reductions

  $ 813      $ 470      $ 215      $ 372   

Net expenses

  $ 1,647,050      $ 696,530      $ 548,424      $ 1,071,843   

Net investment income

  $ 5,491,298      $ 1,995,611      $ 1,541,481      $ 3,498,590   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 1,032,434      $ 40,242      $ 88,403      $ (660,148

Financial futures contracts

    (842,022     (521,920     (103,294     (1,124,926

Net realized gain (loss)

  $ 190,412      $ (481,678   $ (14,891   $ (1,785,074

Change in unrealized appreciation (depreciation) —

       

Investments

  $ 10,839,809      $ 4,357,723      $ 3,566,746      $ 7,048,432   

Financial futures contracts

    (95,461     (57,875     4,182        (113,181

Net change in unrealized appreciation (depreciation)

  $ 10,744,348      $ 4,299,848      $ 3,570,928      $ 6,935,251   

Net realized and unrealized gain

  $ 10,934,760      $ 3,818,170      $ 3,556,037      $ 5,150,177   

Distributions to preferred shareholders

                               

From net investment income

  $ (53,068   $ (21,253   $ (18,040   $ (35,494

Net increase in net assets from operations

  $ 16,372,990      $ 5,792,528      $ 5,079,478      $ 8,613,273   

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Operations — continued

 

 

    Year Ended November 30, 2014  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 5,949,192      $ 2,917,333      $ 2,723,484   

Total investment income

  $ 5,949,192      $ 2,917,333      $ 2,723,484   
Expenses   

Investment adviser fee

  $ 766,852      $ 404,008      $ 371,284   

Administration fee

    243,034        128,043        117,659   

Trustees’ fees and expenses

    5,824        3,305        3,091   

Custodian fee

    47,511        31,084        29,965   

Transfer and dividend disbursing agent fees

    18,422        18,424        18,379   

Legal and accounting services

    49,479        36,761        41,524   

Printing and postage

    14,038        12,209        11,201   

Interest expense and fees

    118,199               13,733   

Preferred shares service fee

    48,917        32,624        30,196   

Miscellaneous

    39,136        35,567        33,522   

Total expenses

  $ 1,351,412      $ 702,025      $ 670,554   

Deduct —

     

Reduction of custodian fee

  $ 138      $ 106      $ 130   

Total expense reductions

  $ 138      $ 106      $ 130   

Net expenses

  $ 1,351,274      $ 701,919      $ 670,424   

Net investment income

  $ 4,597,918      $ 2,215,414      $ 2,053,060   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ (73,496   $ 178,977      $ 182,178   

Financial futures contracts

    (660,075     (118,051     (703,779

Net realized gain (loss)

  $ (733,571   $ 60,926      $ (521,601

Change in unrealized appreciation (depreciation) —

     

Investments

  $ 8,201,608      $ 4,530,908      $ 3,697,457   

Financial futures contracts

    (73,196     4,779        (65,102

Net change in unrealized appreciation (depreciation)

  $ 8,128,412      $ 4,535,687      $ 3,632,355   

Net realized and unrealized gain

  $ 7,394,841      $ 4,596,613      $ 3,110,754   

Distributions to preferred shareholders

                       

From net investment income

  $ (36,042   $ (24,712   $ (22,445

Net increase in net assets from operations

  $ 11,956,717      $ 6,787,315      $ 5,141,369   

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Changes in Net Assets

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,491,298      $ 1,995,611      $ 1,541,481      $ 3,498,590   

Net realized gain (loss) from investment transactions and financial futures contracts

    190,412        (481,678     (14,891     (1,785,074

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    10,744,348        4,299,848        3,570,928        6,935,251   

Distributions to preferred shareholders —

       

From net investment income

    (53,068     (21,253     (18,040     (35,494

Net increase in net assets from operations

  $ 16,372,990      $ 5,792,528      $ 5,079,478      $ 8,613,273   

Distributions to common shareholders —

       

From net investment income

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Total distributions to common shareholders

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net decrease in net assets from capital share transactions

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net increase in net assets

  $ 10,795,446      $ 3,753,028      $ 3,168,328      $ 4,971,121   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   

At end of year

  $ 102,128,732      $ 41,526,852      $ 30,495,943      $ 65,623,688   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 152,020      $ 85,851      $ 55,164      $ 126,010   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,597,918      $ 2,215,414      $ 2,053,060   

Net realized gain (loss) from investment transactions and financial futures contracts

    (733,571     60,926        (521,601

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    8,128,412        4,535,687        3,632,355   

Distributions to preferred shareholders —

     

From net investment income

    (36,042     (24,712     (22,445

Net increase in net assets from operations

  $ 11,956,717      $ 6,787,315      $ 5,141,369   

Distributions to common shareholders —

     

From net investment income

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Total distributions to common shareholders

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 10,266      $      $   

Cost of shares repurchased (see Note 6)

                  (267,513

Net increase (decrease) in net assets from capital share transactions

  $ 10,266      $      $ (267,513

Net increase in net assets

  $ 7,249,329      $ 4,698,653      $ 2,795,847   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

At end of year

  $ 79,860,261      $ 43,286,704      $ 37,531,874   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
   

At end of year

  $ 93,834      $ 227,302      $ (2,840

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 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   

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 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   

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Statement of Cash Flows*

 

 

    Year Ended
November 30, 2014
 
Cash Flows From Operating Activities   New York Trust  

Net increase in net assets from operations

  $ 11,956,717   

Distributions to preferred shareholders

    36,042   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 11,992,759   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (5,607,990

Investments sold

    7,108,528   

Net amortization/accretion of premium (discount)

    (75,159

Increase in interest receivable

    (17,650

Increase in payable for variation margin on open financial futures contracts

    26,875   

Increase in payable to affiliate for investment adviser fee

    2,311   

Increase in payable to affiliate for administration fee

    1,201   

Increase in payable to affiliate for Trustees’ fees

    124   

Decrease in interest expense and fees payable

    (850

Decrease in accrued expenses

    (9,719

Net change in unrealized (appreciation) depreciation from investments

    (8,201,608

Net realized loss from investments

    73,496   

Net cash provided by operating activities

  $ 5,292,318   
Cash Flows From Financing Activities   

Distributions paid to common shareholders, net of reinvestments

  $ (4,707,388

Cash distributions paid to preferred shareholders

    (35,960

Net cash used in financing activities

  $ (4,743,348

Net increase in cash

  $ 548,970   

Cash at beginning of year

  $ 738,217   

Cash at end of year

  $ 1,287,187   
Supplemental disclosure of cash flow information:   

Noncash financing activities not included herein consist of:

 

Reinvestment of dividends and distributions

  $ 10,266   

Cash paid for interest and fees

    119,049   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 12.580      $ 14.660      $ 12.410      $ 12.390      $ 12.330   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.756      $ 0.756      $ 0.791      $ 0.926      $ 0.945   

Net realized and unrealized gain (loss)

    1.507        (2.028     2.316        0.002        0.026   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.007     (0.012     (0.018     (0.022     (0.028

Total income (loss) from operations

  $ 2.256      $ (1.284   $ 3.089      $ 0.906      $ 0.943   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.757   $ (0.796   $ (0.839   $ (0.886   $ (0.883

Total distributions to common shareholders

  $ (0.757   $ (0.796   $ (0.839   $ (0.886   $ (0.883

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.001      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 14.080      $ 12.580      $ 14.660      $ 12.410      $ 12.390   

Market value — End of year (Common shares)

  $ 12.670      $ 11.060      $ 14.680      $ 12.770      $ 12.400   

Total Investment Return on Net Asset Value(2)

    19.06     (8.69 )%      25.59     7.99     7.73

Total Investment Return on Market Value(2)

    21.86     (19.84 )%      22.22     11.04     9.25

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 102,129      $ 91,333      $ 106,367      $ 89,862      $ 89,395   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.60     1.66     1.66     1.83     1.78

Interest and fee expense(5)

    0.09     0.10     0.11     0.17     0.18

Total expenses(4)

    1.69     1.76     1.77     2.00     1.96

Net investment income

    5.64     5.64     5.77     7.81     7.34

Portfolio Turnover

    11     8     17     22     14

Senior Securities:

         

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(6)

  $ 76,091      $ 70,690      $ 78,210      $ 69,954      $ 69,721   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.06     1.09     1.11     1.15     1.16

Interest and fee expense

    0.06     0.07     0.07     0.11     0.11

Total expenses

    1.12     1.16     1.18     1.26     1.27

Net investment income

    3.73     3.73     3.84     4.93     4.77

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 13.730      $ 16.200      $ 13.970      $ 13.790      $ 13.590   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.726      $ 0.750      $ 0.771      $ 0.890      $ 0.926   

Net realized and unrealized gain (loss)

    1.390        (2.432     2.283        0.219        0.210   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.008     (0.012     (0.019     (0.023     (0.030

Total income (loss) from operations

  $ 2.108      $ (1.694   $ 3.035      $ 1.086      $ 1.106   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.703   $ (0.776   $ (0.805   $ (0.906   $ (0.906

Total distributions to common shareholders

  $ (0.703   $ (0.776   $ (0.805   $ (0.906   $ (0.906

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.005      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 15.140      $ 13.730      $ 16.200      $ 13.970      $ 13.790   

Market value — End of year (Common shares)

  $ 13.310      $ 11.970      $ 16.350      $ 14.810      $ 13.980   

Total Investment Return on Net Asset Value(2)

    16.30     (10.34 )%      22.28     8.49     8.16

Total Investment Return on Market Value(2)

    17.27     (22.55 )%      16.41     13.45     12.38

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 41,527      $ 37,774      $ 44,549      $ 38,372      $ 37,735   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees

    1.68 %(4)      1.73 %(4)      1.73 %(4)      1.87 %(4)      1.83 %(5) 

Interest and fee expense(6)

    0.05     0.08     0.09     0.11     0.09

Total expenses

    1.73 %(4)      1.81 %(4)      1.82 %(4)      1.98 %(4)      1.92 %(7) 

Net investment income

    4.96     5.12     5.06     6.70     6.51

Portfolio Turnover

    2     1     11     15     16

Senior Securities:

         

Total preferred shares outstanding

    802        802        802        802        802   

Asset coverage per preferred share(8)

  $ 76,780      $ 72,100      $ 80,548      $ 72,846      $ 72,051   

Involuntary liquidation preference per preferred share(9)

  $ 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   

 

(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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Expenses after custodian fee reduction was 1.82%.

 

(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) 

Expenses after custodian fee reduction was 1.91%.

 

(8) 

Calculated by subtracting the Trust’s total liabilities (not including the preferred shares) from the Trust’s total assets, and dividing the result by the number of preferred shares outstanding.

 

(9) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.12     1.16     1.17     1.21     1.20

Interest and fee expense

    0.04     0.05     0.06     0.07     0.06

Total expenses

    1.16     1.21     1.23     1.28     1.26

Net investment income

    3.31     3.42     3.42     4.32     4.29

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 12.910      $ 15.310      $ 13.400      $ 12.880      $ 12.940   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.730      $ 0.728      $ 0.760      $ 0.826      $ 0.876   

Net realized and unrealized gain (loss)

    1.685        (2.365     1.944        0.558        (0.044

Distributions to preferred shareholders

         

From net investment income(1)

    (0.009     (0.014     (0.021     (0.025     (0.033

Total income (loss) from operations

  $ 2.406      $ (1.651   $ 2.683      $ 1.359      $ 0.799   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.709   $ (0.749   $ (0.773   $ (0.839   $ (0.859

Total distributions to common shareholders

  $ (0.709   $ (0.749   $ (0.773   $ (0.839   $ (0.859

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.033      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 14.640      $ 12.910      $ 15.310      $ 13.400      $ 12.880   

Market value — End of year (Common shares)

  $ 12.550      $ 11.000      $ 14.690      $ 12.470      $ 12.100   

Total Investment Return on Net Asset Value(2)

    20.18     (10.49 )%      20.92     11.66     6.57

Total Investment Return on Market Value(2)

    20.91     (20.51 )%      24.67     10.60     12.36

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 30,496      $ 27,328      $ 32,391      $ 28,366      $ 27,262   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses(4)

    1.87     1.91     1.89     2.04     1.98

Net investment income

    5.24     5.26     5.26     6.49     6.57

Portfolio Turnover

    26     11     14     18     14

Senior Securities:

         

Total preferred shares outstanding

    700        700        700        700        700   

Asset coverage per preferred share(5)

  $ 68,566      $ 64,040      $ 71,273      $ 65,524      $ 63,948   

Involuntary liquidation preference per preferred share(6)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(6)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

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.

 

(6) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses

    1.17     1.20     1.20     1.24     1.22

Net investment income

    3.29     3.29     3.35     3.93     4.06

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 12.960      $ 14.790      $ 13.020      $ 13.260      $ 13.570   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.748      $ 0.762      $ 0.802      $ 0.890      $ 0.957   

Net realized and unrealized gain (loss)

    1.098        (1.792     1.783        (0.185     (0.290

Distributions to preferred shareholders

         

From net investment income(1)

    (0.008     (0.012     (0.018     (0.022     (0.029

Total income (loss) from operations

  $ 1.838      $ (1.042   $ 2.567      $ 0.683      $ 0.638   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.743   $ (0.788   $ (0.797   $ (0.923   $ (0.948

Total distributions to common shareholders

  $ (0.743   $ (0.788   $ (0.797   $ (0.923   $ (0.948

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.005      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 14.060      $ 12.960      $ 14.790      $ 13.020      $ 13.260   

Market value — End of year (Common shares)

  $ 12.300      $ 11.440      $ 16.380      $ 13.370      $ 13.520   

Total Investment Return on Net Asset Value(2)

    15.20     (6.96 )%      20.18     5.64     4.62

Total Investment Return on Market Value(2)

    14.17     (25.85 )%      29.62     6.39     3.10

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 65,624      $ 60,653      $ 69,135      $ 60,734      $ 61,717   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.64     1.70     1.71     1.81     1.79

Interest and fee expense(5)

    0.04     0.08     0.11     0.15     0.18

Total expenses(4)

    1.68     1.78     1.82     1.96     1.97

Net investment income

    5.47     5.55     5.70     6.96     6.87

Portfolio Turnover

    6     16     14     11     9

Senior Securities:

         

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(6)

  $ 74,083      $ 70,365      $ 76,709      $ 70,427      $ 71,162   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.07     1.12     1.14     1.16     1.18

Interest and fee expense

    0.03     0.05     0.07     0.09     0.12

Total expenses

    1.10     1.17     1.21     1.25     1.30

Net investment income

    3.59     3.65     3.78     4.46     4.53

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 13.260      $ 15.540      $ 13.310      $ 13.110      $ 12.920   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.840      $ 0.845      $ 0.856      $ 0.950      $ 0.954   

Net realized and unrealized gain (loss)

    1.359        (2.232     2.300        0.179        0.166   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.007     (0.010     (0.016     (0.019     (0.025

Total income (loss) from operations

  $ 2.192      $ (1.397   $ 3.140      $ 1.110      $ 1.095   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.862   $ (0.883   $ (0.910   $ (0.910   $ (0.905

Total distributions to common shareholders

  $ (0.862   $ (0.883   $ (0.910   $ (0.910   $ (0.905

Net asset value — End of year (Common shares)

  $ 14.590      $ 13.260      $ 15.540      $ 13.310      $ 13.110   

Market value — End of year (Common shares)

  $ 13.730      $ 12.100      $ 16.150      $ 13.450      $ 13.350   

Total Investment Return on Net Asset Value(2)

    17.25     (8.99 )%      24.30     9.06     8.48

Total Investment Return on Market Value(2)

    20.92     (20.09 )%      27.89     8.18     8.16

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 79,860      $ 72,611      $ 85,001      $ 72,678      $ 71,372   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.60     1.65     1.66     1.78     1.74

Interest and fee expense(5)

    0.15     0.16     0.18     0.22     0.21

Total expenses(4)

    1.75     1.81     1.84     2.00     1.95

Net investment income

    5.96     5.97     5.90     7.40     7.02

Portfolio Turnover

    4     10     17     13     13

Senior Securities:

         

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(6)

  $ 84,200      $ 78,826      $ 88,010      $ 78,877      $ 77,909   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.11     1.15     1.16     1.20     1.18

Interest and fee expense

    0.11     0.11     0.13     0.15     0.15

Total expenses

    1.22     1.26     1.29     1.35     1.33

Net investment income

    4.15     4.16     4.14     5.00     4.82

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 13.510      $ 15.850      $ 13.440      $ 13.170      $ 13.520   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.775      $ 0.764      $ 0.786      $ 0.851      $ 0.899   

Net realized and unrealized gain (loss)

    1.605        (2.352     2.475        0.305        (0.325

Distributions to preferred shareholders

         

From net investment income(1)

    (0.009     (0.013     (0.020     (0.025     (0.033

Total income (loss) from operations

  $ 2.371      $ (1.601   $ 3.241      $ 1.131      $ 0.541   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.731   $ (0.739   $ (0.831   $ (0.861   $ (0.891

Total distributions to common shareholders

  $ (0.731   $ (0.739   $ (0.831   $ (0.861   $ (0.891

Net asset value — End of year (Common shares)

  $ 15.150      $ 13.510      $ 15.850      $ 13.440      $ 13.170   

Market value — End of year (Common shares)

  $ 13.620      $ 11.840      $ 16.800      $ 13.320      $ 13.420   

Total Investment Return on Net Asset Value(2)

    18.49     (10.01 )%      24.71     9.21     3.96

Total Investment Return on Market Value(2)

    21.55     (25.59 )%      33.34     6.25     6.64

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 43,287      $ 38,588      $ 45,284      $ 38,379      $ 37,463   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.70     1.76     1.76     1.93     1.85

Interest and fee expense(5)

                         0.01     0.02

Total expenses(4)

    1.70     1.76     1.76     1.94     1.87

Net investment income

    5.36     5.33     5.31     6.64     6.53

Portfolio Turnover

    9     10     11     11     17

Senior Securities:

         

Total preferred shares outstanding

    909        909        909        909        909   

Asset coverage per preferred share(6)

  $ 72,621      $ 67,451      $ 74,818      $ 67,221      $ 66,215   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.10     1.13     1.15     1.19     1.17

Interest and fee expense

                         0.01     0.01

Total expenses

    1.10     1.13     1.15     1.20     1.18

Net investment income

    3.46     3.43     3.45     4.09     4.13

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
     2014     2013     2012     2011     2010  

Net asset value — Beginning of year (Common shares)

  $ 12.770      $ 14.780      $ 13.250      $ 13.330      $ 13.380   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.755      $ 0.750      $ 0.786      $ 0.873      $ 0.912   

Net realized and unrealized gain (loss)

    1.143        (1.960     1.591        (0.062     (0.063

Distributions to preferred shareholders

         

From net investment income(1)

    (0.008     (0.013     (0.020     (0.024     (0.032

Total income (loss) from operations

  $ 1.890      $ (1.223   $ 2.357      $ 0.787      $ 0.817   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.764   $ (0.787   $ (0.827   $ (0.867   $ (0.867

Total distributions to common shareholders

  $ (0.764   $ (0.787   $ (0.827   $ (0.867   $ (0.867

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.014      $      $      $      $   

Net asset value — End of year (Common shares)

  $ 13.910      $ 12.770      $ 14.780      $ 13.250      $ 13.330   

Market value — End of year (Common shares)

  $ 12.050      $ 10.950      $ 15.100      $ 13.660      $ 12.930   

Total Investment Return on Net Asset Value(2)

    16.07     (8.07 )%      18.20     6.53     6.13

Total Investment Return on Market Value(2)

    17.26     (22.84 )%      17.23     13.15     5.57

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2014     2013     2012     2011     2010  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 37,532      $ 34,736      $ 40,188      $ 36,011      $ 36,210   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.79     1.85     1.85     1.93     1.88

Interest and fee expense(5)

    0.04     0.05     0.04     0.05     0.06

Total expenses(4)

    1.83     1.90     1.89     1.98     1.94

Net investment income

    5.61     5.53     5.57     6.71     6.61

Portfolio Turnover

    4     11     15     8     17

Senior Securities:

         

Total preferred shares outstanding

    847        847        847        847        847   

Asset coverage per preferred share(6)

  $ 69,312      $ 66,011      $ 72,448      $ 67,516      $ 67,752   

Involuntary liquidation preference per preferred share(7)

  $ 25,000      $ 25,000      $ 25,000      $ 25,000      $ 25,000   

Approximate market value per preferred share(7)

  $ 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) 

Ratios do not reflect the effect of dividend payments to preferred shareholders.

 

(4) 

Excludes the effect of custody fee credits, if any, of less than 0.005%.

 

(5) 

Interest and fee expense relates to the liability for floating rate notes issued in conjunction with residual interest bond transactions (see Note 1H).

 

(6) 

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.

 

(7) 

Plus accumulated and unpaid dividends.

 

Ratios based on net assets applicable to common shares plus preferred shares are presented below. Ratios do not reflect the effect of dividend payments to preferred shareholders and exclude the effect of custody fee credits, if any.

 

    Year Ended November 30,  
    2014     2013     2012     2011     2010  

Expenses excluding interest and fees

    1.14     1.18     1.20     1.21     1.20

Interest and fee expense

    0.02     0.03     0.02     0.03     0.04

Total expenses

    1.16     1.21     1.22     1.24     1.24

Net investment income

    3.55     3.51     3.59     4.19     4.22

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements

 

 

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. Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that the Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B  Investment Transactions and Related Income — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — Each Trust’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable, if any, and tax-exempt net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Each Trust intends to satisfy conditions which will enable it to designate distributions from the interest income generated by its investments in non-taxable municipal securities, which are exempt from regular federal income tax when received by each Trust, as exempt-interest dividends. The portion of such interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders.

As of November 30, 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust

 

  57  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

contains an express disclaimer of liability on the part of Trust shareholders and the By-laws provide that the Trust shall assume the defense on behalf of any Trust shareholders. Moreover, the By-laws also provide for indemnification out of Trust property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, each Trust enters into agreements with service providers that may contain indemnification clauses. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred.

H  Floating Rate Notes Issued in Conjunction with Securities Held — The Trusts may invest in residual interest bonds, also referred to as inverse floating rate securities, whereby a Trust may sell a variable or fixed rate bond 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 9) at November 30, 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 November 30, 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

  $ 14,310,000       $ 3,385,000       $ 3,640,000       $ 19,315,000       $ 750,000   

Interest Rate or Range of Interest Rates (%)

    0.04 - 0.06         0.04 - 0.06         0.07 - 0.19         0.04 - 0.09         0.05   

Collateral for Floating Rate Notes Outstanding

  $ 18,171,720       $ 4,847,389       $ 5,111,643       $ 28,359,995       $ 1,149,040   

For the year ended November 30, 2014, the Trusts’ average Floating Rate Notes outstanding and the average interest rate 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

  $ 14,505,644       $ 3,385,000       $ 3,731,781       $ 19,315,000       $ 1,225,890   

Average Interest Rate

    0.63      0.65      0.67      0.61      1.12

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 November 30, 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

 

  58  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

securities (other than as specifically permitted) do not apply to Floating Rate Notes issued by the SPV and included as a liability in the Trusts’ Statement of Assets and Liabilities. As secured indebtedness issued by an SPV, Floating Rate Notes are distinct from the borrowings and senior securities to which the Trusts’ restrictions apply. Residual interest bonds held by the Trusts are securities exempt from registration under Rule 144A of the Securities Act of 1933.

On December 10, 2013, five U.S. federal agencies published final rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The Volcker Rule prohibits banking entities from engaging in proprietary trading of certain instruments and limits such entities’ investments in, and relationships with, covered funds (such as SPVs), as defined in the rules. The compliance date for the Volcker Rule for certain covered funds is July 21, 2015 while for other covered funds the compliance date is July 21, 2016. The Volcker Rule 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 Trust maintains 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.

2  Auction Preferred Shares

Each Trust issued Auction Preferred Shares (APS) on March 1, 1999 in a public offering. The underwriting discounts and other offering costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of each respective Trust. Dividends on the APS, which accrue daily, are cumulative at rates which are reset every seven days by an auction, unless a special dividend period has been set. If the APS auctions do not successfully clear, the dividend payment rate over the next period for the APS holders is set at a specified maximum applicable rate until such time as the APS auctions are successful. The maximum applicable rate on the APS is 110% (150% for taxable distributions) of the greater of the 1) “AA” Financial Composite Commercial Paper Rate or 2) Taxable Equivalent of the Short-Term Municipal Obligation Rate on the date of the auction. The stated spread over the reference benchmark rate is determined based on the credit rating of the APS.

The APS are redeemable at the option of each Trust at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and 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 and Income Tax Information

Each Trust intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, each Trust intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and

 

  59  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

are payable at the end of each dividend period. The dividend rates for APS at November 30, 2014, and the amount of dividends accrued (including capital gains, if any) to APS shareholders, average APS dividend rates, and dividend rate ranges for the year 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 November 30, 2014

    0.10     0.11     0.10     0.10     0.10     0.11     0.11

Dividends Accrued to APS Shareholders

  $ 53,068      $ 21,253      $ 18,040      $ 35,494      $ 36,042      $ 24,712      $ 22,445   

Average APS Dividend Rates

    0.11     0.11     0.10     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 November 30, 2014.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended November 30, 2014 and November 30, 2013 was as follows:

 

    Year Ended November 30, 2014  
     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Distributions declared from:

             

Tax-exempt income

  $ 5,545,696      $ 1,943,544      $ 1,516,157      $ 3,476,757      $ 4,753,696      $ 2,113,374      $ 2,099,764   

Ordinary income

  $ 2,729      $ 10,036      $      $ 34,739      $      $      $ 690   

 

    Year Ended November 30, 2013  
     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Distributions declared from:

             

Tax-exempt income

  $ 5,855,845      $ 2,167,331      $ 1,608,391      $ 3,706,060      $ 4,890,627      $ 2,147,761      $ 2,175,637   

Ordinary income

  $ 9,739      $ 1,435      $ 6,404      $ 38,061      $ 1,678      $ 2,883      $ 1,587   

During the year ended November 30, 2014, the following amounts were reclassified due to differences between book and tax accounting, primarily for accretion of market discount and investments in partnerships.

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Change in:

             

Accumulated net realized loss

  $ 38,562      $ 2,624      $ 10,886      $ 29,219      $ 27,845      $ 20,199      $ 25,844   

Accumulated undistributed (distributions in excess of) net investment income

  $ (38,562   $ (2,624   $ (10,886   $ (29,219   $ (27,845   $ (20,199   $ (25,844

 

  60  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

As of November 30, 2014, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

 

     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

Undistributed tax-exempt income

  $ 153,228      $ 86,215      $ 55,308      $ 126,818      $ 94,097      $ 227,643      $ 40,427   

Capital loss carryforward and deferred capital losses

  $ (16,544,307   $ (4,079,570   $ (1,609,316   $ (10,341,751   $ (12,130,839   $ (3,442,449   $ (4,270,550

Net unrealized appreciation

  $ 14,326,831      $ 5,872,084      $ 3,335,245      $ 8,922,361      $ 12,457,319      $ 6,899,548      $ 4,308,087   

Other temporary differences

  $ (1,208   $ (364   $ (144   $ (808   $ (263   $ (341   $ (385

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, residual interest bonds, futures contracts, accretion of market discount, defaulted bond interest, investments in partnerships, expenditures on defaulted bonds and the timing of recognizing distributions to shareholders.

At November 30, 2014, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which will reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date   California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
    Ohio
Trust
    Pennsylvania
Trust
 

November 30, 2016

  $ 6,689,345      $ 692,532      $ 517,712      $      $ 2,354,581      $ 736,482      $ 800,874   

November 30, 2017

    4,084,290        991,790        337,540        2,795,679        3,171,310        840,450          

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527   

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760   

Total capital loss 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

                                                       

Short-term

  $ 115,053      $ 231,918      $ 51,759      $ 776,204      $ 577,516      $ 292,073      $ 307,553   

Long-term

  $      $ 383,249      $ 322,919      $ 1,119,408      $ 1,748,015      $ 362,770      $ 1,107,836   

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 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

  $ 135,931,902      $ 56,445,181      $ 43,722,089      $ 89,176,251      $ 97,991,185      $ 57,699,444      $ 53,669,949   

Gross unrealized appreciation

  $ 14,721,047      $ 5,973,044      $ 3,457,657      $ 9,458,667      $ 12,702,695      $ 6,948,527      $ 4,772,380   

Gross unrealized depreciation

    (394,216     (100,960     (122,412     (536,306     (245,376     (48,979     (464,293

Net unrealized appreciation

  $ 14,326,831      $ 5,872,084      $ 3,335,245      $ 8,922,361      $ 12,457,319      $ 6,899,548      $ 4,308,087   

 

  61  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

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 interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the year ended November 30, 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

  $ 986,431       $ 389,281       $ 295,799       $ 638,215       $ 766,852       $ 404,008       $ 371,284   

Administration Fee

  $ 312,628       $ 123,373       $ 93,742       $ 202,258       $ 243,034       $ 128,043       $ 117,659   

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 year ended November 30, 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 year ended November 30, 2014 were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Purchases

  $ 19,804,067       $ 3,886,968       $ 12,435,427       $ 6,075,181       $ 5,607,990       $ 5,442,562       $ 2,044,833   

Sales

  $ 17,231,061       $ 1,458,840       $ 11,950,924       $ 5,541,498       $ 7,278,895       $ 6,077,664       $ 3,786,220   

6  Common Shares of Beneficial Interest

Common shares issued pursuant to the Trusts’ dividend reinvestment plan for the years ended November 30, 2014 and November 30, 2013 were as follows:

 

     California
Trust
     New Jersey
Trust
     New York
Trust
     Ohio
Trust
     Pennsylvania
Trust
 

Year Ended November 30, 2014

                    720                   

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 (NAV). The repurchase program does not obligate the Trusts to purchase a

 

  62  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

specific amount of shares. During the year ended November 30, 2014, the number, cost (including brokerage commissions), average price per share and weighted average discount per share to NAV of common shares repurchased, were as follows:

 

    Year Ended November 30, 2014  
     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     Pennsylvania
Trust
 

Common shares repurchased

    6,500         8,000         33,000         13,400         22,000   

Cost, including brokerage commissions, of common shares repurchased

  $ 82,187       $ 107,173       $ 413,033       $ 166,150       $ 267,513   

Average price per share

  $ 12.64       $ 13.40       $ 12.52       $ 12.40       $ 12.16   

Weighted average discount per share to NAV

    10.80      11.94      14.29      12.19      12.66

There were no repurchases of common shares by the Trusts for the year ended November 30, 2013.

7  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 November 30, 2014, Massachusetts Trust and Pennsylvania Trust had payments due to SSBT pursuant to the foregoing arrangement of $1,533,844 and $51,718, respectively. 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 November 30, 2014. If measured at fair value, overdraft advances would have been considered as Level 2 in the fair value hierarchy (see Note 9) at November 30, 2014. The Trusts’ average overdraft advances during the year ended November 30, 2014 were not significant.

8  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 November 30, 2014 is as follows:

 

Futures Contracts  
Trust   Expiration
Month/Year
     Contracts    Position   

Aggregate

Cost

     Value     

Net

Unrealized

Depreciation

 
California     3/15      

38

U.S. 10-Year Treasury Note

   Short    $ (4,791,493    $ (4,827,781    $ (36,288
      3/15      

43

U.S. Long Treasury Bond

   Short      (6,046,835      (6,132,875      (86,040
Massachusetts     3/15      

34

U.S. Long Treasury Bond

   Short    $ (4,781,219    $ (4,849,250    $ (68,031
New Jersey     3/15      

70

U.S. Long Treasury Bond

   Short    $ (9,843,686    $ (9,983,750    $ (140,064
New York     3/15      

43

U.S. Long Treasury Bond

   Short    $ (6,046,835    $ (6,132,875    $ (86,040
Pennsylvania     3/15      

40

U.S. Long Treasury Bond

   Short    $ (5,624,963    $ (5,705,000    $ (80,037

 

  63  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

At November 30, 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.

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 November 30, 2014 were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Liability Derivative:

       

Futures Contracts

  $ (122,328 )(1)     $ (68,031 )(1)     $ (140,064 )(1)     $ (86,040 )(1)     $ (80,037 )(1) 

Total

  $ (122,328    $ (68,031    $ (140,064    $ (86,040    $ (80,037

 

(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 year ended November 30, 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

  $ (842,022 )(1)    $ (521,920 )(1)    $ (103,294 )(1)    $ (1,124,926 )(1)    $ (660,075 )(1)    $ (118,051 )(1)    $ (703,779 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ (95,461 )(2)    $ (57,875 )(2)    $ 4,182 (2)    $ (113,181 )(2)    $ (73,196 )(2)    $ 4,779 (2)    $ (65,102 )(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 year ended November 30, 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

  $ 10,538,000      $ 4,580,000      $ 992,000      $ 10,031,000      $ 5,792,000      $ 1,134,000      $ 6,413,000   

9  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.

 

  64  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

At November 30, 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

  $       $ 163,825,687       $       $ 163,825,687   

Corporate Bonds & Notes

            743,046                 743,046   

Total Investments

  $       $ 164,568,733       $       $ 164,568,733   

Liability Description

                                  

Futures Contracts

  $ (122,328    $       $       $ (122,328

Total

  $ (122,328    $       $       $ (122,328
          

Massachusetts Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 65,702,265       $       $ 65,702,265   

Total Investments

  $       $ 65,702,265       $       $ 65,702,265   

Liability Description

                                  

Futures Contracts

  $ (68,031    $       $       $ (68,031

Total

  $ (68,031    $       $       $ (68,031
          

Michigan Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 47,057,334       $       $ 47,057,334   

Total Investments

  $       $ 47,057,334       $       $ 47,057,334   
          

New Jersey Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 100,720,082       $       $ 100,720,082   

Taxable Municipal Securities

            1,018,530                 1,018,530   

Total Investments

  $       $ 101,738,612       $       $ 101,738,612   

Liability Description

                                  

Futures Contracts

  $ (140,064    $       $       $ (140,064

Total

  $ (140,064    $       $       $ (140,064

 

  65  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Notes to Financial Statements — continued

 

 

New York Trust

 
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 128,979,654       $       $ 128,979,654   

Miscellaneous

                    783,850         783,850   

Total Investments

  $       $ 128,979,654       $ 783,850       $ 129,763,504   

Liability Description

                                  

Futures Contracts

  $ (86,040    $       $       $ (86,040

Total

  $ (86,040    $       $       $ (86,040
          

Ohio Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 64,598,992       $       $ 64,598,992   

Total Investments

  $       $ 64,598,992       $       $ 64,598,992   
          

Pennsylvania Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 58,728,036       $       $ 58,728,036   

Total Investments

  $       $ 58,728,036       $       $ 58,728,036   

Liability Description

                                  

Futures Contracts

  $ (80,037    $       $       $ (80,037

Total

  $ (80,037    $       $       $ (80,037

 

* 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 year ended November 30, 2014 is not presented.

At November 30, 2014, there were no investments transferred between Level 1 and Level 2 during the year then ended.

 

  66  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Report of Independent Registered Public Accounting Firm

 

 

To the Trustees and Shareholders of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust:

We have audited the accompanying statements of assets and liabilities of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust (collectively the “Trusts”), including the portfolios of investments, as of November 30, 2014, and the related statements of operations for the year then ended, the statement of cash flows of Eaton Vance New York Municipal Income Trust for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2014, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust, Eaton Vance Michigan Municipal Income Trust, Eaton Vance New Jersey Municipal Income Trust, Eaton Vance New York Municipal Income Trust, Eaton Vance Ohio Municipal Income Trust, and Eaton Vance Pennsylvania Municipal Income Trust as of November 30, 2014, the results of their operations for the year then ended, the cash flows of Eaton Vance New York Municipal Income Trust for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

January 15, 2015

 

  67  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in February 2015 will show the tax status of all distributions paid to your account in calendar year 2014. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Trusts. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding exempt-interest dividends.

Exempt-Interest Dividends.  For the fiscal year ended November 30, 2014, the Trusts designate the following percentages of distributions from net investment income as exempt-interest dividends:

 

Eaton Vance California Municipal Income Trust

    99.95

Eaton Vance Massachusetts Municipal Income Trust

    99.49

Eaton Vance Michigan Municipal Income Trust

    100.00

Eaton Vance New Jersey Municipal Income Trust

    99.01

Eaton Vance New York Municipal Income Trust

    100.00

Eaton Vance Ohio Municipal Income Trust

    100.00

Eaton Vance Pennsylvania Municipal Income Trust

    99.97

 

  68  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Dividend Reinvestment Plan

 

 

Each Trust offers a dividend reinvestment plan (Plan) pursuant to which shareholders automatically have distributions reinvested in common shares (Shares) of the Trust unless they elect otherwise through their investment dealer. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by American Stock Transfer & Trust Company, LLC, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.

If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Trust’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Trust. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

 

  69  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Application for Participation in Dividend Reinvestment Plan

 

 

 

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

 

 

Please print exact name on account

 

Shareholder signature                                                           Date

 

Shareholder signature                                                           Date

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Municipal Income Trusts

c/o American Stock Transfer & Trust Company, LLC

P.O. Box 922

Wall Street Station

New York, NY 10269-0560

 

 

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 November 30, 2014, Trust records indicate that there are 19, 29, 12, 34, 25, 26 and 26 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 2,191, 1,297, 1,267, 1,720, 2,112, 1,447 and 1,542 shareholders owning the Trust shares in street name, such as through brokers, banks, and financial intermediaries for California Municipal Income Trust, Massachusetts Municipal Income Trust, Michigan Municipal Income Trust, New Jersey Municipal Income Trust, New York Municipal Income Trust, Ohio Municipal Income Trust and Pennsylvania Municipal Income Trust, respectively.

If you are a street name shareholder and wish to receive Trust reports directly, which contain important information about a Trust, please write or call:

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

NYSE MKT symbols

 

California Municipal Income Trust    CEV
Massachusetts Municipal Income Trust    MMV
Michigan Municipal Income Trust    EMI
New Jersey Municipal Income Trust    EVJ
New York Municipal Income Trust    EVY
Ohio Municipal Income Trust    EVO
Pennsylvania Municipal Income Trust    EVP
 

 

  70  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management and Organization

 

 

Fund Management.  The Trustees of Eaton Vance California Municipal Income Trust (CEV), Eaton Vance Massachusetts Municipal Income Trust (MMV), Eaton Vance Michigan Municipal Income Trust (EMI), Eaton Vance New Jersey Municipal Income Trust (EVJ), Eaton Vance New York Municipal Income Trust (EVY), Eaton Vance Ohio Municipal Income Trust (EVO) and Eaton Vance Pennsylvania Municipal Income Trust (EVP) (collectively, the Trusts) are responsible for the overall management and supervision of the Trusts’ affairs. The Trustees and officers of the Trusts are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trusts, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 179 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee serves for a three year term. Each officer serves until his or her successor is elected.

 

Name and Year of Birth   

Position(s)

with the
Trusts

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr.

1958

  

Class II

Trustee

    

Until 2016.

Trustee since 2007.

    

Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 179 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trusts.

Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc.

            

Noninterested Trustees

Scott E. Eston

1956

  

Class II

Trustee

    

Until 2016.

Trustee since 2011.

    

Private investor. Formerly held various positions at Grantham, Mayo, Van Otterloo and Co., L.L.C. (investment management firm) (1997-2009), including Chief Operating Officer (2002-2009), Chief Financial Officer (1997-2009) and Chairman of the Executive Committee (2002-2008); President and Principal Executive Officer, GMO Trust (open-end registered investment company) (2006-2009). Former Partner, Coopers and Lybrand L.L.P. (now PricewaterhouseCoopers) (public accounting firm) (1987-1997).

Directorships in the Last Five Years.(2) None.

Cynthia E. Frost(3)

1961

  

Class I

Trustee

    

Until 2015.

Trustee since 2014.

    

Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Managing Director, Cambridge Associates (1989-1995); Consultant, Bain and Company (1987-1989); Senior Equity Analyst, BA Investment Management Company (1983-1985).

Directorships in the Last Five Years. None.

George J. Gorman(3)

1952

  

Class I

Trustee

    

Until 2015.

Trustee since 2014.

    

Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (public accounting firm) (1974-2009).

Directorships in the Last Five Years. Formerly, Trustee of the Bank of America Money Market Funds Series Trust (2011-2014) and of the Ashmore Funds (2010-2014).

Valerie A. Mosley(4)

1960

  

Class I

Trustee

    

Until 2015.

Trustee since

2014.

    

Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).

Directorships in the Last Five Years.(2) Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

 

  71  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the
Trusts

    

Term Expiring;

Trustee Since(1)

    

Principal Occupation(s) and Directorships

During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park(A)

1947

  

Class III

Trustee

    

Until 2017(5).

Trustee since 2003.

    

Consultant and private investor. Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm) (1972-1981).

Directorships in the Last Five Years.(2) None.

Ronald A. Pearlman

1940

  

Class I

Trustee

    

Until 2015.

Trustee since 2003.

    

Lawyer and consultant. Formerly, Professor of Law, Georgetown University Law Center (1999-2014). Formerly, Partner, Covington & Burling LLP (law firm) (1991-2000). Formerly, Chief of Staff, Joint Committee on Taxation, U.S. Congress (1988-1990). Formerly, Deputy Assistant Secretary (Tax Policy) and Assistant Secretary (Tax Policy), U.S. Department of the Treasury (1983-1985).

Directorships in the Last Five Years.(2) None.

Helen Frame Peters

1948

  

Class III

Trustee

    

Until 2017.

Trustee since 2008.

    

Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998).

Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).

Harriett Tee Taggart

1948

  

Class III

Trustee

    

Until 2017.

Trustee since 2011.

    

Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006).

Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).

Ralph F. Verni(A)

1943

  

Chairman of the Board and

Class II

Trustee

    

Until 2016.

Trustee since 2005 and Chairman since 2007.

    

Consultant and private investor. Formerly, Chief Investment Officer (1982-1992), Chief Financial Officer (1988-1990) and Director (1982-1992), New England Life. Formerly, Chairperson, New England Mutual Funds (1982-1992). Formerly, President and Chief Executive Officer, State Street Management & Research (1992-2000). Formerly, Chairperson, State Street Research Mutual Funds (1992-2000). Formerly, Director, W.P. Carey, LLC (1998-2004) and First Pioneer Farm Credit Corp. (2002-2006).

Directorships in the Last Five Years.(2) None.

            

Principal Officers who are not Trustees

Name and Year of Birth   

Position(s)

with the

Trusts

     Officer
Since
(6)
    

Principal Occupation(s)

During Past Five Years

Payson F. Swaffield

1956

   President      2003      Vice President and Chief Income Investment Officer of EVM and BMR.

Maureen A. Gemma

1960

   Vice President, Secretary and Chief Legal Officer      2005      Vice President of EVM and BMR.

James F. Kirchner

1967

   Treasurer      2007      Vice President of EVM and BMR.

 

  72  


Eaton Vance

Municipal Income Trusts

November 30, 2014

 

Management and Organization — continued

 

 

Name and Year of Birth   

Position(s)

with the

Trusts

     Officer
Since
(6)
    

Principal Occupation(s)

During Past Five Years

Principal Officers who are not Trustees (continued)

Paul M. O’Neil

1953

   Chief Compliance Officer      2004      Vice President of EVM and BMR.

 

(1) 

Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal.

(2) 

During their respective tenures, the Trustees (except for Ms. Frost and Mr. Gorman) also served as Board members of one or more of the following funds (which operated in the years noted): eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnitsTM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); Eaton Vance Credit Opportunities Fund (launched in 2005 and terminated in 2010); Eaton Vance Insured Florida Plus Municipal Bond Fund (launched in 2002 and terminated in 2009); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnitsTM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

(3) 

Ms. Frost and Mr. Gorman began serving as Trustees effective May 29, 2014.

(4) 

Ms. Mosley began serving as a Trustee effective January 1, 2014.

(5) 

Due to a lack of quorum of APS, the Trusts were unable to act on election of Mr. Park. Accordingly, Mr. Park will remain in office and continue to serve as Trustee of the Trusts.

(6) 

Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

(A) 

APS Trustee.

 

  73  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

Ÿ  

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

Ÿ  

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

Ÿ  

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

Ÿ  

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

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

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

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

 

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

 

147    11.30.14    


Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).


Item 4. Principal Accountant Fees and Services

(a)-(d)

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended November 30, 2013 and November 30, 2014 by the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

 

Fiscal Years Ended

   11/30/13      11/30/14  

Audit Fees

   $ 26,430       $ 26,230   

Audit-Related Fees(1)

   $ 3,915       $ 0   

Tax Fees(2)

   $ 7,760       $ 8,290   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

$ 38,105    $ 34,520   
  

 

 

    

 

 

 

 

(1)  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees and specifically include fees for the performance of certain agreed-upon procedures relating to the registrant’s auction preferred shares.
(2)  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.
(3)  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.


(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended November 30, 2013 and November 30, 2014; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

 

Fiscal Years Ended

   11/30/13      11/30/14  

Registrant

   $ 11,675       $ 8,290   

Eaton Vance(1)

   $ 409,685       $ 99,750   

 

(1) Eaton Vance Management, a subsidiary of Eaton Vance Corp., acts as the registrant’s investment adviser and administrator.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park (Chair), Scott E. Eston, Ronald A. Pearlman, Helen Frame Peters and Ralph F. Verni are the members of the registrant’s audit committee.

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

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy. The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of


proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies and/or refer them back to the investment adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies. The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies. The investment adviser generally supports management on social and environmental proposals. The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients. The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personnel of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists. If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Craig R. Brandon, portfolio manager of Eaton Vance California Municipal Income Trust, Eaton Vance Massachusetts Municipal Income Trust and Eaton Vance New York Municipal Income Trust, Thomas M. Metzold, portfolio manager of Eaton Vance Michigan Municipal Income Trust and Eaton Vance Ohio Municipal Income Trust, and Adam A. Weigold, portfolio manager of Eaton Vance New Jersey Municipal Income Trust and Eaton Vance Pennsylvania Municipal Income Trust are responsible for the overall and day-to-day management of each Fund’s investments.

Mr. Brandon has been an Eaton Vance analyst since 1998, a portfolio manager since 2004, and is Co-Director of the Municipal Investments Group. Mr. Metzold has been an Eaton Vance portfolio manager since 1991 and is a Senior Portfolio Advisor. Mr. Weigold has been an Eaton Vance credit analyst since 1991 and a portfolio manager since 2007. Messrs. Brandon, Metzold and Weigold are Vice Presidents 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 each Fund’s most recent fiscal year end, 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
 

Craig R. Brandon

           

Registered Investment Companies

     17       $ 5,938.9         0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   

Thomas M. Metzold

           

Registered Investment Companies

     8       $ 5,501.0         0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   

Adam A. Weigold

           

Registered Investment Companies

     16       $ 2,236.8         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 each Fund’s most recent fiscal year end.

 

     Dollar Range of Equity
Securities
Owned in the Fund
 

California Municipal Income Trust

  

Craig R. Brandon

     None   

Massachusetts Municipal Income Trust

  

Craig R. Brandon

     None   

Michigan Municipal Income Trust

  

Thomas M. Metzold

     None   

New Jersey Municipal Income Trust

  

Adam A. Weigold

     None   

New York Municipal Income Trust

  

Craig R. Brandon

     None   

Ohio Municipal Income

  

Thomas M. Metzold

     None   

Pennsylvania Municipal Income Trust

  

Adam A. Weigold

     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 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 generally based on a substantially fixed percentage of pre-bonus adjusted 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

REGISTRANT PURCHASES OF EQUITY SECURITIES

 

Period*

   Total
Number of
Shares
Purchased
     Average
Price Paid
per Share
     Total Number of Shares
Purchased as Part of
Publicly Announced
Programs
     Maximum Number of
Shares that May Yet Be
Purchased Under the
Programs*
 

November 2013

     —           —           —           211,629   

December 2013

     —           —           —           211,629   

January 2014

     —           —           —           211,629   

February 2014

     —           —           —           211,629   

March 2014

     —           —           —           211,629   

April 2014

     —           —           —           211,629   

May 2014

     —           —           —           211,629   

June 2014

     —           —           —           211,629   

July 2014

     —           —           —           211,629   

August 2014

     —           —           —           211,629   

September 2014

     8,500       $ 12.46         8,500         203,129   

October 2014

     15,700       $ 12.56         15,700         187,429   

November 2014

     8,800       $ 12.50         8,800         178,629   

Total

     33,000       $ 12.52         33,000      

 

* On November 11, 2013, the Fund’s Board of Trustees approved a share repurchase program authorizing the Fund to repurchase up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value. The repurchase program was announced on November 15, 2013.


Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1) Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i) Treasurer’s Section 302 certification.
(a)(2)(ii) President’s Section 302 certification.
(b) Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Michigan Municipal Income Trust

 

By:

/s/ Payson F. Swaffield

Payson F. Swaffield
President
Date: January 12, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ James F. Kirchner

James F. Kirchner
Treasurer
Date: January 12, 2015
By:

/s/ Payson F. Swaffield

Payson F. Swaffield
President
Date: January 12, 2015