Eaton Vance Ohio Municipal Income Fund

 

 

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: 811-09149

 

 

Eaton Vance Ohio 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, 2013

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


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Eaton Vance

Municipal Income Trusts

Annual Report

November 30, 2013

 

 

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 and is not subject to the 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, 2013

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

     60   

Federal Tax Information

     61   

Dividend Reinvestment Plan

     62   

Management and Organization

     64   

Important Notices

     67   


Eaton Vance

Municipal Income Trusts

November 30, 2013

 

Management’s Discussion of Fund Performance1

 

 

Economic and Market Conditions

During the first five months of the fiscal year ended November 30, 2013, interest rates declined to historic lows, driven by highly accommodative monetary policies instituted by central banks around the world. In December 2012, the U.S. Federal Reserve (the Fed) replaced Operation Twist, the central bank’s swapping of its short-term holdings for long-term Treasury bonds, with outright purchases of $45 billion of Treasurys each month. This was in addition to the monthly purchase of approximately $40 billion of agency mortgage-backed securities that it had begun in September 2012. These actions combined to put continuing downward pressure on long-term bond yields, driving investors to look for other sources of income. One beneficiary was the municipal bond market, which rallied during the first five months of the period in response to strong investor demand.

In late May 2013, however, Fed Chairman Ben Bernanke surprised the markets by indicating that the Fed’s $85 billion in monthly asset purchases, known collectively as quantitative easing (QE), could be tapered sooner than most investors had expected. The negative effect on the bond market was swift and dramatic. Investors rushed to sell fixed-income assets in anticipation of rising interest rates, causing nearly every fixed-income asset class to decline in value.

Outflows had a particularly significant effect on the municipal bond market because, unlike other domestic fixed-income asset classes, the municipal market is primarily retail-based and is generally impacted more by the actions of small individual investors than other
fixed-income asset classes. Even after the Fed tried to temper its comments and calm the markets, moderating the outflows in other fixed-income classes, heavy selling in municipals continued through August 2013, causing a significant increase in municipal bond yields. The selling abated somewhat in September 2013, after the Fed surprised the markets again by postponing its tapering of QE that many investors had thought was imminent. Municipal markets, however, continued to experience net outflows through the end of the period on November 30, 2013. The Barclays Municipal Bond Index
2 — an unmanaged broad index of municipal bonds traded in the United States — declined 3.51% for the one-year period.

During the period, additional pressure on the municipal market came from the City of Detroit’s bankruptcy filing on July 18, 2013 and heightened attention to Puerto

Rico’s fiscal woes throughout September 2013. Although Detroit’s bankruptcy was not a surprise, because the city’s fiscal problems had been well documented for many years, the bankruptcy’s negative headlines injected additional fear into the municipal bond market. That fear, combined with Puerto Rico’s well-publicized fiscal challenges, drove both institutional and retail investors to sell Puerto Rico bonds, exerting additional downward pressure on the market value of the bonds in late August and September 2013. Prices of Puerto Rico bonds remained at depressed levels through the end of the period on November 30, 2013.

Fund Performance

For the fiscal year ending November 30, 2013, Eaton Vance New Jersey Municipal Income Trust shares at net asset value (NAV) outperformed the -7.18% return of the Barclays Long (22+) Year Municipal Bond Index (the Index). All of the other Funds’ shares at NAV underperformed the Index.

The Funds’ overall strategy is to invest primarily in bonds with maturities of 10 years or more in order to capture their generally higher yields and a greater income stream. Management hedges to various degrees against the greater potential risk of volatility at the long end of the yield curve by using Treasury futures in seeking to provide downside protection.

In managing the Funds, management employs leverage6 to seek to enhance the Funds’ tax-exempt income. The use of leverage has the effect of achieving additional exposure to the municipal market. While increasing the Funds’ distributions to shareholders, leverage magnifies the Funds’ exposure to their underlying investments in both up and down markets. For all of the Funds, leverage was the most significant detractor from the Funds’ performance relative to the unleveraged Index during this period of negative performance by municipal bonds.

In contrast, the Funds’ hedging strategy aided the Funds’ performance versus the Index for all Funds during the period. As a risk management tactic within the overall Fund strategy mentioned above, interest-rate hedging is intended to moderate the Funds’ performance on both the upside and the downside of the market. Although municipal bonds underperformed Treasurys during the period, the Funds’ Treasury hedges moderated a portion of the Funds’ negative performance.

 

 

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, 2013

 

Management’s Discussion of Fund Performance — continued

 

 

State-specific Results

Eaton Vance California Municipal Income Trust shares at NAV returned -8.69%, underperforming the -7.18% return of the Index. Leverage was the major detractor from the Fund’s performance versus the Index. Contributors to the Fund’s performance relative to the Index included the Fund’s hedging strategy, security selection in BBB-rated7 bonds, and an underweighting and security selection in Puerto Rico bonds.

Eaton Vance Massachusetts Municipal Income Trust shares at NAV returned -10.34%, trailing the -7.18% return of the Index. Detractors from the Fund’s performance versus the Index included leverage, security selection in AA-rated issues, and an overweight and security selection in education sector bonds. The Fund’s hedging strategy was a key contributor to the Fund’s performance versus the Index, along with an underweight in Puerto Rico bonds and security selection in BBB-rated issues.

Eaton Vance Michigan Municipal Income Trust shares at NAV returned -10.49%, underperforming the -7.18% return of the Index. Leverage was a key detractor from the Fund’s performance relative to the Index. An overweight in Michigan local government general obligation (GO) bonds — relative to the Index, which, unlike the Fund, is not Michigan-centric — hurt relative results versus the Index as well because bonds of many Michigan municipalities sold off in the wake of Detroit’s bankruptcy filing. In contrast, the Fund’s performance versus the Index was helped by the Fund’s hedging strategy, security selection in BBB-rated bonds and an underweight in Puerto Rico bonds.

Eaton Vance New Jersey Municipal Income Trust shares at NAV returned -6.96%, outperforming the -7.18% return of the Index. The Fund’s relative outperformance versus the Index was driven by the Fund’s hedging strategy, an underweight in Puerto Rico bonds and security selection in BBB-rated issues. Primary detractors from the Fund’s performance versus the Index included leverage, security selection in AAA-rated bonds and an overweight in zero-coupon
bonds — which were among the worst-performing issues during the period due to their high sensitivity to rising interest rates.

Eaton Vance New York Municipal Income Trust shares at NAV returned -8.99%, lagging the -7.18% return of the Index. Leverage hurt the Fund’s performance relative to the

Index, as did an overweight in zero-coupon bonds and security selection in bonds with 30 or more years remaining to maturity. Contributors to the Fund’s performance versus the Index included the Fund’s hedging strategy, an underweight in Puerto Rico bonds, and security selection in A-rated and BBB-rated bonds.

Eaton Vance Ohio Municipal Income Trust shares at NAV returned -10.01%, underperforming the -7.18% return of the Index. Detractors from the Fund’s performance results versus the Index included leverage, an overweight in zero-coupon bonds and an overweight in GO bonds. The Fund’s performance versus the Index was helped by the Fund’s hedging strategy, an underweight in Puerto Rico bonds and security selection in BBB-rated bonds.

Eaton Vance Pennsylvania Municipal Income Trust shares at NAV returned -8.07%, trailing the -7.18% return of the Index. Leverage, security selection in
BBB-rated bonds and security selection in the special tax sector detracted from the Fund’s performance versus the Index. Contributors to the Fund’s performance relative to the Index included the Fund’s hedging strategy and an overweight in prerefunded bonds. And while selection in BBB bonds hurt the Fund’s performance versus the Index, a relative underweight in the same area, BBB-rated bonds, aided relative results versus the Index.

 

 

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, 2013

 

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         –8.69      12.35      4.34

Fund at Market Price

             –19.84         11.21         3.26   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.08
           
Distributions5                                

Total Distributions per share for the period

            $ 0.796   

Distribution Rate at NAV

              6.25

Taxable-Equivalent Distribution Rate at NAV

              12.74

Distribution Rate at Market Price

              7.11

Taxable-Equivalent Distribution Rate at Market Price

              14.49
           
% Total Leverage6                                

Auction Preferred Shares (APS)

              32.04

Residual Interest Bond (RIB)

              9.41   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    5.7   

BBB

    10.4

AA

    57.6      

BB

    0.7   

A

    22.5      

Not Rated

    3.1   

 

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, 2013

 

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         –10.34      13.00      4.74

Fund at Market Price

             –22.55         12.80         3.30   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.82
           
Distributions5                                

Total Distributions per share for the period

            $ 0.776   

Distribution Rate at NAV

              5.36

Taxable-Equivalent Distribution Rate at NAV

              9.99

Distribution Rate at Market Price

              6.15

Taxable-Equivalent Distribution Rate at Market Price

              11.47
           
% Total Leverage6                                

APS

              32.76

RIB

              5.53   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    18.7   

BB

    1.3

AA

    44.2      

B

    1.4   

A

    23.6      

Not Rated

    0.9   

BBB

    9.9        

 

See Endnotes and Additional Disclosures in this report.

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

 

  5  


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –10.49      10.52      4.47

Fund at Market Price

             –20.51         14.01         2.55   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –14.79
           
Distributions5                                

Total Distributions per share for the period

            $ 0.749   

Distribution Rate at NAV

              5.49

Taxable-Equivalent Distribution Rate at NAV

              10.13

Distribution Rate at Market Price

              6.45

Taxable-Equivalent Distribution Rate at Market Price

              11.90
           
% Total Leverage6                                

APS

              39.04

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.

 

  6  


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –6.96      13.93      4.62

Fund at Market Price

             –25.85         13.39         3.17   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –11.73
Distributions5                                

Total Distributions per share for the period

            $ 0.788   

Distribution Rate at NAV

              6.08

Taxable-Equivalent Distribution Rate at NAV

              11.80

Distribution Rate at Market Price

              6.89

Taxable-Equivalent Distribution Rate at Market Price

              13.37
           
% Total Leverage6                                

APS

              34.16

RIB

              3.86   

Fund Profile

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    11.5   

BBB

    10.4

AA

    25.8      

B

    2.1   

A

    48.0      

Not Rated

    2.2   

 

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, 2013

 

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         –8.99      14.80      4.63

Fund at Market Price

             –20.09         16.58         3.91   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –8.75
           
Distributions5                                

Total Distributions per share for the period

            $ 0.883   

Distribution Rate at NAV

              6.56

Taxable-Equivalent Distribution Rate at NAV

              12.71

Distribution Rate at Market Price

              7.19

Taxable-Equivalent Distribution Rate at Market Price

              13.93
           
% Total Leverage6                                

APS

              26.84

RIB

              15.37   

Fund Profile

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    11.9   

BBB

    13.9

AA

    32.8      

BB

    3.5   

A

    28.6      

Not Rated

    9.3   

 

See Endnotes and Additional Disclosures in this report.

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

 

  8  


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Performance2,3

 

Portfolio Manager William H. Ahern, Jr., CFA

 

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

Fund at NAV

     01/29/1999         –10.01      12.04      4.87

Fund at Market Price

             –25.59         13.59         3.06   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –12.36
           
Distributions5                                

Total Distributions per share for the period

            $ 0.739   

Distribution Rate at NAV

              5.41

Taxable-Equivalent Distribution Rate at NAV

              10.11

Distribution Rate at Market Price

              6.17

Taxable-Equivalent Distribution Rate at Market Price

              11.53
           
% Total Leverage6                                

APS

              36.20

RIB

              2.32   

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, 2013

 

Performance2,3

 

Portfolio Manager Adam Weigold, CFA

 

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

Fund at NAV

     01/29/1999         –8.07      11.32      4.39

Fund at Market Price

             –22.84         9.52         2.30   

Barclays Long (22+) Year Municipal Bond Index

             –7.18      8.69      4.74
           
% Premium/Discount to NAV4                                
              –14.25
           
Distributions5                                

Total Distributions per share for the period

            $ 0.787   

Distribution Rate at NAV

              6.08

Taxable-Equivalent Distribution Rate at NAV

              11.08

Distribution Rate at Market Price

              7.10

Taxable-Equivalent Distribution Rate at Market Price

              12.94
           
% Total Leverage6                                

APS

              36.79

RIB

              2.87   

Fund Profile

 

 

 

LOGO

The above chart includes the ratings of securities held by special purpose vehicles established in connection with the RIB financing.6 Absent such securities, credit quality (% of total investments) is as follows:7

 

AAA

    3.6   

BBB

    3.5

AA

    41.1      

Not Rated

    2.8   

A

    49.0        

 

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, 2013

 

Endnotes and Additional Disclosures

 

 

1 

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

 

2 

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

 

3 

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

 

4 

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

 

5 

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

6 

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

 

7 

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

 

   Fund profile subject to change due to active management.

 

   Important Notices to Shareholders
   Effective January 1, 2014, the California Municipal Income Trust is managed by Craig R. Brandon, CFA.
 

 

  11  


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 163.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 21.6%

  

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

  $ 3,135      $ 3,270,620   

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

    195        208,662   

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

    330        347,615   

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

    745        770,859   

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

    2,440        2,441,732   

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

    1,600        1,884,128   

California Educational Facilities Authority, (Stanford University), 5.00%, 6/1/43

    2,100        2,419,809   

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

    235        268,156   

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

    2,490        2,658,175   

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

    630        662,344   

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

    415        430,218   

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

    285        289,227   

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

    810        884,633   

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

    850        919,360   

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

    895        960,872   

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

    1,250        1,334,038   
                 
    $ 19,750,448   
                 

Electric Utilities — 15.1%

  

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

  $ 270      $ 300,278   

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

    2,275        2,371,733   

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

    1,500        1,589,565   

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

    2,170        2,344,924   

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

    1,500        1,642,035   

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

    1,335        1,459,569   

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

    1,795        1,947,700   

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

    680        698,353   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Electric Utilities (continued)

  

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

  $ 1,300      $ 1,407,822   
                 
    $ 13,761,979   
                 

General Obligations — 22.2%

  

California, 5.50%, 11/1/35

  $ 1,600      $ 1,758,016   

California, 6.00%, 4/1/38

    750        851,880   

California, (AMT), 5.05%, 12/1/36

    475        469,267   

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

    1,000        1,063,570   

Cupertino Union School District, (Election of 2012), 5.00%, 8/1/36

    1,630        1,729,952   

Larkspur-Corte Madera School District, (Election of 2011), 4.00%, 8/1/34

    205        199,086   

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

    3,655        3,860,411   

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

    2,890        2,724,894   

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

    2,545        2,502,269   

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

    740        797,113   

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

    860        917,904   

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

    3,180        3,400,183   
                 
    $ 20,274,545   
                 

Hospital — 18.5%

  

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

  $ 1,000      $ 1,063,200   

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

    190        199,986   

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

    1,000        1,019,250   

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

    635        646,233   

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

    910        912,912   

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

    2,000        2,159,940   

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

    1,000        1,020,710   

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

    1,475        1,686,722   

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

    1,145        1,181,938   

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

    535        541,891   

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

    600        601,686   
 

 

  12   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 535      $ 538,098   

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

    1,900        1,902,033   

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

    2,780        2,686,814   

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

    700        699,993   
                 
    $ 16,861,406   
                 

Industrial Development Revenue — 1.4%

  

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

  $ 1,235      $ 1,275,347   
                 
    $ 1,275,347   
                 

Insured – Education — 1.6%

  

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

  $ 1,250      $ 1,471,975   
                 
    $ 1,471,975   
                 

Insured – Electric Utilities — 3.2%

  

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

  $ 2,790      $ 2,912,425   
                 
    $ 2,912,425   
                 

Insured – Escrowed / Prerefunded — 3.7%

  

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

  $ 5,130      $ 3,416,888   
                 
    $ 3,416,888   
                 

Insured – General Obligations — 9.3%

  

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

  $ 6,485      $ 2,116,769   

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

    4,825        1,482,481   

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

    2,005        2,106,774   

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

    4,720        2,805,615   
                 
    $ 8,511,639   
                 

Insured – Hospital — 9.5%

  

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

  $ 2,900      $ 2,910,585   

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

    750        759,383   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital (continued)

  

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

  $ 5,000      $ 5,007,750   
                 
    $ 8,677,718   
                 

Insured – Lease Revenue / Certificates of Participation — 10.7%

  

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

  $ 4,410      $ 4,099,492   

Puerto Rico Public Finance Corp., (AMBAC), Escrowed to Maturity, 5.50%, 8/1/27

    1,710        2,023,203   

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

    3,500        3,666,180   
                 
    $ 9,788,875   
                 

Insured – Special Tax Revenue — 0.6%

  

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

  $ 4,850      $ 569,245   
                 
    $ 569,245   
                 

Insured – Transportation — 11.3%

  

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

  $ 5,000      $ 2,056,050   

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

    4,500        1,745,460   

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

    740        631,220   

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

    10,000        3,147,300   

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

    1,275        1,285,187   

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

    1,350        1,454,504   
                 
    $ 10,319,721   
                 

Insured – Water and Sewer — 4.1%

  

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

  $ 2,000      $ 2,131,960   

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

    1,830        1,587,397   
                 
    $ 3,719,357   
                 

Lease Revenue / Certificates of Participation — 1.0%

  

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

  $ 915      $ 916,382   
                 
    $ 916,382   
                 
 

 

  13   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue — 0.8%

  

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

  $ 385      $ 388,053   

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

    315        314,562   
                 
    $ 702,615   
                 

Senior Living / Life Care — 1.9%

  

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

  $ 290      $ 307,081   

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

    175        163,714   

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

    700        598,626   

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

    600        649,728   
                 
    $ 1,719,149   
                 

Special Tax Revenue — 12.0%

  

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

  $ 285      $ 277,123   

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

    460        410,775   

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

    925        928,718   

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

    190        188,680   

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

    480        443,746   

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

    1,590        1,593,100   

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

    240        267,530   

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

    480        528,163   

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

    240        259,954   

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

    335        359,050   

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

    240        255,139   

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

    2,400        2,610,864   

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

    250        251,343   

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

    490        491,073   

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

    250        251,417   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue (continued)

  

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

  $ 400      $ 383,340   

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

    500        503,110   

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

    1,000        1,000,580   
                 
    $ 11,003,705   
                 

Transportation — 12.1%

  

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

  $ 1,000      $ 1,110,980   

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

    2,000        2,215,940   

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

    2,120        2,202,913   

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

    1,500        1,623,690   

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

    1,170        1,089,761   

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

    2,760        2,820,693   
                 
    $ 11,063,977   
                 

Water and Sewer — 2.9%

  

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

  $ 740      $ 817,670   

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

    1,700        1,789,454   
                 
    $ 2,607,124   
                 

Total Tax-Exempt Investments — 163.5%
(identified cost $146,226,964)

   

  $ 149,324,520   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (54.7)%

  

  $ (49,976,074
   

Other Assets, Less Liabilities — (8.8)%

  

  $ (8,015,160
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 91,333,286   
   

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

 

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

 

  14   See Notes to Financial Statements.


Eaton Vance

California Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

The Trust invests primarily in debt securities issued by California municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 33.1% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.4% to 15.0% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $1,889,316.

 

 

  15   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

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

Bond Bank — 5.8%

  

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

  $ 910      $ 1,046,973   

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

    990        1,137,847   
   
    $ 2,184,820   
   

Education — 29.1%

  

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

  $ 1,080      $ 1,133,536   

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

    625        628,256   

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

    1,500        1,576,635   

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

    1,640        1,892,937   

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

    1,500        1,582,965   

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

    415        437,817   

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

    1,350        1,392,484   

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

    1,420        1,552,316   

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

    750        785,137   
   
    $ 10,982,083   
   

General Obligations — 17.0%

  

Boston, 4.00%, 4/1/24

  $ 300      $ 324,657   

Cambridge, 4.00%, 2/15/21

    595        671,345   

Danvers, 5.25%, 7/1/36

    885        952,561   

Lexington, 4.00%, 2/1/21

    415        467,323   

Lexington, 4.00%, 2/1/22

    430        481,041   

Lexington, 4.00%, 2/1/23

    355        395,974   

Newton, 5.00%, 4/1/36

    750        791,595   

Plymouth, 5.00%, 5/1/31

    345        369,702   

Plymouth, 5.00%, 5/1/32

    315        336,089   

Wayland, 5.00%, 2/1/33

    510        550,407   

Wayland, 5.00%, 2/1/36

    770        822,507   

Winchester, 5.00%, 4/15/36

    245        262,123   
   
    $ 6,425,324   
   

Hospital — 28.2%

  

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

  $ 1,000      $ 1,012,550   

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

    600        691,110   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,150      $ 1,192,872   

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

    1,210        1,281,814   

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

    500        509,790   

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

    1,135        1,147,258   

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

    755        755,400   

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

    970        944,023   

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

    2,000        2,070,780   

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

    675        677,410   

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

    350        356,384   
   
    $ 10,639,391   
   

Housing — 6.8%

  

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

  $ 2,100      $ 1,926,414   

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

    650        654,075   
   
    $ 2,580,489   
   

Industrial Development Revenue — 1.9%

  

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

  $ 800      $ 716,520   
   
    $ 716,520   
   

Insured – Education — 7.1%

  

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

  $ 1,000      $ 1,131,930   

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

    1,365        1,531,639   
   
    $ 2,663,569   
   

Insured – Electric Utilities — 1.2%

  

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

  $ 550      $ 459,508   
   
    $ 459,508   
   
 

 

  16   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 3.2%

  

Massachusetts, (AMBAC), 5.50%, 8/1/30

  $ 1,000      $ 1,221,720   
   
    $ 1,221,720   
   

Insured – Hospital — 0.9%

  

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

  $ 335      $ 352,521   
   
    $ 352,521   
   

Insured – Other Revenue — 1.7%

  

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

  $ 590      $ 645,578   
   
    $ 645,578   
   

Insured – Special Tax Revenue — 10.9%

  

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

  $ 1,450      $ 1,453,929   

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

    1,000        1,139,340   

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

    1,340        1,394,525   

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

    1,105        129,694   
   
    $ 4,117,488   
   

Insured – Student Loan — 4.7%

  

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

  $ 320      $ 337,350   

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

    1,590        1,444,595   
   
    $ 1,781,945   
   

Insured – Transportation — 0.8%

  

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

  $ 315      $ 316,011   
   
    $ 316,011   
   

Other Revenue — 3.0%

  

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

  $ 500      $ 560,650   

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

    505        560,545   
   
    $ 1,121,195   
   

Senior Living / Life Care — 6.2%

  

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

  $ 250      $ 228,842   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Senior Living / Life Care (continued)

  

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

  $ 1,500      $ 1,471,710   

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

    125        129,108   

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

    140        125,310   

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

    475        381,582   
   
    $ 2,336,552   
   

Special Tax Revenue — 8.6%

  

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

  $ 140      $ 152,597   

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

    1,665        743,606   

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

    5,195        1,991,503   

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

    335        364,024   
   
    $ 3,251,730   
   

Transportation — 7.4%

  

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

  $ 1,500      $ 1,535,490   

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

    500        551,695   

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

    670        701,095   
   
    $ 2,788,280   
   

Water and Sewer — 11.5%

  

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

  $ 2,005      $ 2,242,512   

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

    495        543,268   

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

    225        244,535   

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

    1,195        1,317,523   
   
    $ 4,347,838   
   

Total Tax-Exempt Investments — 156.0%
(identified cost $57,556,570)

   

  $ 58,932,562   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (53.1)%

  

  $ (20,050,332
   

Other Assets, Less Liabilities — (2.9)%

  

  $ (1,108,406
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 37,773,824   
   

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

 

 

  17   See Notes to Financial Statements.


Eaton Vance

Massachusetts Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

 

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

The Trust invests primarily in debt securities issued by Massachusetts municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 19.6% 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 1.2% to 13.1% 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 $621,639.

 

 

  18   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 157.1%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 4.4%

  

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

  $ 600      $ 639,618   

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

    500        546,325   
   
    $ 1,185,943   
   

Education — 15.5%

  

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

  $ 525      $ 564,764   

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

    525        565,267   

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

    1,000        1,021,330   

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

    460        467,328   

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

    700        614,824   

Oakland University, 5.00%, 3/1/42

    500        501,305   

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

    500        507,440   
   
    $ 4,242,258   
   

Electric Utilities — 4.8%

  

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

  $ 500      $ 533,810   

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

    800        787,904   
   
    $ 1,321,714   
   

Escrowed / Prerefunded — 1.2%

  

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

  $ 185      $ 196,825   

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

    125        133,398   
   
    $ 330,223   
   

General Obligations — 42.1%

  

Allegan Public Schools, 5.00%, 5/1/31

  $ 1,000      $ 1,035,050   

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

    350        363,877   

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

    750        711,660   

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

    230        243,124   

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

    275        285,205   

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

    220        230,164   

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

    500        489,275   

Howell Public Schools, 4.50%, 5/1/29

    620        635,271   

Jenison Public Schools, 5.00%, 5/1/28

    500        519,445   

Jenison Public Schools, 5.00%, 5/1/30

    500        513,385   

Kent County, 5.00%, 1/1/25

    1,500        1,614,870   

Kent County, (AMT), 5.00%, 1/1/28

    1,000        1,061,500   

Livingston County, 4.00%, 6/1/30

    305        298,500   

Michigan, 5.00%, 11/1/20

    1,000        1,179,180   
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations (continued)

  

Michigan, 5.50%, 11/1/25

  $ 270      $ 303,885   

Northview Public Schools, 5.00%, 5/1/32

    725        747,852   

Northview Public Schools, 5.00%, 5/1/41

    275        278,149   

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

    375        297,469   

Whitmore Lake Public School District, 4.00%, 5/1/32

    750        701,565   
   
    $ 11,509,426   
   

Hospital — 23.2%

  

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

  $ 275      $ 290,408   

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

    250        245,795   

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

    500        494,255   

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

    1,000        1,064,340   

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

    250        240,180   

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

    1,000        956,680   

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

    1,080        1,082,246   

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

    500        525,430   

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

    425        434,550   

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

    1,000        997,160   
   
    $ 6,331,044   
   

Housing — 0.9%

  

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

  $ 235      $ 235,139   
   
    $ 235,139   
   

Industrial Development Revenue — 2.4%

  

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

  $ 750      $ 665,775   
   
    $ 665,775   
   

Insured – Education — 5.2%

  

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

  $ 570      $ 592,031   

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

    500        521,210   

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

    300        307,254   
   
    $ 1,420,495   
   
 

 

  19   See Notes to Financial Statements.


Eaton Vance

Michigan Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Electric Utilities — 3.1%

  

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

  $ 630      $ 526,346   

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

    250        204,430   

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

    155        125,350   
   
    $ 856,126   
   

Insured – General Obligations — 18.8%

  

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

  $ 1,105      $ 1,121,288   

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

    500        507,210   

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

    150        148,542   

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

    240        235,860   

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

    300        297,888   

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

    1,000        1,067,860   

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

    1,250        1,259,812   

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

    500        497,490   
   
    $ 5,135,950   
   

Insured – Lease Revenue / Certificates of Participation — 8.2%

  

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

  $ 1,000      $ 457,670   

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

    4,300        1,781,361   
   
    $ 2,239,031   
   

Insured – Special Tax Revenue — 0.4%

  

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

  $ 895      $ 105,046   
   
    $ 105,046   
   

Insured – Transportation — 3.9%

  

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

  $ 1,000      $ 1,057,170   
   
    $ 1,057,170   
   

Insured – Water and Sewer — 11.3%

  

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

  $ 560      $ 524,009   

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

    1,650        1,527,042   

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

    1,000        1,046,410   
   
    $ 3,097,461   
   

Special Tax Revenue — 5.2%

  

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

  $ 115      $ 119,353   

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

    125        129,811   

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

    1,000        1,041,280   

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

    110        119,530   
   
    $ 1,409,974   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Water and Sewer — 6.5%

  

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

  $ 750      $ 686,797   

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

    735        842,641   

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

    250        256,603   
   
    $ 1,786,041   
   

Total Tax-Exempt Investments — 157.1%
(identified cost $43,215,104)

   

  $ 42,928,816   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (64.0)%

  

  $ (17,500,093
   

Other Assets, Less Liabilities — 6.9%

  

  $ 1,898,892   
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 27,327,615   
   

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

 

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

The Trust invests primarily in debt securities issued by Michigan municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 32.4% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 2.3% to 11.4% of total investments.

 

 

  20   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Municipal Securities — 154.4%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education — 21.3%

  

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

  $ 1,270      $ 1,315,530   

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

    250        254,423   

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

    250        249,370   

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

    220        220,559   

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

    1,730        1,829,302   

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

    640        657,510   

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

    1,650        1,679,188   

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

    965        1,268,396   

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

    1,295        1,326,740   

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

    1,000        1,076,200   

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

    2,900        3,032,530   
   
    $ 12,909,748   
   

Electric Utilities — 1.0%

  

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

  $ 865      $ 633,621   
   
    $ 633,621   
   

General Obligations — 8.1%

  

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

  $ 320      $ 339,786   

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

    1,850        2,038,312   

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

    1,795        1,964,663   

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

    500        541,840   
   
    $ 4,884,601   
   

Hospital — 25.2%

  

Camden County Improvement Authority, (Cooper Health System), 5.00%, 2/15/35

  $ 85      $ 78,957   

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

    1,335        1,339,058   

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

    650        649,487   

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

    2,290        2,378,737   

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

    2,090        2,127,306   

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

    1,415        1,458,823   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 645      $ 725,909   

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

    620        660,728   

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

    250        242,315   

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

    2,055        2,094,312   

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

    2,440        2,365,507   

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

    1,075        1,137,705   
   
    $ 15,258,844   
   

Housing — 2.7%

  

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

  $ 595      $ 583,255   

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

    1,050        1,049,926   
   
    $ 1,633,181   
   

Industrial Development Revenue — 5.7%

  

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

  $ 50      $ 48,115   

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

    135        125,658   

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

    750        699,885   

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

    220        239,789   

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

    2,235        2,359,489   
   
    $ 3,472,936   
   

Insured – Electric Utilities — 1.6%

  

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

  $ 135      $ 112,788   

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

    490        396,268   

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

    595        478,767   
   
    $ 987,823   
   

Insured – Gas Utilities — 6.0%

  

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      $ 3,614,517   
   
    $ 3,614,517   
   
 

 

  21   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – General Obligations — 5.3%

  

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

  $ 1,015      $ 1,056,727   

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

    1,240        1,350,099   

Paterson, (BAM), 5.00%, 1/15/26

    750        811,410   
   
    $ 3,218,236   
   

Insured – Hospital — 5.6%

  

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

  $ 100      $ 80,762   

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

    300        228,303   

New Jersey Health Care Facilities Financing Authority, (Hackensack University Medical Center), (AGC), 5.25%, 1/1/36

    750        775,717   

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

    385        390,733   

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

    500        507,445   

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

    1,380        1,423,732   
   
    $ 3,406,692   
   

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      $ 1,991,236   
   
    $ 1,991,236   
   

Insured – Lease Revenue / Certificates of Participation — 4.6%

  

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

  $ 1,500      $ 1,640,280   

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

    1,000        1,141,830   
   
    $ 2,782,110   
   

Insured – Other Revenue — 1.6%

  

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

  $ 1,000      $ 993,670   
   
    $ 993,670   
   

Insured – Special Tax Revenue — 11.6%

  

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

  $ 5,250      $ 3,282,983   

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

    4,300        2,448,162   
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      $ 1,074,458   

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

    2,020        237,087   
   
    $ 7,042,690   
   

Insured – Student Loan — 3.8%

  

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

  $ 2,215      $ 2,326,237   
   
    $ 2,326,237   
   

Insured – Transportation — 0.6%

  

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

  $ 315      $ 337,286   
   
    $ 337,286   
   

Lease Revenue / Certificates of Participation — 5.9%

  

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

  $ 1,500      $ 1,583,220   

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

    1,700        1,726,333   

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

    250        278,378   
   
    $ 3,587,931   
   

Other Revenue — 5.9%

  

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

  $ 13,280      $ 327,219   

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

    2,040        2,101,506   

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

    500        504,830   

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

    900        647,658   
   
    $ 3,581,213   
   

Senior Living / Life Care — 4.2%

  

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

  $ 465      $ 472,431   

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

    770        772,548   

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

    815        729,531   

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

    700        601,580   
   
    $ 2,576,090   
   
 

 

  22   See Notes to Financial Statements.


Eaton Vance

New Jersey Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Special Tax Revenue — 3.0%

  

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

  $ 100      $ 101,240   

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

    175        172,524   

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

    750        609,900   

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

    500        401,360   

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

    500        543,320   
   
    $ 1,828,344   
   

Student Loan — 5.3%

  

New Jersey Higher Education Student Assistance Authority, (AMT), 1.211%, 6/1/36(1)(2)(3)

  $ 2,500      $ 2,524,950   

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

    740        658,896   
   
    $ 3,183,846   
   

Transportation — 19.9%

  

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

  $ 1,060      $ 1,099,909   

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

    1,080        1,108,436   

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

    2,000        1,086,060   

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

    1,850        1,996,650   

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

    250        278,728   

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

    530        595,784   

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

    3,600        3,764,736   

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

    1,995        2,145,223   
   
    $ 12,075,526   
   

Water and Sewer — 2.2%

  

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

  $ 1,275      $ 1,340,803   
   
    $ 1,340,803   
   

Total Tax-Exempt Municipal Securities — 154.4%
(identified cost $91,744,836)

   

  $ 93,667,181   
Taxable Municipal Securities — 1.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation — 1.5%

               

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

  $ 1,000      $ 889,210   
                 

Total Taxable Municipal Securities — 1.5%
(identified cost $989,064)

   

  $ 889,210   
   

Total Investments — 155.9%
(identified cost $92,733.900)

   

  $ 94,556,391   
   

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (55.1)%

  

  $ (33,425,718
   

Other Assets, Less Liabilities — (0.8)%

  

  $ (478,106
   

Net Assets Applicable to Common Shares — 100.0%

  

  $ 60,652,567   
   

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

 

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

The Trust invests primarily in debt securities issued by New Jersey municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 28.2% of total investments are backed by bond insurance of various financial institutions and financial guaranty assurance agencies. The aggregate percentage insured by an individual financial institution or financial guaranty assurance agency ranged from 0.9% to 10.4% 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 $524,950.

 

(3) 

Variable rate security. The stated interest rate represents the rate in effect at November 30, 2013.

 

 

  23   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

Tax-Exempt Investments — 168.5%   
   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Bond Bank — 6.2%

  

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

  $ 1,730      $ 1,829,458   

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

    2,535        2,690,598   
                 
    $ 4,520,056   
                 

Cogeneration — 1.5%

  

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

  $ 1,150      $ 1,077,171   
                 
    $ 1,077,171   
                 

Education — 28.8%

  

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

  $ 310      $ 320,977   

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

    150        163,435   

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

    1,490        1,579,758   

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

    325        340,704   

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

    510        528,676   

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

    1,000        1,058,270   

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

    725        770,204   

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

    510        541,222   

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

    2,000        2,097,880   

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

    220        226,934   

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

    1,000        1,064,970   

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

    2,250        2,742,097   

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

    2,500        2,632,975   

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

    325        349,606   

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

    400        429,724   

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

    1,695        1,706,594   

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

    2,000        2,095,440   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Education (continued)

  

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

  $ 280      $ 287,204   

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

    735        742,468   

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

    1,205        1,255,080   
                 
    $ 20,934,218   
                 

Electric Utilities — 5.8%

  

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

  $ 1,420      $ 1,599,389   

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

    1,330        965,873   

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

    1,645        1,657,074   
                 
    $ 4,222,336   
                 

General Obligations — 8.0%

  

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

  $ 585      $ 221,732   

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

    325        116,087   

New York, 5.00%, 2/15/34(1)

    4,000        4,276,640   

New York City, 6.25%, 10/15/28

    1,000        1,167,580   
                 
    $ 5,782,039   
                 

Health Care – Miscellaneous — 0.2%

  

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

  $ 50      $ 50,303   

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

    100        100,606   
                 
    $ 150,909   
                 

Hospital — 24.7%

  

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

  $ 130      $ 139,976   

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

    960        1,014,000   

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

    870        870,853   

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

    2,490        2,567,563   

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

    1,000        954,000   

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

    2,000        2,007,780   
 

 

  24   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Hospital (continued)

  

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

  $ 1,000      $ 1,068,440   

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

    1,000        1,016,380   

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

    845        849,183   

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

    750        756,457   

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

    1,250        1,282,537   

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

    415        416,502   

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

    835        824,780   

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

    1,085        1,086,335   

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

    395        328,747   

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

    1,000        842,520   

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

    650        657,358   

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

    1,250        1,276,450   
                 
    $ 17,959,861   
                 

Housing — 14.6%

  

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

  $ 1,500      $ 1,501,980   

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

    2,620        2,635,379   

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

    1,000        1,012,180   

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

    2,625        2,666,029   

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

    1,500        1,508,850   

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

    1,325        1,299,348   
                 
    $ 10,623,766   
                 

Industrial Development Revenue — 4.9%

  

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

  $ 1,000      $ 1,104,830   

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

    980        1,029,666   

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

    1,350        1,196,573   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Industrial Development Revenue (continued)

  

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

  $ 195      $ 199,130   
                 
    $ 3,530,199   
                 

Insured – Education — 6.9%

  

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

  $ 1,250      $ 1,257,813   

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

    1,500        1,531,725   

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

    5,365        2,208,073   
                 
    $ 4,997,611   
                 

Insured – Electric Utilities — 2.1%

  

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

  $ 1,365      $ 1,527,244   
                 
    $ 1,527,244   
                 

Insured – Other Revenue — 3.5%

  

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

  $ 2,645      $ 1,114,841   

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

    3,625        1,437,856   
                 
    $ 2,552,697   
                 

Insured – Special Tax Revenue — 0.4%

  

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

  $ 2,475      $ 290,491   
                 
    $ 290,491   
                 

Insured – Transportation — 2.0%

  

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

  $ 1,475      $ 1,485,959   
                 
    $ 1,485,959   
                 

Insured – Water and Sewer — 1.4%

  

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

  $ 1,000      $ 993,400   
                 
    $ 993,400   
                 

Other Revenue — 7.3%

  

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

  $ 3,120      $ 1,174,461   

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

    380        400,072   
 

 

  25   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Other Revenue (continued)

  

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

  $ 625      $ 678,919   

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

    1,000        1,099,210   

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

    2,000        1,924,420   
                 
    $ 5,277,082   
                 

Senior Living / Life Care — 6.8%

  

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

  $ 1,450      $ 1,428,033   

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

    280        286,493   

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

    120        120,721   

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

    905        940,331   

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

    230        201,533   

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

    230        187,257   

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

    1,800        1,754,280   
                 
    $ 4,918,648   
                 

Special Tax Revenue — 22.6%

  

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

  $ 1,500      $ 1,561,065   

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

    2,100        2,303,385   

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

    1,000        1,063,320   

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

    1,000        1,056,120   

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

    2,380        2,547,814   

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

    6,000        6,382,200   

New York Urban Development Corp., Personal Income Tax Revenue, 5.00%, 3/15/32

    900        931,122   

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

    545        592,219   
                 
    $ 16,437,245   
                 

Transportation — 14.6%

  

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

  $ 790      $ 801,305   

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

    1,500        1,525,995   
Security   Principal
Amount
(000’s omitted)
    Value  
   

Transportation (continued)

  

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

  $ 1,200      $ 1,236,156   

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

    1,000        1,020,630   

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

    1,900        1,991,922   

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

    990        1,064,547   

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

    2,740        2,958,679   
                 
    $ 10,599,234   
                 

Water and Sewer — 6.2%

  

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

  $ 3,105      $ 3,445,308   

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

    1,000        1,018,500   
                 
    $ 4,463,808   
                 

Total Tax-Exempt Investments — 168.5%
(identified cost $117,803,472)

   

  $ 122,343,974   
                 
Miscellaneous — 1.2%   
   
Security   Units     Value  

Real Estate — 1.2%

  

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

    257      $ 887,164   
                 

Total Miscellaneous — 1.2%
(identified cost $822,400)

   

  $ 887,164   
                 

Total Investments — 169.7%
(identified cost $118,625,872)

   

  $ 123,231,138   
                 

Auction Preferred Shares Plus Cumulative Unpaid Dividends — (46.4)%

  

  $ (33,725,181
                 

Other Assets, Less Liabilities — (23.3)%

  

  $ (16,895,025
                 

Net Assets Applicable to Common Shares — 100.0%

  

  $ 72,610,932   
                 

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

 

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

 

  26   See Notes to Financial Statements.


Eaton Vance

New York Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

The Trust invests primarily in debt securities issued by New York municipalities. The ability of the issuers of the debt securities to meet their obligations may be affected by economic developments in a specific industry or municipality. In order to reduce the risk associated with such economic developments, at November 30, 2013, 9.6% 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 3.2% of total investments.

 

(1) 

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

 

(2) 

Security (or a portion thereof) has been pledged as collateral for residual interest bond transactions. The aggregate value of such collateral is $2,103,693.

 

(3) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At November 30, 2013, the aggregate value of these securities is $887,164 or 1.2% of the Trust’s net assets applicable to common shares.

 

(4) 

Non-income producing.

 

(5) 

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

 

 

  27   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Portfolio of Investments

 

 

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

Bond Bank — 6.6%

  

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

  $ 1,020      $ 1,053,558   

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

    250        283,593   

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

    210        232,489   

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

    1,010        983,750   
                 
    $ 2,553,390   
                 

Education — 20.9%

  

Miami University, 5.00%, 9/1/33

  $ 1,000      $ 1,051,070   

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

    440        441,448   

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

    1,250        1,271,512   

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

    500        522,905   

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

    1,000        1,092,400   

Ohio State University, 5.00%, 12/1/28

    480        551,707   

Ohio State University, 5.00%, 12/1/30

    1,605        1,815,464   

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

    500        524,060   

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

    750        776,287   
                 
    $ 8,046,853   
                 

Electric Utilities — 2.6%

  

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

  $ 470      $ 484,326   

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

    500        528,940   
                 
    $ 1,013,266   
                 

Escrowed / Prerefunded — 2.3%

  

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

  $ 65      $ 76,983   

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

    500        514,315   

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

    180        204,186   

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

    20        23,933   

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

    70        83,023   
                 
    $ 902,440   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

General Obligations — 23.6%

  

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

  $ 335      $ 355,663   

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

    900        903,636   

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

    1,750        1,869,560   

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

    1,025        1,119,054   

Columbus City School District, 5.00%, 12/1/29

    1,000        1,107,830   

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

    595        643,617   

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

    820        839,967   

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

    1,250        1,208,025   

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

    1,000        1,070,670   
                 
    $ 9,118,022   
                 

Hospital — 19.8%

  

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

  $ 560      $ 560,616   

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

    500        510,490   

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

    800        813,496   

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

    750        807,825   

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

    500        511,795   

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

    500        502,000   

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

    800        799,360   

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

    500        547,355   

Muskingum County, (Genesis HealthCare System Obligated Group), 5.00%, 2/15/33

    155        129,833   

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

    1,000        1,087,500   

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

    555        575,096   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc. Obligated Group), 5.00%, 1/15/27(2)

    565        588,255   

Ohio Higher Educational Facility Commission, (University Hospitals Health System, Inc. Obligated Group), 5.00%, 1/15/29(2)

    185        189,002   
                 
    $ 7,622,623   
                 

Housing — 7.4%

  

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

  $ 300      $ 302,205   
 

 

  28   See Notes to Financial Statements.


Eaton Vance

Ohio Municipal Income Trust

November 30, 2013

 

Portfolio of Investments — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  
   

Housing (continued)

  

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

  $ 2,500      $ 2,540,225   
                 
    $ 2,842,430   
                 

Industrial Development Revenue — 1.3%

  

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

  $ 555      $ 511,938   
                 
    $ 511,938   
                 

Insured – Education — 12.8%

  

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

  $ 750      $ 783,847   

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

    1,000        1,092,520   

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

    465        491,631   

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

    580        555,530   

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

    1,500        1,518,450   

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

    500        506,150   
                 
    $ 4,948,128   
                 

Insured – Electric Utilities — 12.3%

  

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

  $ 1,000      $ 1,059,800   

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

    710        364,415   

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

    2,000        478,820   

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

    815        509,750   

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

    3,000        1,767,720   

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

    305        263,788   

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

    200        167,094   

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

    155        125,350   
                 
    $ 4,736,737   
                 

Insured – General Obligations — 19.2%

  

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

  $ 555      $ 562,526   

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

    500        530,390   

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

    2,455        1,134,726   

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

    1,000        1,155,160   

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

    1,500        1,416,045   

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

    1,750        1,851,342   

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

    750        767,070   
                 
    $ 7,417,259   
                 
Security   Principal
Amount
(000’s omitted)
    Value  
   

Insured – Hospital — 6.1%

  

Hamilton County, (Cincinnati Children’s Hospital), (NPFG), 5.00%, 5/15/32

  $ 280      $ 278,491   

Hamilton County, (Cincinnati Children’s Hospital), (NPFG), 5.125%, 5/15/28

    1,500        1,502,640   

Lorain County, (Catholic Healthcare Partners), (AGM),
18.303%, 2/1/29(3)(4)(5)

    485        557,983   
                 
    $ 2,339,114   
                 

Insured – Special Tax Revenue — 0.2%

  

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

  $ 540      $ 63,380   
                 
    $ 63,380   
                 

Insured – Transportation — 7.8%

  

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

  $ 600      $ 609,546   

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

    1,000        1,208,640   

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

    1,000        1,199,660   
                 
    $ 3,017,846   
                 

Lease Revenue / Certificates of Participation — 1.4%

  

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

  $ 500      $ 548,930   
                 
    $ 548,930   
                 

Other Revenue — 3.7%

  

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

  $ 1,000      $ 952,350   

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

    445        462,328   
                 
    $ 1,414,678   
                 

Senior Living / Life Care — 2.3%

  

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

  $ 375      $ 362,632   

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

    230        234,241   

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

    275        283,674   
                 
    $ 880,547   
                 

Special Tax Revenue — 2.5%

  

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

  $ 180      $ 201,844   

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

    290        320,073   

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

    155        160,867   

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

    170      &n