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, 2015

Date of Reporting Period

 

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2015

 

 

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

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

 

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

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


Annual Report November 30, 2015

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

     69   

Federal Tax Information

     70   

Dividend Reinvestment Plan

     71   

Management and Organization

     73   

Important Notices

     76   


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

As the fiscal year began on December 1, 2014, municipal bonds were at the tail end of a rally that continued into the first two months of the period ended November 30, 2015. U.S. 10-year Treasury and municipal rates hit their low for the period around the end of January 2015.

From February through June, municipal returns turned negative as a flood of new issuance, along with modest outflows from municipal mutual funds, put downward pressure on bond prices. Beginning in July 2015, however, municipal returns turned positive again and remained positive through the end of the fiscal year. For the period as a whole, municipal bond prices generally ended close to where they began, with total return derived primarily from interest income.

Going into the period, investors anticipated rising interest rates, driven by what was expected to be the Federal Reserve Board’s (the Fed’s) first rate hike since 2006. But strong worldwide demand for U.S. Treasuries, fueled by concern about declining growth in the Eurozone, Japan and China, pushed Treasury rates down in the early months of the period, with municipal rates following.

Beginning in February 2015, however, rates in the short end of the yield curve began to creep upward, as investors believed the Fed was getting closer to a rate hike. Then in August 2015, China surprised the markets by devaluing its currency. Commodity prices continued to fall, as they had for most of the period, and the Fed decided not to take action at its September meeting. Against this backdrop, many asset classes experienced dramatic volatility in the closing months of the period. But the municipal market, which had low exposure to emerging markets and commodities, remained stable, continuing its steady rally. Even in the last month of the period, as expectations increased for a Fed rate hike in December, the municipal market overall delivered positive returns.

For the one-year period as a whole, the municipal yield curve flattened. For AAA-rated7 issues, interest rates rose modestly in the one- to six-year part of the curve, while rates were unchanged or declined slightly across the seven- to 30-year part of the curve.

Fund Performance

For the fiscal year ended November 30, 2015, the California, Massachusetts, Michigan, New York, Ohio and Pennsylvania Funds’ shares at net asset value (NAV) outperformed the 4.44% return of the Barclays Long (22+) Year Municipal Bond Index (the Index),2 while the New Jersey Fund at NAV underperformed the Index.

Each Fund’s overall strategy is to invest primarily in investment grade bonds of the Fund’s particular state. Management may hedge to various degrees against the greater potential risk of volatility caused by the use of leverage and by investing in bonds at the long end of the yield curve by using Treasury futures. 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.

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 positive performance by municipal bonds, the additional income derived from the use of leverage was the single largest contributor to performance versus the Index — which does not employ leverage — for all seven Funds.

In contrast, an overweight in bonds priced to a short call date detracted from performance versus the Index for all Funds. While these bonds generally had maturities of 10 years or longer, they were callable within the next 2–3 years. This increased the Funds’ exposure to the short end of the yield curve, where bond prices declined slightly during the period.

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned 5.28%, outperforming the 4.44% return of the Index. As noted earlier, leverage was the most significant contributor to Fund performance versus the Index. An overweight and security selection in local general obligation bonds — those issued by cities and towns — and an overweight and security selection in the housing sector helped performance relative to the Index as well.

 

 

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, 2015

 

Management’s Discussion of Fund Performance — continued

 

 

An overweight in bonds priced to a short call date detracted from results versus the Index, as mentioned above. Additional detractors from results relative to the Index included an overweight in prerefunded, or escrowed, bonds; security selection and an underweight in the transportation sector, which was the best-performing sector in the Index during the period; and security selection in zero coupon bonds, which were the strongest-performing coupon structure in the Index during the one-year period.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned 5.21%, outperforming the 4.44% return of the Index. Contributors to performance versus the Index included leverage and security selection in the hospitals and health care sector. An overweight in bonds priced to a short call date detracted from results relative to the Index, as did an underweight in the transportation sector and an overweight in prerefunded bonds.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned 6.44%, outperforming the 4.44% return of the Index. Leverage, security selection in the electric power sector, and security selection in water and sewer bonds all helped performance relative to the Index during the period. In contrast, an overweight in bonds priced to a short call date, an underweight and security selection in the transportation sector, and an underweight in bonds rated BBB and below detracted from results versus the Index.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned 4.08%, underperforming the 4.44% return of the Index. During the period, New Jersey was the worst-performing state in the Index, due to continuing investor concerns about the state’s finances. Detractors from the Fund’s performance relative to the Index included an overweight in bonds priced to a short call date, security selection in the transportation sector, and security selection in Puerto Rico bonds.

Leverage, an overweight and security selection in industrial development revenue (IDR) bonds, and an overweight in zero coupon bonds all contributed to Fund performance versus the Index.

Eaton Vance New York Municipal Income Trust shares at NAV returned 5.63%, outperforming the 4.44% return of the Index. Leverage aided performance relative to the Index, as did an overweight in zero coupon bonds and an overweight and security selection in IDR bonds. Detractors from performance versus the Index included an overweight in bonds priced to a short call date, an underweight and security selection in the transportation sector, and an underweight in the hospitals and health care sector.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned 5.91%, outperforming the 4.44% return of the Index. Contributors to results versus the Index included leverage, an overweight in zero coupon bonds, and security selection in the electric power sector. Performance versus the Index was hurt by an overweight in bonds priced to a short call date, an underweight in bonds rated BBB and below, and an overweight in prerefunded bonds.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned 6.02%, outperforming the 4.44% return of the Index. Leverage, an overweight in the education sector, and security selection in IDR bonds all contributed to the Fund’s performance versus the Index. Detractors from performance relative to the Index included an overweight in bonds priced to a short call date, security selection in zero coupon bonds, and security selection in the hospitals and health care sector.

 

 

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, 2015

 

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         5.28      9.19      5.28

Fund at Market Price

             7.65         7.37         5.69   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –7.99
           
Distributions5                                

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              5.04

Taxable-Equivalent Distribution Rate at NAV

              10.27

Distribution Rate at Market Price

              5.47

Taxable-Equivalent Distribution Rate at Market Price

              11.15
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              30.43

Residual Interest Bond (RIB) Financing

              7.62   

Fund Profile

 

 

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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, 2015

 

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         5.21      7.79      5.64

Fund at Market Price

             10.75         5.84         5.15   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –7.46
           
Distributions5                                

Total Distributions per share for the period

            $ 0.686   

Distribution Rate at NAV

              4.53

Taxable-Equivalent Distribution Rate at NAV

              8.44

Distribution Rate at Market Price

              4.89

Taxable-Equivalent Distribution Rate at Market Price

              9.11
           
% Total Leverage6                                

APS

              31.60

RIB Financing

              3.02   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested 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, 2015

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         6.44      9.10      6.04

Fund at Market Price

             7.19         7.27         5.47   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –13.67
           
Distributions5                                

Total Distributions per share for the period

            $ 0.709   

Distribution Rate at NAV

              4.81

Taxable-Equivalent Distribution Rate at NAV

              8.88

Distribution Rate at Market Price

              5.57

Taxable-Equivalent Distribution Rate at Market Price

              10.28
           
% Total Leverage6                                

APS

              37.09

Fund Profile

 

 

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* Amount is less than 0.05%.

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and 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, 2015

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         4.08      7.20      5.27

Fund at Market Price

             6.21         4.39         4.79   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –10.72
           
Distributions5                                

Total Distributions per share for the period

            $ 0.728   

Distribution Rate at NAV

              5.28

Taxable-Equivalent Distribution Rate at NAV

              10.25

Distribution Rate at Market Price

              5.91

Taxable-Equivalent Distribution Rate at Market Price

              11.47
           
% Total Leverage6                                

APS

              33.35

RIB Financing

              3.35   

Fund Profile

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested 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, 2015

 

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         5.63      8.85      5.60

Fund at Market Price

             6.13         7.24         5.47   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –5.45
           
Distributions5                                

Total Distributions per share for the period

            $ 0.813   

Distribution Rate at NAV

              5.51

Taxable-Equivalent Distribution Rate at NAV

              10.68

Distribution Rate at Market Price

              5.83

Taxable-Equivalent Distribution Rate at Market Price

              11.30
           
% Total Leverage6                                

APS

              25.72

RIB Financing

              13.64   

Fund Profile

 

 

LOGO

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested 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, 2015

 

Performance2,3

 

Portfolio Manager Cynthia J. Clemson

 

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

Fund at NAV

     01/29/1999         5.91      8.99      6.05

Fund at Market Price

             6.11         6.33         5.49   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –9.93
           
Distributions5                                

Total Distributions per share for the period

            $ 0.731   

Distribution Rate at NAV

              4.81

Taxable-Equivalent Distribution Rate at NAV

              8.95

Distribution Rate at Market Price

              5.34

Taxable-Equivalent Distribution Rate at Market Price

              9.93
           
% Total Leverage6                                

APS

              33.60

RIB Financing

              2.15   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested 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, 2015

 

Performance2,3

 

Portfolio Manager Adam A. Weigold, CFA

 

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

Fund at NAV

     01/29/1999         6.02      7.33      5.44

Fund at Market Price

             6.08         4.94         4.10   

Barclays Long (22+) Year Municipal Bond Index

             4.44      6.70      5.19
           
% Premium/Discount to NAV4                                
              –13.32
           
Distributions5                                

Total Distributions per share for the period

            $ 0.727   

Distribution Rate at NAV

              5.23

Taxable-Equivalent Distribution Rate at NAV

              9.53

Distribution Rate at Market Price

              6.04

Taxable-Equivalent Distribution Rate at Market Price

              11.01
           
% Total Leverage6                                

APS

              36.48

RIB Financing

              1.29   

Fund Profile

 

 

LOGO

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested 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, 2015

 

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 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 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. Subsequent distributions declared, but not reflected in Fund Performance, reflect a reduction of the monthly distribution for New York Municipal Income Trust.

 

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.

Important Notice to Shareholders

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

 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 157.3%     
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 15.5%

               

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

  $ 3,135      $ 3,434,800   

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

    195        229,743   

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

    330        386,060   

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

    745        833,700   

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

    1,600        1,911,008   

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

    235        286,799   

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

    2,490        2,772,739   

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

    630        710,974   

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

    415        482,408   

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

    285        327,488   

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

    810        954,310   

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

    850        994,152   

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

    895        1,040,787   

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

    1,045        1,174,507   

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

    205        234,415   
                 
    $ 15,773,890   
                 

Electric Utilities — 13.6%

               

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

  $ 270      $ 308,351   

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

    2,275        2,329,395   

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

    1,500        1,711,365   

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

    2,170        2,391,666   

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

    1,500        1,685,565   

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

    1,335        1,570,320   

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

    1,795        2,111,405   

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

    680        772,643   

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

    900        993,519   
                 
    $ 13,874,229   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Escrowed / Prerefunded — 2.9%

               

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

  $ 715      $ 787,980   

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

    1,475        1,705,307   

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

    400        441,300   
                 
    $ 2,934,587   
                 

General Obligations — 25.9%

               

California, 5.00%, 10/1/31

  $ 1,885      $ 2,212,406   

California, 5.50%, 11/1/35

    1,600        1,905,744   

California, 6.00%, 4/1/38

    750        874,343   

Escondido, 5.00%, 9/1/36

    1,000        1,160,640   

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

    3,655        4,176,313   

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

    2,890        3,113,281   

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

    1,545        1,669,898   

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

    860        996,654   

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

    1,315        1,584,049   

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

    2,230        2,668,641   

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

    3,180        3,570,122   

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

    2,150        2,471,145   
                 
    $ 26,403,236   
                 

Hospital — 14.3%

               

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

  $ 1,000      $ 1,129,560   

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

    190        213,307   

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

    635        712,311   

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

    910        1,014,149   

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

    2,000        2,297,780   

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

    1,000        1,111,320   

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

    1,145        1,321,994   

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

    535        611,393   

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

    600        617,454   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

               

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

  $ 1,900      $ 1,934,466   

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

    2,780        2,872,630   

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

    700        700,994   
                 
    $ 14,537,358   
                 

Insured – Education — 1.5%

  

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

  $ 1,250      $ 1,492,975   
                 
    $ 1,492,975   
                 

Insured – Electric Utilities — 2.9%

               

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

  $ 2,790      $ 2,998,162   
                 
    $ 2,998,162   
                 

Insured – Escrowed / Prerefunded — 10.2%

  

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

  $ 6,485      $ 2,444,067   

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

    4,825        1,719,582   

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

    5,130        4,095,689   

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

    2,005        2,150,362   
                 
    $ 10,409,700   
                 

Insured – General Obligations — 4.6%

               

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

  $ 1,000      $ 1,129,110   

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

    4,720        3,543,351   
                 
    $ 4,672,461   
                 

Insured – Hospital — 8.8%

               

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

  $ 2,900      $ 2,939,556   

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

    750        757,687   

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

    5,000        5,213,000   
                 
    $ 8,910,243   
                 

Insured – Lease Revenue / Certificates of Participation — 8.0%

  

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

  $ 4,410      $ 4,337,941   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Lease Revenue / Certificates of Participation (continued)

  

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

  $ 3,500      $ 3,804,535   
                 
    $ 8,142,476   
                 

Insured – Special Tax Revenue — 3.5%

  

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

  $ 4,850      $ 721,777   

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

    370        429,563   

Successor Agency to Santa Rosa Redevelopment Agency, (BAM), 5.00%, 8/1/28

    2,000        2,374,740   
                 
    $ 3,526,080   
                 

Insured – Transportation — 8.6%

  

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

  $ 5,000      $ 2,799,950   

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

    4,500        2,420,235   

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

    740        729,714   

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

    1,275        1,328,856   

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

    1,350        1,427,706   
                 
    $ 8,706,461   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 1,047,282   
                 
    $ 1,047,282   
                 

Other Revenue — 0.4%

               

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

  $ 385      $ 409,166   
                 
    $ 409,166   
                 

Senior Living / Life Care — 2.5%

  

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

  $ 290      $ 328,451   

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

    175        177,009   

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

    700        700,658   

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

    600        696,810   
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

               

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

  $ 535      $ 624,425   
                 
    $ 2,527,353   
                 

Special Tax Revenue — 17.0%

               

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

  $ 770      $ 862,778   

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

    285        293,849   

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

    460        471,026   

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

    1,590        1,615,583   

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

    240        279,547   

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

    480        553,445   

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

    240        273,931   

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

    335        379,987   

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

    240        270,492   

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

    2,400        2,740,584   

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

    1,500        1,770,765   

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

    1,250        1,463,300   

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

    485        556,804   

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

    725        829,291   

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

    1,600        1,898,800   

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

    1,360        1,577,573   

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

    800        916,296   

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

    500        516,730   
                 
    $ 17,270,781   
                 

Transportation — 14.2%

               

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

  $ 2,000      $ 2,032,260   

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

    1,000        1,139,100   

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

    2,120        2,408,362   
Security   Principal
Amount
(000’s omitted)
    Value  

Transportation (continued)

               

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

  $ 1,500      $ 1,688,835   

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

    1,500        1,633,005   

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

    2,760        3,090,759   

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

    2,265        2,476,483   
                 
    $ 14,468,804   
                 

Water and Sewer — 1.9%

               

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

  $ 25      $ 27,561   

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

    1,700        1,900,413   
                 
    $ 1,927,974   
                 

Total Tax-Exempt Municipal Securities — 157.3%
(identified cost $146,898,843)

   

  $ 160,033,218   
                 
Taxable Municipal Securities — 1.8%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 1.8%

  

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

  $ 1,750      $ 1,872,343   
   

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

   

  $ 1,872,343   
                 
 

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2015

 

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      $ 737,605   
                 

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

   

  $ 737,605   
                 

Total Investments — 159.8%
(identified cost $149,368,843)

   

  $ 162,643,166   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (49.1)%

  

  $ (49,975,548
                 

Other Assets, Less Liabilities — (10.7)%

  

  $ (10,935,521
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 101,732,097   
                 

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

The Trust invests primarily in debt securities issued by 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, 2015, 30.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 15.3% 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 $2,003,485.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $1,574,477 or 1.5% of the Trust’s net assets applicable to common shares.

 

 

Futures Contracts  
Description   Contracts      Position    Expiration
Month/Year
   Aggregate
Cost
     Value      Net Unrealized
Depreciation
 

Interest Rate Futures

                
U.S. 10-Year Treasury Note     38       Short    Mar-16    $ (4,798,319    $ (4,804,625    $ (6,306
U.S. Long Treasury Bond     29       Short    Mar-16      (4,453,711      (4,466,000      (12,289
                                         $ (18,595

Abbreviations:

 

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

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 149.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 6.0%

  

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

  $ 910      $ 1,187,714   

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

    990        1,299,909   
   
    $ 2,487,623   
   

Education — 24.3%

  

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

  $ 1,665      $ 1,845,553   

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

    1,080        1,225,800   

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

    770        873,973   

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

    1,500        1,601,340   

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

    1,640        2,184,103   

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

    1,350        1,522,300   

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

    750        843,083   
   
    $ 10,096,152   
   

Escrowed / Prerefunded — 9.4%

  

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

  $ 40      $ 44,432   

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

    625        693,575   

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

    1,055        1,128,597   

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

    415        443,539   

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

    1,420        1,589,733   
   
    $ 3,899,876   
   

General Obligations — 12.4%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 332,946   

Danvers, 5.25%, 7/1/36

    885        1,046,309   

Lexington, 4.00%, 2/1/23

    355        411,111   

Newton, 5.00%, 4/1/36

    750        840,113   

Plymouth, 5.00%, 5/1/31

    345        399,058   

Plymouth, 5.00%, 5/1/32

    315        364,357   

Wayland, 5.00%, 2/1/33

    510        590,677   

Wayland, 5.00%, 2/1/36

    770        889,481   

Winchester, 5.00%, 4/15/36

    245        283,281   
   
    $ 5,157,333   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 28.0%

  

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

  $ 1,000      $ 1,098,160   

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

    600        710,304   

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

    180        201,744   

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

    525        610,822   

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

    1,250        1,402,600   

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

    600        724,308   

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

    555        614,568   

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

    1,210        1,358,201   

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

    500        561,440   

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

    1,135        1,234,801   

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

    970        1,041,111   

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

    945        1,000,944   

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

    675        677,774   

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

    350        381,083   
   
    $ 11,617,860   
   

Housing — 5.1%

  

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

  $ 2,100      $ 2,104,074   
   
    $ 2,104,074   
   

Industrial Development Revenue — 2.0%

  

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

  $ 800      $ 806,384   
   
    $ 806,384   
   

Insured – Education — 7.3%

  

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

  $ 1,000      $ 1,274,790   

Massachusetts Development Finance Agency, (College of the Holy Cross), (AMBAC), 5.25%, 9/1/32(2)(3)

    1,365        1,753,083   
   
    $ 3,027,873   
   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities — 1.3%

  

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

  $ 550      $ 527,538   
   
    $ 527,538   
   

Insured – General Obligations — 3.1%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,300,430   
   
    $ 1,300,430   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 379,381   
   
    $ 379,381   
   

Insured – Other Revenue — 1.8%

  

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

  $ 590      $ 732,568   
   
    $ 732,568   
   

Insured – Special Tax Revenue — 12.9%

  

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

  $ 900      $ 1,093,068   

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

    1,195        1,402,595   

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

    1,000        1,273,890   

Massachusetts School Building Authority, Dedicated Sales Tax Revenue, (AMBAC), 5.00%, 8/15/37(2)

    1,340        1,422,960   

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

    1,105        164,446   
   
    $ 5,356,959   
   

Insured – Student Loan — 2.1%

  

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

  $ 235      $ 247,201   

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

    615        620,289   
   
    $ 867,490   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 329,326   
   
    $ 329,326   
   

Other Revenue — 2.7%

  

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

  $ 500      $ 558,720   
Security   Principal
Amount
(000’s omitted)
    Value  

Other Revenue (continued)

  

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

  $ 505      $ 563,408   
   
    $ 1,122,128   
   

Senior Living / Life Care — 1.8%

  

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

  $ 125      $ 140,095   

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

    140        140,781   

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

    475        469,780   
   
    $ 750,656   
   

Special Tax Revenue — 8.5%

  

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

  $ 100      $ 110,161   

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

    1,665        824,525   

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

    5,195        2,223,148   

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

    335        377,605   
   
    $ 3,535,439   
   

Transportation — 10.7%

  

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

  $ 1,500      $ 1,673,820   

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

    500        570,600   

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

    670        757,817   

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

    1,250        1,438,913   
   
    $ 4,441,150   
   

Water and Sewer — 8.2%

  

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

  $ 495      $ 560,498   

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

    225        254,039   

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

    1,005        1,155,006   

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

    1,195        1,407,316   
   
    $ 3,376,859   
   

Total Tax-Exempt Municipal Securities — 149.3%
(identified cost $56,558,490)

   

  $ 61,917,099   
   
 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Taxable Municipal Securities — 1.8%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Student Loan — 1.8%

  

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

  $ 750      $ 742,050   
   

Total Taxable Municipal Securities — 1.8%
(identified cost $734,987)

   

  $ 742,050   
   

Total Investments — 151.1%
(identified cost $57,293,477)

   

  $ 62,659,149   
   

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

  

  $ (20,050,593
   

Other Assets, Less Liabilities — (2.8)%

  

  $ (1,130,391
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 41,478,165   
   

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 20.0% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.0% to 9.3% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $1,416,945 or 3.4% of the Trust’s net assets applicable to common shares.

 

(2) 

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

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $843,083.

 

 

Futures Contracts  
Description   Contracts      Position    Expiration
Month/Year
   Aggregate
Cost
     Value      Net Unrealized
Depreciation
 

Interest Rate Futures

                
U.S. Long Treasury Bond     23       Short    Mar-16    $ (3,532,254    $ (3,542,000    $ (9,746
                                         $ (9,746

Abbreviations:

 

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

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 154.1%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 2.3%

  

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

  $ 600      $ 672,858   
   
    $ 672,858   
   

Education — 7.0%

  

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

  $ 1,000      $ 1,115,620   

Oakland University, 5.00%, 3/1/42

    500        552,400   

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

    370        413,704   
   
    $ 2,081,724   
   

Electric Utilities — 9.2%

  

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

  $ 1,135      $ 1,295,319   

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

    500        589,590   

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

    800        853,488   
   
    $ 2,738,397   
   

Escrowed / Prerefunded — 5.7%

  

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

  $ 525      $ 552,352   

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

    525        553,009   

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

    500        586,605   
   
    $ 1,691,966   
   

General Obligations — 28.0%

  

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

  $ 350      $ 373,027   

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

    275        305,767   

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

    220        244,235   

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

    435        484,229   

Jenison Public Schools, 5.00%, 5/1/28

    500        556,630   

Jenison Public Schools, 5.00%, 5/1/30

    500        553,355   

Kent County, 5.00%, 1/1/25

    1,500        1,654,860   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,143,580   

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

    1,005        1,163,056   

Michigan, 5.50%, 11/1/25

    270        303,944   

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

    365        415,009   

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

    1,000        1,114,720   
   
    $ 8,312,412   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital — 24.4%

  

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

  $ 1,000      $ 1,084,510   

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

    250        276,540   

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

    500        552,350   

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

    990        1,124,363   

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

    10        11,779   

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

    250        258,195   

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

    1,000        1,037,250   

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

    425        430,517   

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

    1,250        1,371,575   

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

    1,000        1,100,830   
   
  $ 7,247,909   
   

Housing — 0.5%

  

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

  $ 135      $ 139,874   
   
  $ 139,874   
   

Industrial Development Revenue — 2.5%

  

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

  $ 750      $ 745,207   
   
  $ 745,207   
   

Insured – Education — 5.0%

  

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

  $ 570      $ 621,539   

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

    500        546,930   

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

    300        327,591   
   
  $ 1,496,060   
   

Insured – Electric Utilities — 3.3%

  

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

  $ 630      $ 604,271   

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

    250        236,100   

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

    155        144,621   
   
  $ 984,992   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded — 3.0%

  

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

  $ 555      $ 290,559   

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

    1,190        592,584   
   
  $ 883,143   
   

Insured – General Obligations — 28.4%

  

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

  $ 1,105      $ 1,159,278   

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

    500        553,270   

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

    150        157,265   

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

    240        252,038   

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

    300        354,789   

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

    1,000        1,152,240   

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

    910        1,009,154   

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

    500        562,720   

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

    1,200        1,333,944   

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

    1,250        1,345,412   

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

    500        546,345   
   
  $ 8,426,455   
   

Insured – Lease Revenue / Certificates of Participation — 3.5%

  

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

  $ 445      $ 230,394   

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

    1,610        791,959   
   
  $ 1,022,353   
   

Insured – Special Tax Revenue — 0.5%

  

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

  $ 895      $ 133,194   
   
  $ 133,194   
   

Insured – Transportation — 3.7%

  

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

  $ 1,000      $ 1,100,670   
   
  $ 1,100,670   
   

Insured – Water and Sewer — 7.2%

  

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

  $ 560      $ 566,345   

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

    1,000        1,097,350   

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

    475        475,266   
   
  $ 2,138,961   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Lease Revenue / Certificates of Participation — 3.5%

  

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

  $ 1,000      $ 1,050,910   
   
  $ 1,050,910   
   

Special Tax Revenue — 5.2%

  

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

  $ 115      $ 127,313   

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

    125        138,721   

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

    1,000        1,145,250   

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

    110        123,990   
   
  $ 1,535,274   
   

Water and Sewer — 11.2%

  

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

  $ 750      $ 808,155   

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

    735        927,386   

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

    1,250        1,309,175   

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

    250        273,593   
   
  $ 3,318,309   
   

Total Tax-Exempt Investments — 154.1%
(identified cost $42,478,350)

   

  $ 45,720,668   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (59.0)%

  

  $ (17,500,257
   

Other Assets, Less Liabilities — 4.9%

  

  $ 1,456,866   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 29,677,277   
   

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 35.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.4% to 15.0% of total investments.

Abbreviations:

 

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

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 154.2%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Education — 22.3%

  

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

  $ 1,270      $ 1,434,097   

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

    1,730        1,944,468   

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

    620        700,705   

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

    380        428,553   

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

    640        699,558   

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

    1,230        1,358,018   

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

    1,650        1,722,930   

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

    965        1,171,317   

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

    1,295        1,430,781   

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

    1,000        1,145,000   

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

    1,900        2,109,456   
   
  $ 14,144,883   
   

Escrowed / Prerefunded — 3.0%

  

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

  $ 815      $ 851,659   

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

    915        1,062,617   
   
  $ 1,914,276   
   

General Obligations — 6.6%

  

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

  $ 1,850      $ 2,125,613   

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

    1,795        2,040,089   
   
  $ 4,165,702   
   

Hospital — 18.2%

  

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

  $ 650      $ 736,450   

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

    2,290        2,475,238   

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

    2,090        2,182,357   

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

    750        763,215   
Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 265      $ 307,617   

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

    250        275,160   

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

    1,000        1,103,470   

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

    2,380        2,412,368   

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

    60        61,587   

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

    1,075        1,212,622   
   
  $ 11,530,084   
   

Housing — 1.4%

  

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

  $ 415      $ 419,233   

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

    480        486,432   
   
  $ 905,665   
   

Industrial Development Revenue — 7.7%

  

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

  $ 1,085      $ 1,117,800   

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

    50        54,782   

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

    135        147,473   

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

    750        825,697   

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

    220        245,544   

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

    2,235        2,528,500   
   
  $ 4,919,796   
   

Insured – Electric Utilities — 1.8%

  

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

  $ 135      $ 129,487   

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

    490        457,190   

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

    595        552,683   
   
  $ 1,139,360   
   

Insured – Escrowed / Prerefunded — 4.0%

  

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

  $ 1,240      $ 1,409,992   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Escrowed / Prerefunded (continued)

  

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

  $ 970      $ 1,100,028   
   
  $ 2,510,020   
   

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      $ 3,553,487   
   
  $ 3,553,487   
   

Insured – General Obligations — 4.9%

  

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

  $ 1,015      $ 1,118,358   

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

    1,000        1,130,670   

Paterson, (BAM), 5.00%, 1/15/26

    750        831,285   
   
  $ 3,080,313   
   

Insured – Hospital — 3.9%

  

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

  $ 375      $ 396,398   

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

    500        528,530   

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

    1,380        1,547,849   
   
  $ 2,472,777   
   

Insured – Industrial Development Revenue — 3.3%

  

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

  $ 1,940      $ 2,071,319   
   
  $ 2,071,319   
   

Insured – Lease Revenue / Certificates of Participation — 3.8%

  

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

  $ 530      $ 581,765   

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

    640        693,619   

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

    1,000        1,143,950   
   
  $ 2,419,334   
   

Insured – Special Tax Revenue — 13.6%

  

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

  $ 5,250      $ 4,071,165   

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

    4,300        2,919,958   
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Special Tax Revenue (continued)

  

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

  $ 2,020      $ 1,311,202   

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

    2,020        300,617   
   
  $ 8,602,942   
   

Insured – Student Loan — 2.9%

  

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

  $ 1,700      $ 1,830,577   
   
  $ 1,830,577   
   

Insured – Transportation — 6.6%

  

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

  $ 850      $ 941,621   

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

    1,500        1,634,475   

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

    2,400        1,289,040   

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

    315        352,501   
   
  $ 4,217,637   
   

Lease Revenue / Certificates of Participation — 5.3%

  

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

  $ 1,100      $ 1,138,720   

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

    400        456,920   

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

    1,700        1,777,231   
   
  $ 3,372,871   
   

Other Revenue — 4.0%

  

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

  $ 2,040      $ 2,265,338   

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

    250        282,650   
   
  $ 2,547,988   
   

Senior Living / Life Care — 3.5%

  

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

  $ 465      $ 484,344   

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

    770        799,291   

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

    700        712,817   

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

    215        233,006   
   
  $ 2,229,458   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 2.4%

  

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

  $ 100      $ 102,841   

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

    175        178,385   

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

    750        461,707   

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

    500        214,215   

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

    500        563,590   
   
  $ 1,520,738   
   

Student Loan — 4.3%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.274%, 6/1/36(2)(3)(4)

  $ 1,975      $ 1,962,743   

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

    740        752,787   
   
  $ 2,715,530   
   

Transportation — 22.8%

  

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

  $ 1,060      $ 1,179,303   

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

    1,080        1,201,554   

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

    1,850        1,980,980   

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

    250        270,970   

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

    530        581,712   

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

    3,600        3,947,256   

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

    2,400        2,737,032   

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

    1,995        2,172,675   

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

    400        425,116   
   
  $ 14,496,598   
   

Water and Sewer — 2.3%

  

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

  $ 1,275      $ 1,440,699   
   
  $ 1,440,699   
   

Total Tax-Exempt Municipal Securities — 154.2%
(identified cost $90,648,882)

   

  $ 97,802,054   
   
Taxable Municipal Securities — 1.6%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations — 1.6%

  

Atlantic City, 7.50%, 3/1/40

  $ 1,000      $ 1,025,370   
   

Total Taxable Municipal Securities — 1.6%
(identified cost $972,662)

   

  $ 1,025,370   
   

Total Investments — 155.8%
(identified cost $91,621,544)

   

  $ 98,827,424   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.7)%

  

  $ (33,425,367
   

Other Assets, Less Liabilities — (3.1)%

  

  $ (1,957,232
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 63,444,825   
   

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 32.3% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.8% to 9.0% of total investments.

 

(1)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $1,117,800 or 1.8% of the Trust’s net assets applicable to common shares.

 

(2)

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

 

(3)

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $382,743.

 

(4) 

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2015.

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

 

Futures Contracts  
Description   Contracts    Position    Expiration
Month/Year
  

Aggregate

Cost

   Value      Net Unrealized
Depreciation
 

Interest Rate Futures

  

U.S. Long Treasury Bond   30    Short    Mar-16    $(4,607,287)    $ (4,620,000    $ (12,713
                                 $ (12,713

Abbreviations:

 

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

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 160.0%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Bond Bank — 5.9%

  

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

  $ 1,730      $ 1,959,952   

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

    2,535        2,773,493   
                 
  $ 4,733,445   
                 

Cogeneration — 1.2%

  

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

  $ 990      $ 990,158   
                 
  $ 990,158   
                 

Education — 27.5%

  

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

  $ 310      $ 341,732   

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

    1,490        1,644,304   

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

    325        358,657   

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

    510        569,762   

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

    1,000        1,100,380   

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

    725        843,153   

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

    510        576,198   

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

    2,000        2,256,600   

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

    220        250,595   

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

    1,000        1,184,980   

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

    2,250        2,533,702   

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

    2,500        2,796,500   

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

    325        372,037   

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

    400        468,496   

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

    1,695        1,840,923   

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

    2,000        2,274,240   

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

    280        300,121   
Security   Principal
Amount
(000’s omitted)
    Value  

Education (continued)

  

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

  $ 735      $ 789,353   

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

    1,205        1,371,652   
                 
  $ 21,873,385   
                 

Electric Utilities — 4.7%

  

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

  $ 1,420      $ 1,663,246   

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

    1,735        2,042,286   
                 
  $ 3,705,532   
                 

Escrowed / Prerefunded — 5.2%

  

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

  $ 955      $ 1,098,298   

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

    845        881,014   

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

    750        798,862   

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

    1,250        1,343,725   
                 
  $ 4,121,899   
                 

General Obligations — 5.9%

  

New York, 5.00%, 2/15/34(1)

  $ 4,000      $ 4,624,120   

New York City, 6.25%, 10/15/28

    45        51,607   
                 
  $ 4,675,727   
                 

Hospital — 14.3%

  

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

  $ 130      $ 149,168   

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

    960        1,081,066   

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

    645        646,361   

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

    1,000        1,084,770   

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

    1,000        1,135,060   

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

    1,000        1,100,640   

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

    525        586,047   

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

    415        453,159   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Hospital (continued)

  

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

  $ 835      $ 910,367   

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

    710        711,754   

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

    395        400,155   

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

    1,000        1,036,840   

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

    650        688,369   

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

    1,250        1,384,450   
                 
  $ 11,368,206   
                 

Housing — 11.5%

  

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

  $ 2,620      $ 2,660,531   

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

    650        662,318   

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

    1,000        1,043,440   

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

    2,625        2,692,174   

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

    1,500        1,546,095   

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

    535        550,900   
                 
  $ 9,155,458   
                 

Industrial Development Revenue — 6.0%

  

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

  $ 1,000      $ 1,108,180   

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

    1,000        1,000,700   

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

    980        1,170,571   

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

    1,350        1,360,071   

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

    100        101,514   
                 
  $ 4,741,036   
                 

Insured – Education — 7.0%

  

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

  $ 1,250      $ 1,487,762   

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

    1,500        1,631,280   

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

    5,365        2,467,471   
                 
  $ 5,586,513   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Electric Utilities — 2.0%

  

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

  $ 1,365      $ 1,580,615   
                 
  $ 1,580,615   
                 

Insured – General Obligations — 2.3%

  

Oyster Bay, (AGM), 4.00%, 8/1/28

  $ 1,680      $ 1,808,268   
                 
  $ 1,808,268   
                 

Insured – Other Revenue — 4.5%

  

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

  $ 2,645      $ 1,554,572   

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

    3,625        2,012,093   
                 
  $ 3,566,665   
                 

Insured – Special Tax Revenue — 0.5%

  

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

  $ 2,475      $ 368,330   
                 
  $ 368,330   
                 

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      $ 1,002,980   
                 
  $ 1,002,980   
                 

Other Revenue — 9.2%

  

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

  $ 3,120      $ 1,561,373   

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

    380        431,756   

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

    625        686,100   

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

    1,000        1,110,780   

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

    1,300        1,333,384   

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

    2,000        2,180,960   
                 
  $ 7,304,353   
                 

Senior Living / Life Care — 7.1%

  

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

  $ 830      $ 906,526   

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

    855        927,299   
 

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Senior Living / Life Care (continued)

  

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

  $ 280      $ 297,477   

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

    120        126,034   

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

    905        990,839   

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

    230        234,294   

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

    230        232,804   

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

    1,830        1,963,480   
                 
  $ 5,678,753   
                 

Special Tax Revenue — 21.0%

  

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

  $ 1,500      $ 1,696,635   

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

    2,100        2,475,186   

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

    1,000        1,161,570   

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

    1,000        1,119,970   

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

    2,380        2,732,383   

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

    6,000        6,925,020   

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

    545        614,313   
                 
  $ 16,725,077   
                 

Transportation — 16.8%

  

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

  $ 790      $ 840,197   

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

    1,500        1,689,525   

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

    700        789,159   

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

    1,000        1,119,030   

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

    1,665        1,895,802   

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

    990        1,078,169   

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

    2,500        2,910,100   

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

    2,740        3,056,169   
                 
  $ 13,378,151   
                 

Water and Sewer — 6.1%

  

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

  $ 585      $ 318,146   
Security   Principal
Amount
(000’s omitted)
    Value  

Water and Sewer (continued)

  

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

  $ 3,105      $ 3,459,343   

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

    1,000        1,091,270   
                 
    $ 4,868,759   
   

Total Tax-Exempt Investments — 160.0%
(identified cost $114,937,765)

   

  $ 127,233,310   
                 
Miscellaneous — 0.9%   
   
Security   Units     Value  

Real Estate — 0.9%

  

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

    257      $ 698,276   
                 

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

   

  $ 698,276   
                 

Total Investments — 160.9%
(identified cost $115,760,165)

   

  $ 127,931,586   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (42.4)%

  

  $ (33,725,493
   

Other Assets, Less Liabilities — (18.5)%

  

  $ (14,688,556
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 79,517,537   
   

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

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 10.9% 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 1.4% to 2.8% 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, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $4,392,431 or 5.5% of the Trust’s net assets applicable to common shares.

 

(3) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,289,529.

 

 

  27   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

 

(4) 

Non-income producing.

 

(5) 

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

 

 

Futures Contracts  
Description   Contracts      Position    Expiration
Month/Year
   Aggregate
Cost
     Value      Net Unrealized
Depreciation
 

Interest Rate Futures

                
U.S. Long Treasury Bond     29       Short    Mar-16    $ (4,453,711    $ (4,466,000    $ (12,289
                                         $ (12,289

Abbreviations:

 

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

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 150.2%   
   
Security  

Principal

Amount

(000’s omitted)

    Value  

Bond Bank — 3.4%

  

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

  $ 250      $ 283,975   

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

    210        239,196   

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

    875        940,083   
                 
  $ 1,463,254   
                 

Education — 18.3%

  

Miami University, 4.00%, 9/1/39

  $ 500      $ 522,525   

Miami University, 5.00%, 9/1/33

    1,000        1,160,680   

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

    440        485,382   

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

    1,250        1,411,075   

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

    500        568,975   

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

    1,000        1,105,230   

Ohio State University, 5.00%, 12/1/28

    480        607,973   

Ohio State University, 5.00%, 12/1/30

    545        693,365   

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

    500        566,375   

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

    750        825,675   
                 
  $ 7,947,255   
                 

Electric Utilities — 2.6%

  

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

  $ 470      $ 530,531   

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

    500        581,405   
                 
  $ 1,111,936   
                 

Escrowed / Prerefunded — 10.2%

  

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

  $ 1,750      $ 1,988,192   

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

    65        72,352   

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

    445        482,865   

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

    750        813,083   

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

    180        189,002   

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

    195        204,752   
Security  

Principal

Amount

(000’s omitted)

    Value  

Escrowed / Prerefunded (continued)

  

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

  $ 625      $ 656,256   

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

    20        26,116   
                 
  $ 4,432,618   
                 

General Obligations — 14.3%

  

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

  $ 335      $ 380,061   

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

    900        954,117   

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

    1,025        1,122,027   

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

    100        123,587   

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

    595        679,645   

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

    400        449,376   

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

    1,250        1,321,937   

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

    1,000        1,165,390   
                 
  $ 6,196,140   
                 

Hospital — 22.9%

  

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

  $ 1,075      $ 1,191,379   

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

    560        608,014   

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

    500        552,085   

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

    800        883,032   

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

    250        285,500   

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

    750        879,232   

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

    315        317,574   

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

    500        508,600   

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

    500        544,215   

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

    800        868,176   

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

    500        560,205   

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

    1,000        1,128,580   

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

    555        606,482   
 

 

  29   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Hospital (continued)

  

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

  $ 565      $ 643,699   

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

    165        185,741   

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

    90        91,567   

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

    80        85,502   
                 
  $ 9,939,583   
                 

Housing — 5.9%

  

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

  $ 2,500      $ 2,581,125   
                 
  $ 2,581,125   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 556,693   
                 
  $ 556,693   
                 

Insured – Education — 11.5%

  

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

  $ 750      $ 844,470   

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

    1,000        1,104,490   

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

    465        514,783   

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

    580        586,438   

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

    1,500        1,602,285   

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

    320        341,821   
                 
  $ 4,994,287   
                 

Insured – Electric Utilities — 10.8%

  

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

  $ 710      $ 475,544   

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

    2,000        750,540   

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

    815        628,259   

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

    3,000        2,201,730   

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

    305        297,375   

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

    200        191,832   

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

    155        144,621   
                 
  $ 4,689,901   
                 

Insured – Escrowed / Prerefunded — 4.6%

  

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

  $ 1,000      $ 1,149,850   
Security  

Principal

Amount

(000’s omitted)

    Value  

Insured – Escrowed / Prerefunded (continued)

               

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

  $ 90      $ 99,045   

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

    510        561,255   

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

    180        195,431   
                 
  $ 2,005,581   
                 

Insured – General Obligations — 17.6%

  

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

  $ 555      $ 625,868   

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

    500        549,490   

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

    2,455        1,532,656   

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

    1,000        1,281,420   

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

    1,500        1,505,490   

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

    1,750        1,971,602   

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

    150        162,026   
                 
  $ 7,628,552   
                 

Insured – Hospital — 1.4%

  

Lorain County, (Catholic Healthcare Partners), (AGM), 18.453%, 2/1/29(1)(2)(3)

  $ 485      $ 611,876   
                 
  $ 611,876   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 80,363   
                 
  $ 80,363   
                 

Insured – Transportation — 8.9%

  

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

  $ 600      $ 666,636   

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

    140        154,330   

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

    1,000        1,257,680   

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

    1,000        1,282,300   

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

    590        515,536   
                 
  $ 3,876,482   
                 

Insured – Water and Sewer — 1.5%

  

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

  $ 665      $ 665,372   
                 
  $ 665,372   
                 
 

 

  30   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security  

Principal

Amount

(000’s omitted)

    Value  

Other Revenue — 3.6%

  

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

  $ 1,000      $ 1,063,890   

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

    445        509,601   
                 
  $ 1,573,491   
                 

Senior Living / Life Care — 3.8%

  

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

  $ 650      $ 701,317   

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

    375        397,807   

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

    230        251,027   

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

    275        316,396   
                 
  $ 1,666,547   
                 

Special Tax Revenue — 4.3%

  

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

  $ 250      $ 287,045   

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

    500        567,920   

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

    180        211,862   

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

    290        338,012   

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

    155        171,596   

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

    170        188,661   

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

    110        123,990   
                 
  $ 1,889,086   
                 

Transportation — 0.5%

  

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

  $ 690      $ 218,868   
                 
  $ 218,868   
                 

Water and Sewer — 2.6%

  

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

  $ 500      $ 569,915   

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

    500        564,950   
                 
  $ 1,134,865   
                 

Total Tax-Exempt Investments — 150.2%
(identified cost $58,421,388)

   

  $ 65,263,875   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (52.3)%

  

  $ (22,725,662
   

Other Assets, Less Liabilities — 2.1%

  

  $ 906,336   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 43,444,549   
   

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

The Trust invests primarily in debt securities issued by Ohio municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 37.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.7% to 15.5% of total investments.

 

(1) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $611,876 or 1.4% of the Trust’s net assets applicable to common shares.

 

(2) 

Security has been issued as a leveraged residual interest bond with a variable interest rate. The stated interest rate represents the rate in effect at November 30, 2015.

 

(3) 

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

Abbreviations:

 

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

 

  31   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 158.3%   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 1.4%

  

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

  $ 378      $ 344,671   

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

    175        175,011   
                 
  $ 519,682   
                 

Education — 26.3%

  

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

  $ 1,050      $ 1,183,171   

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

    500        548,735   

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

    1,200        1,288,560   

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

    750        863,580   

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

    500        550,840   

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

    440        490,838   

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

    625        668,087   

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

    600        662,412   

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

    560        614,354   

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

    750        827,962   

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

    750        871,110   

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

    250        286,933   

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

    575        648,640   
                 
  $ 9,505,222   
                 

Escrowed / Prerefunded — 4.8%

  

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

  $ 315      $ 348,759   

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

    220        243,577   

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

    1,000        1,133,830   

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

    15        17,039   
                 
  $ 1,743,205   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

General Obligations — 11.8%

               

Chester County, 5.00%, 7/15/27

  $ 500      $ 563,380   

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

    465        505,171   

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

    1,000        1,235,470   

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

    985        1,092,030   

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

    750        849,143   
                 
  $ 4,245,194   
                 

Hospital — 26.0%

  

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

  $ 500      $ 556,730   

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

    750        818,370   

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

    750        860,160   

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

    500        512,950   

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

    750        809,400   

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

    1,485        1,535,104   

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

    1,095        1,208,869   

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

    500        547,405   

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

    250        281,423   

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

    675        747,873   

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

    250        296,905   

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

    1,085        1,219,073   
                 
  $ 9,394,262   
                 

Housing — 1.7%

  

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

  $ 135      $ 136,758   

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

    175        182,234   

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

    295        296,581   
                 
  $ 615,573   
                 

Industrial Development Revenue — 12.2%

  

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

  $ 750      $ 755,310   
 

 

  32   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Industrial Development Revenue (continued)

               

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

  $ 200      $ 219,996   

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

    750        808,072   

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

    250        284,608   

Pennsylvania Economic Development Financing Authority, (PPL Energy Supply, LLC), 6.40%, 12/1/38

    425        444,452   

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

    1,115        1,392,758   

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

    500        506,900   
                 
  $ 4,412,096   
                 

Insured – Education — 8.5%

  

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

  $ 500      $ 541,140   

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

    1,105        1,175,289   

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

    375        410,051   

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

    875        956,787   
                 
  $ 3,083,267   
                 

Insured – Electric Utilities — 2.8%

  

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

  $ 1,080      $ 1,007,683   
                 
  $ 1,007,683   
                 

Insured – Escrowed / Prerefunded — 5.3%

  

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

  $ 2,000      $ 1,914,280   
                 
  $ 1,914,280   
                 

Insured – General Obligations — 7.0%

  

Beaver County, (AGM), 5.55%, 11/15/31

  $ 475      $ 512,454   

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

    25        27,345   

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

    750        847,095   

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

    750        841,680   

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

    250        280,850   
                 
  $ 2,509,424   
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insured – Hospital — 5.1%

  

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

  $ 250      $ 319,565   

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

    1,440        1,538,208   
                 
  $ 1,857,773   
                 

Insured – Industrial Development Revenue — 1.5%

  

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

  $ 525      $ 525,278   
                 
  $ 525,278   
                 

Insured – Lease Revenue / Certificates of Participation — 5.0%

  

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

  $ 500      $ 550,415   

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

    1,195        1,254,296   
                 
  $ 1,804,711   
                 

Insured – Special Tax Revenue — 2.4%

  

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

  $ 610      $ 688,757   

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

    1,235        183,793   
                 
  $ 872,550   
                 

Insured – Transportation — 9.2%

  

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

  $ 525      $ 551,749   

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        1,774,980   
                 
  $ 3,335,216   
                 

Insured – Water and Sewer — 1.6%

  

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

  $ 500      $ 566,375   
                 
  $ 566,375   
                 

Senior Living / Life Care — 1.4%

  

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

  $ 100      $ 109,095   

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

    200        202,104   

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

    200        203,068   
                 
  $ 514,267   
                 
 

 

  33   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Special Tax Revenue — 0.3%

  

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

  $ 110      $ 123,990   
                 
  $ 123,990   
                 

Transportation — 17.6%

  

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

  $ 465      $ 517,336   

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

    285        317,077   

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

    450        483,422   

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

    1,430        1,578,405   

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

    1,000        1,095,480   

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

    750        823,642   

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

    410        467,810   

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

    970        1,087,438   
                 
  $ 6,370,610   
                 

Utilities — 1.9%

  

Philadelphia Gas Works, 5.25%, 8/1/40

  $ 600      $ 669,768   
                 
  $ 669,768   
                 

Water and Sewer — 4.5%

  

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

  $ 750      $ 762,165   

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

    750        843,615   
                 
  $ 1,605,780   
                 

Total Tax-Exempt Municipal Securities — 158.3%
(identified cost $52,859,526)

   

  $ 57,196,206   
                 
Taxable Municipal Securities — 0.0%(4)   
   
Security   Principal
Amount
(000’s omitted)
    Value  

Cogeneration — 0.0%(4)

  

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

  $ 7      $ 7,092   
                 

Total Taxable Municipal Securities — 0.0%(4)
(identified cost $7,262)

   

  $ 7,092   
                 

Total Investments — 158.3%
(identified cost $52,866,788)

   

  $ 57,203,298   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (58.6)%

  

  $ (21,175,627
                 

Other Assets, Less Liabilities — 0.3%

  

  $ 98,402   
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 36,126,073   
                 

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

The Trust invests primarily in debt securities issued by Pennsylvania municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2015, 30.6% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 1.8% to 14.8% of total investments.

 

(1) 

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

 

(2) 

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

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2015, the aggregate value of these securities is $755,310 or 2.1% of the Trust’s net assets applicable to common shares.

 

(4) 

Amount is less than 0.05%.

 

 

  34   See Notes to Financial Statements.


Eaton Vance

Pennsylvania Municipal Income Trust

November 30, 2015

 

Portfolio of Investments — continued

 

 

 

Futures Contracts  
Description   Contracts      Position    Expiration
Month/Year
  

Aggregate

Cost

     Value      Net Unrealized
Depreciation
 

Interest Rate Futures

                
U.S. Long Treasury Bond     10       Short    Mar-16    $ (1,535,762    $ (1,540,000    $ (4,238
                                         $ (4,238

Abbreviations:

 

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

 

  35   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Assets and Liabilities

 

 

    November 30, 2015  
Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Investments —

       

Identified cost

  $ 149,368,843      $ 57,293,477      $ 42,478,350      $ 91,621,544   

Unrealized appreciation

    13,274,323        5,365,672        3,242,318        7,205,880   

Investments, at value

  $ 162,643,166      $ 62,659,149      $ 45,720,668      $ 98,827,424   

Cash

  $      $ 16,728      $ 1,022,931      $   

Restricted cash*

    183,000        94,000               123,000   

Interest receivable

    1,563,713        786,105        526,734        1,515,691   

Receivable for investments sold

    140,000                        

Deferred debt issuance costs

    23,746                      34   

Total assets

  $ 164,553,625      $ 63,555,982      $ 47,270,333      $ 100,466,149   
Liabilities   

Payable for floating rate notes issued

  $ 12,510,000      $ 1,915,000      $      $ 3,360,000   

Payable for variation margin on open financial futures contracts

    2,157        3,594               4,688   

Due to custodian

    129,736                      84,050   

Payable to affiliates:

       

Investment adviser fee

    80,305        31,422        23,552        50,098   

Administration fee

    26,330        10,302        7,722        16,425   

Trustees’ fees

    1,548        657        513        1,003   

Interest expense and fees payable

    10,357        3,608               5,996   

Accrued expenses

    85,547        62,641        61,012        73,697   

Total liabilities

  $ 12,845,980      $ 2,027,224      $ 92,799      $ 3,595,957   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 49,975,548      $ 20,050,593      $ 17,500,257      $ 33,425,367   

Net assets applicable to common shares

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   
Sources of Net Assets   

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

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

Additional paid-in capital

    104,121,642        39,547,365        27,794,999        66,055,890   

Accumulated net realized loss

    (15,857,076     (3,584,013     (1,485,253     (9,980,225

Accumulated undistributed net investment income

    139,257        131,517        105,083        130,011   

Net unrealized appreciation

    13,255,728        5,355,926        3,242,318        7,193,167   

Net assets applicable to common shares

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   

Auction Preferred Shares Issued and Outstanding

(Liquidation preference of $25,000 per share)

    1,999        802        700        1,337   
Common Shares Outstanding     7,254,575        2,737,021        2,012,994        4,598,158   
Net Asset Value Per Common Share   

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

  $ 14.02      $ 15.15      $ 14.74      $ 13.80   

 

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

 

  36   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Assets and Liabilities — continued

 

 

    November 30, 2015  
Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

Investments —

     

Identified cost

  $ 115,760,165      $ 58,421,388      $ 52,866,788   

Unrealized appreciation

    12,171,421        6,842,487        4,336,510   

Investments, at value

  $ 127,931,586      $ 65,263,875      $ 57,203,298   

Cash

  $ 1,623,366      $ 55,343      $ 108,480   

Restricted cash*

    121,250               41,000   

Interest receivable

    1,519,572        957,579        795,998   

Receivable for investments sold

    130,000               10,115   

Total assets

  $ 131,325,774      $ 66,276,797      $ 58,158,891   
Liabilities   

Payable for floating rate notes issued

  $ 17,890,000      $      $ 750,000   

Payable for variation margin on open financial futures contracts

    4,531               1,563   

Payable to affiliates:

     

Investment adviser fee

    61,966        33,015        28,995   

Administration fee

    20,317        10,825        9,506   

Trustees’ fees

    1,215        683        616   

Interest expense and fees payable

    26,000               1,198   

Accrued expenses

    78,715        62,063        65,313   

Total liabilities

  $ 18,082,744      $ 106,586      $ 857,191   

Auction preferred shares at liquidation value plus cumulative unpaid dividends

  $ 33,725,493      $ 22,725,662      $ 21,175,627   

Net assets applicable to common shares

  $ 79,517,537      $ 43,444,549      $ 36,126,073   
Sources of Net Assets   

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

  $ 54,754      $ 28,572      $ 26,010   

Additional paid-in capital

    79,385,193        39,573,731        36,254,937   

Accumulated net realized loss

    (12,133,691     (3,288,410     (4,504,855

Accumulated undistributed net investment income

    52,149        288,169        17,709   

Net unrealized appreciation

    12,159,132        6,842,487        4,332,272   

Net assets applicable to common shares

  $ 79,517,537      $ 43,444,549      $ 36,126,073   

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        2,601,014   
Net Asset Value Per Common Share   

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

  $ 14.52      $ 15.21      $ 13.89   

 

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

 

  37   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Operations

 

 

    Year Ended November 30, 2015  
Investment Income   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

Interest

  $ 6,995,135      $ 2,636,775      $ 2,058,939      $ 4,497,428   

Total investment income

  $ 6,995,135      $ 2,636,775      $ 2,058,939      $ 4,497,428   
Expenses   

Investment adviser fee

  $ 989,477      $ 387,349      $ 292,217      $ 623,345   

Administration fee

    321,125        125,710        94,830        202,286   

Trustees’ fees and expenses

    9,101        3,857        3,031        5,902   

Custodian fee

    50,214        34,723        27,502        39,558   

Transfer and dividend disbursing agent fees

    18,513        18,539        18,144        18,080   

Legal and accounting services

    63,404        38,267        35,061        52,857   

Printing and postage

    14,696        8,939        8,218        11,300   

Interest expense and fees

    82,786        20,467               22,794   

Preferred shares service fee

    63,838        23,970        21,323        44,230   

Miscellaneous

    37,067        30,557        27,613        32,581   

Total expenses

  $ 1,650,221      $ 692,378      $ 527,939      $ 1,052,933   

Deduct —

       

Reduction of custodian fee

  $ 534      $ 268      $ 85      $ 48   

Total expense reductions

  $ 534      $ 268      $ 85      $ 48   

Net expenses

  $ 1,649,687      $ 692,110      $ 527,854      $ 1,052,885   

Net investment income

  $ 5,345,448      $ 1,944,665      $ 1,531,085      $ 3,444,543   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

       

Investment transactions

  $ 404,445      $ 386,897      $ 57,070      $ 288,330   

Financial futures contracts

    (216,259     (91,752            (144,274

Net realized gain

  $ 188,186      $ 295,145      $ 57,070      $ 144,056   

Change in unrealized appreciation (depreciation) —

       

Investments

  $ (663,042   $ (368,043   $ (38,140   $ (1,665,043

Financial futures contracts

    103,733        58,285               127,351   

Net change in unrealized appreciation (depreciation)

  $ (559,309   $ (309,758   $ (38,140   $ (1,537,692

Net realized and unrealized gain (loss)

  $ (371,123   $ (14,613   $ 18,930      $ (1,393,636

Distributions to preferred shareholders

                               

From net investment income

  $ (67,546   $ (27,241   $ (23,794   $ (45,378

Net increase in net assets from operations

  $ 4,906,779      $ 1,902,811      $ 1,526,221      $ 2,005,529   

 

  38   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Operations — continued

 

 

    Year Ended November 30, 2015  
Investment Income   New York Trust     Ohio Trust     Pennsylvania Trust  

Interest

  $ 5,789,257      $ 2,901,346      $ 2,641,295   

Total investment income

  $ 5,789,257      $ 2,901,346      $ 2,641,295   
Expenses   

Investment adviser fee

  $ 764,998      $ 406,788      $ 361,560   

Administration fee

    248,273        132,018        117,332   

Trustees’ fees and expenses

    7,133        4,023        3,630   

Custodian fee

    43,008        29,759        29,363   

Transfer and dividend disbursing agent fees

    18,441        18,300        18,550   

Legal and accounting services

    51,010        38,896        48,133   

Printing and postage

    12,771        10,051        9,805   

Interest expense and fees

    109,660               4,196   

Preferred shares service fee

    43,142        25,772        26,376   

Miscellaneous

    34,604        33,575        31,120   

Total expenses

  $ 1,333,040      $ 699,182      $ 650,065   

Deduct —

     

Reduction of custodian fee

  $ 168      $ 120      $ 64   

Total expense reductions

  $ 168      $ 120      $ 64   

Net expenses

  $ 1,332,872      $ 699,062      $ 650,001   

Net investment income

  $ 4,456,385      $ 2,202,284      $ 1,991,294   
Realized and Unrealized Gain (Loss)   

Net realized gain (loss) —

     

Investment transactions

  $ 377,960      $ 72,679      $ (363,710

Financial futures contracts

    (116,269            (62,545

Net realized gain (loss)

  $ 261,691      $ 72,679      $ (426,255

Change in unrealized appreciation (depreciation) —

     

Investments

  $ (635,453   $ 1,772      $ 81,607   

Financial futures contracts

    73,751               75,799   

Net change in unrealized appreciation (depreciation)

  $ (561,702   $ 1,772      $ 157,406   

Net realized and unrealized gain (loss)

  $ (300,011   $ 74,451      $ (268,849

Distributions to preferred shareholders

                       

From net investment income

  $ (45,772   $ (30,228   $ (28,676

Net increase in net assets from operations

  $ 4,110,602      $ 2,246,507      $ 1,693,769   

 

  39   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Changes in Net Assets

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,345,448      $ 1,944,665      $ 1,531,085      $ 3,444,543   

Net realized gain from investment transactions and financial futures contracts

    188,186        295,145        57,070        144,056   

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (559,309     (309,758     (38,140     (1,537,692

Distributions to preferred shareholders —

       

From net investment income

    (67,546     (27,241     (23,794     (45,378

Net increase in net assets from operations

  $ 4,906,779      $ 1,902,811      $ 1,526,221      $ 2,005,529   

Distributions to common shareholders —

       

From net investment income

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Total distributions to common shareholders

  $ (5,303,414   $ (1,877,746   $ (1,445,166   $ (3,369,196

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets from capital share transactions

  $      $ (73,752   $ (899,721   $ (815,196

Net decrease in net assets

  $ (396,635   $ (48,687   $ (818,666   $ (2,178,863
Net Assets Applicable to Common Shares   

At beginning of year

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

At end of year

  $ 101,732,097      $ 41,478,165      $ 29,677,277      $ 63,444,825   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 139,257      $ 131,517      $ 105,083      $ 130,011   

 

  40   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2015  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,456,385      $ 2,202,284      $ 1,991,294   

Net realized gain (loss) from investment transactions and financial futures contracts

    261,691        72,679        (426,255

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    (561,702     1,772        157,406   

Distributions to preferred shareholders —

     

From net investment income

    (45,772     (30,228     (28,676

Net increase in net assets from operations

  $ 4,110,602      $ 2,246,507      $ 1,693,769   

Distributions to common shareholders —

     

From net investment income

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Total distributions to common shareholders

  $ (4,453,326   $ (2,088,662   $ (1,926,222

Capital share transactions —

     

Cost of shares repurchased (see Note 6)

  $      $      $ (1,173,348

Net decrease in net assets from capital share transactions

  $      $      $ (1,173,348

Net increase (decrease) in net assets

  $ (342,724   $ 157,845      $ (1,405,801
Net Assets Applicable to Common Shares   

At beginning of year

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

At end of year

  $ 79,517,537      $ 43,444,549      $ 36,126,073   
Accumulated undistributed net investment income
included in net assets applicable to common shares
   

At end of year

  $ 52,149      $ 288,169      $ 17,709   

 

  41   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   California Trust     Massachusetts Trust     Michigan Trust     New Jersey Trust  

From operations —

       

Net investment income

  $ 5,491,298      $ 1,995,611      $ 1,541,481      $ 3,498,590   

Net realized gain (loss) from investment transactions and financial futures contracts

    190,412        (481,678     (14,891     (1,785,074

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    10,744,348        4,299,848        3,570,928        6,935,251   

Distributions to preferred shareholders —

       

From net investment income

    (53,068     (21,253     (18,040     (35,494

Net increase in net assets from operations

  $ 16,372,990      $ 5,792,528      $ 5,079,478      $ 8,613,273   

Distributions to common shareholders —

       

From net investment income

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Total distributions to common shareholders

  $ (5,495,357   $ (1,932,327   $ (1,498,117   $ (3,476,002

Capital share transactions —

       

Cost of shares repurchased (see Note 6)

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net decrease in net assets from capital share transactions

  $ (82,187   $ (107,173   $ (413,033   $ (166,150

Net increase in net assets

  $ 10,795,446      $ 3,753,028      $ 3,168,328      $ 4,971,121   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 91,333,286      $ 37,773,824      $ 27,327,615      $ 60,652,567   

At end of year

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

Accumulated undistributed net investment income

included in net assets applicable to common shares

  

  

At end of year

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

 

  42   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statements of Changes in Net Assets — continued

 

 

    Year Ended November 30, 2014  
Increase (Decrease) in Net Assets   New York Trust     Ohio Trust     Pennsylvania Trust  

From operations —

     

Net investment income

  $ 4,597,918      $ 2,215,414      $ 2,053,060   

Net realized gain (loss) from investment transactions and financial futures contracts

    (733,571     60,926        (521,601

Net change in unrealized appreciation (depreciation) from investments and financial futures contracts

    8,128,412        4,535,687        3,632,355   

Distributions to preferred shareholders —

     

From net investment income

    (36,042     (24,712     (22,445

Net increase in net assets from operations

  $ 11,956,717      $ 6,787,315      $ 5,141,369   

Distributions to common shareholders —

     

From net investment income

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Total distributions to common shareholders

  $ (4,717,654   $ (2,088,662   $ (2,078,009

Capital share transactions —

     

Reinvestment of distributions to common shareholders

  $ 10,266      $      $   

Cost of shares repurchased (See Note 6)

                  (267,513

Net increase (decrease) in net assets from capital share transactions

  $ 10,266      $      $ (267,513

Net increase in net assets

  $ 7,249,329      $ 4,698,653      $ 2,795,847   
Net Assets Applicable to Common Shares   

At beginning of year

  $ 72,610,932      $ 38,588,051      $ 34,736,027   

At end of year

  $ 79,860,261      $ 43,286,704      $ 37,531,874   
Accumulated undistributed (distributions in excess of) net investment income
included in net assets applicable to common shares
   

At end of year

  $ 93,834      $ 227,302      $ (2,840

 

  43   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Statement of Cash Flows*

 

 

    Year Ended
November 30, 2015
 
Cash Flows From Operating Activities   New York Trust  

Net increase in net assets from operations

  $ 4,110,602   

Distributions to preferred shareholders

    45,772   

Net increase in net assets from operations excluding distributions to preferred shareholders

  $ 4,156,374   

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (8,821,526

Investments sold

    10,583,040   

Net amortization/accretion of premium (discount)

    (61,722

Decrease in restricted cash

    8,000   

Decrease in interest receivable

    150,122   

Decrease in payable for variation margin on open financial futures contracts

    (22,344

Decrease in payable to affiliate for investment adviser fee

    (1,892

Decrease in payable to affiliate for administration fee

    (117

Increase in payable to affiliate for Trustees’ fees

    218   

Decrease in interest expense and fees payable

    (1,550

Increase in accrued expenses

    13,951   

Net change in unrealized (appreciation) depreciation from investments

    635,453   

Net realized gain from investments

    (377,960

Net cash provided by operating activities

  $ 6,260,047   
Cash Flows From Financing Activities   

Distributions paid to common shareholders, net of reinvestments

  $ (4,453,326

Cash distributions paid to preferred shareholders

    (45,542

Repayment of secured borrowings

    (1,425,000

Net cash used in financing activities

  $ (5,923,868

Net increase in cash

  $ 336,179   

Cash at beginning of year

  $ 1,287,187   

Cash at end of year

  $ 1,623,366   
Supplemental disclosure of cash flow information:   

Cash paid for interest and fees

  $ 111,210   

 

* Statement of Cash Flows is not required for California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust.

 

  44   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 14.080      $ 12.580      $ 14.660      $ 12.410      $ 12.390   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.737      $ 0.756      $ 0.756      $ 0.791      $ 0.926   

Net realized and unrealized gain (loss)

    (0.057     1.507        (2.028     2.316        0.002   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.009     (0.007     (0.012     (0.018     (0.022

Total income (loss) from operations

  $ 0.671      $ 2.256      $ (1.284   $ 3.089      $ 0.906   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.731   $ (0.757   $ (0.796   $ (0.839   $ (0.886

Total distributions to common shareholders

  $ (0.731   $ (0.757   $ (0.796   $ (0.839   $ (0.886

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $      $ 0.001      $      $      $   

Net asset value — End of year (Common shares)

  $ 14.020      $ 14.080      $ 12.580      $ 14.660      $ 12.410   

Market value — End of year (Common shares)

  $ 12.900      $ 12.670      $ 11.060      $ 14.680      $ 12.770   

Total Investment Return on Net Asset Value(2)

    5.28     19.06     (8.69 )%      25.59     7.99

Total Investment Return on Market Value(2)

    7.65     21.86     (19.84 )%      22.22     11.04

 

  45   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    California Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 101,732      $ 102,129      $ 91,333      $ 106,367      $ 89,862   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.54     1.60     1.66     1.66     1.83

Interest and fee expense(5)

    0.08     0.09     0.10     0.11     0.17

Total expenses(4)

    1.62     1.69     1.76     1.77     2.00

Net investment income

    5.26     5.64     5.64     5.77     7.81

Portfolio Turnover

    9     11     8     17     22

Senior Securities:

         

Total preferred shares outstanding

    1,999        1,999        1,999        1,999        1,999   

Asset coverage per preferred share(6)

  $ 75,892      $ 76,091      $ 70,690      $ 78,210      $ 69,954   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.04     1.06     1.09     1.11     1.15

Interest and fee expense

    0.05     0.06     0.07     0.07     0.11

Total expenses

    1.09     1.12     1.16     1.18     1.26

Net investment income

    3.53     3.73     3.73     3.84     4.93

 

  46   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 15.140      $ 13.730      $ 16.200      $ 13.970      $ 13.790   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.710      $ 0.726      $ 0.750      $ 0.771      $ 0.890   

Net realized and unrealized gain (loss)

    (0.008     1.390        (2.432     2.283        0.219   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.010     (0.008     (0.012     (0.019     (0.023

Total income (loss) from operations

  $ 0.692      $ 2.108      $ (1.694   $ 3.035      $ 1.086   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.686   $ (0.703   $ (0.776   $ (0.805   $ (0.906

Total distributions to common shareholders

  $ (0.686   $ (0.703   $ (0.776   $ (0.805   $ (0.906

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.004      $ 0.005      $      $      $   

Net asset value — End of year (Common shares)

  $ 15.150      $ 15.140      $ 13.730      $ 16.200      $ 13.970   

Market value — End of year (Common shares)

  $ 14.020      $ 13.310      $ 11.970      $ 16.350      $ 14.810   

Total Investment Return on Net Asset Value(2)

    5.21     16.30     (10.34 )%      22.28     8.49

Total Investment Return on Market Value(2)

    10.75     17.27     (22.55 )%      16.41     13.45

 

  47   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Massachusetts Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 41,478      $ 41,527      $ 37,774      $ 44,549      $ 38,372   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.62     1.68     1.73     1.73     1.87

Interest and fee expense(5)

    0.05     0.05     0.08     0.09     0.11

Total expenses(4)

    1.67     1.73     1.81     1.82     1.98

Net investment income

    4.70     4.96     5.12     5.06     6.70

Portfolio Turnover

    10     2     1     11     15

Senior Securities:

         

Total preferred shares outstanding

    802        802        802        802        802   

Asset coverage per preferred share(6)

  $ 76,719      $ 76,780      $ 72,100      $ 80,548      $ 72,846   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.10     1.12     1.16     1.17     1.21

Interest and fee expense

    0.03     0.04     0.05     0.06     0.07

Total expenses

    1.13     1.16     1.21     1.23     1.28

Net investment income

    3.17     3.31     3.42     3.42     4.32

 

  48   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 14.640      $ 12.910      $ 15.310      $ 13.400      $ 12.880   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.752      $ 0.730      $ 0.728      $ 0.760      $ 0.826   

Net realized and unrealized gain (loss)

    0.002        1.685        (2.365     1.944        0.558   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.012     (0.009     (0.014     (0.021     (0.025

Total income (loss) from operations

  $ 0.742      $ 2.406      $ (1.651   $ 2.683      $ 1.359   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.709   $ (0.709   $ (0.749   $ (0.773   $ (0.839

Total distributions to common shareholders

  $ (0.709   $ (0.709   $ (0.749   $ (0.773   $ (0.839

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.067      $ 0.033      $      $      $   

Net asset value — End of year (Common shares)

  $ 14.740      $ 14.640      $ 12.910      $ 15.310      $ 13.400   

Market value — End of year (Common shares)

  $ 12.730      $ 12.550      $ 11.000      $ 14.690      $ 12.470   

Total Investment Return on Net Asset Value(2)

    6.44     20.18     (10.49 )%      20.92     11.66

Total Investment Return on Market Value(2)

    7.19     20.91     (20.51 )%      24.67     10.60

 

  49   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Michigan Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 29,677      $ 30,496      $ 27,328      $ 32,391      $ 28,366   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses(4)

    1.77     1.87     1.91     1.89     2.04

Net investment income

    5.12     5.24     5.26     5.26     6.49

Portfolio Turnover

    4     26     11     14     18

Senior Securities:

         

Total preferred shares outstanding

    700        700        700        700        700   

Asset coverage per preferred share(5)

  $ 67,396      $ 68,566      $ 64,040      $ 71,273      $ 65,524   

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,  
    2015     2014     2013     2012     2011  

Expenses

    1.11     1.17     1.20     1.20     1.24

Net investment income

    3.23     3.29     3.29     3.35     3.93

 

  50   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 14.060      $ 12.960      $ 14.790      $ 13.020      $ 13.260   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.745      $ 0.748      $ 0.762      $ 0.802      $ 0.890   

Net realized and unrealized gain (loss)

    (0.293     1.098        (1.792     1.783        (0.185

Distributions to preferred shareholders

         

From net investment income(1)

    (0.010     (0.008     (0.012     (0.018     (0.022

Total income (loss) from operations

  $ 0.442      $ 1.838      $ (1.042   $ 2.567      $ 0.683   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.728   $ (0.743   $ (0.788   $ (0.797   $ (0.923

Total distributions to common shareholders

  $ (0.728   $ (0.743   $ (0.788   $ (0.797   $ (0.923

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.026      $ 0.005      $      $      $   

Net asset value — End of year (Common shares)

  $ 13.800      $ 14.060      $ 12.960      $ 14.790      $ 13.020   

Market value — End of year (Common shares)

  $ 12.320      $ 12.300      $ 11.440      $ 16.380      $ 13.370   

Total Investment Return on Net Asset Value(2)

    4.08     15.20     (6.96 )%      20.18     5.64

Total Investment Return on Market Value(2)

    6.21     14.17     (25.85 )%      29.62     6.39

 

  51   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New Jersey Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 63,445      $ 65,624      $ 60,653      $ 69,135      $ 60,734   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.60     1.64     1.70     1.71     1.81

Interest and fee expense(5)

    0.04     0.04     0.08     0.11     0.15

Total expenses(4)

    1.64     1.68     1.78     1.82     1.96

Net investment income

    5.36     5.47     5.55     5.70     6.96

Portfolio Turnover

    8     6     16     14     11

Senior Securities:

         

Total preferred shares outstanding

    1,337        1,337        1,337        1,337        1,337   

Asset coverage per preferred share(6)

  $ 72,453      $ 74,083      $ 70,365      $ 76,709      $ 70,427   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.06     1.07     1.12     1.14     1.16

Interest and fee expense

    0.02     0.03     0.05     0.07     0.09

Total expenses

    1.08     1.10     1.17     1.21     1.25

Net investment income

    3.53     3.59     3.65     3.78     4.46

 

  52   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 14.590      $ 13.260      $ 15.540      $ 13.310      $ 13.110   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.814      $ 0.840      $ 0.845      $ 0.856      $ 0.950   

Net realized and unrealized gain (loss)

    (0.063     1.359        (2.232     2.300        0.179   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.008     (0.007     (0.010     (0.016     (0.019

Total income (loss) from operations

  $ 0.743      $ 2.192      $ (1.397   $ 3.140      $ 1.110   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.813   $ (0.862   $ (0.883   $ (0.910   $ (0.910

Total distributions to common shareholders

  $ (0.813   $ (0.862   $ (0.883   $ (0.910   $ (0.910

Net asset value — End of year (Common shares)

  $ 14.520      $ 14.590      $ 13.260      $ 15.540      $ 13.310   

Market value — End of year (Common shares)

  $ 13.730      $ 13.730      $ 12.100      $ 16.150      $ 13.450   

Total Investment Return on Net Asset Value(2)

    5.63     17.25     (8.99 )%      24.30     9.06

Total Investment Return on Market Value(2)

    6.13     20.92     (20.09 )%      27.89     8.18

 

  53   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    New York Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 79,518      $ 79,860      $ 72,611      $ 85,001      $ 72,678   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.53     1.60     1.65     1.66     1.78

Interest and fee expense(5)

    0.14     0.15     0.16     0.18     0.22

Total expenses(4)

    1.67     1.75     1.81     1.84     2.00

Net investment income

    5.60     5.96     5.97     5.90     7.40

Portfolio Turnover

    7     4     10     17     13

Senior Securities:

         

Total preferred shares outstanding

    1,349        1,349        1,349        1,349        1,349   

Asset coverage per preferred share(6)

  $ 83,946      $ 84,200      $ 78,826      $ 88,010      $ 78,877   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.08     1.11     1.15     1.16     1.20

Interest and fee expense

    0.10     0.11     0.11     0.13     0.15

Total expenses

    1.18     1.22     1.26     1.29     1.35

Net investment income

    3.93     4.15     4.16     4.14     5.00

 

  54   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 15.150      $ 13.510      $ 15.850      $ 13.440      $ 13.170   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.771      $ 0.775      $ 0.764      $ 0.786      $ 0.851   

Net realized and unrealized gain (loss)

    0.031        1.605        (2.352     2.475        0.305   

Distributions to preferred shareholders

         

From net investment income(1)

    (0.011     (0.009     (0.013     (0.020     (0.025

Total income (loss) from operations

  $ 0.791      $ 2.371      $ (1.601   $ 3.241      $ 1.131   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.731   $ (0.731   $ (0.739   $ (0.831   $ (0.861

Total distributions to common shareholders

  $ (0.731   $ (0.731   $ (0.739   $ (0.831   $ (0.861

Net asset value — End of year (Common shares)

  $ 15.210      $ 15.150      $ 13.510      $ 15.850      $ 13.440   

Market value — End of year (Common shares)

  $ 13.700      $ 13.620      $ 11.840      $ 16.800      $ 13.320   

Total Investment Return on Net Asset Value(2)

    5.91     18.49     (10.01 )%      24.71     9.21

Total Investment Return on Market Value(2)

    6.11     21.55     (25.59 )%      33.34     6.25

 

  55   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Ohio Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 43,445      $ 43,287      $ 38,588      $ 45,284      $ 38,379   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.61     1.70     1.76     1.76     1.93

Interest and fee expense(5)

                                0.01

Total expenses(4)

    1.61     1.70     1.76     1.76     1.94

Net investment income

    5.09     5.36     5.33     5.31     6.64

Portfolio Turnover

    1     9     10     11     11

Senior Securities:

         

Total preferred shares outstanding

    909        909        909        909        909   

Asset coverage per preferred share(6)

  $ 72,795      $ 72,621      $ 67,451      $ 74,818      $ 67,221   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.06     1.10     1.13     1.15     1.19

Interest and fee expense

                                0.01

Total expenses

    1.06     1.10     1.13     1.15     1.20

Net investment income

    3.34     3.46     3.43     3.45     4.09

 

  56   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
    2015     2014     2013     2012     2011  

Net asset value — Beginning of year (Common shares)

  $ 13.910      $ 12.770      $ 14.780      $ 13.250      $ 13.330   
Income (Loss) From Operations                                        

Net investment income(1)

  $ 0.752      $ 0.755      $ 0.750      $ 0.786      $ 0.873   

Net realized and unrealized gain (loss)

    (0.099     1.143        (1.960     1.591        (0.062

Distributions to preferred shareholders

         

From net investment income(1)

    (0.011     (0.008     (0.013     (0.020     (0.024

Total income (loss) from operations

  $ 0.642      $ 1.890      $ (1.223   $ 2.357      $ 0.787   
Less Distributions to Common Shareholders                                        

From net investment income

  $ (0.727   $ (0.764   $ (0.787   $ (0.827   $ (0.867

Total distributions to common shareholders

  $ (0.727   $ (0.764   $ (0.787   $ (0.827   $ (0.867

Anti-dilutive effect of share repurchase program (see Note 6)(1)

  $ 0.065      $ 0.014      $      $      $   

Net asset value — End of year (Common shares)

  $ 13.890      $ 13.910      $ 12.770      $ 14.780      $ 13.250   

Market value — End of year (Common shares)

  $ 12.040      $ 12.050      $ 10.950      $ 15.100      $ 13.660   

Total Investment Return on Net Asset Value(2)

    6.02     16.07     (8.07 )%      18.20     6.53

Total Investment Return on Market Value(2)

    6.08     17.26     (22.84 )%      17.23     13.15

 

  57   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Financial Highlights — continued

 

Selected data for a common share outstanding during the periods stated

 

    Pennsylvania Trust  
    Year Ended November 30,  
Ratios/Supplemental Data   2015     2014     2013     2012     2011  

Net assets applicable to common shares, end of year (000’s omitted)

  $ 36,126      $ 37,532      $ 34,736      $ 40,188      $ 36,011   

Ratios (as a percentage of average daily net assets applicable to common shares):(3)

         

Expenses excluding interest and fees(4)

    1.76     1.79     1.85     1.85     1.93

Interest and fee expense(5)

    0.01     0.04     0.05     0.04     0.05

Total expenses(4)

    1.77     1.83     1.90     1.89     1.98

Net investment income

    5.42     5.61     5.53     5.57     6.71

Portfolio Turnover

    3     4     11     15     8

Senior Securities:

         

Total preferred shares outstanding

    847        847        847        847        847   

Asset coverage per preferred share(6)

  $ 67,653      $ 69,312      $ 66,011      $ 72,448      $ 67,516   

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,  
    2015     2014     2013     2012     2011  

Expenses excluding interest and fees

    1.11     1.14     1.18     1.20     1.21

Interest and fee expense

    0.01     0.02     0.03     0.02     0.03

Total expenses

    1.12     1.16     1.21     1.22     1.24

Net investment income

    3.44     3.55     3.51     3.59     4.19

 

  58   See Notes to Financial Statements.


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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 (U.S. GAAP). Each Trust is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of a Trust in a manner that fairly reflects the security’s value, or the amount that a Trust might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or 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 company’s or 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, 2015, the Trusts had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Trust files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Trusts. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance each Trust maintains with SSBT. All credit balances, if any, used to reduce each Trust’s custodian fees are reported as a reduction of expenses in the Statements of Operations.

E  Legal Fees — Legal fees and other related expenses incurred as part of negotiations of the terms and requirement of capital infusions, or that are expected to result in the restructuring of, or a plan of reorganization for, an investment are recorded as realized losses. Ongoing expenditures to protect or enhance an investment are treated as operating expenses.

F  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G  Indemnifications — Under each Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to each Trust. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as a Trust) could be deemed to have personal liability for the obligations of the Trust. However, each Trust’s Declaration of Trust

 

  59  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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 for cash to a Special-Purpose Vehicle (the SPV), (which is generally organized as a trust), while at the same time, buying a residual interest in the assets and cash flows of the SPV. The bond is deposited into the SPV with the same CUSIP number as the bond sold to the SPV by the Trust, and which may have been, but is not required to be, the bond purchased from the Trust (the Bond). The SPV also issues floating rate notes (Floating Rate Notes) which are sold to third-parties. The residual interest bond held by a Trust gives the Trust the right (1) to cause the holders of the Floating Rate Notes to generally tender their notes at par, and (2) to have the Bond held by the SPV transferred to the Trust, thereby terminating the SPV. Should the Trust exercise such right, it would generally pay the SPV the par amount due on the Floating Rate Notes and exchange the residual interest bond for the underlying Bond. Pursuant to generally accepted accounting principles for transfers and servicing of financial assets and extinguishment of liabilities, the Trusts account for the transaction described above as a secured borrowing by including the Bond in their Portfolio of Investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in their Statement of Assets and Liabilities. The Floating Rate Notes have interest rates that generally reset weekly and their holders have the option to tender their notes to the SPV for redemption at par at each reset date. Accordingly, the fair value of the payable for floating rate notes issued approximates its carrying value. If measured at fair value, the payable for floating rate notes would have been considered as Level 2 in the fair value hierarchy (see Note 9) at November 30, 2015. Interest expense related to the Trusts’ liability with respect to Floating Rate Notes is recorded as incurred. The SPV may be terminated by the Trust, as noted above, or by the occurrence of certain termination events as defined in the trust agreement, such as a downgrade in the credit quality of the underlying Bond, bankruptcy of or payment failure by the issuer of the underlying Bond, the inability to remarket Floating Rate Notes that have been tendered due to insufficient buyers in the market, or the failure by the SPV to obtain renewal of the liquidity agreement under which liquidity support is provided for the Floating Rate Notes up to one year. Structuring fees paid to the liquidity provider upon the creation of an SPV have been recorded as debt issuance costs and are being amortized as interest expense to the expected maturity of the related trust. Unamortized structuring fees related to a terminated SPV are recorded as a realized loss on extinguishment of debt. At November 30, 2015, the amounts of the Trusts’ Floating Rate Notes and related interest rates and collateral were as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Floating Rate Notes Outstanding

  $ 12,510,000       $ 1,915,000       $ 3,360,000       $ 17,890,000       $ 750,000   

Interest Rate or Range of Interest Rates (%)

    0.01 - 0.02         0.03 - 0.13           0.04 - 0.19         0.01 - 0.04         0.02   

Collateral for Floating Rate Notes Outstanding

  $ 15,753,706       $ 3,176,043       $ 4,663,948       $ 26,022,780       $ 1,133,830   

For the year ended November 30, 2015, 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

  $ 14,270,548       $ 3,107,110       $ 3,454,685       $ 18,502,945       $ 750,000   

Average Interest Rate

    0.58      0.66      0.66      0.59      0.56

In certain circumstances, the Trusts may enter into shortfall and forbearance agreements with brokers by which a Trust agrees to reimburse the broker for the difference between the liquidation value of the Bond held by the SPV and the liquidation value of the Floating Rate Notes, as well as any shortfalls in interest cash flows. The Trusts had no shortfalls as of November 30, 2015.

The Trusts may also purchase residual interest bonds in a secondary market transaction without first owning the underlying bond. Such transactions are not required to be treated as secured borrowings. Shortfall agreements, if any, related to residual interest bonds purchased in a secondary market transaction are disclosed in the Portfolio of Investments.

The Trusts’ investment policies and restrictions expressly permit investments in residual interest bonds. Such bonds typically offer the potential for yields exceeding the yields available on fixed rate bonds with comparable credit quality and maturity. These securities tend to underperform the market for fixed rate bonds in a rising long-term interest rate environment, but tend to outperform the market for fixed rate bonds when long-term interest rates decline. The value and income of residual interest bonds are generally more volatile than that of a fixed rate bond. The Trusts’ investment policies do not allow the Trusts to borrow money except as permitted by the 1940 Act. Management believes that the Trusts’ restrictions on borrowing money and issuing senior

 

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Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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 was July 21, 2015 while for other covered funds the compliance date is July 21, 2016. The Volcker Rule precludes banking entities and their affiliates from (i) sponsoring residual interest bond programs (as such programs are presently structured) and (ii) continuing relationships with or services for existing residual interest bond programs. As a result, residual interest bond trusts will need to be restructured or unwound. The effects of the Volcker Rule may make it more difficult for the Trusts to maintain current or desired levels of leverage and may cause the Trusts to incur additional expenses to maintain their leverage.

As of November 30, 2015, the Trusts’ investments in residual interest bonds that were required to be compliant with the Volcker Rule by July 21, 2015, if any, were restructured by the required compliance date. Legal and restructuring fees incurred in connection with the restructuring of residual interest bond trusts are recorded as interest expense.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a Trust is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Trust each business day, depending on the daily fluctuations in the value of the underlying security, and are recorded as unrealized gains or losses by the Trust. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Trust may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J  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. 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 from prior years). Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for the APS at November 30, 2015, and the amount of dividends

 

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Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

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, 2015

    0.13     0.15     0.13     0.13     0.13     0.18     0.15

Dividends Accrued to APS Shareholders

  $ 67,546      $ 27,241      $ 23,794      $ 45,378      $ 45,772      $ 30,228      $ 28,676   

Average APS Dividend Rates

    0.14     0.14     0.14     0.14     0.14     0.13     0.13

Dividend Rate Ranges (%)

    0.09 - 0.24        0.09 - 0.23        0.08 - 0.24        0.09 - 0.24        0.09 - 0.24        0.08 - 0.21        0.09 - 0.21   

Beginning February 13, 2008 and consistent with the patterns in the broader market for auction-rate securities, the Trusts’ APS auctions were unsuccessful in clearing due to an imbalance of sell orders over bids to buy the APS. As a result, the dividend rates of the APS were reset to the maximum applicable rates. The table above reflects such maximum dividend rates as of November 30, 2015.

Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The tax character of distributions declared for the years ended November 30, 2015 and November 30, 2014 was as follows:

 

     Year Ended November 30, 2015  
     California
Trust
    Massachusetts
Trust
    Michigan
Trust
    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

    Pennsylvania
Trust
 

Distributions declared from:

  

Tax-exempt income

  $ 5,240,514      $ 1,888,936      $ 1,468,960      $ 3,360,768      $ 4,483,288      $ 2,118,890      $ 1,949,908   

Ordinary income

  $ 130,446      $ 16,051      $      $ 53,806      $ 15,810      $      $ 4,990   

 

     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   

During the year ended November 30, 2015, the following amounts were reclassified due to differences between book and tax accounting, primarily for accretion of market discount, investments in partnerships and premium amortization.

 

    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

    New Jersey
Trust
    New York
Trust
   

Ohio

Trust

   

Pennsylvania

Trust

 

Change in:

  

       

Accumulated net realized loss

  $ (12,749   $ (5,988   $ 12,206      $ 25,968      $ (1,028   $ 22,527      $ 15,847   

Accumulated undistributed net investment income

  $ 12,749      $ 5,988      $ (12,206   $ (25,968   $ 1,028      $ (22,527   $ (15,847

These reclassifications had no effect on the net assets or net asset value per share of the Trusts.

 

  62  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

As of November 30, 2015, 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

  $ 139,805      $ 132,110      $ 105,340      $ 130,378      $ 52,642      $ 288,831      $ 18,336   

Capital loss carryforwards and deferred capital losses

  $ (16,257,261   $ (3,711,375   $ (1,532,420   $ (10,073,870   $ (11,783,709   $ (3,374,675   $ (4,584,388

Net unrealized appreciation

  $ 13,655,913      $ 5,483,288      $ 3,289,485      $ 7,286,812      $ 11,809,150      $ 6,928,752      $ 4,411,805   

Other temporary differences

  $ (548   $ (593   $ (257   $ (367   $ (493   $ (662   $ (627

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, premium amortization, investments in partnerships and the timing of recognizing distributions to shareholders.

At November 30, 2015, the following Trusts, for federal income tax purposes, had capital loss carryforwards and deferred capital losses which would reduce the respective Trust’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Trusts of any liability for federal income or excise tax. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of a Trust’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. The amounts and expiration dates of the capital loss carryforwards, whose character is short-term, and the amounts of the deferred capital losses are as follows:

 

Expiration Date  

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

November 30, 2016

  $ 6,517,352      $ 692,532      $ 517,712      $      $ 2,354,581      $ 736,482      $ 800,874   

November 30, 2017

    4,084,290        991,790        337,540        2,795,679        3,171,310        840,450          

November 30, 2018

    355,871               34,334        1,512,852        671,928        41,243        329,527   

November 30, 2019

    5,299,748        1,780,081        345,052        4,137,608        3,607,489        1,169,431        1,724,760   

Total capital loss carryforwards

  $ 16,257,261      $ 3,464,403      $ 1,234,638      $ 8,446,139      $ 9,805,308      $ 2,787,606      $ 2,855,161   

Deferred capital losses:

             

Short-term

  $      $ 246,972      $ 32,669      $ 787,927      $ 603,929      $ 292,073      $ 302,251   

Long-term

  $      $      $ 265,113      $ 839,804      $ 1,374,472      $ 294,996      $ 1,426,976   

During the year ended November 30, 2015, capital loss carryforwards of $171,993 were utilized to offset net realized gains by California Trust.

The cost and unrealized appreciation (depreciation) of investments of each Trust at November 30, 2015, as determined on a federal income tax basis, were as follows:

 

    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

New York

Trust

   

Ohio

Trust

   

Pennsylvania

Trust

 

Aggregate cost

  $ 136,477,253      $ 55,260,861      $ 42,431,183      $ 88,180,612      $ 98,232,436      $ 58,335,123      $ 52,041,493   

Gross unrealized appreciation

  $ 14,042,782      $ 5,589,660      $ 3,419,659      $ 8,131,220      $ 12,130,259      $ 7,031,477      $ 4,511,007   

Gross unrealized depreciation

    (386,869     (106,372     (130,174     (844,408     (321,109     (102,725     (99,202

Net unrealized appreciation

  $ 13,655,913      $ 5,483,288      $ 3,289,485      $ 7,286,812      $ 11,809,150      $ 6,928,752      $ 4,411,805   

 

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Municipal Income Trusts

November 30, 2015

 

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 0.610% (0.625% prior to May 1, 2015) of each Trust’s average weekly gross assets and is payable monthly. Pursuant to a fee reduction agreement between each Trust and EVM that commenced on May 1, 2010, the annual adviser fee is reduced by 0.015% every May 1 thereafter for the next nineteen years. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Trusts who are not interested persons of EVM or each Trust and by a vote of a majority of shareholders. Average weekly gross assets include the principal amount of any indebtedness for money borrowed, including debt securities issued by a Trust, and the amount of any outstanding APS issued by the Trust. Pursuant to a fee reduction agreement with EVM, average weekly gross assets are calculated by adding to net assets the liquidation value of a Trust’s APS then outstanding and the amount payable by the Trust to floating rate note holders, such adjustment being limited to the value of the APS outstanding prior to any APS redemptions by the Trust. The administration fee is earned by EVM for administering the business affairs of each Trust and is computed at an annual rate of 0.20% of each Trust’s average weekly gross assets. For the year ended November 30, 2015, the investment adviser fees and administration fees were as follows:

 

     California
Trust
     Massachusetts
Trust
     Michigan
Trust
     New Jersey
Trust
     New York
Trust
    

Ohio

Trust

     Pennsylvania
Trust
 

Investment Adviser Fee

  $ 989,477       $ 387,349       $ 292,217       $ 623,345       $ 764,998       $ 406,788       $ 361,560   

Administration Fee

  $ 321,125       $ 125,710       $ 94,830       $ 202,286       $ 248,273       $ 132,018       $ 117,332   

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, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Trusts are officers of EVM.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended November 30, 2015 were as follows:

 

     California
Trust
    

Massachusetts

Trust

    

Michigan

Trust

    

New Jersey

Trust

    

New York

Trust

    

Ohio

Trust

     Pennsylvania
Trust
 

Purchases

  $ 14,813,064       $ 6,249,656       $ 1,635,960       $ 8,211,957       $ 8,821,526       $ 1,201,009       $ 1,454,577   

Sales

  $ 17,033,483       $ 9,221,587       $ 2,983,467       $ 9,980,111       $ 10,457,673       $ 744,167       $ 2,776,369   

6  Common Shares of Beneficial Interest

Each Trust may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Trusts for the year ended November 30, 2015. For the year ended November 30, 2014, the New York Trust issued 720 common shares pursuant to its dividend reinvestment plan and no common shares were issued by the other Trusts.

On November 11, 2013, the Boards of Trustees of the Trusts authorized the repurchase by each Trust of up to 10% of its then currently outstanding common shares in open-market transactions at a discount to net asset value (NAV). The repurchase program does not obligate the Trusts to purchase a specific amount of shares. During years ended November 30, 2015 and 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, 2015  
         

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

Pennsylvania

Trust

 

Common shares repurchased

      5,500        70,300        67,600        97,400   

Cost, including brokerage commissions, of common shares repurchased

    $ 73,752      $ 899,721      $ 815,196      $ 1,173,348   

Average price per share

    $ 13.41      $ 12.80      $ 12.06      $ 12.05   

Weighted average discount per share to NAV

        11.78     13.21     12.73     12.85

 

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Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

     Year Ended November 30, 2014  
    

California

Trust

   

Massachusetts

Trust

   

Michigan

Trust

   

New Jersey

Trust

   

Pennsylvania

Trust

 

Common shares repurchased

    6,500        8,000        33,000        13,400        22,000   

Cost, including brokerage commissions, of common shares repurchased

  $ 82,187      $ 107,173      $ 413,033      $ 166,150      $ 267,513   

Average price per share

  $ 12.64      $ 13.40      $ 12.52      $ 12.40      $ 12.16   

Weighted average discount per share to NAV

    10.80     11.94     14.29     12.19     12.66

7  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, 2015, California Trust and New Jersey Trust had a payment due to SSBT pursuant to the foregoing arrangement of $129,736 and $84,050, 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, 2015. 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, 2015. The Trusts’ average overdraft advances during the year ended November 30, 2015 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, 2015 is included in the Portfolio of Investments. At November 30, 2015, the Trusts had sufficient cash and/or securities to cover commitments under these contracts.

Each Trust is subject to interest rate risk in the normal course of pursuing its investment objective. Because the Trusts hold fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Trusts enter into U.S. Treasury futures contracts to hedge against changes in interest rates.

The fair values of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at November 30, 2015 were as follows:

 

     California
Trust
    

Massachusetts

Trust

     New Jersey
Trust
    

New York

Trust

    

Pennsylvania

Trust

 

Liability Derivative:

       

Futures Contracts

  $ (18,595 )(1)     $ (9,746 )(1)     $ (12,713 )(1)     $ (12,289 )(1)     $ (4,238 )(1) 

Total

  $ (18,595    $ (9,746    $ (12,713    $ (12,289    $ (4,238

 

(1) 

Amount represents cumulative unrealized depreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin.

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, 2015 was as follows:

 

     California
Trust
     Massachusetts
Trust
     New Jersey
Trust
     New York
Trust
     Pennsylvania
Trust
 

Realized Gain (Loss) on Derivatives Recognized in Income

  $ (216,259 )(1)     $ (91,752 )(1)     $ (144,274 )(1)     $ (116,269 )(1)     $ (62,545 )(1) 

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

  $ 103,733 (2)     $ 58,285 (2)     $ 127,351 (2)     $ 73,751 (2)     $ 75,799 (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.

 

  65  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

The average notional amount of futures contracts outstanding during the year ended November 30, 2015, which is indicative of the volume of this derivative type, was approximately as follows:

 

    

California

Trust

    

Massachusetts

Trust

    

New Jersey

Trust

    

New York

Trust

    

Pennsylvania

Trust

 

Average Notional Amount:

       

Futures Contracts — Short

  $ 9,701,000       $ 3,869,000       $ 6,509,000       $ 4,882,000       $ 3,130,000   

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.

 

 

Level 1 – quoted prices in active markets for identical investments

 

 

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

 

Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At November 30, 2015, the hierarchy of inputs used in valuing the Trusts’ investments and open derivative instruments, which are carried at value, were as follows:

 

California Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 160,033,218       $         —       $ 160,033,218   

Taxable Municipal Securities

            1,872,343                 1,872,343   

Corporate Bonds & Notes

            737,605                 737,605   

Total Investments

  $       $ 162,643,166       $       $ 162,643,166   

Liability Description

                                  

Futures Contracts

  $ (18,595    $       $       $ (18,595

Total

  $ (18,595    $       $       $ (18,595

Massachusetts Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 61,917,099       $       $ 61,917,099   

Taxable Municipal Securities

            742,050                 742,050   

Total Investments

  $       $ 62,659,149       $       $ 62,659,149   

Liability Description

                                  

Futures Contracts

  $ (9,746    $       $       $ (9,746

Total

  $ (9,746    $       $       $ (9,746

 

  66  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

Michigan Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 45,720,668       $       $ 45,720,668   

Total Investments

  $       $ 45,720,668       $       $ 45,720,668   

New Jersey Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 97,802,054       $       $ 97,802,054   

Taxable Municipal Securities

            1,025,370                 1,025,370   

Total Investments

  $       $ 98,827,424       $       $ 98,827,424   

Liability Description

                                  

Futures Contracts

  $ (12,713    $       $       $ (12,713

Total

  $ (12,713    $       $       $ (12,713

New York Trust

 
Asset Description   Level 1      Level 2      Level 3*      Total  

Tax-Exempt Investments

  $       $ 127,233,310       $       $ 127,233,310   

Miscellaneous

                    698,276         698,276   

Total Investments

  $       $ 127,233,310       $ 698,276       $ 127,931,586   

Liability Description

                                  

Futures Contracts

  $ (12,289    $       $       $ (12,289

Total

  $ (12,289    $       $       $ (12,289

Ohio Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Investments

  $       $ 65,263,875       $       $ 65,263,875   

Total Investments

  $       $ 65,263,875       $       $ 65,263,875   

Pennsylvania Trust

 
Asset Description   Level 1      Level 2      Level 3      Total  

Tax-Exempt Municipal Securities

  $       $ 57,196,206       $       $ 57,196,206   

Taxable Municipal Securities

            7,092                 7,092   

Total Investments

  $       $ 57,203,298       $       $ 57,203,298   

Liability Description

                                  

Futures Contracts

  $ (4,238    $       $       $ (4,238

Total

  $ (4,238    $       $       $ (4,238

 

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the New York Trust.

 

  67  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Notes to Financial Statements — continued

 

 

California Trust, Massachusetts Trust, Michigan Trust, New Jersey Trust, Ohio Trust and Pennsylvania Trust held no investments or other financial instruments as of November 30, 2014 whose fair value was determined using Level 3 inputs.

Level 3 investments held by New York Trust at the beginning and/or end of the period in relation to net assets applicable to common shares were not significant and accordingly, a reconciliation of Level 3 assets for the year ended November 30, 2015 is not presented.

At November 30, 2015, there were no investments transferred between Level 1 and Level 2 during the year then ended.

10  Subsequent Event

On December 21, 2015, each Trust commenced a tender offer to purchase for cash up to 100% of its outstanding APS at a price per share equal to 95.5% of the APS liquidation preference of $25,000 per share, plus any accrued but unpaid dividends. Each Trust’s tender offer is conditional upon the Trust’s issuance of new preferred shares with an aggregate liquidation preference at least equal to the aggregate liquidation preference of the tendered APS and certain other conditions as set forth in the offer documents. Each Trust’s tender offer is scheduled to expire on February 3, 2016, but may be extended.

 

  68  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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, 2015, 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, 2015, 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, 2015, 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 19, 2016

 

  69  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Federal Tax Information (Unaudited)

 

 

The Form 1099-DIV you receive in February 2016 will show the tax status of all distributions paid to your account in calendar year 2015. 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, 2015, the Trusts designate the following percentages of distributions from net investment income as exempt-interest dividends:

 

Eaton Vance California Municipal Income Trust

    97.57

Eaton Vance Massachusetts Municipal Income Trust

    99.16

Eaton Vance Michigan Municipal Income Trust

    100.00

Eaton Vance New Jersey Municipal Income Trust

    98.42

Eaton Vance New York Municipal Income Trust

    99.65

Eaton Vance Ohio Municipal Income Trust

    100.00

Eaton Vance Pennsylvania Municipal Income Trust

    99.74

 

  70  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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.

 

  71  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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, 2015, Trust records indicate that there are 18, 26, 11, 34, 23, 25 and 22 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 2,352, 1,134, 1,226, 1,788, 2,130, 1,490 and 1,560 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
 

 

  72  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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, “EVMI” refers to Eaton Vance Management (International) Limited 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 and EVMI is an indirect, 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 174 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 and EVMI. Trustee and/or officer of 174 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVMI, 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) (an independent registered public accounting firm) (1987-1997).

Directorships in the Last Five Years.(2) None.

Cynthia E. Frost

1961

  

Class I

Trustee

    

Until 2018.

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

1952

  

Class I

Trustee

    

Until 2018.

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

1960

  

Class I

Trustee

    

Until 2018.

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).

 

  73  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

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

  

Vice-Chairperson

of the Board and

Class III

Trustee

    

Until 2017(3).

Trustee since 2003 and Vice-Chairperson

since 2016.

    

Private investor. Formerly, Consultant (2012-2014). 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.

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).

Susan J. Sutherland(4)

1957

  

Class I

Trustee

    

Until 2018.

Trustee since 2015.

    

Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).

Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

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

  

Chairperson

of the Board and

Class II

Trustee

    

Until 2016.

Trustee since 2005 and Chairperson 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
(5)
    

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.

Paul M. O’Neil

1953

   Chief Compliance Officer      2004      Vice President of EVM and BMR.

 

  74  


Eaton Vance

Municipal Income Trusts

November 30, 2015

 

Management and Organization — continued

 

 

(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 Mmes. Frost and Sutherland 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); 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) 

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.

(4) 

Ms. Sutherland began serving as a Trustee effective May 1, 2015.

(5) 

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.

 

  75  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

 

 

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

 

 

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

 

 

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

 

 

We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program.  The Funds’ Boards of Trustees have approved a share repurchase program authorizing each Fund to repurchase up to 10% of its outstanding common shares as of the approved date in open-market transactions at a discount to net asset value. The repurchase program does not obligate a Fund to purchase a specific amount of shares. The Funds’ repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Funds’ annual and semi-annual reports to shareholders.

Additional Notice to Shareholders.  If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information.  Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

 

  76  


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    11.30.15    


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 private investor. Previously, he served as a consultant, 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, 2014 and November 30, 2015 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

   11/30/14      11/30/15  

Audit Fees

   $ 26,230       $ 27,030   

Audit-Related Fees(1)

   $ 0       $ 0   

Tax Fees(2)

   $ 8,290       $ 8,024   

All Other Fees(3)

   $ 0       $ 0   
  

 

 

    

 

 

 

Total

   $ 34,520       $ 35,054   
  

 

 

    

 

 

 

 

(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, 2014 and November 30, 2015; 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

   11/30/14      11/30/15  

Registrant

   $ 8,290       $ 8,024   

Eaton Vance(1)

   $ 99,750       $ 53,934   

 

(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, Cynthia E. Frost 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

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser to the Funds. Craig R. Brandon, portfolio manager of Eaton Vance California Municipal Income Trust (“CEV”), Eaton Vance Massachusetts Municipal Income Trust (“MMV”) and Eaton Vance New York Municipal Income Trust (“EVY”), Cynthia J. Clemson, portfolio manager of Eaton Vance Michigan Municipal Income Trust (“EMI”) and Eaton Vance Ohio Municipal Income Trust (“EVO”), and Adam A. Weigold, portfolio manager of Eaton Vance New Jersey Municipal Income Trust (“EVJ”) and Eaton Vance Pennsylvania Municipal Income Trust (“EVP”), are responsible for the overall and day-to-day management of each Fund’s investments.

Mr. Brandon is a Vice President of EVM, has been a portfolio manager of CEV since January 2014, of MMV since February 2010, of EVY since November 2005, and is Co-Director of the Municipal Investments Group. Ms. Clemson is a Vice President of EVM, has been a portfolio manager of EMI and EVO since July 2015, and is Co-Director of the Municipal Investments Group. Mr. Weigold is a Vice President of EVM, has been a portfolio manager of EVJ since February 2010 and of EVP since October 2007. Messrs. Brandon and Weigold and Ms. Clemson have managed other Eaton Vance portfolios for more than five years. 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       $ 6,030.6         0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   

Cynthia J. Clemson

           

Registered Investment Companies

     13       $ 4,632.8         0       $ 0   

Other Pooled Investment Vehicles

     0       $ 0         0       $ 0   

Other Accounts

     0       $ 0         0       $ 0   

Adam A. Weigold

           

Registered Investment Companies

     16       $ 2,543.7         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
Cynthia J. Clemson

   None

New Jersey Municipal Income Trust
Adam A. Weigold

   None


     Dollar Range of Equity Securities
Owned in the Fund

New York Municipal Income Trust
Craig R. Brandon

   None

Ohio Municipal Income Trust
Cynthia J. Clemson

   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 (Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk). 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. A portion of the compensation payable to equity portfolio managers and investment


professionals will be determined based on the ability of one or more accounts managed by such manager to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash bonus to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return. 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*
 

December 2014

     10,400       $ 12.64         10,400         168,229   

January 2015

     11,200       $ 13.00         11,200         157,029   

February 2015

     11,000       $ 13.02         11,000         146,029   

March 2015

     5,200       $ 12.92         5,200         140,829   

April 2015

     8,000       $ 13.04         8,000         132,829   

May 2015

     3,600       $ 12.86         3,600         129,229   

June 2015

     6,900       $ 12.50         6,900         122,329   

July 2015

     5,100       $ 12.46         5,100         117,229   

August 2015

     5,400       $ 12.57         5,400         111,829   

September 2015

     2,700       $ 12.54         2,700         109,129   

October 2015

     800       $ 12.53         800         108,329   

November 2015

     —           —           —           108,329   
  

 

 

    

 

 

    

 

 

    

Total

     70,300       $ 12.80         70,300      
  

 

 

    

 

 

    

 

 

    

 

* 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 14, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ James F. Kirchner

  James F. Kirchner
  Treasurer
Date:   January 14, 2016
By:  

/s/ Payson F. Swaffield

  Payson F. Swaffield
  President
Date:   January 14, 2016